FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 2006

PART II

 Item 6. Selected Financial Data

 

2006   2005   

2004

   

2003

   

2002

   

2001

 2000 1999 1998 1997 1996
          
Total Revenues  

$615,441,230

    

$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
     
Income (Loss) Before Income Taxes and Change in Accounting Principle (1) $262,286,165   $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
     
Net Income (Loss) $161,565,340   $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
     
Net Cash Provided by Operating Activities $424,921,046   $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
     
Per Share Data      
   Weighted  Average Shares Outstanding (1) 29,265,366   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
   Earnings (Loss) per Share--Basic (1) $5.52   $4.06 $2.46 $1.09 $0.45 $(0.90) $2.79 $1.07 $(2.93) $1.35 $1.27
   Earnings (Loss) per Share--Diluted (1) $5.38   $3.95 $2.41 $1.08 $0.45 $(0.90) $2.51 $1.07 $(2.93) $1.26 $1.25
   Shares Outstanding at Year-End 29,742,918   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
   Book Value per Share at Year-End $26.83   $20.94 $16.88 $14.46 $13.42 $12.61 $13.50 $8.18 $6.71 $9.69 $9.41
   Market Price (1)      
      High $51.84   $50.01 $30.34 $18.00 $20.58 $37.70 $43.50 $13.31 $21.00 $34.20 $28.86
      Low $35.48   $24.77 $15.90 $7.60 $6.80 $16.66 $9.75 $5.69 $6.94 $16.93 $9.89
      Year-End Close $44.81   $45.07 $28.94 $16.85 $9.67 $20.20 $37.63 $11.50 $7.38 $21.06 $27.16
     
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 $92,573,041   $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
   Property & Equipment, Net of Accumulated      
      Depreciation, Depletion, and Amortization $1,483,312,165   $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
Total Assets $1,585,681,758   $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
     
Liabilities      
   Current Liabilities $145,975,288   $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
   Long-Term Debt $381,400,000   $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
Total Liabilities $787,764,786   $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
     
Stockholders’ Equity $797,916,972   $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
     
Number of Employees 345   311 272 241 234 209 181 173 203 194 191
     
Producing Wells      
   Swift Operated 973   898 835 870 820 854 817 769 836 650 842
   Outside Operated 112   69 97 128 112 381 711 788 917 917 986
Total Producing Wells 1,085   967 932 998 932 1,235 1,528 1,557 1,753 1,567 1,828
     
Wells Drilled (Gross) 63   64 66 75 36 53 70 27 75 182 153
     
Proved Reserves      
   Natural Gas (Mcf) 324,131,417   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
   Oil, NGL, & Condensate (barrels) 82,119,084   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
Total Proved Reserves (Mcf equivalent) 816,845,916   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
     
Production (Mcf equivalent) (3) 70,204,544   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
     
Average Sales Price      
   Natural Gas (per Mcf) $5.05   $5.23 $4.12 $3.42 $2.30 $4.23 $4.24 $2.40 $2.08 $2.68 $2.57
   Natural Gas Liquids (per barrel) (4) $32.15   $28.04 $22.52 $17.60 $12.82 --- --- --- --- --- ---
   Oil (per barrel) (4) $64.47   $53.63 $40.24 $29.89 $24.52 $22.64 $29.35 $16.75 $11.86 $17.59 $19.82
   Mcf Equivalent $8.57   $7.11 $5.34 $3.97 $2.84 $4.05 $4.47 $2.54 $2.05 $2.72 $2.71
     

 

(1) Amounts have been retroactively restated in all periods presented to give recognition to: (a) the adoption in 1998 of Statement of Financial Accounting Standards No. 128, “Earnings per Share,” and (b) 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.

(3) Natural gas production from 1996 to 2000 includes volumes under a production payment agreement ranging from 1.2 Bcfe in 1996 to 0.4 Bcfe in 2000.

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

 

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