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| SWIFT ENERGY COMPANY 2004
ANNUAL REPORT
HIGHLIGHTS
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2004 |
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2003 |
|
Percent
Change
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|
|
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| Revenues
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$310,276,774
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$208,900,983
|
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49%
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| Oil and Gas Sales
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$311,285,172
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$211,032,639
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|
48%
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| Costs & Expenses
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|
$208,836,532
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$158,161,805
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|
32%
|
| Income Before Change in
Accounting Principle
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|
$68,450,917
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$34,270,664
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|
100%
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| Cumulative Effect of
Change in Accounting Principle (Net of Taxes)
|
|
---
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|
($4,376,852)
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|
(100)%
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| Net Income
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|
$68,450,917
|
|
$29,893,812
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129%
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| Basic Earnings per Share
Before Change in Accounting Principle
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$2.46
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$1.25
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97%
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| Change in Accounting
Principle (per Share)
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|
---
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($0.16)
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(100)%
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| Earnings per Share--Basic
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|
$2.46
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$1.09
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126%
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| Earnings per Share--Diluted
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$2.41
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$1.08
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123%
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| Total Assets
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$990,573,147
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$859,838,544
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15%
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| Working Capital
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($14,232,295)
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($35,892,385)
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(60)%
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| Current Ratio
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|
0.79
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|
0.48
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65%
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| Long-Term Debt
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$357,500,000
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$340,254,783
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5%
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| Stockholders' Equity
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$474,172,140
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$397,391,264
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19%
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| Long-Term
Debt to Equity Ratio
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0.75
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0.86
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(13)%
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| Return
on Assets (Net Income / Average Assets)
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7.4%
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3.7%
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|
100%
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| Return
on Stockholders’ Equity (Net Income / Average Equity)
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15.7%
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7.8%
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101%
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| Net Cash Provided by Operating Activities
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|
$182,582,887
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$110,827,279
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65%
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| Total Production (Mcfe)
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58,318,502
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53,158,384
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10%
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| Natural Gas Production (Mcf)
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23,741,726
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28,002,719
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(15)%
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| Oil & Condensate Production (Bbls)
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4,722,329
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3,369,398
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40%
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| Natural Gas Liquids
Production (Bbls)
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1,040,467
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|
823,214
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26%
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| Average Composite Prices Received ($/Mcfe)
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$5.34
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$3.97
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34%
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| Average Natural Gas Prices Received ($/Mcf)
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|
$4.12
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$3.42
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20%
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| Average Oil & Condensate Prices Received ($/Bbl)
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$40.24
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$29.89
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35%
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| Average Natural Gas
Liquids Prices Received ($/Bbl)
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$22.52
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$17.60
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28%
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|
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| Total Proved Reserves (Mcfe)
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799,849,539
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820,364,284
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(3)%
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| Proved Natural Gas Reserves (Mcf)
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|
318,246,294
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|
335,804,862
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(5)%
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| Proved Oil & Condensate Reserves
(Bbls)
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65,655,041
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63,808,873
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|
3%
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| Proved Natural Gas Liquids
Reserves (Bbls)
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14,612,167
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16,951,030
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(14)%
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|
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| Weighted Average Shares Outstanding
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27,822,413
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27,357,579
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2%
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| Year-End Shares Outstanding
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28,089,764
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|
27,484,091
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2%
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| Number of Shareholders of Record
|
|
298
|
|
348
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|
(14)%
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| Number of Shareholders in Street Name
(est.)
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|
5,752
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|
5,775
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0%
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| Market Price of Common Stock at Year-End
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$28.94
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|
$16.85
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|
72%
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| Price-Earnings
Ratio (Year-End Stock Price/EPS-Basic)
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|
11.8
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|
15.5
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(24)%
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|
|
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| Number of Employees
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|
272
|
|
241
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13%
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® are registered service marks of Energy Company.
