Swift Energy Company: 2005 Form 10K, Notes to Consolidated Financial Statements, 10. Segment Information

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

10. Condensed Consolidating Financial Information

In December 2005, we amended the indenture for our 9-3/8% Senior Subordinated Notes due 2012 and our 7-5/8% Senior Notes due 2011 to reflect our new holding company organizational structure (as discussed in Note 1). As part of this restructuring our indentures were amended so that both Swift Energy Company and Swift Energy Operating, LLC (a wholly owned indirect subsidiary of Swift Energy Company) became co-obligors of these senior notes and senior subordinated debt. The co-obligations are full and unconditional and are joint and several. Prior to this restructure, Swift Energy Company was the sole obligor. The following is condensed consolidating financial information for Swift Energy Company, Swift Energy Operating, LLC, and significant subsidiaries:

Condensed Consolidating Balance Sheets

(in 000’s)	December 31, 2005
	Swift Energy Co.		Swift Energy
	(Parent and		Operating, LLC			Other				Swift Energy Co.
	Co-obligor)		(Co-obligor)			Subsidiaries		Eliminations		Consolidated
ASSETS
Current assets	$	---		$	92,788	$	22,267	$	---	$	115,055
Property and equipment		---			862,717		216,316		---		1,079,034
Investment in subsidiaries (equity method)		607,318			---		410,612		(1,017,930)		---
Other assets		---			31,955		682		(22,313)		10,324
		----------------			----------------		----------------		----------------		----------------
Total assets	$	607,318		$	987,460	$	649,877	$	(1,040,243)	$	1,204,413
		==========			==========		==========		==========		==========
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities	$	---		$	85,472	$	12,949	$	---	$	98,421
Long-term liabilities		---			491,376		29,610		(22,313)		498,674
Stockholders’ Equity		607,318			410,612		607,318		(1,017,930)		607,318
		----------------			----------------		----------------		----------------		----------------
Total liabilities and stockholders’ equity	$	607,318		$	987,460	$	649,877	$	(1,040,243)	$	1,204,413
		==========			==========		==========		==========		==========

(in 000’s)		December 31, 2004
	Swift Energy Co.
	(Parent and						Swift Energy Co.
	Issuer)		Other Subsidiaries		Eliminations		Consolidated
ASSETS
Current assets	$	38,713	$	15,673	$	---	$	54,386
Property and equipment		719,209		204,229		---		923,438
Investment in subsidiaries (equity method)		104,003		---		(104,003)		---
Other assets		116,537		2,364		(106,152)		12,749
		----------------		----------------		----------------		----------------
Total assets	$	978,462	$	222,265	$	(210,155)	$	990,573
		==========		==========		==========		==========
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities	$	60,160	$	8,458	$	---	$	68,618
Long-term liabilities		444,130		109,805		(106,152)		447,783
Stockholders’ Equity		474,172		104,003		(104,003)		474,172
		----------------		----------------		----------------		----------------
Total liabilities and stockholders’ equity	$	978,462	$	222,265	$	(210,155)	$	990,573
		==========		==========		==========		==========

(in 000’s)		December 31, 2003
	Swift Energy Co.
	(Parent and						Swift Energy Co.
	Issuer)		Other Subsidiaries		Eliminations		Consolidated
ASSETS
Current assets	$	25,324	$	8,137	$	---	$	33,461
Property and equipment		629,310		186,497		---		815,807
Investment in subsidiaries (equity method)		87,780		---		(87,780)		---
Other assets		109,088		2,534		(101,051)		10,571
		-------------------		------------------		-------------------		-------------------
Total assets	$	851,502	$	197,168	$	(188,831)	$	859,839
		==========		==========		==========		==========
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities	$	63,227	$	6,126	$	---	$	69,353
Long-term liabilities		390,884		103,262		(101,051)		393,095
Stockholders’ Equity		397,391		87,780		(87,780)		397,391
		-------------------		-------------------		-------------------		-------------------
Total liabilities and stockholders’ equity	$	851,502	$	197,168	$	(188,831)	$	859,839
		==========		==========		==========		==========

Condensed Consolidating Statements of Income

(in 000’s)		December 31, 2005
	Swift Energy Co.		Swift Energy
	(Parent and		Operating, LLC		Other				Swift Energy Co.
	Co-obligor)		(Co-obligor)		Subsidiaries		Eliminations		Consolidated
Revenues	$	---	$	354,367	$	68,893	$	(34)	$	423,226
Expenses		---		198,237		46,583		(34)		244,787
		---------------		---------------		---------------		---------------		---------------
Income (loss) before the following:		---		156,130		22,309		---		178,440
Equity in net earnings of subsidiaries		115,778		---		97,880		(213,659)		---
		---------------		---------------		---------------		---------------		---------------
Income before income taxes		115,778		156,130		120,190		(213,659)		178,440
Income tax provision (benefit)		---		58,249		4,412		---		62,661
		---------------		---------------		---------------		---------------		---------------
Net income	$	115,778	$	97,881	$	115,778	$	(213,659)	$	115,778
		=========		=========		=========		=========		=========

(in 000’s)		Year Ended December 31, 2004
	Swift Energy Co.
	(Parent and						Swift Energy Co.
	Issuer)		Other Subsidiaries		Eliminations		Consolidated

Revenues	$	256,608	$	53,817	$	(147)	$	310,277
Expenses		171,147		37,838		(147)		208,837
		---------------		---------------		---------------		---------------
Income (loss) before the following:		85,461		15,979		---		101,440
Equity in net earnings of subsidiaries		14,733		---		(14,733)		---
		---------------		---------------		---------------		---------------
Income before income taxes		100,194		15,979		(14,733)		101,440
Income tax provision (benefit)		31,743		1,247		---		32,989
		---------------		---------------		---------------		---------------
Net income	$	68,451	$	14,733	$	(14,733)	$	68,451
		=========		=========		=========		=========

(in 000’s)		Year Ended December 31, 2003
	Swift Energy Co.
	(Parent and						Swift Energy Co.
	Issuer)		Other Subsidiaries		Eliminations		Consolidated

Revenues	$	163,237	$	48,594	$	(2,929)	$	208,901
Expenses		123,327		37,764		(2,929)		158,162
		---------------		---------------		---------------		---------------
Income (loss) before the following:		39,909		10,830		---		50,739
Equity in net earnings of subsidiaries		9,421		---		(9,421)		---
		---------------		---------------		---------------		---------------
Income before income taxes		49,330		10,830		(9,421)		50,739
Income tax provision (benefit)		15,292		1,177		---		16,469

Income before change in accounting principle		34,038		9,653		(9,421)		34,271
Cumulative effect of change in accounting
principle (net of taxes)		(4,144)		(232)		---		(4,377)
		---------------		---------------		---------------		---------------
Net income	$	29,894	$	9,421	$	(9,421)	$	29,894
		=========		=========		=========		=========

Condensed Consolidating Statements of Cash Flow

(in 000’s)			December 31, 2005
	Swift Energy Co.			Swift Energy
	(Parent and			Operating, LLC		Other				Swift Energy Co.
	Co-obligor)			(Co-obligor)		Subsidiaries		Eliminations		Consol.

Cash flow from operations	$	---		$	236,790	$	48,543	$	---	$	285,333
Cash flow from investing activities		---			(194,909)		(48,837)		(3,672)		(240,074)
Cash flow from financing activities		---			2,825		3,672		(3,672)		2,825
		------------			---------------		---------------		---------------		---------------
Net increase in cash	$	---		$	44,706	$	3,379	$	---	$	48,084
Cash, beginning of period		---			205		4,715		---		4,920
		------------			---------------		---------------		---------------		---------------
Cash, end of period	$	---		$	44,911	$	8,094	$	---	$	53,005
		========			========		========		========		========

(in 000’s)		Year Ended December 31, 2004
	Swift Energy Co.
	(Parent and						Swift Energy Co.
	Issuer)		Other Subsidiaries		Eliminations		Consolidated

Cash flow from operations	$	147,114	$	35,469	$	---	$	182,583
Cash flow from investing activities		(158,308)		(35,878)		5,100		(189,086)
Cash flow from financing activities		10,357		5,100		(5,100)		10,357
		------------		------------		------------		------------
Net increase (decrease) in cash		(837)		4,691		---		3,854
Cash, beginning of period		1,042		24		---		1,066
		------------		------------		------------		------------
Cash, end of period	$	205	$	4,715	$	---	$	4,920
		========		========		========		========

(in 000’s)		Year Ended December 31, 2003
	Swift Energy Co.
	(Parent and						Swift Energy Co.
	Issuer)		Other Subsidiaries		Eliminations		Consolidated

Cash flow from operations	$	81,376	$	29,451	$	---	$	110,827
Cash flow from investing activities		(101,756)		(32,454)		3,157		(131,053)
Cash flow from financing activities		17,476		3,157		(3,157)		17,476
		------------		------------		------------		------------
Net increase (decrease) in cash		(2,904)		154		---		(2,750)
Cash, beginning of period		3,947		(131)		---		3,816
		------------		------------		------------		------------
Cash, end of period	$	1,043	$	23	$	---	$	1,066
		========		========		========		========

This page was last updated on Monday, March 13, 2006 , at 11:00:02 AM .

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