Swift Energy Co. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Reports Non-Cash Ceiling Test Write-Down of Oil and Gas Properties in the Fourth Quarter of 2014; Reports Production Results for the Fourth Quarter and Year Ended December 31, 2014; Provides Production Guidance and Capital Expenditure Guidance for the Year 2014
Feb 26 15
Swift Energy Co. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company has total revenue was $110,488,000 against $143,100,000 a year ago. Net loss was $298,170,000 or $0.68 per diluted share against $25,388,000 or $0.58 per diluted share a year ago. Net cash provided by operating activities was $54,196,000 against $85,840,000 a year ago. EBITDA (non-GAAP) was $68,879,000 against $93,765,000 a year ago. Fourth quarter 2014 cash flow before working capital changes of $44.6 million decreased 41% compared to $76.0 million of adjusted cash flow for the fourth quarter of 2013. Quarterly capex on an accrual basis was $70 million.
For the year, the company has posted total revenue of $549,790,000 against $584,229,000 a year ago. Net loss was $283,427,000 or $6.47 per diluted share against $2,442,000 or $0.06 per diluted share a year ago. Net cash provided by operating activities was $306,371,000 against $311,447,000 a year ago. EBITDA (non-GAAP) was $358,435,000 against $375,478,000 a year ago. Additions to property and equipment were $386,336,000 against $540,368,000 a year ago. Cash flow before working capital changes, a non-GAAP measure for 2013 was $283,313,000 compared to $310,759,000 for the full year 2013.
The company reported a non-cash ceiling test write-down of its oil and gas properties of $445.4 million (pre-tax) in the fourth quarter of 2014.
Swift Energy’s full year 2014 production was 12.39 MMBoe, an increase of 5% compared to 2013 production of 11.75 MMBoe.
Production for the fourth quarter 2014 of 3.00 MMBoe was roughly flat with third quarter 2014 levels and decreased 3% compared to fourth quarter 2013 production of 3.09 MMBoe.
For the quarter and full year of 2015, the company is targeting first quarter production levels of 2.92 to 2.97 MMBoe, including 11.1 to 11.2 Bcf of natural gas production, 0.65 to 0.67 MMBbl of crude oil production, and 0.42 to 0.44 MMBbl of natural gas liquids production. This level of production is based on $30 million-$35 million in capital expenditures for the quarter.
For the full year, the company is targeting annual production levels of 11.4 to 11.6 MMBoe based on planned full-year capital expenditures of $110 to $125 million, with a focus on drilling activity in the dry gas Fasken area as well as in the AWP gas and condensate areas. A portion of the capital expenditure program is discretionary and can be further deferred if necessary.
For the year 2015, the company revised capital budget to the range of $110 million to $125 million. This is roughly 70% below 2014 capital spend, and at these levels, the company is targeting production to be down between 6% to 8%. The company have refined the lower end of projected capex spend from $100 million up to $110 million.
Swift Energy Mulls Acquisitions
Feb 26 15
Swift Energy Co. (NYSE:SFY) is seeking acquisitions. Terry Swift, Chief Executive Officer of Swift Energy Company, said in Swift Energy Company earnings call on being asked about potential acquisitions, “Yes. Again, for competitive reasons, we don't want to really talk directly about what we have got in the acreage for. It is best said that our competitive advantage is in fact the wells we have drilled in Fasken and now the wells we've drilled in south AWP and that certain mineral owners in the play want those kind of wells drilled on their property, which gives us a different advantage going in and seeking to acquire the acreage. We are only interested in acquiring acreage that can be Fasken-like, that can be south AWP-like and therefore, we're only targeting areas where you have the core data and the knowledge to make these comparisons and transfer the technology.”
Swift Energy Co. to Report Q4, 2014 Results on Feb 26, 2015
Jan 26 15
Swift Energy Co. announced that they will report Q4, 2014 results at 9:00 AM, Central Standard Time on Feb 26, 2015