FORM 10-K FOR FISCAL YEAR ENDED DECEMBER 31, 2007 |
|
|
Consolidated Statements of Cash Flows |
Swift Energy Company and Subsidiaries |
|
|
|
(in
thousands)
|
Year
Ended December 31,
|
|||||||||||
|
2007
|
2006
|
2005
|
||||||||||
|
Cash
Flows from Operating Activities:
|
||||||||||||
|
Net
income
|
$ | 21,287 | $ | 161,565 | $ | 115,778 | ||||||
|
Plus
(income) loss from discontinued operations, net of taxes
|
131,301 | (10,491 | ) | (17,898 | ) | |||||||
|
Adjustments
to reconcile net income to net cash provided by operation
activities -
|
||||||||||||
|
Depreciation,
depletion, and amortization
|
188,393 | 139,245 | 81,124 | |||||||||
|
Accretion
of asset retirement obligation
|
1,437 | 884 | 626 | |||||||||
|
Deferred
income taxes
|
86,474 | 86,541 | 57,499 | |||||||||
|
Stock-based
compensation expense
|
10,317 | 6,905 | 1,451 | |||||||||
|
Debt
retirement cost – cash and non-cash
|
12,765 | --- | --- | |||||||||
|
Other
|
(4,314 | ) | 7,117 | (334 | ) | |||||||
|
Change
in assets and liabilities-
|
||||||||||||
|
Increase
in accounts receivable
|
(9,114 | ) | (20,571 | ) | (5,826 | ) | ||||||
|
Increase
in accounts payable and accrued liabilities
|
5,748 | 10,906 | 5,072 | |||||||||
|
Increase
(decrease) in income taxes payable
|
(806 | ) | 884 | --- | ||||||||
|
Increase
(decrease) in accrued interest
|
(1,206 | ) | 256 | (701 | ) | |||||||
|
Cash
Provided by operating activities – continuing operations
|
442,282 | 383,241 | 236,791 | |||||||||
|
Cash
Provided by operating activities – discontinued operations
|
25,620 | 41,680 | 48,543 | |||||||||
|
Net
Cash Provided by Operating Activities
|
467,902 | 424,921 | 285,334 | |||||||||
|
Cash
Flows from Investing Activities:
|
||||||||||||
|
Additions
to property and equipment
|
(398,295 | ) | (293,957 | ) | (168,914 | ) | ||||||
|
Proceeds
from the sale of property and equipment
|
250 | 24,678 | 7,297 | |||||||||
|
Acquisition
of properties
|
(252,299 | ) | (194,269 | ) | (28,927 | ) | ||||||
|
Net
cash received (distributed) as operator of partnerships
|
||||||||||||
|
and
joint ventures
|
485 | 410 | (948 | ) | ||||||||
|
Other
|
--- | (528 | ) | 255 | ||||||||
|
Cash
Used in investing activities – continuing operations
|
(649,859 | ) | (463,666 | ) | (191,237 | ) | ||||||
|
Cash
Used in investing activities – discontinued operations
|
(7,827 | ) | (59,881 | ) | (48,837 | ) | ||||||
|
Net
Cash Used in Investing Activities
|
(657,686 | ) | (523,547 | ) | (240,074 | ) | ||||||
|
Cash
Flows from Financing Activities:
|
||||||||||||
|
Proceeds
from long-term debt
|
250,000 | --- | --- | |||||||||
|
Payments
of long-term debt
|
(200,000 | ) | --- | --- | ||||||||
|
Net
proceeds from (payments of) bank borrowings
|
155,600 | 31,400 | (7,500 | ) | ||||||||
|
Net
proceeds from issuances of common stock
|
3,789 | 12,509 | 10,325 | |||||||||
|
Excess
tax benefits from stock-based awards
|
613 | 3,328 | --- | |||||||||
|
Purchase
of treasury shares
|
(1,826 | ) | --- | --- | ||||||||
|
Payments
of debt retirement costs
|
(9,376 | ) | --- | --- | ||||||||
|
Payments
of debt issuance costs
|
(4,451 | ) | (558 | ) | --- | |||||||
|
Cash
provided by financing activities – continuing operations
|
194,349 | 46,679 | 2,825 | |||||||||
|
Cash
provided by financing activities – discontinued operations
|
--- | --- | --- | |||||||||
|
Net
Cash Provided by financing activities
|
194,349 | 46,679 | 2,825 | |||||||||
|
Net
Increase (Decrease) in Cash and Cash Equivalents
|
$ | 4,565 | $ | (51,947 | ) | $ | 48,085 | |||||
|
Cash
and Cash Equivalents at Beginning of Year
|
1,058 | 53,005 | 4,920 | |||||||||
|
Cash
and Cash Equivalents at End of Year
|
$ | 5,623 | $ | 1,058 | $ | 53,005 | ||||||
|
Supplemental
Disclosures of Cash Flows Information:
|
||||||||||||
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Cash
paid during year for interest, net of amounts capitalized
|
$ | 28,092 | $ | 22,691 | $ | 24,483 | ||||||
|
Cash
paid during year for income taxes
|
$ | 2,113 | $ | 9,780 | $ | 750 | ||||||
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