FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 2003 |
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PART II |
Item 6. Selected Financial Data |
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2003 |
2002 |
2001 |
2000 | 1999 | 1998 | 1997 | 1996 | 1995 | 1994 | 1993 | ||
| Revenues | ||||||||||||
| Oil and Gas Sales | $211,032,639 | $141,195,713 | $181,184,635 | $189,138,947 | $108,898,696 | $80,067,837 | $69,015,189 | $52,770,672 | $22,527,892 | $19,802,188 | $15,535,671 | |
| Fees from affiliated limited partnerships (1) | $28,068 | $67,173 | $427,583 | $331,497 | $229,749 | $333,940 | $745,856 | $937,238 | $590,441 | $701,528 | $4,071,970 | |
| Interest Income | $184,383 | $263,738 | $49,281 | $1,339,386 | $833,204 | $107,374 | $2,395,406 | $433,352 | $212,329 | $47,980 | $201,584 | |
| Other, Net | $(2,344,107) | $8,443,187 | $2,145,991 | $815,116 | $709,358 | $1,960,070 | $2,555,729 | $2,156,764 | $1,761,568 | $1,072,535 | $604,599 | |
| Total Revenues | $208,900,983 | $149,969,811 | $183,807,490 | $191,624,946 | $110,671,007 | $82,469,221 | $74,712,180 | $56,298,026 | $25,092,230 | $21,624,231 | $20,413,824 | |
| Income (Loss) Before Income Taxes and Change in Accounting Principle (2) | $50,739,178 | $18,408,289 | $(34,192,333) | $92,449,488 | $29,736,151 | $(73,391,581) | $33,129,606 | $28,785,783 | $6,894,537 | $4,837,829 | $6,628,608 | |
| Net Income (Loss) | $29,893,812 | $11,923,227 | $(22,347,765) | $59,184,008 | $19,286,574 | $(48,225,204) | $22,310,189 | $19,025,450 | $4,912,512 | ($13,047,027) | $4,896,253 | |
| Net Cash Provided by Operating Activities | $110,827,279 | $71,626,314 | $139,884,255 | $128,197,227 | $73,603,426 | $54,249,017 | $55,255,965 | $37,102,578 | $14,376,463 | $10,394,514 | $7,238,340 | |
| Per Share Data | ||||||||||||
| Weighted Average Shares Outstanding (2) | 27,357,579 | 26,382,906 | 24,732,099 | 21,244,684 | 18,050,106 | 16,436,972 | 16,492,856 | 15,000,901 | 10,035,143 | 7,308,673 | 7,246,884 | |
| Earnings (Loss) per Share--Basic (2) | $1.09 | $0.45 | $(0.90) | $2.79 | $1.07 | $(2.93) | $1.35 | $1.27 | $0.49 | ($1.79) | $0.68 | |
| Earnings (Loss) per Share--Diluted (2) | $1.08 | $0.45 | $(0.90) | $2.51 | $1.07 | $(2.93) | $1.26 | $1.25 | $0.49 | ($1.79) | $0.64 | |
| Shares Outstanding at Year-End | 27,484,091 | 27,201,509 | 24,795,564 | 24,608,344 | 20,823,729 | 16,291,242 | 16,459,156 | 15,176,417 | 12,509,700 | 6,685,137 | 6,001,075 | |
| Book Value per Share | $14.46 | $13.42 | $12.61 | $13.50 | $8.18 | $6.71 | $9.69 | $9.41 | $7.46 | $6.30 | $9.08 | |
| Market Price (2) | ||||||||||||
| High | $18.00 | $20.58 | $37.70 | $43.50 | $13.31 | $21.00 | $34.20 | $28.86 | $11.48 | $10.35 | $11.57 | |
| Low | $7.60 | $6.80 | $16.66 | $9.75 | $5.69 | $6.94 | $16.93 | $9.89 | $7.05 | $7.75 | $7.14 | |
| Year-End Close | $16.85 | $9.67 | $20.20 | $37.63 | $11.50 | $7.38 | $21.06 | $27.16 | $10.91 | $8.86 | $7.85 | |
| Pro forma amounts assuming 1994 change in | ||||||||||||
| accounting principle is applied retroactively(1) | ||||||||||||
| Net Income (Loss) | --- | --- | --- | --- | --- | --- | --- | --- | --- | $3,725,671 | $4,322,478 | |
| Earnings (Loss) per Share--Basic (2) | --- | --- | --- | --- | --- | --- | --- | --- | --- | $0.51 | $0.60 | |
| Earnings (Loss) per Share--Diluted (2) | --- | --- | --- | --- | --- | --- | --- | --- | --- | $0.51 | $0.57 | |
| Assets | ||||||||||||
| Current Assets | $34,673,672 | $29,768,199 | $36,752,980 | $41,872,879 | $50,605,488 | $35,246,431 | $29,981,786 | $101,619,478 | $43,380,454 | $39,208,418 | $65,307,120 | |
| Oil and Gas Properties, Net of Accumulated | ||||||||||||
| Depreciation, Depletion, and Amortization | $816,459,776 | $721,617,941 | $628,304,060 | $524,052,828 | $392,986,589 | $356,711,711 | $301,312,847 | $200,010,375 | $125,217,872 | $88,415,612 | $89,656,577 | |
| Total Assets | $861,054,932 | $767,005,859 | $671,684,833 | $572,387,001 | $454,299,414 | $403,645,267 | $339,115,390 | $310,375,264 | $175,252,707 | $135,672,743 | $160,892,917 | |
| Liabilities | ||||||||||||
| Current Liabilities | $69,772,730 | $46,884,184 | $73,245,335 | $64,324,771 | $34,070,085 | $31,415,054 | $28,517,664 | $32,915,616 | $40,133,269 | $52,345,859 | $55,565,437 | |
| Long-Term Debt | $340,254,783 | $324,271,973 | $258,197,128 | $134,729,485 | $239,068,423 | $261,200,000 | $122,915,000 | $115,000,000 | $28,750,000 | $28,750,000 | $28,750,000 | |
| Total Liabilities | $463,663,668 | $401,932,675 | $359,032,113 | $240,232,846 | $283,895,297 | $294,282,628 | $179,714,470 | $167,613,654 | $81,906,742 | $93,545,612 | $106,427,203 | |
| Stockholders’ Equity | $397,391,264 | $365,073,184 | $312,652,720 | $332,154,155 | $170,404,117 | $109,362,639 | $159,400,920 | $142,761,610 | $93,345,965 | $42,127,131 | $54,465,714 | |
| Number of Employees | 241 | 234 | 209 | 181 | 173 | 203 | 194 | 191 | 176 | 209 | 188 | |
| Producing Wells | ||||||||||||
| Swift Operated | 870 | 820 | 854 | 817 | 769 | 836 | 650 | 842 | 767 | 750 | 795 | |
| Outside Operated | 128 | 112 | 381 | 711 | 788 | 917 | 917 | 986 | 3,316 | 3,422 | 3,407 | |
| Total Producing Wells | 998 | 932 | 1,235 | 1,528 | 1,557 | 1,753 | 1,567 | 1,828 | 4,083 | 4,172 | 4,202 | |
| Wells Drilled (Gross) | 75 | 36 | 53 | 70 | 27 | 75 | 182 | 153 | 76 | 44 | 34 | |
| Proved Reserves | ||||||||||||
| Natural Gas (Mcf) | 335,804,862 | 326,731,672 | 324,912,125 | 418,613,976 | 329,959,750 | 352,400,835 | 314,305,669 | 225,758,201 | 143,567,520 | 76,263,964 | 64,462,805 | |
| Oil, NGL, & Condensate (barrels) | 80,759,903 | 70,438,963 | 53,482,636 | 35,133,596 | 20,806,263 | 13,957,925 | 7,858,918 | 5,484,309 | 5,421,981 | 4,553,237 | 4,271,069 | |
| Total Proved Reserves (Mcf equivalent) | 820,364,284 | 749,365,449 | 645,807,939 | 629,415,552 | 454,797,327 | 436,148,385 | 361,459,177 | 258,664,055 | 176,099,406 | 103,583,566 | 90,089,219 | |
| Production (Mcf equivalent) (3) | 53,158,384 | 49,752,346 | 44,791,202 | 42,356,705 | 42,874,303 | 39,030,030 | 25,393,744 | 19,437,114 | 11,186,573 | 9,600,867 | 7,368,757 | |
| Average Sales Price | ||||||||||||
| Natural Gas (per Mcf) | $3.42 | $2.30 | $4.23 | $4.24 | $2.40 | $2.08 | $2.68 | $2.57 | $1.77 | $1.93 | $1.96 | |
| Oil (per barrel) | $27.47 | $20.88 | $22.64 | $29.35 | $16.75 | $11.86 | $17.59 | $19.82 | $15.66 | $14.35 | $15.10 | |
(
1)As of January 1, 1994, we changed our revenue recognition policy for earned interests. Accordingly, in 1994 to 2003, “Fees from affiliated limited partnerships” does not include earned interests revenues.(2)Amounts have been retroactively restated in all periods presented to give recognition to: (a) an equivalent change in capital structure as a result of two 10% stock dividends, one in September 1994, the other in October 1997; (b) the adoption in 1998 of Statement of Financial Accounting Standards No. 128, “Earnings per Share,” and (c) the adoption in 2003 of Statement of Financial Accounting Standards No. 145, “Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections,” which affected our presentation of 1999 results by reclassifying the loss on early extinguishment of debt from an extraordinary item to an operating item.
(3)Natural gas production for 1993, 1994, 1995, 1996, 1997, 1998, 1999, and 2000 includes 1,581,206; 1,358,375; 1,211,255; 1,156,361; 1,015,226; 866,232; 728,235; and 405,130 Mcf, respectively, delivered under our volumetric production payment agreement.
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