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


Consolidated Statements of Income

Swift Energy Company and Subsidiaries


 

Year Ended December 31,

2006

2005

2004

Revenues:
     Oil and gas sales

$

601,551,368

$

423,766,245

$

311,285,172

     Price-risk management and other, net

13,889,862

(539,756)

(1,008,398)

----------------------- ----------------------- -----------------

615,441,230

423,226,489

310,276,774

----------------------- ----------------------- -----------------
Costs and Expenses:
     General and administrative, net

31,316,644

22,176,362

17,787,125

     Depreciation, depletion, and amortization

169,295,774

107,477,787

81,580,828

     Accretion of asset retirement obligation

1,034,322

761,042

673,654

     Lease operating cost

62,474,619

47,321,841

41,214,256

     Severance and other taxes

65,452,043

42,176,505

30,401,293

     Interest expense, net

23,581,663

24,873,401

27,643,108

     Debt retirement cost

---

---

9,536,268

----------------------- ----------------------- -----------------

353,155,065

244,786,938

208,836,532

----------------------- ----------------------- -----------------
Income Before Income Taxes

262,286,165

178,439,551

101,440,242

Provision for Income Taxes

100,720,825

62,661,095

32,989,325

----------------------- ----------------------- -----------------
Net Income

$

161,565,340

$

115,778,456

$

68,450,917

----------------------- ----------------------- -----------------
Per Share Amounts-
     Basic: Net Income

$

5.52

$

4.06

$

2.46

----------------------- ----------------------- -----------------
     Diluted: Net Income

$

5.38

$

3.95

$

2.41

----------------------- ----------------------- -----------------
Weighted Average Shares Outstanding

29,265,366

28,496,275

27,822,413

  ============   ============   ============

See accompanying Notes to Consolidated Financial Statements.


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