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|  | SEPTEMBER 24, 2004
 WORD ON THE STREET Citigroup Upgrades XTO Energy to Buy Analyst Gil Yang sees higher U.S. gas prices in the long term Citigroup upgraded XTO Energy (XTO ) to buy from hold. Analyst Gil Yang says he raised the long-term forecast for natural gas in the U.S. to $5 per Mcf from $4 per Mcf based on his analysis of marginal production costs in the U.S. He says the new commodity price deck assumes natural gas prices of $6 per Mcf in 2005, and $5 per Mcf beginning in 2006. He notes the global oil team has raised their WTI price forecasts to $36 per barrel beginning in 2006. As a result, he raised price targets across the board by 14% on average in his universe, based on new commodity price deck assumptions.  All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc.
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