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

See press release in PDF format.

HOUSTON, November 1, 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)

Well Name

 

County/Formation Target

 

Oil
(Bbls/d)

 

Natural Gas Liquids
(Bbls/d)

 

Residual Natural Gas
(MMcf/d)

 

Barrels of Oil Equivalent

 

Choke Setting

 

Pressure
(psi)

Carden EF 7H

 

LaSalle – Eagle Ford

 

110

 

236

 

2.6

 

779

 

16/64”

 

3,435

Baetz A EF 1H

 

LaSalle – Eagle Ford

 

356

 

197

 

1.6

 

819

 

18/64”

 

3,538

Baetz A EF 2H

 

LaSalle – Eagle Ford

 

468

 

259

 

2.1

 

1,076

 

12/64”

 

3,563

Alderman Ranch EF 4H

 

LaSalle – Eagle Ford

 

153

 

273

 

2.3

 

810

 

18/64”

 

2,650

Alderman Ranch EF 5H

 

LaSalle – Eagle Ford

 

135

 

260

 

2.2

 

759

 

18/64”

 

2,437

Hayes EF 2H

 

McMullen – Eagle Ford

 

632

 

52

 

0.4

 

755

 

12/64”

 

3,500

Henry EF 1H

 

McMullen – Eagle Ford

 

544

 

56

 

0.5

 

678

 

14/64”

 

2,625

Henry EF 2H

 

McMullen – Eagle Ford

 

520

 

47

 

0.4

 

631

 

14/64”

 

2,500

SMR EF 6H

 

McMullen – Eagle Ford

 

1,097

 

54

 

0.5

 

1,226

 

16/64”

 

2,407

SMR OL 4H

 

McMullen – Olmos

 

614

 

136

 

0.9

 

897

 

16/64”

 

2,894

SMR EF 7H

 

McMullen – Eagle Ford

 

912

 

51

 

0.4

 

1,033

 

16/64”

 

2,011

SMR EF 8H

 

McMullen – Eagle Ford

 

837

 

31

 

0.3

 

911

 

16/64”

 

1,791

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.


 

 

Three Months Ended
September 30

 

Nine Months Ended
September 30

 

 

2012

 

2011

 

Percent
Change

 

2012

 

2011

 

Percent Change

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

  Oil & Gas Sales

 

$127,946

 

$143,123

 

(11)%

 

$396,068

 

$446,537

 

(11)%

  Other

 

804

 

(591)

 

 

 

3,317

 

(2,499)

 

 

   
-------------
-------------
-------------
-------------

Total Revenue

 

$128,750

 

$142,532

 

(10)%

 

$399,385

 

$444,038

 

(10)%

Income From Continuing   Operations

 

$3,122

 

$17,007

 

(82)%

 

$9,720

 

$63,938

 

(85)%

Basic EPS – Continuing   Operations

 

$0.07

 

$0.39

 

(82)%

 

$0.22

 

$1.48

 

(85)%

Diluted EPS – Continuing   Operations

 

$0.07

 

$0.39

 

(82)%

 

$0.22

 

$1.47

 

(85)%

Net Cash Provided By Operating    Activities – Continuing    Operations

 

$68,005

 

$101,573

 

(33)%

 

$223,684

 

$288,514

 

(22)%

Net Cash Provided By Operating    Activities, Per Diluted Share –    Continuing Operations

 

$1.58

 

$2.38

 

(34)%

 

$5.21

 

$6.77

 

(23)%

Cash Flow Before Working
   Capital Changes(2) (non-
   GAAP measure) – Continuing
   Operations

 

$71,215

 

$90,021

 

(21)%

 

$213,041

 

$274,764

 

(23)%

Cash Flow Before Working
   Capital Changes, Per Diluted
   Share – Continuing Operations

 

$1.66

 

$2.11

 

(21)%

 

$4.96

 

$6.45

 

(23)%

Weighted Average Shares    Outstanding (Basic)

 

42,901

 

42,470

 

(1)%

 

42,812

 

42,365

 

(1)%

Weighted Average Shares    Outstanding (Diluted)

 

42,971

 

42,678

 

(1)%

 

42,945

 

42,619

 

(1)%

EBITDA (non-GAAP measure)

 

$79,484

 

$91,421

 

(13)%

 

$242,190

 

$293,832

 

(18)%

Production (MBoe) – Continuing    Operations

 

2.87

 

2.54

 

13%

 

8.59

 

7.83

 

10%

Realized Price ($/Boe) –    Continuing Operations

 

$44.51

 

$56.31

 

(21)%

 

$46.10

 

$57.04

 

(19)%

                         

(1)

The production, revenue, expense, cash flow and income information reported are the results of continuing operations of Swift Energy.

(2)

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 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.

 

Three Months Ended

 

 

 

September 30, 2012

 

September 30, 2011

 

Percent Change

CASH FLOW RECONCILIATIONS:

 

 

 

 

 

Net Cash Provided by Operating Activities – Continuing Operations

$68,005

 

$101,573

 

(33)%

  Increases and Decreases In:

 

 

 

 

 

   Accounts Receivable

(1,884)

 

(5,012)

 

 

   Accounts Payable and Accrued Liabilities

(262)

 

(7,094)

 

 

   Income Taxes Payable

50

 

17

 

 

   Accrued Interest

5,306

 

537

 

 

 
---------------
---------------
   

Cash Flow Before Working Capital Changes – Continuing Operations

$71,215

 

$90,021

 

(21)%

 
==========
==========
   

INCOME TO EBITDA RECONCILIATIONS:

 

 

 

 

 

   Income from Continuing Operations


$3,122

 

$17,007

 

(82)%

   Provision for Income Taxes

2,422

 

10,388

 

 

   Interest Expense, Net

13,762

 

8,439

 

 

   Depreciation, Depletion & Amortization & ARO (b)

60,178

 

55,587

 

 

 
---------------
---------------
   

EBITDA

$79,484

 

$91,421

 

(13)%

 
==========
==========
   
           

 

Nine Months Ended

 

 

 

September 30, 2012

 

September 30, 2011

 

 

CASH FLOW RECONCILIATIONS:

 

 

 

 

 

Net Cash Provided by Operating Activities – Continuing Operations

$223,684

 

$288,514

 

(22)%

  Increases and Decreases In:

 

 

 

 

 

   Accounts Receivable

(14,385)

 

(6,694)

 

 

   Accounts Payable and Accrued Liabilities

3,051

 

(8,077)

 

 

   Income Taxes Payable

248

 

234

 

 

   Accrued Interest

443

 

787

 

 

 
---------------
---------------
   

Cash Flow Before Working Capital Changes – Continuing Operations

$213,041

 

$274,764

 

(23)%

 
==========
==========
   

INCOME TO EBITDA RECONCILIATIONS:

 

 

 

 

 

   Income from Continuing Operations

$9,720

 

$63,938

 

(85)%

   Provision for Income Taxes

6,821

 

37,822

 

 

   Interest Expense, Net

40,546

 

25,449

 

 

   Depreciation, Depletion & Amortization & ARO (b)

185,103

 

166,623

 

 

 
---------------
---------------
   

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
September 30, 2012

 

As of
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 30, 2012

 

Per Boe

 

September 30, 2012

 

Per Boe

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 Administrative, net

11,952

 

4.16

 

36,025

 

4.19

  Depreciation, Depletion & Amortization

58,987

 

20.52

 

181,638

 

21.14

  Accretion of Asset Retirement Obligation (ARO)

1,191

 

0.41

 

3,465

 

0.40

  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 Taxes

5,544

 

1.93

 

16,541

 

1.93

Provision  for Income Taxes

2,422

 

0.84

 

6,821

 

0.79

 
-----------------
--------------
-----------------
-----------------

Income from Continuing Operations

3,122

 

1.09

 

9,720

 

1.13

Income (Loss) from Discontinued Operations,
   Net of Taxes

---

 

NM

 

---

 

NM

 
-----------------
--------------
-----------------
-----------------

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, 2012

 

September 30, 2011

Cash Flows From Operating Activities:

 

 

 

     Net Income

$9,720

 

$78,185

     Gain From Discontinued Operations, Net of Taxes

---

 

(14,247)

     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 (ARO)

3,465

 

3,482

     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 and Accrued Liabilities

(3,051)

 

8,077

          Decrease in Income Taxes Payable

(248)

 

(234)

          Decrease in Accrued Interest

(443)

 

(787)

 
----------------
----------------

Cash Provided by Operating Activities – Continuing Operations

223,684

 

288,514

Cash Provided by Operating Activities – Discontinued Operations

---

 

5

 
----------------
----------------

          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 Equipment

523

 

6,084

 
----------------
----------------

Cash Used in Investing Activities – Continuing Operations

(575,188)

 

(362,670)

Cash Provided by Investing Activities – Discontinued Operations

---

 

5,000

 
----------------
----------------

          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 Activities – Continuing Operations

101,458

 

(1,217)

Cash Provided by (Used in) Financing Activities – Discontinued Operations

---

 

---

 
----------------
----------------

          Net Cash Provided by (Used in) Financing Activities

101,458

 

(1,217)

 
----------------
----------------

Net Decrease in Cash and Cash Equivalents

(250,046)

 

(70,368)

 

 

 

 

Cash and Cash Equivalents at the Beginning of the Period

251,696

 

86,367

 
----------------
----------------

Cash and Cash Equivalents at the End of the Period

$1,650

 

$15,999

 
===========
===========

SWIFT ENERGY COMPANY
OPERATIONAL INFORMATION
QUARTERLY COMPARISON -- SEQUENTIAL & YEAR-OVER-YEAR
(Unaudited)

 

Three Months Ended

 

 

 

Three Months Ended
September 30,
2011

 

 

 

September 30,
2012

 

June 30,
2012

 

Percent
Change

 

 

Percent
Change

Production :

 

 

 

 

 

 

 

 

 

     Oil & Natural Gas Equivalent (MBoe)

2,875

 

2,918

 

(1)%

 

2,542

 

13%

     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 ($/Boe)

$44.51

 

$45.22

 

(2)%

 

$56.31

 

(21)%

     Natural Gas ($/Mcf)

$2.52

 

$2.01

 

26%

 

$3.68

 

(32)%

     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
For Third
Quarter 2012

 

Guidance
For Fourth
Quarter 2012

 

Guidance
For Full
Year 2012

Production Volumes (MMBoe)

2.87

 

3.02

-

3.14

 

11.6

-

11.7

 

 

 

 

 

 

 

 

 

 

Production Mix:

 

 

 

 

 

 

 

 

 

     Natural Gas (Bcf)

8.96

 

7.86

-

8.18

 

35.6

-

35.9

     Crude Oil  (MMBbl)

0.87

 

1.20

-

1.25

 

3.86

-

3.91

     Natural Gas Liquids (MMBbl)

0.51

 

0.51

-

0.53

 

1.82

-

1.85

Product Pricing (Note 1):

 

 

 

 

 

 

 

 

 

     Natural Gas (per Mcf)

 

 

 

 

 

 

 

 

 

          NYMEX Differential (Note 2)

($0.37)

 

($0.25)

-

($0.50)

 

($0.25)

-

($0.50)

     Crude Oil (per Bbl)

 

 

 

 

 

 

 

 

 

          NYMEX differential (Note 3)

$9.38

 

$7.00

-

$10.00

 

$7.00

-

$10.00

     NGL (per Bbl)

 

 

 

 

 

 

 

 

 

          Percent of NYMEX Crude

34%

 

30%

-

40%

 

35%

-

45%

Oil & Gas Production Costs:

 

 

 

 

 

 

 

 

 

     Lease Operating Costs (per Boe)

$9.26

 

$9.15

-

$9.50

 

$9.55

-

$9.80

     Severance & Ad Valorem Taxes
     (as % of Revenue dollars)

8.3%

 

8.5%

-

9.5%

 

8.5%

-

9.5%

Other Costs:

 

 

 

 

 

 

 

 

 

     G&A per Boe

$4.16

 

$3.75

-

$4.00

 

$4.00

-

$4.15

     Interest Expense per Boe

$4.79

 

$5.15

-

$5.40

 

$4.70

-

$4.90

     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 G&G (Note 4)

$7,639

 

$8,000

-

$8,300

 

$30,000

-

$32,000

Capitalized Interest

$1,967

 

$2,000

-

$2,300

 

$8,000

-

$10,000

Total Capital Expenditures

$200,784

 

$115,500

-

$130,500

 

$695,000

-

$710,000

 

 

 

 

 

 

 

 

 

 

Basic Weighted Average Shares

42,901

 

42,800

-

43,000

 

42,800

-

43,100

 

 

 

 

 

 

 

 

 

 

Diluted Weighted Average Shares

42,971

 

42,900

-

43,200

 

42,900

-

43,200

 

 

 

 

 

 

 

 

 

 

Effective Tax Rate

43.7%

 

39.0%

-

43.0%

 

39.0%

-

42.0%

Deferred Tax Percentage

100%

 

 

100%

 

 

 

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.

 


 
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Last modified: Tuesday, November 13, 2012 2:11 PM