FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 2001

Consolidated Statement of Income

Swift Energy Company and Subsidiaries
Year ended December 31,
2001 2000 1999
--------------- --------------- ---------------
Revenues:
   Oil and gas sales $ 181,184,635 $ 189,138,947 $ 108,898,696
   Fees from limited partnerships and joint ventures 427,583 331,497 229,749
   Interest income 49,281 1,339,386 833,204
   Price-risk management and other, net 2,145,991 815,116 709,358
--------------- --------------- ---------------
183,807,490 191,624,946 110,671,007
--------------- --------------- ---------------
Costs and Expenses:
   General and administrative, net of reimbursement 8,186,654 5,585,487 4,497,400
   Depreciation, depletion, and amortization 59,502,040 47,771,393 42,348,901
   Oil and gas production 36,719,609 29,220,315 19,645,740
   Interest expense, net 12,627,022 15,968,405 14,442,815
   Other expenses 2,102,251 --- ---
   Write-down of oil and gas properties 98,862,247 --- ---
--------------- --------------- ---------------
217,999,823 98,545,600 80,934,856
--------------- --------------- ---------------
Income (Loss) Before Income Taxes, Extraordinary Item and Change in Accounting Principle (34,192,333) 93,079,346 29,736,151
Provision (Benefit) for Income Taxes (12,237,436) 33,265,480 10,449,577
--------------- --------------- ---------------
Income (Loss) Before Extraordinary Item and Change in Accounting Principle $ (21,954,897) $ 59,813,866 $ 19,286,574
Extraordinary Loss on Early Extinguishment of Debt (net of taxes) --- 629,858 ---
Cumulative Effect of Change in Accounting Principle (net of taxes) 392,868 --- ---
--------------- --------------- ---------------
Net Income (Loss)  $ (22,347,765) $ 59,184,008 $ 19,286,574
============ ============ ============
Per Share Amounts --
   Basic: Income (Loss) Before Extraordinary Item and Change in Accounting Principle $(0.89) $2.82 $1.07
               Extraordinary Loss --- (0.03) ---
               Change in Accounting Principle (0.01) --- ---
--------------- --------------- ---------------
               Net Income (Loss) $(0.90) $2.79 $1.07
============ ============ ============
   Diluted: Income (Loss) Before Extraordinary Item and Change in Accounting Principle $ (0.89) $ 2.53 $ 1.07
               Extraordinary Loss --- (0.02) ---
               Change in Accounting Principle (0.01) --- ---
--------------- --------------- ---------------
               Net Income (Loss) $(0.90) $2.51 $1.07
============ ============ ============
Weighted Average Shares Outstanding 24,732,099 21,244,684 18,050,106
============ ============ ============

 

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