Swift Energy Company (NYSE:SFY) announced today net income of $5.4
million for the first quarter of 2014, or $0.12 per diluted share, a
decrease compared to first quarter 2013 net income of $7.2 million, or
$0.17 per diluted share, and an increase compared to a net loss of $41.8
million in the fourth quarter of 2013. Included in first quarter 2014
net income is a pre-tax loss of $3.4 million, or $0.04 per diluted
share, for a non-cash fair value adjustment associated with the
Company’s ongoing price risk management program.
Adjusted cash flow (cash flow before working capital changes, a non-GAAP
measure - see page 6 for reconciliation to the GAAP measure) for the
first quarter of 2014 increased 1% to $73.6 million, compared to $72.6
million for that measure in the first quarter of 2013, and decreased 5%
when compared to adjusted cash flow of $77.8 million for the fourth
quarter of 2013.
Swift Energy produced 2.94 million barrels of oil equivalent (“MMBoe”)
during the first quarter of 2014, a 4% increase over first quarter 2013
production of 2.82 MMBoe, and down 5% compared to fourth quarter 2013
production of 3.09 MMBoe.
“Our focused South Texas development program continues to yield
excellent results,” commented Terry Swift, CEO of Swift Energy. “Our oil
and gas professionals are able to hydraulically stimulate greater
hydrocarbon reservoir volumes using longer laterals and more proppant.
We are applying these techniques across our South Texas asset base and,
at the same time, are lowering our costs.
“The three new wells brought online in our Fasken area this quarter have
all individually maintained gross production rates in excess of 15
million cubic feet per day (“MMcf/d”) over their first 60 days of
production. At the end of this 60 day period, each of these wells had
produced greater than 900 MMcf of gas while maintaining flowing
pressures materially higher than older wells completed with shorter
laterals and less proppant. Based on these performance results, we
intend to pursue additional firm natural gas transportation capacity in
excess of the current 75 million cubic feet per day available to us in
the Fasken area. We expect to utilize any new transportation that
becomes available to us, which we would hope to have in place by early
next year, and view this area as an important strategic step toward
developing high margin, predictable production volumes.”
First Quarter Revenues and Expenses
Oil and gas sales revenues for the first quarter of 2014 increased 1% to
$148.6 million from the $146.5 million in the first quarter of 2013.
Total revenues for the first quarter of 2014 (including a pre-tax loss
of $3.4 million for a non-cash fair value adjustment associated with the
Company’s ongoing price risk management program) decreased 2% to $143.7
million from the $146.2 million generated in the first quarter of 2013.
Depreciation, depletion and amortization expense (“DD&A”) of $20.95 per
barrel of oil equivalent (“Boe”) in the first quarter of 2014 decreased
2% from $21.33 of DD&A per Boe in the comparable period in 2013 due to
increased reserve levels, partially offset by a higher depletable base.
Lease operating costs before severance and ad valorem taxes, were $8.58
per Boe in the first quarter 2014, an approximate 12% decrease when
compared to $9.73 per Boe incurred in the same period of 2013. The
decrease was due to costs associated with a well control incident in
Lake Washington during the first quarter of 2013 as well as cost
decreases in South Texas, primarily for lower salt water disposal costs.
Transportation and processing expense in the first quarter of 2014 of
$1.80 per Boe decreased from $2.14 per Boe in the first quarter of 2013
due primarily to lower levels of NGL production.
Severance and ad valorem taxes decreased to $3.13 per Boe in the first
quarter of 2014 from $3.47 per Boe in the first quarter of 2013
primarily due to a higher percentage of revenues associated with
production in Texas, which carries a lower overall severance tax rate
than Louisiana, coupled with some prior period retroactive tax credits
approved and received during the first quarter of 2014.
General and administrative expenses decreased to $3.65 per Boe during
the first quarter of 2014, down from $4.51 per Boe in the same period in
2013. Interest expense increased to $6.27 per Boe in the first quarter
of 2014 compared to $5.96 per Boe for the same period in 2013 due to
increased borrowings against our line of credit.
First Quarter Pricing
The Company realized an aggregate average price of $50.45 per Boe during
the quarter, a decrease from the $51.97 per Boe average price received
in the first quarter of 2013.
In the first quarter of 2014, Swift Energy’s average crude oil prices
decreased 8% to $99.38 per barrel from $108.45 per barrel realized in
the same period in 2013. For the same period, average natural gas prices
were $4.20 per thousand cubic feet (“Mcf”), up 42% from the $2.96 per
Mcf average price realized a year earlier. Prices for NGLs averaged
$36.27 per barrel in the 2014 first quarter, a 21% increase from first
quarter 2013 NGL prices of $29.90 per barrel.
First Quarter Drilling Activity
In the first quarter of 2014, Swift Energy drilled 11 operated
development wells, all in the Company’s South Texas core Eagle Ford
area. In McMullen County, 6 wells were drilled and 5 were drilled in
Webb County.
There are currently three operated rigs drilling in the Company’s South
Texas core area.
Operations Update:
South Texas Operations
In the Company’s South Texas core area, 8 operated wells were completed
during the first quarter. In McMullen County, 5 Eagle Ford wells were
completed and in Webb County, 3 Eagle Ford wells were completed.
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Initial Production Test Rates of South Texas Horizontal Wells
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Completed in First Quarter 2014
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(Operated and 100% Working Interest, unless otherwise noted)
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Natural
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Residual
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Gas
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Natural
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Barrels of
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Oil
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Liquids
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Gas
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Oil
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Pressure
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Choke
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Well Name
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County/Formation Target
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(Bbls/d)
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(Bbls/d)
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(MMcf/d)
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Equivalent
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(psi)
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Setting
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Fasken BD 14H
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Webb – Eagle Ford
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--
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--
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20.6
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3,435
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3,600
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34/64”
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Fasken BD 15H
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Webb – Eagle Ford
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--
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--
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22.5
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3,745
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3,900
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34/64”
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Fasken BD 16H
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Webb – Eagle Ford
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--
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--
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23.3
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3,887
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4,005
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34/64”
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PCQ EF 14H
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McMullen – Eagle Ford
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1,108
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93
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0.6
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1,302
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4,180
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16/64”
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PCQ EF 15H
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McMullen – Eagle Ford
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1,108
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88
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0.6
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1,292
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4,008
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16/64”
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PCQ EF 16H
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McMullen – Eagle Ford
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804
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114
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0.7
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1,042
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3,173
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16/64”
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SMR EF 14H
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McMullen – Eagle Ford
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808
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100
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0.5
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989
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2,597
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14/64”
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SMR EF 15H
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McMullen – Eagle Ford
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829
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136
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0.6
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1,075
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2,632
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14/64”
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The Company is currently conducting completion operations on 2 Eagle
Ford wells in its PCQ area in northern McMullen County and 3 Eagle Ford
wells in its Fasken area in Webb County.
Southeast Louisiana
In the Lake Washington field in Plaquemines Parish, LA, the Company
continued its ongoing production optimization program, performing 35
production optimization projects during the quarter and adding 62,000
Boe of production. Additionally, the planned 20 well recompletion
program for 2014 began during the second quarter at Lake Washington.
Potential Transactions
The Company is currently engaged in negotiations regarding a joint
venture arrangement for a portion of our natural gas properties in the
Eagle Ford area, principally our natural gas properties in the Fasken
area.
Swift Energy is also negotiating with prospective buyers to sell some or
all of our Austin Chalk and Wilcox assets in Central Louisiana and
expects to either complete a sale of some or all of these properties or
pursue an ongoing development plan of its own.
Borrowing Base Reaffirmed
After a regularly scheduled semi-annual review by its 11 member bank
group, Swift Energy’s borrowing base and commitment amount of $450
million was reaffirmed under its revolving credit facility effective
April 30, 2014. The credit facility matures on November 1, 2017.
Price Risk Management
Swift Energy has entered into hedging transactions for the remainder of
2014 covering 12.2 Bcf of natural gas production and approximately 0.3
MMbbls of crude oil production. On an ongoing basis, details of Swift
Energy’s complete price risk management activities can be found on the
Company’s website (www.swiftenergy.com).
Earnings Conference Call
Swift Energy will conduct a live conference call today, May 1, at 10:00
a.m. EDT to discuss first quarter 2014 financial results and second
quarter 2014 financial and operational guidance. To participate in this
conference call, dial 973-339-3086 five to ten minutes before the
scheduled start time and indicate your intention to participate in the
Swift Energy conference call. A digital replay of the call will be
available later on May 1 until May 8, by dialing 855-859-2056 and using
Conference ID # 23346137. Additionally, the conference call will be
available over the Internet by accessing the Company’s website at www.swiftenergy.com
and by clicking on the event hyperlink. This webcast will be available
online and archived at the Company’s website.
About Forward Looking Statements
This press release includes “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. The
opinions, forecasts, projections, guidance or other statements contained
herein, other than statements of historical fact, are forward-looking
statements, including guidance estimates for the second quarter of 2014.
These statements are based upon assumptions that are subject to change
and to risks, especially the uncertainty and costs of finding,
replacing, developing and acquiring reserves, availability and cost of
capital, labor, services, supplies and facility capacity, hurricanes or
tropical storms disrupting operations, and, volatility in oil or gas
prices, uncertainty and costs of finding, replacing, developing or
acquiring reserves, and disruption of operations. Although the Company
believes that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that such
expectations will prove to have been correct. Certain risks and
uncertainties inherent in the Company’s business are set forth in the
filings of the Company with the Securities and Exchange Commission.
Estimates of future financial or operating performance provided by the
Company are based on existing market conditions and engineering and
geologic information available at this time. Actual financial and
operating performance may be higher or lower. Future performance is
dependent upon oil and gas prices, exploratory and development drilling
results, engineering and geologic information and changes in market
conditions.
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SWIFT ENERGY COMPANY
SUMMARY FINANCIAL INFORMATION
(Unaudited)
(In Thousands Except Per Share and Price Amounts)
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Three Months Ended
March 31
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2014
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2013
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Percent
Change
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Revenues:
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Oil & Gas Sales
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$
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148,558
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$
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146,477
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1
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%
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Other
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(4,877
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(240
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)
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Total Revenue
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$
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143,681
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$
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146,237
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(2
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)%
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Net Income
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$
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5,413
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$
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7,209
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(25
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)%
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Basic EPS
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$
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0.12
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$
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0.17
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(29
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)%
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Diluted EPS
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$
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0.12
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$
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0.17
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(29
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)%
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Net Cash Provided By Operating Activities
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$
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69,699
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$
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62,223
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12
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%
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Cash Flow Before Working Capital Changes(2) (non-GAAP
measure)
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$
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73,570
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$
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72,632
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1
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%
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Weighted Average Shares Outstanding (Basic)
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43,628
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43,167
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(1
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)%
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Weighted Average Shares Outstanding (Diluted)
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44,118
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43,603
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(1
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)%
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EBITDA (non-GAAP measure)
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$
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93,181
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$
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90,283
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3
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%
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Production (MBoe)
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2.94
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2.82
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4
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%
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Realized Price ($/Boe)
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$
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50.45
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$
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51.97
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(3
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)%
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(1)
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The production, revenue, expense, cash flow and income information
reported are the results of continuing operations of Swift Energy.
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(2)
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See reconciliation on page 6. Management believes that the non-GAAP
measures EBITDA and cash flow before working capital changes are
useful information to investors because they are widely used by
professional research analysts in the valuation, comparison, rating
and investment recommendations of companies within the oil and gas
exploration and production industry. Many investors use the
published research of these analysts in making their investment
decisions.
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SWIFT ENERGY COMPANY
RECONCILIATION OF GAAP(a) TO NON-GAAP
MEASURES
(Unaudited)
(In Thousands)
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Three Months Ended
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Percent
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March 31, 2014
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March 31, 2013
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Change
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CASH FLOW RECONCILIATIONS:
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Net Cash Provided by Operating Activities
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$
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69,699
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$
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62,223
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12
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%
|
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Increases and Decreases In:
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Accounts Receivable
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2,335
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5,191
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Accounts Payable and Accrued Liabilities
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(6,885
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)
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(3,085
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)
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Accrued Interest
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8,421
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8,303
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Cash Flow Before Working Capital Changes
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$
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73,570
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$
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72,632
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1
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%
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INCOME TO EBITDA RECONCILIATIONS:
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Net Income
|
|
$
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5,413
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$
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7,209
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(25
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)%
|
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Provision for Income Taxes
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6,248
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4,377
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Interest Expense, Net
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18,449
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|
16,802
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Depreciation, Depletion & Amortization & ARO (b)
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63,071
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|
61,895
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|
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EBITDA
|
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$
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93,181
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|
$
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90,283
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3
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%
|
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|
|
|
|
|
|
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(a) GAAP—Generally Accepted Accounting Principles
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|
(b) Includes accretion of asset retirement obligation
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Note: Items may not total due to rounding
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SWIFT ENERGY COMPANY
SUMMARY BALANCE SHEET INFORMATION
(Unaudited)
(In Thousands)
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As of
March 31, 2014
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|
As of
December 31, 2013
|
|
Assets:
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Current Assets:
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|
|
|
Cash and Cash Equivalents
|
|
$
|
91
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$
|
3,277
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|
|
Other Current Assets
|
|
|
88,735
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|
|
|
83,471
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|
|
Total Current Assets
|
|
|
88,826
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|
|
|
86,748
|
|
|
|
|
|
|
|
|
Oil and Gas Properties
|
|
|
5,770,948
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|
|
|
5,671,731
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|
|
Other Fixed Assets
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|
|
42,357
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|
|
|
42,368
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|
|
Less-Accumulated DD&A
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(3,236,443
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)
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(3,174,453
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)
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Total Properties
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|
|
2,576,862
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|
|
|
2,539,646
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|
|
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Other Assets
|
|
|
15,585
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|
|
|
17,199
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|
|
|
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$
|
2,681,273
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|
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$
|
2,643,593
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|
|
Liabilities:
|
|
|
|
|
|
Current Liabilities
|
|
$
|
164,025
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|
|
$
|
177,076
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|
|
Long-Term Debt
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|
|
1,175,036
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|
|
|
1,142,368
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|
|
Deferred Income Taxes
|
|
|
224,230
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|
|
|
217,384
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|
|
Asset Retirement Obligation
|
|
|
64,503
|
|
|
|
63,225
|
|
|
Other Long-term Liabilities
|
|
|
9,831
|
|
|
|
10,324
|
|
|
Stockholders’ Equity
|
|
|
1,043,648
|
|
|
|
1,033,216
|
|
|
|
|
$
|
2,681,273
|
|
|
$
|
2,643,593
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|
|
|
|
|
|
|
|
Note: Items may not total due to rounding
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|
|
|
|
SWIFT ENERGY COMPANY
SUMMARY INCOME STATEMENT INFORMATION
(Unaudited)
In Thousands Except Per Boe Amounts
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Three Months Ended
|
|
|
|
March 31, 2014
|
|
Per Boe
|
|
March 31, 2013
|
|
Per Boe
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Oil & Gas Sales
|
|
$
|
148,558
|
|
|
$
|
50.45
|
|
$
|
146,477
|
|
|
$
|
51.97
|
|
Other Revenue
|
|
|
(4,877
|
)
|
|
|
|
|
(240
|
)
|
|
|
|
|
|
|
143,681
|
|
|
|
48.80
|
|
|
146,237
|
|
|
|
51.88
|
|
Costs and Expenses:
|
|
|
|
|
|
|
|
|
|
General and Administrative, net
|
|
|
10,739
|
|
|
|
3.65
|
|
|
12,725
|
|
|
|
4.51
|
|
Depreciation, Depletion & Amortization
|
|
|
61,685
|
|
|
|
20.95
|
|
|
60,120
|
|
|
|
21.33
|
|
Accretion of Asset Retirement Obligation (ARO)
|
|
|
1,386
|
|
|
|
0.47
|
|
|
1,775
|
|
|
|
0.63
|
|
Lease Operating Costs
|
|
|
25,267
|
|
|
|
8.58
|
|
|
27,424
|
|
|
|
9.73
|
|
Transportation and Processing Expense
|
|
|
5,292
|
|
|
|
1.80
|
|
|
6,030
|
|
|
|
2.14
|
|
Severance & Other Taxes
|
|
|
9,202
|
|
|
|
3.13
|
|
|
9,775
|
|
|
|
3.47
|
|
Interest Expense, Net
|
|
|
18,449
|
|
|
|
6.27
|
|
|
16,802
|
|
|
|
5.96
|
|
Total Costs & Expenses
|
|
|
132,020
|
|
|
|
44.84
|
|
|
134,651
|
|
|
|
47.77
|
|
Income Before Income Taxes
|
|
|
11,661
|
|
|
|
3.96
|
|
|
11,586
|
|
|
|
4.11
|
|
Provision for Income Taxes
|
|
|
6,248
|
|
|
|
2.12
|
|
|
4,377
|
|
|
|
1.55
|
|
Net Income
|
|
$
|
5,413
|
|
|
$
|
1.84
|
|
$
|
7,209
|
|
|
$
|
2.56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Information:
|
|
|
|
|
|
|
|
|
|
Total Capital Expenditures
|
|
$
|
99,206
|
|
|
|
|
$
|
144,479
|
|
|
|
|
Capitalized Geological & Geophysical
|
|
$
|
7,126
|
|
|
|
|
$
|
9,129
|
|
|
|
|
Capitalized Interest Expense
|
|
$
|
1,276
|
|
|
|
|
$
|
1,943
|
|
|
|
|
Deferred Income Tax
|
|
$
|
6,248
|
|
|
|
|
$
|
4,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Items may not total due to rounding
|
|
|
|
|
|
|
|
SWIFT ENERGY COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
(In Thousands)
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
March 31, 2014
|
|
March 31, 2013
|
|
Cash Flows From Operating Activities:
|
|
|
|
|
|
Net Income
|
|
$
|
5,413
|
|
|
$
|
7,209
|
|
|
Adjustments to Reconcile Net Income to Net Cash Provided by
Operating Activities -
|
|
|
|
|
|
Depreciation, Depletion, and Amortization
|
|
|
61,685
|
|
|
|
60,120
|
|
|
Accretion of Asset Retirement Obligation (ARO)
|
|
|
1,386
|
|
|
|
1,775
|
|
|
Deferred Income Taxes
|
|
|
6,248
|
|
|
|
4,377
|
|
|
Stock Based Compensation Expense
|
|
|
2,054
|
|
|
|
3,015
|
|
|
Other
|
|
|
(3,216
|
)
|
|
|
(3,864
|
)
|
|
Change in Assets and Liabilities -
|
|
|
|
|
|
(Increase)/Decrease in Accounts Receivable
|
|
|
(2,335
|
)
|
|
|
(5,191
|
)
|
|
Increase/(Decrease) in Accounts Payable and Accrued Liabilities
|
|
|
6,885
|
|
|
|
3,085
|
|
|
Decrease in Accrued Interest
|
|
|
(8,421
|
)
|
|
|
(8,303
|
)
|
|
Net Cash Provided by Operating Activities
|
|
|
69,699
|
|
|
|
62,223
|
|
|
|
|
|
|
|
|
Cash Flows From Investing Activities:
|
|
|
|
|
|
Additions to Property and Equipment
|
|
|
(105,589
|
)
|
|
|
(132,981
|
)
|
|
Proceeds from the Sale of Property and Equipment
|
|
|
35
|
|
|
|
999
|
|
|
Net Cash Used in Investing Activities
|
|
|
(105,554
|
)
|
|
|
(131,982
|
)
|
|
|
|
|
|
|
|
Cash Flows From Financing Activities:
|
|
|
|
|
|
Net Proceeds From Bank Borrowings
|
|
|
32,700
|
|
|
|
70,300
|
|
|
Net Proceeds From Issuance of Common Stock
|
|
|
824
|
|
|
|
946
|
|
|
Purchase of Treasury Shares
|
|
|
(855
|
)
|
|
|
(1,409
|
)
|
|
Net Cash Provided by Financing Activities
|
|
|
32,669
|
|
|
|
69,837
|
|
|
Increase/(Decrease) in Cash and Cash Equivalents
|
|
|
(3,186
|
)
|
|
|
78
|
|
|
|
|
|
|
|
|
Cash and Cash Equivalents at the Beginning of the Period
|
|
|
3,277
|
|
|
|
170
|
|
|
Cash and Cash Equivalents at the End of the Period
|
|
$
|
91
|
|
|
$
|
248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SWIFT ENERGY COMPANY
OPERATIONAL INFORMATION
QUARTERLY COMPARISON -- SEQUENTIAL & YEAR-OVER-YEAR
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Three Months
Ended
March 31,
2013
|
|
|
|
|
|
March 31,
2014
|
|
December 31,
2013
|
|
Percent
Change
|
|
|
Percent
Change
|
|
Production:
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Natural Gas Equivalent (MBoe)
|
|
|
2,944
|
|
|
3,092
|
|
(5
|
)%
|
|
|
2,819
|
|
4
|
%
|
|
Natural Gas (Bcf)
|
|
|
9.21
|
|
|
8.73
|
|
6
|
%
|
|
|
7.64
|
|
21
|
%
|
|
Crude Oil (MBbl)
|
|
|
931
|
|
|
1,023
|
|
(9
|
)%
|
|
|
988
|
|
(6
|
)%
|
|
NGL (MBbl)
|
|
|
478
|
|
|
615
|
|
(22
|
)%
|
|
|
557
|
|
(14
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Prices:
|
|
|
|
|
|
|
|
|
|
|
|
Combined Oil & Natural Gas ($/Boe)
|
|
$
|
50.45
|
|
$
|
47.26
|
|
7
|
%
|
|
$
|
51.97
|
|
(3
|
)%
|
|
Natural Gas ($/Mcf)
|
|
$
|
4.20
|
|
$
|
3.32
|
|
26
|
%
|
|
$
|
2.96
|
|
42
|
%
|
|
Crude Oil ($/Bbl)
|
|
$
|
99.38
|
|
$
|
94.14
|
|
6
|
%
|
|
$
|
108.45
|
|
(8
|
)%
|
|
NGL ($/Bbl)
|
|
$
|
36.27
|
|
$
|
33.93
|
|
7
|
%
|
|
$
|
29.90
|
|
21
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SWIFT ENERGY COMPANY
SECOND QUARTER 2014
GUIDANCE ESTIMATES
|
|
|
|
|
|
|
|
|
|
Actual
For First
Quarter 2014
|
|
Guidance
For Second
Quarter 2014
|
|
Production Volumes (MMBoe)
|
|
2.94
|
|
2.95
|
|
-
|
|
3.10
|
|
|
|
|
|
|
|
|
|
|
|
Production Mix:
|
|
|
|
|
|
|
|
|
|
Natural Gas (Bcf)
|
|
9.21
|
|
10.37
|
|
-
|
|
10.90
|
|
Crude Oil (MMBbl)
|
|
0.93
|
|
0.81
|
|
-
|
|
0.85
|
|
Natural Gas Liquids (MMBbl)
|
|
0.48
|
|
0.42
|
|
-
|
|
0.44
|
|
Product Pricing (Note 1):
|
|
|
|
|
|
|
|
|
|
Natural Gas (per Mcf)
|
|
|
|
|
|
|
|
|
|
NYMEX Differential (Note 2)
|
|
($0.74)
|
|
($0.40)
|
|
-
|
|
($0.65)
|
|
Crude Oil (per Bbl)
|
|
|
|
|
|
|
|
|
|
NYMEX differential (Note 3)
|
|
($0.77)
|
|
($5.00)
|
|
-
|
|
---
|
|
NGL (per Bbl)
|
|
|
|
|
|
|
|
|
|
Percent of NYMEX Crude
|
|
37%
|
|
30%
|
|
-
|
|
35%
|
|
Oil & Gas Production Costs:
|
|
|
|
|
|
|
|
|
|
Lease Operating Costs (per Boe)
|
|
$8.58
|
|
$8.25
|
|
-
|
|
$8.70
|
|
Transportation and Processing (per Boe)
|
|
$1.80
|
|
$1.85
|
|
-
|
|
$1.95
|
|
Severance & Ad Valorem Taxes (as % of Revenue dollars)
|
|
6.2%
|
|
6.5%
|
|
-
|
|
7.5%
|
|
Other Costs:
|
|
|
|
|
|
|
|
|
|
G&A per Boe
|
|
$3.65
|
|
$3.25
|
|
-
|
|
$3.50
|
|
Interest Expense per Boe
|
|
$6.27
|
|
$6.00
|
|
-
|
|
$6.30
|
|
DD&A per Boe
|
|
$20.95
|
|
$21.20
|
|
-
|
|
$21.40
|
|
Supplemental Information:
|
|
|
|
|
|
|
|
|
|
Capital Expenditures (in Thousands)
|
|
|
|
|
|
|
|
|
|
Operations
|
|
$90,804
|
|
$111,700
|
|
-
|
|
$120,300
|
|
Capitalized G&G (Note 4)
|
|
$7,126
|
|
$7,000
|
|
-
|
|
$8,000
|
|
Capitalized Interest
|
|
$1,276
|
|
$1,300
|
|
-
|
|
$1,700
|
|
Total Capital Expenditures
|
|
$99,206
|
|
$120,000
|
|
-
|
|
$130,000
|
|
|
|
|
|
|
|
|
|
|
|
Basic Weighted Average Shares
|
|
43,628
|
|
43,700
|
|
-
|
|
43,900
|
|
|
|
|
|
|
|
|
|
|
|
Diluted Weighted Average Shares
|
|
44,118
|
|
44,200
|
|
-
|
|
44,400
|
|
|
|
|
|
|
|
|
|
|
|
Effective Tax Rate
|
|
53.6%
|
|
39.0%
|
|
-
|
|
43.0%
|
|
Deferred Tax Percentage
|
|
100%
|
|
98%
|
|
-
|
|
100%
|
|
|
|
|
|
|
|
|
|
|
|
Note 1:
|
|
Swift Energy maintains all its current price risk management
instruments (hedge positions) on its Hedge Activity page on the
Swift Energy website (www.swiftenergy.com).
|
|
Note 2:
|
|
Average of monthly closing Henry Hub NYMEX futures price for the
respective contract months, included in the period, which best
benchmarks the 30-day price received for natural gas sales.
|
|
Note 3:
|
|
Average of daily WTI NYMEX futures price during the calendar period
reflected, which best benchmarks the daily price received for the
majority of crude oil sales.
|
|
Note 4:
|
|
Does not include capitalized acquisition costs, incorporated in
acquisitions when occurred.
|
Copyright Business Wire 2014