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SWIFT ENERGY COMPANY 1999 ANNUAL REPORT |
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Consolidated Statements of Cash Flows |
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SWIFT ENERGY COMPANY 1999 ANNUAL REPORT |
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Consolidated Statements of Cash Flows |
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| Year ended December 31, | |||
| 1999 | 1998 | 1997 | |
| -------------- | -------------- | -------------- | |
| Cash Flows from Operating Activities: | |||
| Net income (loss) | $ 19,286,574 | $ (48,225,204) | $ 22,310,189 |
| Adjustments to reconcile net income to net cash provided | |||
| by operating activities -- | |||
| Depreciation, depletion, and amortization | 42,348,901 | 39,343,187 | 24,247,142 |
| Write-down of oil and gas properties | --- | 90,772,628 | --- |
| Deferred income taxes | 10,435,115 | (25,609,134) | 10,060,193 |
| Deferred revenue amortization related to | |||
| production payment | (1,056,284) | (1,248,800) | (1,449,808) |
| Other | 628,614 | 478,470 | 786,917 |
| Change in assets and liabilities-- | |||
| Increase in accounts receivable | (2,889,530) | (2,129,360) | (204,475) |
| Increase (decrease) in accounts payable and accrued | |||
| liabilities, excluding income taxes payable | 4,850,036 | 689,347 | (564,323) |
| Increase in income taxes payable | --- | 177,883 | 70,130 |
| -------------- | -------------- | -------------- | |
| Net Cash Provided by Operating Activities | 73,603,426 | 54,249,017 | 55,255,965 |
| -------------- | -------------- | -------------- | |
| Cash Flows from Investing Activities: | |||
| Additions to property and equipment | (78,112,550) | (183,815,927) | (131,967,444) |
| Proceeds from the sale of property and equipment | 4,531,935 | 1,533,112 | 3,369,982 |
| Net cash received (distributed) as operator of oil and gas | |||
| properties | 5,995,842 | (5,933,171) | (1,829,008) |
| Net cash distributed as operator of partnerships and | |||
| joint ventures | (433,114) | (1,559,537) | (2,102,553) |
| Limited partnership formation and marketing costs | --- | (619,970) | --- |
| Other | (131,135) | (113,716) | (259,255) |
| -------------- | -------------- | -------------- | |
| Net Cash Used in Investing Activities | (68,149,022) | (190,509,209) | (132,788,278) |
| -------------- | -------------- | -------------- | |
| Cash Flows from Financing Activities: | |||
| Proceeds from senior subordinated notes | 124,045,000 | -- | -- |
| Net proceeds from (payments of) bank borrowings | (146,200,000) | 138,285,000 | 7,915,000 |
| Net proceeds from issuances of common stock | 42,719,776 | 1,421,399 | 2,389,336 |
| Purchase of treasury stock | (1,462,740) | (3,322,219) | (8,519,665) |
| Payments of debt issuance costs | (3,501,441) | (540,671) | -- |
| -------------- | -------------- | -------------- | |
| Net Cash Provided by Financing Activities | 15,600,595 | 135,843,509 | 1,784,671 |
| -------------- | -------------- | -------------- | |
| Net Increase (Decrease) in Cash and Cash Equivalents | $ 21,054,999 | $ (416,683) | $ (75,747,642) |
| Cash and Cash Equivalents at Beginning of Year | 1,630,649 | 2,047,332 | 77,794,974 |
| -------------- | -------------- | -------------- | |
| Cash and Cash Equivalents at End of Year | $22,685,648 | $ 1,630,649 | $ 2,047,332 |
| ========== | ========== | ========== | |
| Supplemental Disclosures of Cash Flows Information: | |||
| Cash paid during year for interest, net of amounts capitalized | $ 8,618,020 | $ 8,343,445 | $ 4,638,308 |
| Cash paid during year for income taxes | $ -- | $ 36,286 | $ 381,514 |
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