|
|
|
|
2004 SECOND QUARTER REPORT
Consolidated Statements of Income
(Unaudited)
(in Thousands Except Income per Share)
|
|
Three
Months
Ended June 30, |
|
|
Six
Months
Ended June 30, |
|
|
------------------------------------- |
|
|
----------------------------------------- |
|
|
2004 |
|
2003 |
|
|
2004 |
|
2003 |
| Revenues: |
|
|
|
|
|
|
|
|
|
| Oil
and gas sales |
$ |
71,825 |
$ |
50,909 |
|
$ |
137,778 |
$ |
105,760 |
| Price-risk
management and other, net |
|
(781) |
|
(191) |
|
|
(1,379) |
|
(1,542) |
|
|
------------- |
|
------------- |
|
|
------------- |
|
------------- |
|
|
71,044 |
|
50,718 |
|
|
136,399 |
|
104,218 |
|
|
------------- |
|
------------- |
|
|
------------- |
|
------------- |
| Costs
and Expenses: |
|
|
|
|
|
|
|
|
|
| General
and administrative, net |
|
4,176 |
|
3,338 |
|
|
8,205 |
|
6,895 |
| Depreciation,
depletion, and amortization |
|
19,509 |
|
15,676 |
|
|
37,805 |
|
30,588 |
| Accretion
of asset retirement obligation |
|
160 |
|
202 |
|
|
331 |
|
417 |
| Lease
operating costs |
|
10,436 |
|
9,172 |
|
|
20,062 |
|
16,485 |
| Severance
and other taxes |
|
6,927 |
|
4,583 |
|
|
13,174 |
|
9,177 |
| Interest
expense, net |
|
7,144 |
|
6,673 |
|
|
14,044 |
|
13,358 |
| Debt
retirement cost |
|
2,691 |
|
--- |
|
|
2,691 |
|
--- |
|
|
------------- |
|
------------- |
|
|
------------- |
|
------------- |
|
|
51,043 |
|
39,644 |
|
|
96,312 |
|
76,920 |
|
|
------------- |
|
------------- |
|
|
------------- |
|
------------- |
| Income
Before Income Taxes and Change in Accounting Principle |
|
20,001 |
|
11,074 |
|
|
40,087 |
|
27,298 |
| Provision
for Income Taxes |
|
7,103 |
|
3,852 |
|
|
12,601 |
|
9,591 |
|
|
------------- |
|
------------- |
|
|
------------- |
|
------------- |
| Income
Before Change in Accounting Principle |
|
12,898 |
|
7,222 |
|
|
27,486 |
|
17,707 |
Cumulative
Effect of Change in Accounting Principle
(net of taxes) |
|
--- |
|
--- |
|
|
--- |
|
4,377 |
|
|
------------- |
|
------------- |
|
|
------------- |
|
------------- |
| Net
Income |
$ |
12,898 |
$ |
7,222 |
|
$ |
27,486 |
$ |
13,330 |
|
|
======= |
|
======= |
|
|
======= |
|
======= |
|
|
|
|
|
|
|
|
|
|
| Per
Share Amounts- |
|
|
|
|
|
|
|
|
|
Basic:
Income Before Change
in Accounting Principle |
$ |
0.46 |
$ |
0.26 |
|
$ |
0.99 |
$ |
0.65 |
| Change
in Accounting Principle |
|
--- |
|
--- |
|
|
--- |
|
(0.16) |
|
|
------------- |
|
------------- |
|
|
------------- |
|
------------- |
|
Net Income |
$ |
0.46 |
$ |
0.26 |
|
$ |
0.99 |
$ |
0.49 |
|
|
======== |
|
======== |
|
|
======== |
|
======== |
Diluted:
Income Before Change
in Accounting Principle |
$ |
0.46 |
$ |
0.26 |
|
$ |
0.98 |
$ |
0.65 |
|
Change in Accounting Principle |
|
--- |
|
--- |
|
|
--- |
|
(0.16) |
|
|
------------- |
|
------------- |
|
|
------------- |
|
------------- |
|
Net Income |
$ |
0.46 |
$ |
0.26 |
|
$ |
0.98 |
$ |
0.49 |
|
|
======= |
|
======= |
|
|
======== |
|
======== |
|
|
|
|
|
|
|
|
|
|
| Weighted
Average Shares Outstanding |
|
27,742 |
|
27,311 |
|
|
27,648 |
|
27,277 |
|
|
|
|
|
|
|
|
|
|
This page was last updated on Monday, September 13, 2004, at 07:15:10 AM.
Copyright © 1994-2008 by Swift Energy Company.
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|
