C-SPAN interview with
Bruce Vincent,
Swift president and
IPAA vice chair,
on energy policy changes.

 

   

Third Quarter 2009

 SWIFT ENERGY COMPANY
SUMMARY FINANCIAL INFORMATION

FROM CONTINUING OPERATIONS (Unaudited)
- In Thousands Except Per Share and Price Amounts -

 

 

 

Three Months Ended
September 30,

   Nine Months Ended
September 30,		  
  2009   2008   Percent Change   2009   2008   Percent Change  
Revenues:                        
Oil & Gas Sales

$97,952

  

$214,113

  

(54)

 %

$257,153

  

$677,270

  

(62)

 %
Other

(1,689)

  

(346)

  

NM

  

(1,610)

  

(1,862)

  

NM

  
Total Revenue

$96,263

  

$213,767

  

(55)

 %

$255,543

  

$675,408

  

(62)

 %
Income (Loss)

$7,558

  

$62,271

  

(88)

 %

$(53,655)

  

$195,351

  

(127)

 %
Basic EPS

$0.21

  

$1.98

  

(89)

 %

$(1.66)

  

$6.25

  

(127)

 %
Diluted EPS

$0.21

  

$1.96

  

(89)

 %

$(1.66)

  

$6.18

  

(127)

 %
Net Cash Provided By Operating Activities

$62,603

  

$204,582

  

(69)

 %

$146,176

  

$499,325

  

(71)

 %
Net Cash Provided By Operating Activities, Per Diluted Share

1.80

  

$6.57

  

(73)

 %

$4.52

  

$16.14

  

(72)

 %
Cash Flow Before Working Capital Changes (2) (non-GAAP measure)

$57,608

 

$153,968

 

(63)

%

$146,327

 

$474,605

 

(69)

%
Cash Flow Before Working Capital Changes, Per Diluted Share 1.65   $4.94   (67) % $4.53   $15.34   (70) %
Weighted Average Shares Outstanding (Basic) $34,723

   30,830

   (13)

 % 32,310

   30,595

   (6)

 %
Weighted Average Shares Outstanding (Diluted)(3) 34,833   31,160   (12) % 32,310   30,936   (4) %
EBITDA(1) (non-GAAP measure) $57,223

   $158,542   (64) % $143,283   $495,972   (71) %
Production (MBoe) 2.22   2.32   (4) % 6.84   7.58   (10) %
Realized Price ($/Boe) $44.14   $92.34   (52) % $37.59   $89.32   (58) %

 

 

(1) The production, revenue, expense, cash flow and income information reported are the results of continuing operations of Swift Energy.

 

(2) See reconciliation on page 7. Management believes that the non-GAAP measures EBITDA and cash flow before working capital changes are useful information to investors because they are widely used by professional research analysts in the valuation, comparison, rating and investment recommendations of companies within the oil and gas exploration and production industry. Many investors use the published research of these analysts in making their investment decisions.

(3) These diluted share amounts were used in proforma income and cash flow per share metrics.

 

 

(Back to Top)

 

SWIFT ENERGY COMPANY
 SUMMARY INCOME STATEMENT INFORMATION (Unaudited)
- In Thousands Except Per Boe Amounts -

    Three Months Ended   Nine Months Ended
    Sept. 30, 2009   Per Boe   Sept. 30, 2009   Per Boe
Revenues:                        
  Oil & Gas Sales   $

97,952

   $

44.14

   $

257,153

   $

37.59
  Other Revenue    

(1,689)

    

(0.76)

    

(1,610)

    

(0.23)
     

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

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

96,263

    

43.37

    

255,543

    

37.36
     

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

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

8,830

    

3.98

    

24,830

    

3.63
  Depreciation, Depletion & Amortization    

41,011

    

18.48

    

125,310

    

18.32
  Accretion of Asset Retirement Obligation (ARO)    

732

    

0.33

    

2,151

    

0.31
  Lease Operating Costs    

18,513

    

8.34

    

57,139

    

8.35
  Severance & Other Taxes    

11,697

    

5.27

    

30,291

    

4.43
  Interest Expense, Net    

7,336

    

3.31

    

22,616

    

3.31
  Write-down of Oil and Gas Properties    

---

    

---

    

79,312

    

11.59
     

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

     --------------     --------------     --------------
    Total Costs & Expenses   $

88,119

   $

39.70

   $

341,649

   $

49.94
     

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

     --------------     --------------     --------------
Income (Loss) from Continuing Operations Before   Income Taxes    

8,144

    

3.67

    

(86,106)

    

(12.59)
Provision (Benefit) for Income Taxes    

586

    

0.26

    

(32,451)

    

(4.74)
     

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

     --------------     --------------     --------------
Income (Loss) from Continuing Operations   $

7,558

   $

3.41

   $

(53,655)

   $

(7.84)
Loss from Discontinued Operations, Net of Taxes    

(32)

    

NM

    

(215)

    

NM
      =======     =======     =======     =======
Net Income (Loss)   $

7,526

    

NM

   $

(53,870)

    

NM
      =======     =======     =======     =======
Additional Information:                        
  Total Capital Expenditures   $

31,482

         $

94,984

      
  Capitalized Geological & Geophysical   $

5,877

         $

17,755

      
  Capitalized Interest Expense   $

1,595

         $

4,608

      
  Deferred Income Tax   $

7,978

         $

(21,927)

      


 

 

Note: Items may not total due to rounding.


(Back to Top)  

 

 SWIFT ENERGY COMPANY
 CONSOLIDATED STATEMENTS OF CASH FLOW (Unaudited)
- In Thousands -

   

Nine Months Ended
   

September 30, 2009

  

September 30, 2008
Cash Flows From Operating Activities:            
    Net Income (Loss)   $

(53,870)

   $

192,203
    Plus Loss From Discontinued Operations, Net of Taxes    

215

    

3,148
    Adjustments to Reconcile Net Income to Net Cash Provided by Operating         Activities -            
    Depreciation, Depletion, and Amortization    

125,310

    

161,991
    Write-down of Oil and Gas Properties    

79,312

    

---
    Accretion of Asset Retirement Obligation (ARO)    

2,151

    

1,432
    Deferred Income Taxes    

(21,927)

    

104,837
    Stock Based Compensation Expense    

6,854

    

8,613
    Other     8,282

     2,381
    Change in Assets and Liabilities -     -------------     --------------
        Decrease in Accounts Receivable    

2,874

    

25,217
        Decrease in Accounts Payable and Accrued Liabilities    

(4,119)

    

(1,614)
        Decrease in Income Taxes Payable    

(293)

    

(79)
        Increase in Accrued Interest    

1,387

    

1,196
      -------------     --------------
Cash Provided by Operating Activities – Continuing Operations    

146,176

    

499,325
Cash Provided by/(Used in) Operating Activities – Discontinued Operations    

(366)

    

5,815
      -------------     --------------
        Net Cash Provided by Operating Activities    

145,810

    

505,140
      -------------     --------------
Cash Flows From Investing Activities:            
    Additions to Property and Equipment    

(164,504)

    

(473,286)
    Proceeds from the Sale of Property and Equipment    

4,589

    

124
    Acquisition of Properties    

---

    

(46,472)
Cash Used in Investing Activities – Continuing Operations    

(159,915)

    

(519,634)
      -------------     --------------
Cash Provided by Investing Activities – Discontinued Operations    

5,000

    

80,731
      -------------     --------------
        Net Cash Used in Investing Activities    

(154,915)

    

(438,903)
             
Cash Flows From Financing Activities:            
    Net Payments of Bank Borrowings    

(99,900)

    

(70,400)
    Net Proceeds From Issuance of Common Stock    

109,722

    

9,186
    Excess Tax Benefits From Stock-Based Awards    

---

    

1,502
    Purchase of Treasury Shares    

(846)

    

(3,347)
      -------------     --------------
Cash Provided by (Used in) Financing Activities – Continuing Operations    

8,976

    

(63,059)
Cash Provided by Financing Activities – Discontinued Operations    

---

    

---
      -------------     --------------
        Net Cash Provided by (Used in) Financing Activities    

8,976

    

(63,059)
Net Increase (Decrease) in Cash and Cash Equivalents    

(129)

    

3,178
Cash and Cash Equivalents at the Beginning of the Period    

283

    

5,623
      -------------     --------------
Cash and Cash Equivalents at the End of the Period   $

154

   $

8,801
      ========     =========

 

Note: Items may not total due to rounding.

(Back to Top)  

SWIFT ENERGY COMPANY
Reconciliation of GAAP(a) to non-GAAP Measures
(UNAUDITED)
In Thousands

                             

 

Three Months Ended

    
 

September 30, 2009

  

September 30, 2008

    
INCOME TO EBITDA RECONCILIATIONS:              
   Income from Continuing Operations  

$7,558

 

  

$62,271

(88)

 %
   Provision for Income Taxes  

586

 

 

36,608

 

  
   Interest Expense, Net  

7,336

 

 

6,935

 

  
   Depreciation, Depletion & Amortization & ARO (b)  

41,743

    

52,728

    
    ---------------     ---------------    
EBITDA  

$57,223

    

$158,542

(64)

 %
    ========     ========    

 

 

Nine Months Ended

    
 

September 30, 2009

  

September 30, 2008

    
INCOME TO EBITDA RECONCILIATIONS:              
   Income (Loss) from Continuing Operations  

$(53,655)

 

  

$195,351

NM

  
   Provision (Benefit) for Income Taxes  

(32,451)

 

 

113,342

 

  
   Interest Expense, Net  

22,616

 

 

23,856

 

  
   Depreciation, Depletion & Amortization & ARO (b)  

127,461

   

163,423

   
   Write-Down of Oil and Gas Properties  

79,312

   

---

   
    ---------------     ---------------    
EBITDA  

$143,283

    

$495,972

(71)

 %
    ========     ========    
       
 

Three Months Ended

    
 

September 30, 2009

  

September 30, 2008

    
CASH FLOW RECONCILIATIONS:              
Net Cash Provided by Operating Activities – Continuing Operations  

$62,603

    

$204,582

(69)

 %
  Increases and Decreases In:          

 

  
   Accounts Receivable  

(348)

    

(57,165)

    
   Accounts Payable and Accrued Liabilities  

(3,287)

    

8,107

    
   Income Taxes Payable  

52

    

---

    
   Accrued Interest  

(1,412)

    

(1,556)

    
    ---------------     ---------------    
Cash Flow Before Working Capital Changes – Continuing Operations  

$57,608

    

$153,968

(63)

 %
    ========     ========    
       
 

Nine Months Ended

    
 

September 30, 2009

  

September 30, 2008

    
CASH FLOW RECONCILIATIONS:              
Net Cash Provided by Operating Activities – Continuing Operations  

$146,176

    

$499,325

(71)

 %
  Increases and Decreases In:          

 

  
   Accounts Receivable  

(2,874)

    

(25,217)

    
   Accounts Payable and Accrued Liabilities  

4,119

    

1,614

    
   Income Taxes Payable  

293

    

79

    
   Accrued Interest  

(1,387)

    

(1,196)

    
    ---------------     ---------------    
Cash Flow Before Working Capital Changes – Continuing Operations  

$146,327

    

$474,605

(69)

 %
    ========     ========    
     

 

 

Nine Months Ended
September 30, 2009

  
INCOME FROM CONTINUING OPERATIONS RECONCILIATION:      
Loss From Continuing Operations  

$(53,655)

  
   Write-Down of Oil and Gas Properties  

79,312

  
   Income Tax Benefit From Write-Down (1)  

(29,266)

  
   

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

  
Income From Continuing Operations Before Write-Down of Oil and Gas Properties  

$(3,609)

  
   

========

  

 

(a) GAAP—Generally Accepted Accounting Principles
(b) Includes accretion of asset retirement obligation
(1) Income tax benefit from write-down was derived using 36.9% effective tax-rate.

Note: Items may not total due to rounding.

(Back to Top)  

SWIFT ENERGY COMPANY
OPERATIONAL INFORMATION(1)
QUARTERLY COMPARISON -- SEQUENTIAL & YEAR-OVER-YEAR
(UNAUDITED)

   

Three Months Ended

      

Three Months Ended
   

Sept. 30,
2009

  

June 30,
2009

  

Percent
Change

  

Sept. 30,
2008

  

Percent
Change
Production :                              
    Oil & Natural Gas Equivalent (MBoe)    

2,219

    

2,255

  

(2)

 %    

2,319

  

(4)

 %
    Natural Gas (Bcf)    

5.17

    

5.52

  

(6)

 %    

5.12

  

1

 %
    Crude Oil (MBbl)    

1,078

    

1,026

  

5

 %    

1,171

  

(8)

 %
    NGL (MBbl)    

279

    

308

  

(9)

 %    

294

  

(5)

 %
                               
Average Prices:                              
    Combined Oil & Natural Gas ($/Boe)   $

44.14

   $

36.71

  

20

 %   $

92.34

  

(52)

 %
    Natural Gas ($/Mcf)   $

2.84

   $

3.11

  

(9)

 %   $

9.70

  

(71)

 %
    Crude Oil ($/Bbl)   $

68.15

   $

55.42

  

23

 %   $

122.71

  

(44)

 %
    NGL ($/Bbl)   $

35.09

   $

28.26

  

24

 %   $

70.55

  

(50)

 %

 

(1) Does not include production and pricing information for our New Zealand activities, which have been included in discontinued operations in our financial statements.

 

 


SWIFT ENERGY COMPANY
 SUMMARY BALANCE SHEET INFORMATION (Unaudited)
- In Thousands -

   

As of
September 30, 2009

  

As of
December 31, 2008
        Assets:            
Current Assets:            
  Cash and Cash Equivalents

 

 $

154

   $

283
  Other Current Assets

 

  

68,438

    

77,239
  Current Assets Held for Sale    

564

    

564
Total Current Assets

 

  

69,156

    

78,086
Oil and Gas Properties

 

  

3,456,395

    

3,361,411
Other Fixed Assets

 

  

37,830

    

37,669
Less-Accumulated DD&A

 

  

(2,173,549)

    

(1,967,633)
 

 

  

1,320,676

    

1,431,447
Other Assets

 

  

6,613

    

7,755
      ---------------     ---------------
    $

1,396,445

   $

1,517,288
      =========     =========
        Liabilities:            
Current Liabilities

 

 $

90,665

   $

153,499
Long-Term Debt

 

  

480,800

    

580,700
Deferred Income Taxes

 

  

114,075

    

130,899
Asset Retirement Obligation

 

  

47,469

    

48,785
Other Long-term Liabilities

 

  

2,050

    

2,528
Stockholders’ Equity

 

  

661,386

    

600,877
      ---------------     ---------------
 

 

 $

1,396,445

   $

1,517,288
      =========     =========

 

Note: Items may not total due to rounding
 
 
Historical Fundamentals:

 

This page was last updated on Tuesday, November 03, 2009, at 09:10:41 AM.

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