Swift Energy Company: 2006 Form 10K, Notes to Consolidated Financial Statements, 11. Segment Information

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

11. Segment Information

The Company has two reportable segments, one domestic and one foreign, which are in the business of crude oil and natural gas exploration and production. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. We evaluate our performance based on profit or loss from oil and gas operations before price-risk management and other, net, general and administrative, net, interest expense, net and debt retirement costs. Our reportable segments are managed separately based on their geographic locations. Financial information by operating segment is presented below:

	2006
				New
		Domestic		Zealand		Total

Oil and gas sales	$	537,512,509	$	64,038,859	$	601,551,368

Costs and Expenses:
Depreciation, depletion, and amortization		(139,244,630)		(30,051,144)		(169,295,774)
Accretion of asset retirement obligation		(884,105)		(150,217)		(1,034,322)
Lease operating cost		(49,948,039)		(12,526,580)		(62,474,619)
Severance and other taxes		(61,234,906)		(4,217,137)		(65,452,043)
		-------------------		-------------------		-------------------
Income from oil and gas operations	$	286,200,829	$	17,093,781	$	303,294,610

Price-risk management and other, net						13,889,862

General and administrative, net						(31,316,644)
Interest expense, net						(23,581,663)
						-------------------
Income before Income Taxes					$	262,286,165
						===========
Property and Equipment, net	$	1,255,331,575	$	227,980,590	$	1,483,312,165
Total Assets		1,349,684,402		235,997,356		1,585,681,758
Capital Expenditures	$	502,342,254	$	55,149,258	$	557,491,512
		===========		===========		===========

	2005
				New
		Domestic		Zealand		Total

Oil and gas sales	$	355,872,616	$	67,893,629	$	423,766,245

Costs and Expenses:
Depreciation, depletion, and amortization		(81,123,588)		(26,354,199)		(107,477,787)
Accretion of asset retirement obligation		(626,134)		(134,908)		(761,042)
Lease operating cost		(34,941,430)		(12,380,411)		(47,321,841)
Severance and other taxes		(37,805,742)		(4,370,763)		(42,176,505)
		-------------------		-------------------		-------------------
Income from oil and gas operations	$	201,375,722	$	24,653,348	$	226,029,070

Price-risk management and other, net						(539,756)

General and administrative, net						(22,176,362)
Interest expense, net						(24,873,401)
						-------------------
Income before Income Taxes					$	178,439,551
						===========
Property and Equipment, net	$	863,154,295	$	215,879,444	$	1,079,033,739
Total Assets		962,469,183		241,943,439		1,204,412,622
Capital Expenditures	$	215,785,080	$	48,689,826	$	264,474,906
		===========		===========		===========

	2004
					New
		Domestic			Zealand			Total

Oil and gas sales	$	258,663,936	$		52,621,236	$		311,285,172

Costs and Expenses:
Depreciation, depletion, and amortization		(62,283,350)			(19,297,478)			(81,580,828)
Accretion of asset retirement obligation		(505,174)		(168,480)			(673,654)
Lease operating cost		(30,191,889)			(11,022,367)			(41,214,256)
Severance and other taxes		(26,713,592)			(3,687,701)			(30,401,293)
		----------------			----------------			----------------
Income from oil and gas operations	$	138,969,931	$		18,445,210	$		157,415,141

Price-risk management and other, net								(1,008,398)

General and administrative, net								(17,787,125)
Interest expense, net								(27,643,108)
Debt retirement costs								(9,536,268)
								----------------

Income before Income Taxes						$		101,440,242
								===========
Property and Equipment, net	$	731,890,068	$		191,548,092	$		923,438,160
Total Assets		778,611,100			211,962,047			990,573,147
Capital Expenditures	$	162,535,617	$		35,755,820	$		198,291,437
		===========			===========			===========

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