FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 2005

PART II

 Item 6. Selected Financial Data

 

2005   

2004

   

2003

   

2002

   

2001

 2000 1999 1998 1997 1996 1995
      
Total Revenues  

$423,226,489

 $310,276,774 $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
 
Income (Loss) Before Income Taxes and Change in Accounting Principle (1) $178,439,551 $101,440,242 $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
 
Net Income (Loss) $115,778,456 $68,450,917 $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
 
Net Cash Provided by Operating Activities $285,333,484 $182,582,887 $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
 
Per Share Data  
   Weighted  Average Shares Outstanding (1) 28,496,275 27,822,413 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
   Earnings (Loss) per Share--Basic (1) $4.06 $2.46 $1.09 $0.45 $(0.90) $2.79 $1.07 $(2.93) $1.35 $1.27 $0.49
   Earnings (Loss) per Share--Diluted (1) $3.95 $2.41 $1.08 $0.45 $(0.90) $2.51 $1.07 $(2.93) $1.26 $1.25 $0.49
   Shares Outstanding at Year-End 29,009,530 28,089,764 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
   Book Value per Share at Year-End $20.94 $16.88 $14.46 $13.42 $12.61 $13.50 $8.18 $6.71 $9.69 $9.41 $7.46
   Market Price (1)  
      High $50.01 $30.34 $18.00 $20.58 $37.70 $43.50 $13.31 $21.00 $34.20 $28.86 $11.48
      Low $24.77 $15.90 $7.60 $6.80 $16.66 $9.75 $5.69 $6.94 $16.93 $9.89 $7.05
      Year-End Close $45.07 $28.94 $16.85 $9.67 $20.20 $37.63 $11.50 $7.38 $21.06 $27.16 $10.91
 
Effect on Net Income and Earnings Per Share  
from Changes in Accounting Principles (2)  
   Cumulative Effect of Change in Accounting  
         Principle (Net of Taxes) --- --- ($4,376,852) --- ($392,868) --- --- --- --- --- ---
   Effect per Share--Basic --- --- ($0.16) --- ($0.01) --- --- --- --- --- ---
   Effect per Share--Diluted --- --- ($0.16) --- ($0.01) --- --- --- --- --- ---
 
Assets  
   Current Assets $115,055,135 $54,385,996 $33,460,957 $29,768,199 $36,752,980 $41,872,879 $50,605,488 $35,246,431 $29,981,786 $101,619,478 $43,380,454
   Oil and Gas Properties, Net of Accumulated  
      Depreciation, Depletion, and Amortization $1,079,033,739 $923,438,160 $815,807,003 $721,617,941 $628,304,060 $524,052,828 $392,986,589 $356,711,711 $301,312,847 $200,010,375 $125,217,872
Total Assets $1,204,412,622 $990,573,147 $859,838,544 $767,005,859 $671,684,833 $572,387,001 $454,299,414 $403,645,267 $339,115,390 $310,375,264 $175,252,707
 
Liabilities  
   Current Liabilities $98,421,014 $68,618,291 $69,353,342 $46,884,184 $73,245,335 $64,324,771 $34,070,085 $31,415,054 $28,517,664 $32,915,616 $40,133,269
   Long-Term Debt $350,000,000 $357,500,000 $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
Total Liabilities $597,094,455 $516,401,007 $462,447,280 $401,932,675 $359,032,113 $240,232,846 $283,895,297 $294,282,628 $179,714,470 $167,613,654 $81,906,742
 
Stockholders’ Equity $607,318,167 $474,172,140 $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
 
Number of Employees 311 272 241 234 209 181 173 203 194 191 176
 
Producing Wells  
   Swift Operated 898 835 870 820 854 817 769 836 650 842 767
   Outside Operated 69 97 128 112 381 711 788 917 917 986 3,316
Total Producing Wells 967 932 998 932 1,235 1,528 1,557 1,753 1,567 1,828 4,083
 
Wells Drilled (Gross) 64 66 75 36 53 70 27 75 182 153 76
 
Proved Reserves  
   Natural Gas (Mcf) 287,473,150 318,246,294 335,804,862 326,731,672 324,912,125 418,613,976 329,959,750 352,400,835 314,305,669 225,758,201 143,567,520
   Oil, NGL, & Condensate (barrels) 79,053,056 80,267,208 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
Total Proved Reserves (Mcf equivalent) 761,791,482 799,849,539 820,364,284 749,365,449 645,807,939 629,415,552 454,797,327 436,148,385 361,459,177 258,664,055 176,099,406
 
Production (Mcf equivalent) (3) 59,589,526 58,318,502 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
 
Average Sales Price  
   Natural Gas (per Mcf) $5.23 $4.12 $3.42 $2.30 $4.23 $4.24 $2.40 $2.08 $2.68 $2.57 $1.77
   Natural Gas Liquids (per barrel) (4) $28.04 $22.52 $17.60 $12.82 --- --- --- --- --- --- ---
   Oil (per barrel) (4) $53.63 $40.24 $29.89 $24.52 $22.64 $29.35 $16.75 $11.86 $17.59 $19.82 $15.66
   Mcf Equivalent $7.11 $5.34 $3.97 $2.84 $4.05 $4.47 $2.54 $2.05 $2.72 $2.71 $2.01
 

 

(1)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.

(2)We adopted SFAS No. 143, “Accounting for Asset Retirement Obligations” on January 1, 2003. We adopted SFAS No. 133 “Accounting for Derivative Instruments and Hedging Transactions” on January 1, 2001. As of January 1, 1994, we changed our revenue recognition policy for earned interests.

(3)Natural gas production from 1995 to 2000 includes volumes under a production payment agreement ranging from 1.2 Bcfe in 1995 to 0.4 Bcfe in 2000.

(4)Prior to 2002, we combined NGLs with natural gas for reporting purposes.

 

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