First Quarter 2009

 SWIFT ENERGY COMPANY
SUMMARY FINANCIAL INFORMATION

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

 

 

   

Three Months Ended March 31,

 
    2009   2008   Percent Change
Revenues:            
Oil & Gas Sales  

$76,418

  

$199,973

  

(62)%
Other  

(59)

  

(1,013)

  

NM
    -----------   -------------   -------------
Total Revenue  

$76,359

  

$198,960

  

(62)%
Income (Loss) From Continuing Operations  

$(59,003)

  

$49,835

  

(218)%
Basic EPS – Continuing Operations  

$(1.90)

  

$1.61

  

(218)%
Diluted EPS – Continuing Operations  

$(1.90)

  

$1.59

  

(220)%
Net Cash Provided By Operating Activities – Continuing Operations  

$50,734

  

$139,690

  

(64)%
Net Cash Provided By Operating Activities, Per Diluted Share – Continuing Operations  

$1.63

  

$4.54

  

(64)%
Cash Flow Before Working Capital Changes(1) (non-GAAP measure) – Continuing Operations  

$46,280

  

$136,252

  

(66)%
Cash Flow Before Working Capital Changes, Per Diluted Share – Continuing Operations  

$1.49

  

$4.43

  

(66)%
Weighted Average Shares Outstanding (Basic)  

31,031

  

30,347

  

(2)%
Weighted Average Shares Outstanding (Diluted)  

31,031

  

30,747

  

(1)%
Diluted Shares Used in Pro-Forma Income and Cash Flow Per Share Metrics  

31,031

  

N/A

    
EBITDA(1) (non-GAAP measure)  

$39,446

  

$140,480

  

(72)%
Production (MBoe) – Continuing Operations  

2,366

  

2,570

  

(8)%
Realized Price ($/Boe) – Continuing Operations  

$32.29

  

$77.80

  

(58)%

 

(1) See reconciliation on page 6. 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.

 

 

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

   

Three Months Ended

  

Three Months Ended
   

Mar. 31, 2009

  

Per Boe

  

Mar. 31, 2008

  

Per Boe
Revenues:                        
  Oil & Gas Sales  

 

$76,418

  

 

$32.29

  

 

$199,973

  

 

$77.80
  Other Revenue    

(59)

    

(0.02)

    

(1,013)

    

(0.40)
      --------------     --------------     --------------     --------------
     

76,359

    

32.27

    

198,960

    

77.40
      --------------     --------------     --------------     --------------
Costs and Expenses:                        
     General and Administrative, net    

8,419

    

3.56

    

9,919

    

3.86
     Depreciation, Depletion & Amortization    

43,934

    

18.57

    

52,494

    

20.42
     Accretion of Asset Retirement Obligation (ARO)    

702

    

0.30

    

454

    

0.18
     Lease Operating Costs    

19,808

    

8.37

    

26,425

    

10.28
     Severance & Other Taxes    

8,686

    

3.67

    

22,136

    

8.61
     Interest Expense, Net    

7,467

    

3.16

    

8,690

    

3.38
     Write-down of Oil and Gas Properties    

79,312

    

33.51

    

---

    

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

$168,328

    

$71.13

    

$120,118

    

$46.73
      --------------     --------------     --------------     --------------
Income (Loss) from Continuing Operations Before Income Taxes    

(91,969)

    

(38.86)

    

78,842

    

30.67
Provision (Benefit) for Income Taxes    

(32,966)

    

(13.93)

    

29,007

    

11.29
      --------------     --------------     --------------     --------------
Income (Loss) from Continuing Operations  

 

$(59,003)

  

 

$(24.93)

  

 

$49,835

  

 

$19.39
Loss from Discontinued Operations, Net of Taxes    

(126)

    

NM

    

(1,474)

    

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

 

$(59,129)

    

NM

  

 

$48,361

    

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

 

$47,324

        

 

$143,392

      
  Capitalized Geological & Geophysical  

 

$6,212

        

 

$6,411

      
  Capitalized Interest Expense  

 

$1,523

        

 

$1,961

      
  Deferred Income Tax  

 

$(29,866)

        

 

$28,428

      


 

 

Note: Items may not total due to rounding.


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

   

Three Months Ended
   

Mar. 31, 2009

  

Mar. 31, 2008
Cash Flows From Operating Activities:            
     Net Income (Loss)    

$(59,129)

    

$48,361
     Plus Loss From Discontinued Operations, Net of Taxes    

126

    

1,474
     Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities -                 
          Depreciation, Depletion, and Amortization    

43,934

    

52,494
          Write-down of Oil and Gas Properties    

79,312

    

---
          Accretion of Asset Retirement Obligation (ARO)    

702

    

454
          Deferred Income Taxes    

(29,866)

    

28,428
          Stock Based Compensation Expense    

2,029

    

2,632
          Other    

9,172

    

2,409
          Change in Assets and Liabilities -            
               Decrease in Accounts Receivable    

2,648

    

2,272
               Increase/(Decrease) in Accounts Payable and Accrued Liabilities    

536

    

(950)
               Increase/(Decrease) in Income Taxes Payable    

(248)

    

579
               Increase in Accrued Interest    

1,518

    

1,537
      ----------------          ---------------- 
Cash Provided by Operating Activities – Continuing Operations    

50,734

    

139,690
Cash Provided by/(Used in) Operating Activities – Discontinued Operations    

(244)

    

2,822
      ----------------          ---------------- 
     Net Cash Provided by Operating Activities    

50,490

    

142,512
      ----------------          ---------------- 
Cash Flows From Investing Activities:            
     Additions to Property and Equipment    

(103,370)

    

(176,402)
     Proceeds from the Sale of Property and Equipment    

40

    

79
      ----------------          ---------------- 
Cash Used in Investing Activities – Continuing Operations    

(103,330)

    

(176,323)
Cash Used in Investing Activities – Discontinued Operations    

---

    

(1,023)
      ----------------          ---------------- 
     Net Cash Used in Investing Activities    

(103,330)

    

(177,346)
      ----------------          ---------------- 
Cash Flows From Financing Activities:            
     Net Proceeds From Bank Borrowings    

56,000

    

36,400
     Net Proceeds From Issuance of Common Stock    

724

    

3,887
     Excess Tax Benefits From Stock-Based Awards    

---

    

467
     Purchase of Treasury Shares    

(633)

    

(1,387)
      ----------------          ---------------- 
Cash Provided by Financing Activities – Continuing Operations    

56,091

    

39,367
Cash Provided by Financing Activities – Discontinued Operations    

---

    

---
      ----------------          ---------------- 
     Net Cash Provided by Financing Activities    

56,091

    

39,367
      ----------------          ---------------- 
Net Increase in Cash and Cash Equivalents    

3,251

    

4,533
             
Cash and Cash Equivalents at the Beginning of the Period    

283

    

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

$3,534

    

$10,156
      =========     =========

 

Note: Items may not total due to rounding.

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

 

 

Three Months Ended

    
 

Mar. 31, 2009

  

Mar. 31, 2008

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

$(59,003)

 

  

$49,835

NM

  
   Provision (Benefit) for Income Taxes  

(32,966)

 

  

29,007

 

  
   Interest Expense, Net  

7,467

 

  

8,690

 

  
   Depreciation, Depletion & Amortization & ARO (b)  

44,636

    

52,948

    
   Write-Down of Oil and Gas Properties  

79,312

    

---

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

$39,446

    

$140,480

(72)

 %
    =========     =========    

 
 

Three Months Ended

    
 

Mar. 31, 2009

  

Mar. 31, 2008

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

$50,734

    

$139,690

(64)

 %
  Increases and Decreases In:          

 

  
   Accounts Receivable  

(2,648)

    

(2,272)

    
   Accounts Payable and Accrued Liabilities  

(536)

    

950

    
   Income Taxes Payable  

248

    

(579)

    
   Accrued Interest  

(1,518)

    

(1,537)

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

$46,280

    

$136,252

(66)

 %
    =========     =========    

 

 

Quarter Ended
Mar. 31, 2009

  
INCOME FROM CONTINUING OPERATIONS RECONCILIATION:      
Income (Loss) From Continuing Operations  

$(59,003)

  
   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  

$(8,957)

  
   

=========

  
(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.

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

   

Three Months Ended

      

Three Months Ended
   

Mar. 31, 2009

  

Dec. 31, 2008

  

Percent
Change

  

Mar. 31, 2008

  

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

2,366

    

2,466

  

(4)

 %    

2,570

  

(8)

 %
     Natural Gas (Bcf)    

5.71

    

4.84

  

18

 %    

5.01

  

14

 %
     Crude Oil (MBbl)    

1,108

    

1,348

  

(18)

 %    

1,420

  

(22)

 %
     NGL (MBbl)    

307

    

312

  

(2)

 %    

316

  

(3)

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

32.29

   $

47.28

  

(32)

 %   $

77.80

  

(58)

 %
     Natural Gas ($/Mcf)   $

4.19

   $

5.68

  

(26)

 %   $

7.97

  

(47)

 %
     Crude Oil ($/Bbl)   $

41.15

   $

58.70

  

(30)

 %   $

99.43

  

(59)

 %
     NGL ($/Bbl)   $

22.52

   $

32.00

  

(30)

 %   $

59.80

  

(62)

 %

 

(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
March 31, 2009		   As of
December 31, 2008
Assets:            
Current Assets:            
  Cash and Cash Equivalents

 

  

$3,534

    

$283
  Other Current Assets

 

  

78,233

    

77,239
  Current Assets Held for Sale    

564

    

564
      ----------------     ----------------
Total Current Assets

 

  

82,331

    

78,086
Oil and Gas Properties

 

  

3,408,735

    

3,361,411
Other Fixed Assets

 

  

38,010

    

37,669
Less-Accumulated DD&A

 

  

(2,091,388)

    

(1,967,633)
      ----------------     ----------------
 

 

  

1,355,357

    

1,431,447
Other Assets

 

  

7,458

    

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

$1,445,146

    

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

 

  

$116,247

    

$153,499
Long-Term Debt

 

  

636,700

    

580,700
Deferred Income Taxes

 

  

99,507

    

130,899
Asset Retirement Obligation

 

  

46,056

    

48,785
Other Long-term Liabilities

 

  

2,469

    

2,528
Stockholders’ Equity

 

  

544,167

    

600,877
 

 

  

$1,445,146

    

$1,517,288

 

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

 

This page was last updated on Wednesday, May 06, 2009, at 11:27:48 PM.

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