Swift Energy Announces: 13% Increase in Third Quarter 2012 Production to 2.87 Million Barrels of Oil Equivalent
Swift Energy Announces: 13% Increase in Third Quarter 2012 Production to
2.87 Million Barrels of Oil Equivalent
Third Quarter 2012 Earnings of $3.1 Million, or $0.07 Per Diluted Share;
Third Quarter 2012 Adjusted Cash Flow of $71.2 Million, or $1.66 Per Diluted
Share
Business Wire
HOUSTON -- November 01, 2012
Swift Energy Company (NYSE: SFY) announced today earnings from continuing
operations of $3.1 million for the third quarter of 2012, or $0.07 per diluted
share, a decrease of 82% when compared to third quarter 2011 earnings from
continuing operations of $17.0 million, or $0.39 per diluted share, and an
increase of 3% when compared to earnings of $3.0 million in the second quarter
of 2012.
Adjusted cash flow (cash flow before working capital changes, a non-GAAP
measure - see page 7 for reconciliation to the GAAP measure) for the third
quarter of 2012 decreased 21% to $71.2 million, or $1.66 per diluted share,
compared to $90.0 million, or $2.11 per diluted share, for the third quarter
2011, and decreased 2% when compared to adjusted cash flow of $72.7 million,
or $1.69 per diluted share, for the second quarter of 2012.
Swift Energy produced 2.87 million barrels of oil equivalent (“MMBoe”) during
the third quarter of 2012, a 13% increase over third quarter 2011 production
of 2.54 MMBoe, and down 1% compared to second quarter 2012 production of 2.92
MMBoe. The Company previously announced that Hurricane Isaac caused
approximately 175,000 barrels of oil equivalent (“Boe”) of primarily crude oil
production to be shut-in during the third quarter.
Terry Swift, CEO of Swift Energy commented, “We continue to grow crude oil and
natural gas liquids production and reserves and are proud of the results we
have achieved across our core assets. Despite the disruptive effects of
Hurricane Isaac, our people safely restored shut-in production in Louisiana
and brought several meaningful new wells and recompletions on production. We
continue to find variations in fluid characteristics, rock properties and
operating conditions that present challenges and opportunities in the Eagle
Ford development. Recent challenges together with the effects of Hurricane
Isaac have led us to adjust our full year 2012 expected production range to
11.6 to 11.7 MMboe.
“Having recently conducted our first 60 acre downspacing test in LaSalle
County, we are encouraged that we will have downspacing opportunities within
our Eagle Ford inventory. Further downspacing tests may lead to increased
drilling inventories in this liquids rich area.
“Swift Energy is still on track to have double digit production and reserves
growth for 2012. While we intend to grow daily production levels in the fourth
quarter of this year, as noted earlier, we have taken steps to significantly
reduce our capital spending levels in 2013. This approach will allow us to
balance production growth targets with an emphasis on maintaining financial
strength and ample liquidity in an uncertain commodity price environment,
while still achieving our long term strategic growth objective.”
Third Quarter Revenues and Expenses
Total revenues for the third quarter of 2012 decreased 10% to $128.8 million
from the $142.5 million generated in the third quarter of 2011. This decrease
is primarily attributable to lower realized commodity prices during the 2012
period.
Depreciation, depletion and amortization expense (“DD&A”) of $20.52 per barrel
of oil equivalent (“Boe”) in the third quarter of 2012 decreased 4% from
$21.40 per Boe in the comparable period in 2011 due to the addition of
reserves in tandem with the realization of capital cost efficiencies.
Lease operating expenses, before severance and ad valorem taxes, were $9.26
per Boe in the third quarter 2012, a 10% decrease when compared to $10.31 per
Boe in the same period of 2011, also driven by higher production levels during
the 2012 period.
Severance and ad valorem taxes decreased to $3.72 per Boe in the third quarter
2012 from $5.32 per Boe in the third quarter of 2011 primarily due to lower
prices realized per barrel of oil equivalent.
General and administrative expenses decreased to $4.16 per Boe during the
third quarter of 2012, down from $4.48 per Boe in the same period in 2011 as a
result of higher production levels. Interest expense increased to $4.79 per
Boe in the third quarter of 2012 compared to $3.32 per Boe for the same period
in 2011 due to new long term debt that was issued during the fourth quarter of
2011.
Third Quarter Pricing
The Company realized an aggregate average price of $44.51 per Boe during the
quarter, a decline from the $56.31 per Boe average price received in the third
quarter of 2011.
In the third quarter of 2012, Swift Energy’s average crude oil prices
decreased 3% to $102.73 per barrel from $105.55 per barrel realized in the
same period in 2011. For the same periods, average natural gas prices were
$2.52 per thousand cubic feet (“Mcf”), down by 32% from the $3.68 per Mcf
average price realized a year earlier. Prices for NGLs averaged $31.29 per
barrel in the 2012 third quarter, a 46% decrease from third quarter 2011 NGL
prices of $57.76 per barrel.
Third Quarter Drilling Activity
In the third quarter of 2012, Swift Energy drilled fourteen operated
development wells and participated in two non-operated development wells. In
the Company’s South Texas core area, eleven horizontal wells were drilled to
the Eagle Ford shale, which included four wells in LaSalle County and seven
wells in McMullen County.
In Swift Energy’s Southeast Louisiana core area, three wells were drilled in
the Lake Washington field. In the Company’s Central Louisiana/East Texas core
area, two non-operated wells targeting the Austin Chalk were drilled in the
Burr Ferry field.
There are currently three operated rigs drilling in the Company’s South Texas
core area and one operated barge rig drilling in its Southeast Louisiana area.
One non-operated rig is active in the Central Louisiana/East Texas area.
Operations Update:
South Texas Operations
In the Company’s South Texas core area, twelve operated wells were completed
during the third quarter. In McMullen County, six Eagle Ford wells and one
Olmos well were completed. In LaSalle County, five Eagle Ford wells were
completed.
Initial Production Test Rates of South Texas Horizontal Wells
Completed in Third Quarter 2012
(Operated unless otherwise noted)
Natural Residual Barrels of
Oil Gas Choke Pressure
Well County/Formation Natural Oil
Name Target (Bbls/d) Liquids Gas Setting (psi)
Equivalent
(Bbls/d) (MMcf/d)
Carden LaSalle – Eagle 110 236 2.6 779 16/64” 3,435
EF 7H Ford
Baetz A LaSalle – Eagle 356 197 1.6 819 18/64” 3,538
EF 1H Ford
Baetz A LaSalle – Eagle 468 259 2.1 1,076 12/64” 3,563
EF 2H Ford
Alderman LaSalle – Eagle
Ranch EF Ford 153 273 2.3 810 18/64” 2,650
4H
Alderman LaSalle – Eagle
Ranch EF Ford 135 260 2.2 759 18/64” 2,437
5H
Hayes EF McMullen – Eagle 632 52 0.4 755 12/64” 3,500
2H Ford
Henry EF McMullen – Eagle 544 56 0.5 678 14/64” 2,625
1H Ford
Henry EF McMullen – Eagle 520 47 0.4 631 14/64” 2,500
2H Ford
SMR EF McMullen – Eagle 1,097 54 0.5 1,226 16/64” 2,407
6H Ford
SMR OL McMullen – Olmos 614 136 0.9 897 16/64” 2,894
4H
SMR EF McMullen – Eagle 912 51 0.4 1,033 16/64” 2,011
7H Ford
SMR EF McMullen – Eagle 837 31 0.3 911 16/64” 1,791
8H Ford
Further, three additional wells drilled (but not completed) in LaSalle County
during the third quarter were drilled to test 60 acre downspacing assumptions.
These wells have now been completed with initial production rates of each
above 1,000 Boe, producing approximately 60% crude oil and natural gas
liquids. Further downspacing tests will increase the Company’s crude oil and
liquids rich drilling inventory.
Southeast Louisiana
In the Lake Washington field in Plaquemines Parish, LA, the Company continued
its ongoing recompletion and production optimization program, performing four
recompletions and fourteen production optimization projects during the
quarter. The Company previously announced results of the recompletion of the
LL&E #5, also known as the Jelly Bowl prospect. This well tested at 1,544
barrels of oil per day and 1.0 million cubic feet of gas per day on a 22/64”
choke. An offset drilling location to this well is being prepared and will be
drilled in the first half of 2013.
The Company completed one well, the CM 423, at Lake Washington during the
third quarter. The well was drilled to a measured depth of 9,016 feet,
encountered 202 feet of true vertical pay and tested 912 barrels of oil per
day and 0.3 million cubic feet of gas per day on a 22/64” choke.
Swift Energy also drilled the CM 427, CM 426 and CM 429 in the third quarter
and has now completed two of these during the fourth quarter.
The CM 427 was drilled to a measured depth of 4,300 feet and encountered 104
feet of true vertical pay; it reported an initial rate of 971 barrels of oil
per day and 0.3 million cubic feet of gas per day. The CM 426, drilled to a
measured depth of 4,659 feet, encountered 18 feet of true vertical pay, and
tested 144 barrels of oil per day and 0.1 million cubic feet of gas per day of
gas. The CM 429 will be completed by the end of 2012.
Central Louisiana/East Texas
In the Burr Ferry field in Vernon Parish, LA, the Company’s partner completed
and tested the Forestar Minerals 18-1, which targeted the Austin Chalk.
Initial production test rates of this well were 1,056 barrels of oil per day
and 3.0 million cubic feet of gas per day with flowing tubing pressure of
4,000 psi on a 30/64” choke.
A second non-operated well, the GASRS 34-1, was also completed. Initial
production test rates of this well were 840 barrels of oil per day and 5.1
million cubic feet of gas per day with flowing tubing pressure of 2,520 psi on
a 30/64” choke.
In South Bearhead Creek, the Company has determined that its Wilcox position
is prospective for horizontal drilling and has plans for a horizontal Wilcox
test in the first half of 2013.
Increase in Borrowing Base
After a regularly scheduled semi-annual review, Swift Energy’s bank group
increased the Company’s borrowing base under its revolving credit facility to
$450 million from the previous borrowing base amount of $330 million, which
was recently automatically decreased from $375 million after the early October
issuance of the additional $150 million of senior notes due 2022. The Company
had previously maintained a commitment amount of $300 million but increased
this to $450 million with this recent review. The maturity of the credit
facility was also extended to November 1, 2017 from May 12, 2016. There are
currently no borrowings outstanding.
Price Risk Management
In the fourth quarter to date, Swift Energy has purchased gas floors covering
approximately 20% - 25% of expected fourth quarter natural gas production at
an average NYMEX strike price of $2.94 per MMBtu. 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, November 1, at 10:00
a.m. EDT to discuss third quarter 2012 financial results. 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 November 1 until November 8, by dialing 855-859-2056 and using Conference
ID # 31901337. 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
targets for 2012 production and reserves growth, estimates of 2012 capital
expenditures and guidance estimates for the fourth quarter of 2012 and
full-year 2012. 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, availability of
transportation 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.
SWIFT ENERGY COMPANY
SUMMARY FINANCIAL INFORMATION
FROM CONTINUING OPERATIONS
(Unaudited)
(In Thousands Except Per Share and Price Amounts)
Three Months Ended Nine Months Ended
September 30 September 30
Percent Percent
2012 2011 2012 2011
Change Change
Revenues:
Oil & Gas $127,946 $143,123 (11)% $396,068 $446,537 (11)%
Sales
Other 804 (591) 3,317 (2,499)
Total $128,750 $142,532 (10)% $399,385 $444,038 (10)%
Revenue
Income From
Continuing $3,122 $17,007 (82)% $9,720 $63,938 (85)%
Operations
Basic EPS –
Continuing $0.07 $0.39 (82)% $0.22 $1.48 (85)%
Operations
Diluted EPS
– $0.07 $0.39 (82)% $0.22 $1.47 (85)%
Continuing
Operations
Net Cash
Provided By
Operating
Activities $68,005 $101,573 (33)% $223,684 $288,514 (22)%
–
Continuing
Operations
Net Cash
Provided By
Operating
Activities, $1.58 $2.38 (34)% $5.21 $6.77 (23)%
Per Diluted
Share –
Continuing
Operations
Cash Flow
Before
Working
Capital
Changes^(2) $71,215 $90,021 (21)% $213,041 $274,764 (23)%
(non-GAAP
measure) –
Continuing
Operations
Cash Flow
Before
Working
Capital
Changes, $1.66 $2.11 (21)% $4.96 $6.45 (23)%
Per Diluted
Share –
Continuing
Operations
Weighted
Average
Shares 42,901 42,470 (1)% 42,812 42,365 (1)%
Outstanding
(Basic)
Weighted
Average
Shares 42,971 42,678 (1)% 42,945 42,619 (1)%
Outstanding
(Diluted)
EBITDA
(non-GAAP $79,484 $91,421 (13)% $242,190 $293,832 (18)%
measure)
Production
(MBoe) – 2.87 2.54 13% 8.59 7.83 10%
Continuing
Operations
Realized
Price
($/Boe) – $44.51 $56.31 (21)% $46.10 $57.04 (19)%
Continuing
Operations
^(1) The production, revenue, expense, cash flow and income information reported are the
results of continuing operations of Swift Energy.
See reconciliation on page 7. Management believes that the non-GAAP measures EBITDA and
cash flow before working capital changes are useful information to investors because
^(2) 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.
SWIFT ENERGY COMPANY
RECONCILIATION OF GAAP^(a) TO NON-GAAP MEASURES
(Unaudited)
(In Thousands)
Three Months Ended
September 30, September 30, Percent
2012 2011
Change
CASH FLOW
RECONCILIATIONS:
Net Cash Provided by
Operating Activities – $68,005 $101,573 (33)%
Continuing Operations
Increases and Decreases
In:
Accounts Receivable (1,884) (5,012)
Accounts Payable and (262) (7,094)
Accrued Liabilities
Income Taxes Payable 50 17
Accrued Interest 5,306 537
Cash Flow Before Working
Capital Changes – $71,215 $90,021 (21)%
Continuing Operations
INCOME TO EBITDA
RECONCILIATIONS:
Income from Continuing $3,122 $17,007 (82)%
Operations
Provision for Income 2,422 10,388
Taxes
Interest Expense, Net 13,762 8,439
Depreciation, Depletion & 60,178 55,587
Amortization & ARO (b)
EBITDA $79,484 $91,421 (13)%
Nine Months Ended
September 30, September 30,
2012 2011
CASH FLOW
RECONCILIATIONS:
Net Cash Provided by
Operating Activities – $223,684 $288,514 (22)%
Continuing Operations
Increases and Decreases
In:
Accounts Receivable (14,385) (6,694)
Accounts Payable and 3,051 (8,077)
Accrued Liabilities
Income Taxes Payable 248 234
Accrued Interest 443 787
Cash Flow Before Working
Capital Changes – $213,041 $274,764 (23)%
Continuing Operations
INCOME TO EBITDA
RECONCILIATIONS:
Income from Continuing $9,720 $63,938 (85)%
Operations
Provision for Income 6,821 37,822
Taxes
Interest Expense, Net 40,546 25,449
Depreciation, Depletion & 185,103 166,623
Amortization & ARO (b)
EBITDA $242,190 $293,832 (18)%
^(a) GAAP—Generally Accepted Accounting Principles
^(b) Includes accretion of asset retirement obligation
Note: Items may not total due to rounding
SWIFT ENERGY COMPANY
SUMMARY BALANCE SHEET INFORMATION
(Unaudited)
(In Thousands)
As of As of
September 30, 2012 December 31, 2011
Assets:
Current Assets:
Cash and Cash Equivalents $1,650 $251,696
Other Current Assets 60,731 76,455
Total Current Assets 62,381 328,151
Oil and Gas Properties 5,004,971 4,428,013
Other Fixed Assets 41,297 38,832
Less-Accumulated DD&A (2,781,965) (2,599,079)
Total Properties 2,264,303 1,867,766
Other Assets 14,803 16,552
$2,341,487 $2,212,469
Liabilities:
Current Liabilities $196,531 $211,794
Long-Term Debt 822,721 719,775
Deferred Income Taxes 212,876 206,567
Asset Retirement Obligation 77,204 67,115
Other Long-term Liabilities 10,795 10,709
Stockholders’ Equity 1,021,360 996,509
$2,341,487 $2,212,469
Note: Items may not total due to rounding
SWIFT ENERGY COMPANY
SUMMARY INCOME STATEMENT INFORMATION
(Unaudited)
In Thousands Except Per Boe Amounts
Three Months Ended Nine Months Ended
September Per Boe September Per Boe
30, 2012 30, 2012
Revenues:
Oil & Gas Sales $127,946 $44.51 $396,068 $46.10
Other Revenue 804 3,317
128,750 44.79 399,385 46.48
Costs and Expenses:
General and 11,952 4.16 36,025 4.19
Administrative, net
Depreciation, Depletion & 58,987 20.52 181,638 21.14
Amortization
Accretion of Asset
Retirement Obligation 1,191 0.41 3,465 0.40
(ARO)
Lease Operating Costs 26,634 9.26 85,330 9.93
Severance & Other Taxes 10,680 3.72 35,840 4.17
Interest Expense, Net 13,762 4.79 40,546 4.72
Total Costs & Expenses 123,206 42.86 382,844 44.56
Income from Continuing
Operations Before Income 5,544 1.93 16,541 1.93
Taxes
Provision for Income Taxes 2,422 0.84 6,821 0.79
Income from Continuing 3,122 1.09 9,720 1.13
Operations
Income (Loss) from
Discontinued Operations, --- NM --- NM
Net of Taxes
Net Income $3,122 $1.09 $9,720 $1.13
Note: Items may not total due to rounding
SWIFT ENERGY COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOW
(Unaudited)
(In Thousands)
Nine Months Ended
September 30, September 30,
2012 2011
Cash Flows From Operating Activities:
Net Income $9,720 $78,185
Gain From Discontinued Operations, Net of --- (14,247)
Taxes
Adjustments to Reconcile Net Income to Net
Cash Provided by Operating Activities -
Depreciation, Depletion, and Amortization 181,638 163,141
Accretion of Asset Retirement Obligation 3,465 3,482
(ARO)
Deferred Income Taxes 8,239 36,332
Stock Based Compensation Expense 10,562 9,281
Other (583) (1,410)
Change in Assets and Liabilities -
Decrease in Accounts Receivable 14,385 6,694
Increase/(Decrease) in Accounts Payable (3,051) 8,077
and Accrued Liabilities
Decrease in Income Taxes Payable (248) (234)
Decrease in Accrued Interest (443) (787)
Cash Provided by Operating Activities – 223,684 288,514
Continuing Operations
Cash Provided by Operating Activities – --- 5
Discontinued Operations
Net Cash Provided by Operating Activities 223,684 288,519
Cash Flows From Investing Activities:
Additions to Property and Equipment (575,711) (368,754)
Proceeds from the Sale of Property and 523 6,084
Equipment
Cash Used in Investing Activities – (575,188) (362,670)
Continuing Operations
Cash Provided by Investing Activities – --- 5,000
Discontinued Operations
Net Cash Used in Investing Activities (575,188) (357,670)
Cash Flows From Financing Activities:
Net Proceeds From Bank Borrowings 102,640 ---
Net Proceeds From Issuance of Common Stock 1,599 2,102
Purchase of Treasury Shares (2,781) (3,319)
Cash Provided by (Used in) Financing 101,458 (1,217)
Activities – Continuing Operations
Cash Provided by (Used in) Financing --- ---
Activities – Discontinued Operations
Net Cash Provided by (Used in) Financing 101,458 (1,217)
Activities
Net Decrease in Cash and Cash Equivalents (250,046) (70,368)
Cash and Cash Equivalents at the Beginning 251,696 86,367
of the Period
Cash and Cash Equivalents at the End of $1,650 $15,999
the Period
SWIFT ENERGY COMPANY
OPERATIONAL INFORMATION
QUARTERLY COMPARISON -- SEQUENTIAL & YEAR-OVER-YEAR
(Unaudited)
Three Months
Three Months Ended
Ended
September 30, June 30, Percent Percent
September 30,
2012 2012 Change Change
2011
Production :
Oil & Natural Gas 2,875 2,918 (1)% 2,542 13%
Equivalent (MBoe)
Natural Gas (Bcf) 8.96 9.50 (6)% 8.15 10%
Crude Oil (MBbl) 870 905 (4)% 937 (7)%
NGL (MBbl) 512 430 19% 247 107%
Average Prices:
Combined Oil &
Natural Gas $44.51 $45.22 (2)% $56.31 (21)%
($/Boe)
Natural Gas $2.52 $2.01 26% $3.68 (32)%
($/Mcf)
Crude Oil ($/Bbl) $102.73 $108.02 (5)% $105.55 (3)%
NGL ($/Bbl) $31.29 $35.25 (11)% $57.76 (46)%
SWIFT ENERGY COMPANY
FOURTH QUARTER AND FULL YEAR 2012
GUIDANCE ESTIMATES
Actual
Guidance Guidance
For
Third For Fourth For Full
Quarter Quarter 2012 Year 2012
2012
Production
Volumes 2.87 3.02 - 3.14 11.6 - 11.7
(MMBoe)
Production
Mix:
Natural Gas 8.96 7.86 - 8.18 35.6 - 35.9
(Bcf)
Crude Oil 0.87 1.20 - 1.25 3.86 - 3.91
(MMBbl)
Natural Gas
Liquids 0.51 0.51 - 0.53 1.82 - 1.85
(MMBbl)
Product
Pricing
(Note 1):
Natural Gas
(per Mcf)
NYMEX
Differential ($0.37) ($0.25) - ($0.50) ($0.25) - ($0.50)
(Note 2)
Crude Oil
(per Bbl)
NYMEX
differential $9.38 $7.00 - $10.00 $7.00 - $10.00
(Note 3)
NGL (per
Bbl)
Percent of 34% 30% - 40% 35% - 45%
NYMEX Crude
Oil & Gas
Production
Costs:
Lease
Operating $9.26 $9.15 - $9.50 $9.55 - $9.80
Costs (per
Boe)
Severance &
Ad Valorem
Taxes (as % 8.3% 8.5% - 9.5% 8.5% - 9.5%
of Revenue
dollars)
Other Costs:
G&A per Boe $4.16 $3.75 - $4.00 $4.00 - $4.15
Interest
Expense per $4.79 $5.15 - $5.40 $4.70 - $4.90
Boe
DD&A per Boe $20.52 $20.00 - $20.25 $20.75 - $21.00
Supplemental
Information:
Capital
Expenditures
(in
Thousands)
Operations $191,178 $105,500 - $120,000 $657,000 - $668,000
Capitalized $7,639 $8,000 - $8,300 $30,000 - $32,000
G&G (Note 4)
Capitalized $1,967 $2,000 - $2,300 $8,000 - $10,000
Interest
Total
Capital $200,784 $115,500 - $130,500 $695,000 - $710,000
Expenditures
Basic
Weighted 42,901 42,800 - 43,000 42,800 - 43,100
Average
Shares
Diluted
Weighted 42,971 42,900 - 43,200 42,900 - 43,200
Average
Shares
Effective 43.7% 39.0% - 43.0% 39.0% - 42.0%
Tax Rate
Deferred Tax 100% 100% 100%
Percentage
Swift Energy maintains all its current price risk management
Note 1: instruments (hedge positions) on its Hedge Activity page on the
Swift Energy website (www.swiftenergy.com).
Average of monthly closing Henry Hub NYMEX futures price for the
Note 2: respective contract months, included in the period, which best
benchmarks the 30-day price received for natural gas sales.
Average of daily WTI NYMEX futures price during the calendar
Note 3: 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.
Contact:
Swift Energy Company
Paul Vincent, 281-874-2700 or 800-777-2412
Director – Finance & Investor Relations
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement
Rate this Page