Swift Energy Company: 2003 2nd Quarter 10-Q

2008 10Qs
   Third Quarter
   Second Quarter
   First Quarter

2007 10Qs
   Third Quarter
   Second Quarter
   First Quarter

2006 10Qs
   Third Quarter
   Second Quarter
   First Quarter

2005 10Qs
   Third Quarter
   Second Quarter
   First Quarter

2004 10Qs
   Third Quarter
   Second Quarter
   First Quarter

2003 10Qs
   Third Quarter
   Second Quarter
   First Quarter

2002 10Qs
   Third Quarter
   Second Quarter
   First Quarter

2001 10Qs
   Third Quarter
   Second Quarter
   First Quarter

2000 10Qs
   Third Quarter
   Second Quarter
   First Quarter

1999 10Qs
   Third Quarter
   Second Quarter
   First Quarter

1998 10Qs
   Third Quarter
   Second Quarter
   First Quarter

1997 10Qs
   Third Quarter
   Second Quarter
   First Quarter

1996 10Qs
   Third Quarter
   Second Quarter
   First Quarter

1995 10Qs
   Third Quarter
   Second Quarter
   First Quarter

1994 10Qs
   Third Quarter
   Second Quarter
   First Quarter

Other Related Menus
   10K Filings
   SEC Filings
   Annual Reports

FORM 10-Q FOR QUARTER ENDED JUNE 30, 2003

PDF Version

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2003

Commission File Number 1-8754

SWIFT ENERGY COMPANY
(Exact Name of Registrant as Specified in its Charter)

TEXAS	74-2073055
(State of Incorporation)	(I.R.S. Employer Identification No.)

16825 Northchase Dr., Suite 400
Houston, Texas 77060
(281) 874-2700
(Address and telephone number of principal executive offices)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes X No

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Act).

Yes X No

Indicate the number of shares outstanding of each of the Registrant's classes of common stock,
as of the latest practicable date.

Common Stock	27,419,169 Shares
($.01 Par Value)	(Outstanding at July 31, 2003)
(Class of Stock)

	June 30, 2003		December 31, 2002
		(Unaudited)

ASSETS

Current Assets:
Cash and cash equivalents	$	2,126,109	$	3,816,107
Accounts receivable -
Oil and gas sales		23,159,943		17,360,716
Associated limited partnerships and joint ventures		355,767		191,964
Joint interest owners		1,317,110		3,364,846
Other current assets		9,267,270		5,034,566
		----------------------		----------------------
Total Current Assets		36,226,199		29,768,199
		----------------------		----------------------
Property and Equipment:
Oil and gas, using full-cost accounting
Proved properties being amortized		1,215,614,432		1,150,633,802
Unproved properties not being amortized		67,714,851		69,603,481
		----------------------		----------------------
		1,283,329,283		1,220,237,283
Furniture, fixtures, and other equipment		10,046,269		9,595,944
		----------------------		----------------------
		1,293,375,552		1,229,833,227
Less-Accumulated depreciation, depletion, and amortization		(534,825,713)		(504,323,773)
		----------------------		----------------------
		758,549,839		725,509,454
		----------------------		----------------------
Other Assets:
Deferred income taxes		1,477,765		2,680,585
Deferred charges		8,539,981		9,047,621
		----------------------		----------------------
		10,017,746		11,728,206
		----------------------		----------------------
	$	804,793,784	$	767,005,859
		----------------------		----------------------

	June 30, 2003		December 31, 2002
		(Unaudited)

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
Accounts payable and accrued liabilities	$	42,679,095	$	43,028,708
Payable to associated limited partnerships		---		91,126
Undistributed oil and gas revenues		4,377,245		3,764,350
		----------------------		----------------------
Total Current Liabilities		47,056,340		46,884,184
		----------------------		----------------------
Long-Term Debt		331,812,331		324,271,973
Deferred Income Taxes		36,270,418		30,776,518
Asset Retirement Obligation		9,519,611		---

Commitments and Contingencies

Stockholders' Equity:
Preferred stock, $.01 par value, 5,000,000
shares authorized, none outstanding		---		---
Common stock, $.01 par value, 85,000,000
shares authorized, 27,943,869 and 27,811,632
shares issued, and 27,416,841 and 27,201,509
shares outstanding, respectively		279,439		278,116
Additional paid-in capital		334,280,773		333,543,471
Treasury stock held, at cost, 527,018 and 610,123 shares, respectively		(7,558,093)		(8,749,922)
Retained earnings		53,509,083		40,179,572
Other comprehensive loss, net of taxes		(376,118)		(178,053)
		----------------------		----------------------
		380,135,084		365,073,184
		----------------------		----------------------
	$	804,793,784	$	767,005,859
		----------------------		----------------------

	Three months ended					Six months ended
	06/30/03		06/30/02		06/30/03			06/30/02

Revenues:
Oil and gas sales	$	50,909,250	$	38,331,342	$		105,759,549	$		64,944,183
Fees from limited partnerships
and joint ventures		6,880		49,498			14,935			54,123
Interest income		72,776		26,531			110,468			32,293
Gain on asset disposition		---		---			---			7,332,668
Price-risk management and other, net		(271,377)		162,898			(1,667,430)			561,079
		----------------		----------------			----------------			----------------
		50,717,529		38,570,269			104,217,522			72,924,346
		----------------		----------------			----------------			----------------
Costs and Expenses:
General and administrative, net		3,337,995		2,597,549			6,894,543			4,871,576
Depreciation, depletion and amortization		15,676,549		14,341,510			30,588,312			28,302,274
Accretion of asset retirement obligation		201,903		---			417,286			---
Oil and gas production		13,754,411		10,032,445			25,662,064			19,597,852
Interest expense, net		6,672,867		6,079,879			13,357,769			9,959,683
		----------------		----------------			----------------			----------------
		39,643,725		33,051,383			76,919,974			62,731,385
		----------------		----------------			----------------			----------------
Income Before Income Taxes and Cumulative
Effect of Change in Accounting Principle		11,073,804		5,518,886			27,297,548			10,192,961

Provision for Income Taxes		3,852,378		1,934,794			9,591,185			3,589,059
		----------------		----------------			----------------			----------------
Income Before Cumulative Effect of Change
in Accounting Principle		7,221,426		3,584,092			17,706,363			6,603,902

Cumulative Effect of Change in Accounting
Principle (net of taxes)		---		---			4,376,852			---
		----------------		----------------			----------------			----------------
Net Income	$	7,221,426	$	3,584,092	$		13,329,511	$		6,603,902
		----------------		----------------			----------------			----------------
Per share amounts -
Basic: Income Before Cumulative Effect of
Change in Accounting Principle	$	0.26	$	0.13	$		0.65	$		0.26
Cumulative Effect of Change in
Accounting Principle		---		---			(0.16)				---
		----------------		----------------			----------------			----------------
Net Income	$	0.26	$	0.13	$		0.49	$		0.26
		----------------		----------------			----------------			----------------
Diluted: Income Before Cumulative Effect of
Change in Accounting Principle	$	0.26	$	0.13	$		0.65	$		0.25
Cumulative Effect of Change in
Accounting Principle		---		---			(0.16)		---
		----------------		----------------			----------------			----------------
Net Income	$	0.26	$	0.13	$		0.49	$		0.25
		----------------		----------------			----------------			----------------
Weighted Average Shares Outstanding		27,311,170		26,566,357			27,277,156			25,723,981
		----------------		----------------			----------------			----------------

					Accumu-
					lated
		Additional		Retained	Other Com-
	Common	Paid-In	Treasury	Earnings	prehensive
	Stock (1)	Capital	Stock	(Deficit)	Loss	Total
	-------------	---------------	------------	-----------------	-----------------	---------------
Balance, December 31, 2001	$ 256,346	$ 296,172,820	$(12,032,791)	$28,256,345	$ --	$ 312,652,720
Stock issued for benefit plans (38,149 shares)	292	617,960	127,795	--	--	746,047
Stock options exercised (112,995 shares)	1,130	1,206,413	--	--	--	1,207,543
Public stock offering (1,725,000 shares)	17,250	30,465,809	--	--	--	30,483,059
Employee stock purchase plan (9,801 shares)	98	122,343	--	--	--	122,441
Stock issued in acquisitions (520,000 shares)	3,000	4,958,126	3,155,074	--	--	8,116,200
Comprehensive income:
Net income	--	--	--	11,923,227	--	11,923,227
Change in fair value of cash flow hedges,
net of income tax	--	--	--	--	(178,053)	(178,053)
						---------------
Total comprehensive income	--	--	--	--	--	11,745,174
	-------------	---------------	------------	-----------------	-----------------	---------------
Balance, December 31, 2002	$ 278,116	$ 333,543,471	$(8,749,922)	$40,179,572	$(178,053)	$ 365,073,184

PART I.	FINANCIAL INFORMATION	PAGE

ITEM 1.	Consolidated Financial Statements

	Consolidated Balance Sheets - June 30, 2003 and December 31, 2002	3

	Consolidated Statements of Income - For the Three-month period and Six- month periods ended June 30, 2003 and 2002	5

	Consolidated Statements of Stockholders' Equity - June 30, 2003 and December 31, 2002	6

	Consolidated Statements of Cash Flows - For the Six-month periods ended June 30, 2003 and 2002	7

	Notes to Consolidated Financial Statements	8

ITEM 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	18

ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	28

ITEM 4.	Controls and Procedures	29

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	30
Item 2.	Changes in Securities and Use of Proceeds	None
Item 3.	Defaults Upon Senior Securities	None
Item 4.	Submission of Matters to a Vote of Security Holders	None
Item 5.	Other	None
Item 6.	Exhibit Index and Reports on Form 8-K	30


SIGNATURES		32

CERTIFICATIONS		34

FORM 10-Q FOR QUARTER ENDED JUNE 30, 2003

PDF Version

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934

SWIFT ENERGY COMPANY
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2003
INDEX

SWIFT ENERGY COMPANY
CONSOLIDATED BALANCE SHEETS

SWIFT ENERGY COMPANY
CONSOLIDATED BALANCE SHEETS

SWIFT ENERGY COMPANY
CONSOLIDATED STATEMENTS OF INCOME

SWIFT ENERGY COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

FORM 10-Q FOR QUARTER ENDED JUNE 30, 2003

PDF Version

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

SWIFT ENERGY COMPANY FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2003 INDEX

SWIFT ENERGY COMPANY CONSOLIDATED BALANCE SHEETS

SWIFT ENERGY COMPANY CONSOLIDATED BALANCE SHEETS

SWIFT ENERGY COMPANY CONSOLIDATED STATEMENTS OF INCOME

SWIFT ENERGY COMPANY AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934

SWIFT ENERGY COMPANY
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2003
INDEX

SWIFT ENERGY COMPANY
CONSOLIDATED BALANCE SHEETS

SWIFT ENERGY COMPANY
CONSOLIDATED BALANCE SHEETS

SWIFT ENERGY COMPANY
CONSOLIDATED STATEMENTS OF INCOME

SWIFT ENERGY COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY