Swift Energy Company: 2003 3rd Quarter 10-Q

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FORM 10-Q FOR QUARTER ENDED SEPTEMBER 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 September 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	27,444,262 Shares
($.01 Par Value)	(Outstanding at October 31, 2003)
(Class of Stock)

	September 30, 2003		December 31, 2002
		(Unaudited)

ASSETS

Current Assets:
Cash and cash equivalents	$	2,678,315	$	3,816,107
Accounts receivable -
Oil and gas sales		23,335,323		17,360,716
Associated limited partnerships and joint ventures		143,190		191,964
Joint interest owners		1,400,790		3,364,846
Other current assets		4,695,602		5,034,566
		----------------------		----------------------
Total Current Assets		32,253,220		29,768,199
		----------------------		----------------------
Property and Equipment:
Oil and gas, using full-cost accounting
Proved properties being amortized		1,264,918,011		1,150,633,802
Unproved properties not being amortized		65,642,790		69,603,481
		----------------------		----------------------
		1,330,560,801		1,220,237,283
Furniture, fixtures, and other equipment		10,204,883		9,595,944
		----------------------		----------------------
		1,340,765,684		1,229,833,227
Less-Accumulated depreciation, depletion, and amortization		(551,095,515)		(504,323,773)
		----------------------		----------------------
		789,670,169		725,509,454
		----------------------		----------------------
Other Assets:
Deferred income taxes		433,591		2,680,585
Deferred charges		8,279,976		9,047,621
		----------------------		----------------------
		8,713,567		11,728,206
		----------------------		----------------------
	$	830,636,956	$	767,005,859
		----------------------		----------------------

	September 30, 2003		December 31, 2002
		(Unaudited)

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
Accounts payable and accrued liabilities	$	51,681,138	$	43,028,708
Payable to associated limited partnerships		514,309		91,126
Undistributed oil and gas revenues		5,527,236		3,764,350
		----------------------		----------------------
Total Current Liabilities		57,722,683		46,884,184
		----------------------		----------------------
Long-Term Debt		336,233,381		324,271,973
Deferred Income Taxes		39,248,246		30,776,518
Asset Retirement Obligation		9,834,695		---

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, 27,968,640 and 27,811,632
shares issued, and 27,441,622 and 27,201,509
shares outstanding, respectively		279,686		278,116
Additional paid-in capital		334,418,690		333,543,471
Treasury stock held, at cost, 527,018 and 610,123 shares, respectively		(7,558,093)		(8,749,922)
Retained earnings		60,571,708		40,179,572
Other comprehensive loss, net of taxes		(114,040)		(178,053)
		----------------------		----------------------
		387,597,951		365,073,184
		----------------------		----------------------
	$	830,636,956	$	767,005,859
		----------------------		----------------------

	Three months ended					Nine months ended
	09/30/03		09/30/02		09/30/03			09/30/02

Revenues:
Oil and gas sales	$	52,087,321	$	36,592,329	$		157,846,870	$		101,536,512
Fees from limited partnerships
and joint ventures		5,577		5,830			20,512			59,953
Interest income		26,279		158,664			136,747			190,957
Gain on asset disposition		---		---			---			7,332,668
Price-risk management and other, net		(566,655)		(186,014)			(2,234,085)			375,065
		----------------		------------------			----------------			----------------
		51,552,522		36,570,809			155,770,044			109,495,155
		----------------		----------------			----------------			----------------
Costs and Expenses:
General and administrative, net		3,670,416		2,497,413			10,564,959			7,368,989
Depreciation, depletion and amortization		16,042,377		13,487,437			46,630,689			41,789,711
Accretion of asset retirement obligation		206,475		---			623,761			---
Oil and gas production		13,730,467		11,004,641			39,392,531			30,602,493
Interest expense, net		6,749,419		6,647,968			20,107,188			16,607,651
		----------------		------------------			----------------			----------------
		40,399,154		33,637,459			117,319,128			96,368,844
		----------------		----------------			----------------			----------------
Income Before Income Taxes and Cumulative
Effect of Change in Accounting Principle		11,153,368		2,933,350			38,450,916			13,126,311

Provision for Income Taxes		4,090,743		986,344			13,681,928			4,575,403
		----------------		----------------			----------------			----------------
Income Before Cumulative Effect of Change
in Accounting Principle		7,062,625		1,947,006			24,768,988			8,550,908

Cumulative Effect of Change in Accounting
Principle (net of taxes)		---		---			4,376,852			---
		----------------		----------------			----------------			----------------
Net Income	$	7,062,625	$	1,947,006	$		20,392,136	$		8,550,908
		----------------		----------------			----------------			----------------
Per share amounts -
Basic: Income Before Cumulative Effect of
Change in Accounting Principle	$	0.26	$	0.07	$		0.91	$		0.33
Cumulative Effect of Change in
Accounting Principle		---		---			(0.16)				---
		----------------		----------------			----------------			----------------
Net Income	$	0.26	$	0.07	$		0.75	$		0.33
		----------------		----------------			----------------			----------------
Diluted: Income Before Cumulative Effect of
Change in Accounting Principle	$	0.26	$	0.07	$		0.90	$		0.32
Cumulative Effect of Change in
Accounting Principle		---		---			(0.16)		---
		----------------		----------------			----------------			----------------
Net Income	$	0.26	$	0.07	$		0.74	$		0.32
		----------------		----------------			----------------			----------------
Weighted Average Shares Outstanding		27,424,195		26,889,186			27,326,169			26,112,382
		----------------		----------------			----------------			----------------

					Accumu-
					lated
		Additional			Other Com-
	Common	Paid-In	Treasury	Retained	prehensive
	Stock (1)	Capital	Stock	Earnings	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 - September 30, 2003 and December 31, 2002	3

	Consolidated Statements of Income - For the Three-month and Nine-month periods ended September 30, 2003 and 2002	5

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

	Consolidated Statements of Cash Flows - For the Nine-month periods ended September 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	19

ITEM 3.	Quantitative and Qualitative Disclosures About Market Risk	30

ITEM 4.	Controls and Procedures	31

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	32
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	32


SIGNATURES		33

CERTIFICATIONS		34

FORM 10-Q FOR QUARTER ENDED SEPTEMBER 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 SEPTEMBER 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 SEPTEMBER 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 SEPTEMBER 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 SEPTEMBER 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