PURSUING A RESERVES 
GROWTH STRATEGY

                                           1993 ANNUAL REPORT

Consolidated Statements of Income
Swift Energy Company and Subsidiaries

 

Year ended December 31,
1993 1992 1991
----------------- ----------------- -----------------
Revenues:
   Oil and gas sales $ 15,535,671 $ 12,420,222 $ 8,361,771
   Earned interests and fees from limited partnerships
      and joint ventures 4,071,970 2,716,277 2,231,729
   Supervision fees 3,718,829 3,443,777 3,362,800
   Interest income 201,584 113,387 192,694
   Other, net 604,599 515,931 541,502
----------------- ----------------- -----------------
24,132,653 19,209,594 14,690,496
----------------- ----------------- -----------------
Costs and Expenses:
   General and administrative, net of reimbursement 5,065,323 4,977,440 4,655,996
   Depreciation, depletion and amortization 7,300,967 4,906,029 3,843,539
   Oil and gas production 4,540,290 3,934,294 2,442,220
   Interest expense 597,465 76,477 ---
   Impairment of investment in drilling tool subsidiary -- 627,835 ---
----------------- ----------------- -----------------
17,504,045 14,522,075 10,941,755
----------------- ----------------- -----------------
Income Before Income Taxes 6,628,608 4,687,519 3,748,741
Provision for Income Taxes 1,732,355 1,517,759 1,235,926
----------------- ----------------- -----------------
Income Before Cumulative Effect of Change
   in Accounting Principle 4,896,253 3,169,760 2,512,815
Cumulative Effect of Change in Accounting Principle -- 915,000 ---
----------------- ----------------- -----------------
Net Income $ 4,896,253 $ 4,084,760 $ 2,512,815
========== ========== ==========
Per Share Amounts--
   Primary:
   Income Before Cumulative Effect of Change
      in Accounting Principle $ 0.82 $ 0.57 $ 0.52
========== ========== ==========
   Net Income $ 0.82 $ 0.73 $ 0.52
========== ========== ==========
Fully Diluted:
   Income Before Cumulative Effect of Change
      in Accounting Principle $ 0.77 $ 0.57 $ 0.52
========== ========== ==========
   Net Income $ 0.77 $ 0.73 $ 0.52
========== ========== ==========
Weighted Average Shares Outstanding 5,989,160 5,577,313 4,875,726
========== ========== ==========

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