|
|
|
|
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.
|
|
|
|
(Back to Top)
|
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.
|
(Back to Top)
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.
(Back to Top)
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 |
|
$(8,957) |
|
|
|
|
========= |
|
| (a) |
GAAP—Generally
Accepted Accounting Principles |
| (b) |
Includes
accretion of asset retirement obligation |
(1) Income tax benefit from write-down was derived using 36.9%
effective tax-rate.
Note: Items may not total due to rounding.
(Back to Top)
SWIFT ENERGY COMPANY
OPERATIONAL INFORMATION(1)
QUARTERLY COMPARISON -- SEQUENTIAL & YEAR-OVER-YEAR (UNAUDITED)
| |
|
Three Months Ended |
|
|
|
Three Months Ended |
| |
|
Mar. 31, 2009 |
|
Dec. 31, 2008 |
|
Percent Change |
|
Mar. 31, 2008 |
|
Percent Change |
|
Production : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Oil & Natural Gas Equivalent (MBoe) |
|
|
2,366 |
|
|
2,466 |
|
(4) |
% |
|
|
2,570 |
|
(8) |
% |
|
Natural Gas (Bcf) |
|
|
5.71 |
|
|
4.84 |
|
18 |
% |
|
|
5.01 |
|
14 |
% |
|
Crude Oil (MBbl) |
|
|
1,108 |
|
|
1,348 |
|
(18) |
% |
|
|
1,420 |
|
(22) |
% |
|
NGL (MBbl) |
|
|
307 |
|
|
312 |
|
(2) |
% |
|
|
316 |
|
(3) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Prices: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined Oil & Natural Gas ($/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:
-
Press Release (May 7, 2009): SWIFT ENERGY ANNOUNCES FIRST QUARTER
2009 RESULTS
-
Press Release (February 19, 2009): SWIFT ENERGY ANNOUNCES FOURTH QUARTER
AND FULL YEAR RESULTS
-
Press Release (November 6, 2008): SWIFT ENERGY ANNOUNCES THIRD QUARTER
2008 RESULTS: 45% Increase in Earnings from Continuing Operations to
$62.3 Million, or $1.98 per Diluted Share; and 23% Increase in Adjusted
Cash Flowfrom Continuing Operations to $154.0 Million, or $4.90 per
Diluted Share
-
Press Release (August 7, 2008): SWIFT ENERGY ANNOUNCES SECOND QUARTER
2008 RESULTS: 173% Increase in Earnings from Continuing Operations to a
Record $83.2 Million, or $2.66 per Diluted Share; and 71% Increase in
Adjusted Cash Flow from Continuing Operations to $184.4 Million, or
$5.88 per Diluted Share
-
Press Release (May 8, 2008): SWIFT ENERGY ANNOUNCES FIRST QUARTER 2008
RESULTS: 88% Increase in Earnings from Continuing Operations to $49.8
Million, or $1.61 per Diluted Share; 62% Increase in Cash Flow* from
Continuing Operations to $136.3 Million, or $4.41 per Diluted Share
-
Press Release (February 14, 2008): SWIFT ENERGY ANNOUNCES 2007 RESULTS:
2007 Income from Continuing Operations of $152.6 Million, or
$4.98/Share; 2007 Production from Continuing Operations Increases 12% to
10.6 MMBoe; and 2007 Fourth Quarter Earnings from Continuing Operations
of $52.7 Million, or $1.71/Share
-
Press Release (November 1, 2007): SWIFT ENERGY ANNOUNCES THIRD QUARTER
RESULTS: Earnings of $42.3 Million ($1.38/Share); and Cash Flow* of
$129.0 Million, or $4.20 per Diluted Share
-
Press Release (August 2, 2007): SWIFT ENERGY ANNOUNCES SECOND QUARTER
RESULTS: Earnings of $1.03 per Share After Debt Retirement Expense; Cash
Flow of $114 Million, or $3.72 per Diluted Share
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Press Release (May 3, 2007): SWIFT ENERGY ANNOUNCES FIRST QUARTER 2007
RESULTS: Earnings of $27.6 Million, or $0.90 Per Diluted Share, and Cash
Flow of $90.6 Million, or $2.97 Per Diluted Share
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Press Release (February 8, 2007): SWIFT ENERGY ANNOUNCES RECORD YEAR:
2006 Income Increases 40% to $161.6 Million, or $5.38/Share; 2006
Production Increases 18% to 70.2 Bcfe; and 2006 Fourth Quarter Earnings
of $35.3 Million, or $1.16/Share
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Press Release (November 2, 2006): SWIFT ENERGY ANNOUNCES RECORD THIRD
QUARTER RESULTS: Earnings Increase 85% to a Record $50.8 Million
($1.68/Share); Production Increases by 39% to a Record 18.8 Bcfe; and
2006 Production Guidance Is Increased
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Press Release (August 3, 2006): SWIFT ENERGY ANNOUNCES RECORD SECOND
QUARTER: Earnings Increase 37% to $38.2 Million, $1.27 Per Share;
Newport Offset Well Tests Over 8,000 Barrels of Oil Per Day
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Press Release (May 4, 2006): SWIFT ENERGY ANNOUNCES RECORD FIRST
QUARTER: Earnings Increase 45% to $37.3 Million, Earnings Per Share of
$1.24 Per Diluted Share, and Cash Flow* of $91.6 Million, or $3.05 Per
Diluted Share
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Press Release (February 8, 2006): SWIFT ENERGY ANNOUNCES: Record 2005
Full Year Earnings Increasing 69% to $115.8 Million, or $3.95/Share, and
Record 2005 Q4 Earnings Increasing 29% to $34.7 Million, or $1.16/Share
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Press Release (November 9, 2005): SWIFT ENERGY ANNOUNCES: Third Quarter
Earnings Increase 95% to $27.5 Million, Earnings Per Share of $0.92 Per
Diluted Share, and Cash Flow of $68.8 Million or $2.31 Per Diluted Share
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Press Release (August 3, 2005): SWIFT ENERGY ANNOUNCES RECORD QUARTER:
Second Quarter Earnings Increase 116% to $27.9 Million, Earnings Per
Share of $0.96 Per Diluted Share, and Cash Flow of $69.5 Million, or
$2.39 Per Diluted Share
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Press Release (May 9, 2005): SWIFT ENERGY ANNOUNCES RECORD FIRST
QUARTER: Earnings of $25.7 Million, a 76% Increase, Earnings Per Share
of $0.89 Per Diluted Share, and Cash Flow of $64.7 Million, or $2.24 Per
Diluted Share
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Press Release (February 17, 2005): SWIFT ENERGY ANNOUNCES: Record Fourth
Quarter Earnings of $26.8 Million, a 182% Increase, or $0.93 Per Diluted
Share, and Record 2004 Net Income of $68.5 Million
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Press Release (November 4, 2004): SWIFT ENERGY REPORTS THIRD QUARTER
2004 RESULTS: Record Revenues of $74.9 Million; Net Income Doubled;
Earnings of $0.50 Per Diluted Share
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Press Release (August 4, 2004): SWIFT ENERGY REPORTS SECOND QUARTER 2004
RESULTS: Record Revenues of $71.0 Million; Net Income Increased 79% with
Earnings of $0.46 Per Share After Debt Retirement Expense
-
Press Release (May 5, 2004): SWIFT ENERGY REPORTS FIRST QUARTER 2004
RESULTS: Record Revenues of $65.4 Million; Record Production of 14.3
Bcfe; and Earnings of $0.52 Per Share
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Press Release (November 5, 2003): SWIFT ENERGY ANNOUNCES 2003 THIRD
QUARTER RESULTS: Net Income Triples to $7.1 Million or $0.26 per Share
with Record Total Quarterly Production Up 12% to 13.6 Bcfe
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Press Release (August 6, 2003): SWIFT ENERGY ANNOUNCES 2003 SECOND
QUARTER RESULTS: Net Income Doubled to $7.2 Million or $0.26/Share with
Record Total Quarterly Production Up 5% to 13.3 Bcfe
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Press Release (May 7, 2003): SWIFT ENERGY ANNOUNCES FIRST QUARTER
RESULTS: 247% Increase in Income Before Accounting Change to $10.5
Million ($0.38/Share); and Production Increase of 5% to 12.9 Bcfe
-
Press Release (February 12, 2003): SWIFT ENERGY ANNOUNCES: 2002 Fourth
Quarter Earnings of $0.12 Per Share; 2002 Full Year Earnings of $0.45
Per Share; Record 2002 Production of 49.8 Bcfe; $1.02 Per Mcfe Finding &
Development Costs in 2002; and 308% Reserve Replacement of 2002
Production
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Press Release (November 6, 2002): SWIFT ENERGY ANNOUNCES EARNINGS OF
$0.07 PER SHARE FOR THE THIRD QUARTER 2002
-
Press Release (July 31, 2002): SWIFT ENERGY ANNOUNCES 13% PRODUCTION
INCREASE, EARNINGS OF $0.13 PER SHARE FOR SECOND QUARTER 2002
-
Press Release (May 1, 2002): SWIFT ENERGY ANNOUNCES 19% PRODUCTION
INCREASE, EARNINGS OF $0.12 PER SHARE FOR FIRST QUARTER 2002
-
Press Release (February 14, 2002): SWIFT ENERGY REPORTS RECORD 2001
PRODUCTION; REVENUES AND NET EARNINGS DOWN DUE TO LOWER PRICES AND
HIGHER COSTS
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Press Release (January 15, 2002): SWIFT ENERGY REPORTS: FOURTH QUARTER
2001 PRODUCTION AND PRICING, 2001 YEAR-END RESERVES EXPECTATIONS, 2002
CAPITAL BUDGET AND GUIDANCE, AND DOMESTIC AND NEW ZEALAND OPERATIONAL
UPDATES
-
Press Release (October 31, 2001): SWIFT ENERGY ANNOUNCES 11% INCREASE IN
PRODUCTION AND EARNINGS OF $0.29 PER SHARE FOR THIRD QUARTER 2001
-
Press Release (August 1, 2001): SWIFT ENERGY REPORTS EARNINGS OF $0.59
PER DILUTED SHARE ON INCREASED PRODUCTION IN SECOND QUARTER 2001
-
Press Release (May 2, 2001): SWIFT ENERGY REPORTS RECORD FIRST QUARTER
EARNINGS OF $0.92, UP 100% OVER PREVIOUS YEAR
-
Press Release (February 7, 2001): SWIFT ENERGY REPORTS RECORD FOURTH
QUARTER AND FULL-YEAR EARNINGS AND RESERVE ADDITIONS FOR 2000
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