This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Swift Energy Announces: 13% Increase In Third Quarter 2012 Production To 2.87 Million Barrels Of Oil Equivalent

Stocks in this article: SFY

Swift Energy Company (NYSE: SFY) announced today earnings from continuing operations of $3.1 million for the third quarter of 2012, or $0.07 per diluted share, a decrease of 82% when compared to third quarter 2011 earnings from continuing operations of $17.0 million, or $0.39 per diluted share, and an increase of 3% when compared to earnings of $3.0 million in the second quarter of 2012.

Adjusted cash flow (cash flow before working capital changes, a non-GAAP measure - see page 7 for reconciliation to the GAAP measure) for the third quarter of 2012 decreased 21% to $71.2 million, or $1.66 per diluted share, compared to $90.0 million, or $2.11 per diluted share, for the third quarter 2011, and decreased 2% when compared to adjusted cash flow of $72.7 million, or $1.69 per diluted share, for the second quarter of 2012.

Swift Energy produced 2.87 million barrels of oil equivalent (“MMBoe”) during the third quarter of 2012, a 13% increase over third quarter 2011 production of 2.54 MMBoe, and down 1% compared to second quarter 2012 production of 2.92 MMBoe. The Company previously announced that Hurricane Isaac caused approximately 175,000 barrels of oil equivalent (“Boe”) of primarily crude oil production to be shut-in during the third quarter.

Terry Swift, CEO of Swift Energy commented, “We continue to grow crude oil and natural gas liquids production and reserves and are proud of the results we have achieved across our core assets. Despite the disruptive effects of Hurricane Isaac, our people safely restored shut-in production in Louisiana and brought several meaningful new wells and recompletions on production. We continue to find variations in fluid characteristics, rock properties and operating conditions that present challenges and opportunities in the Eagle Ford development. Recent challenges together with the effects of Hurricane Isaac have led us to adjust our full year 2012 expected production range to 11.6 to 11.7 MMboe.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs