SWIFT ENERGY COMPANY 2007 ANNUAL REPORT
Consolidated Statements of Income
Swift Energy Company and Subsidiaries
(In thousands, except share amounts)
Year Ended December 31, 2007 2006 2005 Revenues: Oil and gas sales$ 652,856 $ 537,513 $ 355,873 Price-risk management and other, net1,265 13,323 (1,508 ) 654,121 550,836 354,365 Costs and Expenses: General and administrative, net34,182 27,634 18,866 Depreciation, depletion, and amortization188,393 139,245 81,124 Accretion of asset retirement obligation1,437 884 626 Lease operating cost70,893 49,948 34,941 Severance and other taxes73,813 61,235 37,806 Interest expense, net28,082 23,582 24,873 Debt retirement cost12,765 --- --- 409,565 302,528 198,236 Income from Continuing Operations Before Income Taxes244,556 248,308 156,129 Provision for Income Taxes91,968 97,234 58,249 Income from Continuing Operations152,588 151,074 97,880 Income (Loss) from Discontinued Operations, Net of Taxes(131,301 ) 10,491 17,898 Net Income$ 21,287 $ 161,565 $ 115,778 Per Share Amounts- Basic: Income from Continuing Operations$ 5.09 $ 5.16 $ 3.43 Income (Loss) from Discontinued Operations, Net of Taxes(4.38 ) 0.36 0.63 Net Income$ 0.71 $ 5.52 $ 4.06 Diluted: Income from Continuing Operations$ 4.98 $ 5.03 $ 3.34 Income (Loss) from Discontinued Operations, Net of Taxes(4.29 ) 0.35 0.61 Net Income$ 0.69 $ 5.38 $ 3.95 Weighted Average Shares Outstanding29,984 29,265 28,496
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