Swift Energy Announces: 15% Increase In Fourth Quarter 2012 Production To 3.11 Million Barrels Of Oil Equivalent
Stock quotes in this article:
SFY
Swift Energy Company, founded in 1979 and headquartered in Houston, engages in developing exploring, acquiring and operating oil and gas properties, with a focus on oil and natural gas reserves onshore in Texas and Louisiana and in the inland waters of Louisiana.
About Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The opinions, forecasts, projections, guidance or other statements contained herein, other than statements of historical fact, are forward-looking statements, including targets for 2013 production and reserves growth, estimates of 2013 capital expenditures And guidance estimates for the first quarter of 2013 and full-year 2013. These statements are based upon assumptions that are subject to change and to risks, especially the uncertainty and costs of finding, replacing, developing and acquiring reserves, availability and cost of capital, labor, services, supplies and facility capacity, hurricanes or tropical storms disrupting operations, and, volatility in oil or gas prices, uncertainty and costs of finding, replacing, developing or acquiring reserves, and disruption of operations Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Certain risks and uncertainties inherent in the Company’s business are set forth in the filings of the Company with the Securities and Exchange Commission. Estimates of future financial or operating performance provided by the Company are based on existing market conditions and engineering and geologic information available at this time. Actual financial and operating performance may be higher or lower. Future performance is dependent upon oil and gas prices, exploratory and development drilling results, engineering and geologic information and changes in market conditions.
| SWIFT ENERGY COMPANY | |
| RECONCILIATION OF PV-10 VALUE TO STANDARDIZED | |
| MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS | |
| December 31, 2012 | |
| (Unaudited) | |
| (In Millions) | |
| As of | |
| December 31, 2012 | |
| PV-10 Value (1) | $ 2,284 |
| Future Income Taxes (discounted at 10% per year) | (415) |
| Standardized Measure of Discounted Future Net | |
| Cash Flows relating to oil and gas reserves | $1,869 |
| (1) | The PV-10 value for year-end 2012 is net of $89.5 million of asset retirement obligation liabilities. | |
| SWIFT ENERGY COMPANY | ||||||||
| PROVED RESERVES INFORMATION | ||||||||
| December 31, 2012 | ||||||||
| (Unaudited) | ||||||||
| Natural | ||||||||
| Gas | Oil | NGL | ||||||
| Boe | (Bcf) | (MMBbls) | (MMBbls) | |||||
| Proved Reserves as of Dec. 31, 2011 | 159.6 | 616.8 | 30.9 | 25.8 | ||||
| Revisions | 0.4 | (97.3) | 5.2 | 11.4 | ||||
| Purchases of minerals | -- | -- | -- | -- | ||||
| Sales of minerals | -- | -- | -- | -- | ||||
| Extensions/Discoveries | 43.8 | 114.5 | 10.9 | 13.8 | ||||
| Production | (11.7) | (36.4) | (3.8) | (1.9) | ||||
| Proved Reserves as of Dec. 31, 2012 | 192.1 | 597.6 | 43.3 | 49.2 | ||||
| SWIFT ENERGY COMPANY | ||||||||||||||||||
| SUMMARY FINANCIAL INFORMATION | ||||||||||||||||||
| FROM CONTINUING OPERATIONS | ||||||||||||||||||
| (Unaudited) | ||||||||||||||||||
| (In Thousands Except Per Share and Price Amounts) | ||||||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||||
| December 31, | December 31, | |||||||||||||||||
| Percent | Percent | |||||||||||||||||
| 2012 | 2011 | Change | 2012 | 2011 | Change | |||||||||||||
| Revenues: | ||||||||||||||||||
| Oil & Gas Sales | $ | 158,126 | $ | 155,804 | 1 | % | $ | 554,194 | $ | 602,341 | (8) | % | ||||||
| Other | (221) | (711) | 3,096 | (3,210) | ||||||||||||||
| Total Revenue | $ | 157,905 | $ | 155,093 | 2 | % | $ | 557,290 | $ | 599,131 | (7) | % | ||||||
| Income From Continuing Operations | $ | 11,219 | $ | 20,672 | (46) | % | $ | 20,939 | $ | 84,610 | (75) | % | ||||||
| Basic EPS – Continuing Operations | $ | 0.26 | $ | 0.48 | (46) | % | $ | 0.48 | $ | 1.96 | (76) | % | ||||||
| Diluted EPS – Continuing Operations | $ | 0.26 | $ | 0.48 | (46) | % | $ | 0.48 | $ | 1.95 | (75) | % | ||||||
| Net Cash Provided By Operating Activities – Continuing Operations | $ | 90,922 | $ | 84,544 | 8 | % | $ | 314,606 | $ | 373,058 | (16) | % | ||||||
| Net Cash Provided By Operating Activities, Per Diluted Share – Continuing Operations | $ | 2.12 | $ | 1.98 | 7 | % | $ | 7.33 | $ | 8.75 | (16) | % | ||||||
| Cash Flow Before Working Capital Changes (2) (non-GAAP measure) – Continuing Operations | $ | 91,447 | $ | 99,409 | (8) | % | $ | 304,488 | $ | 374,173 | (19) | % | ||||||
| Cash Flow Before Working Capital Changes, Per Diluted Share – Continuing Operations | $ | 2.13 | $ | 2.33 | (9) | % | $ | 7.09 | $ | 8.78 | (19) | % | ||||||
| Weighted Average Shares Outstanding (Basic) | 42,924 | 42,480 | (1) | % | 42,840 | 42,394 | (1) | % | ||||||||||
| Weighted Average Shares Outstanding (Diluted) | 42,967 | 42,654 | (1) | % | 42,930 | 42,629 | (1) | % | ||||||||||
| EBITDA (non-GAAP measure) | $ | 103,990 | $ | 102,638 | 1 | % | $ | 346,180 | $ | 396,470 | (13) | % | ||||||
| Production (MMBoe) – Continuing Operations | 3.11 | 2.70 | 15 | % | 11.70 | 10.53 | 11 | % | ||||||||||
| Realized Price ($/Boe) – Continuing Operations | $ | 50.87 | $ | 57.73 | (12) | % | $ | 47.37 | $ | 57.22 | (17) | % | ||||||
| (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 9. 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. |
| SWIFT ENERGY COMPANY | |||||||||
| RECONCILIATION OF GAAP (a) TO NON-GAAP MEASURES | |||||||||
| (Unaudited) | |||||||||
| (In Thousands) | |||||||||
| Three Months Ended | |||||||||
| Percent | |||||||||
| December 31, 2012 | December 31, 2011 | Change | |||||||
| CASH FLOW RECONCILIATIONS: | |||||||||
| Net Cash Provided by Operating Activities – Continuing Operations (GAAP measure) | $ | 90,922 | $ | 84,544 | 8 | % | |||
| Increases and Decreases In: | |||||||||
| Accounts Receivable | 11,150 | 19,319 | |||||||
| Accounts Payable and Accrued Liabilities | -949 | -2,057 | |||||||
| Income Taxes Payable | -330 | -161 | |||||||
| Accrued Interest | -9,346 | -2,236 | |||||||
| Cash Flow Before Working Capital Changes – Continuing Operations (Non-GAAP measure) | $ | 91,447 | $ | 99,409 | -8 | % | |||
| Year Ended | |||||||||
| December 31, 2012 | December 31, 2011 | ||||||||
| CASH FLOW RECONCILIATIONS: | |||||||||
| Net Cash Provided by Operating Activities – Continuing Operations (GAAP measure) | $ | 314,606 | $ | 373,058 | -16 | % | |||
| Increases and Decreases In: | |||||||||
| Accounts Receivable | -3,235 | 12,625 | |||||||
| Accounts Payable and Accrued Liabilities | 2,102 | -10,134 | |||||||
| Income Taxes Payable | -82 | 73 | |||||||
| Accrued Interest | -8,903 | -1,449 | |||||||
| Cash Flow Before Working Capital Changes – Continuing Operations (Non-GAAP measure) | $ | 304,488 | $ | 374,173 | -19 | % | |||
| Three Months Ended | |||||||||
| Percent | |||||||||
| December 31, 2012 | December 31, 2011 | Change | |||||||
| INCOME TO EBITDA RECONCILIATIONS: | |||||||||
| Income from Continuing Operations (GAAP measure) | $ | 11,219 | $ | 20,672 | -46 | % | |||
| Provision for Income Taxes | 8,818 | 12,672 | |||||||
| Interest Expense, Net | 16,757 | 10,117 | |||||||
| Depreciation, Depletion & Amortization & ARO (b) | 67,196 | 59,177 | |||||||
| EBITDA (Non-GAAP measure) | $ | 103,990 | $ | 102,638 | 1 | % | |||
| Year Ended | |||||||||
| December 31, 2012 | December 31, 2011 | ||||||||
| INCOME TO EBITDA RECONCILIATIONS: | |||||||||
| Income from Continuing Operations (GAAP measure) | $ | 20,939 | $ | 84,610 | -75 | % | |||
| Provision for Income Taxes | 15,639 | 50,494 | |||||||
| Interest Expense, Net | 57,303 | 35,566 | |||||||
| Depreciation, Depletion & Amortization & ARO (b) | 252,299 | 225,800 | |||||||
| EBITDA (Non-GAAP measure) | $ | 346,180 | $ | 396,470 | -13 | % | |||
| (a) GAAP—Generally Accepted Accounting Principles | |||||||||
| (b) Includes accretion of asset retirement obligation | |||||||||
| Note: Items may not total due to rounding | |||||||||
| SWIFT ENERGY COMPANY | ||||||
| SUMMARY BALANCE SHEET INFORMATION | ||||||
| (Unaudited) | ||||||
| (In Thousands) | ||||||
| As of | As of | |||||
| December 31, 2012 | December 31, 2011 | |||||
| Assets: | ||||||
| Current Assets: | ||||||
| Cash and Cash Equivalents | $ | 170 | $ | 251,696 | ||
| Other Current Assets | 80,367 | 80,423 | ||||
| Total Current Assets | 80,537 | 332,119 | ||||
| Oil and Gas Properties | 5,151,103 | 4,428,013 | ||||
| Other Fixed Assets | 41,690 | 38,832 | ||||
| Less-Accumulated DD&A | (2,847,773) | (2,599,079) | ||||
| Total Properties | 2,345,020 | 1,867,766 | ||||
| Other Assets | 18,504 | 16,552 | ||||
| $ | 2,444,061 | $ | 2,216,437 | |||
| Liabilities: | ||||||
| Current Liabilities | $ | 177,480 | $ | 215,762 | ||
| Long-Term Debt | 916,934 | 719,775 | ||||
| Deferred Income Taxes | 223,243 | 206,567 | ||||
| Asset Retirement Obligation | 79,643 | 67,115 | ||||
| Other Long-term Liabilities | 9,901 | 10,709 | ||||
| Stockholders’ Equity | 1,036,860 | 996,509 | ||||
| $ | 2,444,061 | $ | 2,216,437 | |||
| Note: Items may not total due to rounding | ||||||
| SWIFT ENERGY COMPANY | ||||||||||||
| SUMMARY INCOME STATEMENT INFORMATION | ||||||||||||
| (Unaudited) | ||||||||||||
| In Thousands Except Per Boe Amounts | ||||||||||||
| Three Months Ended | Year Ended | |||||||||||
| December 31, 2012 | Per Boe | December 31, 2012 | Per Boe | |||||||||
| Revenues: | ||||||||||||
| Oil & Gas Sales | $ | 158,126 | $ | 50.87 | $ | 554,194 | $ | 47.37 | ||||
| Other Revenue | (221) | 3,096 | ||||||||||
| 157,905 | 50.80 | 557,290 | 47.63 | |||||||||
| Costs and Expenses: | ||||||||||||
| General and Administrative, net | 10,753 | 3.46 | 46,778 | 4.00 | ||||||||
| Depreciation, Depletion & Amortization | 65,540 | 21.08 | 247,178 | 21.13 | ||||||||
| Accretion of Asset Retirement Obligation (ARO) | 1,656 | 0.53 | 5,121 | 0.44 | ||||||||
| Lease Operating Costs | 30,140 | 9.70 | 115,470 | 9.87 | ||||||||
| Severance & Other Taxes | 13,022 | 4.19 | 48,862 | 4.18 | ||||||||
| Interest Expense, Net | 16,757 | 5.39 | 57,303 | 4.90 | ||||||||
| Total Costs & Expenses | 137,868 | 44.35 | 520,712 | 44.50 | ||||||||
| Income from Continuing Operations Before Income Taxes | 20,037 | 6.45 | 36,578 | 3.13 | ||||||||
| Provision for Income Taxes | 8,818 | 2.84 | 15,639 | 1.34 | ||||||||
| Income from Continuing Operations | 11,219 | 3.61 | 20,939 | 1.79 | ||||||||
| Income (Loss) from Discontinued Operations, Net of Taxes | - | NM | - | NM | ||||||||
| Net Income | $ | 11,219 | $ | 3.61 | $ | 20,939 | $ | 1.79 | ||||
| Additional Information: | ||||||||||||
| Total Capital Expenditures | $ | 146,525 | $ | 725,948 | ||||||||
| Capitalized Geological & Geophysical | $ | 7,183 | $ | 30,693 | ||||||||
| Capitalized Interest Expense | $ | 1,907 | $ | 7,890 | ||||||||
| Deferred Income Tax | $ | 8,559 | $ | 16,798 | ||||||||
| Note: Items may not total due to rounding | ||||||||||||
| SWIFT ENERGY COMPANY | ||||||
| CONSOLIDATED STATEMENTS OF CASH FLOW | ||||||
| (Unaudited) | ||||||
| (In Thousands) | ||||||
| Twelve Months Ended | ||||||
| December 31, 2012 | December 31, 2011 | |||||
| Cash Flows From Operating Activities: | ||||||
| Net Income | $ | 20,939 | $ | 98,821 | ||
| Gain From Discontinued Operations, Net of Taxes | - | (14,211) | ||||
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities - | ||||||
| Depreciation, Depletion, and Amortization | 247,178 | 221,230 | ||||
| Accretion of Asset Retirement Obligation (ARO) | 5,121 | 4,570 | ||||
| Deferred Income Taxes | 16,798 | 48,995 | ||||
| Stock Based Compensation Expense | 13,476 | 12,625 | ||||
| Other | 976 | 2,143 | ||||
| Change in Assets and Liabilities - | ||||||
| (Increase)/Decrease in Accounts Receivable | 3,235 | (12,625) | ||||
| Increase/(Decrease) in Accounts Payable and Accrued Liabilities | (2,102) | 10,134 | ||||
| Increase/(Decrease) in Income Taxes Payable | 82 | (73) | ||||
| Increase in Accrued Interest | 8,903 | 1,449 | ||||
| Cash Provided by Operating Activities – Continuing Operations | 314,606 | 373,058 | ||||
| Cash Provided by Operating Activities – Discontinued Operations | - | (2) | ||||
| Net Cash Provided by Operating Activities | 314,606 | 373,056 | ||||
| Cash Flows From Investing Activities: | ||||||
| Additions to Property and Equipment | (757,755) | (505,332) | ||||
| Proceeds from the Sale of Property and Equipment | 528 | 50,284 | ||||
| Cash Used in Investing Activities – Continuing Operations | (757,227) | (455,048) | ||||
| Cash Provided by Investing Activities – Discontinued Operations | - | 5,000 | ||||
| Net Cash Used in Investing Activities | (757,227) | (450,048) | ||||
| Cash Flows From Financing Activities: | ||||||
| Proceeds From Long-Term Debt | 157,500 | 247,890 | ||||
| Net Proceeds From (Payments of) Bank Borrowings | 39,400 | --- | ||||
| Net Proceeds From Issuance of Common Stock | 1,712 | 2,151 | ||||
| Purchase of Treasury Shares | (2,805) | (3,393) | ||||
| Payments of Debt Issuance Costs | (4,712) | (4,327) | ||||
| Cash Provided by Financing Activities – Continuing Operations | 191,095 | 242,321 | ||||
| Cash Provided by (Used in) Financing Activities – Discontinued Operations | --- | --- | ||||
| Net Cash Provided by Financing Activities | 191,095 | 242,321 | ||||
| Net Increase/ (Decrease) in Cash and Cash Equivalents | (251,526) | 165,329 | ||||
| Cash and Cash Equivalents at the Beginning of the Period | 251,696 | 86,367 | ||||
| Cash and Cash Equivalents at the End of the Period | $ | 170 | $ | 251,696 | ||
| SWIFT ENERGY COMPANY | |||||||||||||||
| OPERATIONAL INFORMATION | |||||||||||||||
| QUARTERLY COMPARISON -- SEQUENTIAL & YEAR-OVER-YEAR | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three Months Ended | Three Months Ended | ||||||||||||||
| Dec. 31, | Sept. 30, | Percent | Dec. 31, | Percent | |||||||||||
| 2012 | 2012 | Change | 2011 | Change | |||||||||||
| Production : | |||||||||||||||
| Oil & Natural Gas Equivalent (MBoe) | 3,108 | 2,875 | 8 | % | 2,699 | 15 | % | ||||||||
| Natural Gas (Bcf) | 8.69 | 8.96 | (3) | % | 7.90 | 10 | % | ||||||||
| Crude Oil (MBbl) | 1,115 | 870 | 28 | % | 950 | 17 | % | ||||||||
| NGL (MBbl) | 545 | 512 | 6 | % | 432 | 26 | % | ||||||||
| Average Prices: | |||||||||||||||
| Combined Oil & Natural Gas ($/Boe) | $ | 50.87 | $ | 44.51 | 14 | % | $ | 57.73 | (12) | % | |||||
| Natural Gas ($/Mcf) | $ | 3.04 | $ | 2.52 | 21 | % | $ | 3.39 | (10) | % | |||||
| Crude Oil ($/Bbl) | $ | 102.73 | $ | 102.73 | 0 | % | $ | 111.79 | (8) | % | |||||
| NGL ($/Bbl) | $ | 31.42 | $ | 31.29 | 0 | % | $ | 52.86 | (41) | % | |||||
| SWIFT ENERGY COMPANY | ||||||||||||||||
| FIRST QUARTER AND FULL YEAR 2013 | ||||||||||||||||
| GUIDANCE ESTIMATES | ||||||||||||||||
| Actual | Guidance | Guidance | ||||||||||||||
| For Fourth | For First | For Full | ||||||||||||||
| Quarter | Quarter 2013 | Year 2013 | ||||||||||||||
| 2012 | ||||||||||||||||
| Production Volumes (MMBoe) | 3.11 | 2.63 | - | 2.72 | 11.7 | - | 12.1 | |||||||||
| Production Mix: | ||||||||||||||||
| Natural Gas (Bcf) | 8.69 | 7.29 | - | 7.54 | 33.7 | - | 34.9 | |||||||||
| Crude Oil (MMBbl) | 1.12 | 0.93 | - | 0.96 | 3.90 | - | 4.03 | |||||||||
| Natural Gas Liquids (MMBbl) | 0.54 | 0.49 | - | 0.50 | 2.18 | - | 2.25 | |||||||||
| Product Pricing (Note 1): | ||||||||||||||||
| Natural Gas (per Mcf) | ||||||||||||||||
| NYMEX Differential (Note 2) | $ | 0.16 | ($0.25) | - | ($0.50) | ($0.25) | - | ($0.50) | ||||||||
| Crude Oil (per Bbl) | ||||||||||||||||
| NYMEX differential (Note 3) | $ | 9.38 | $6.00 | - | $9.00 | $5.00 | - | $8.00 | ||||||||
| NGL (per Bbl) | ||||||||||||||||
| Percent of NYMEX Crude | 34% | 30% | - | 40% | 30% | - | 40% | |||||||||
| Oil & Gas Production Costs: | ||||||||||||||||
| Lease Operating Costs (per Boe) | $ | 9.70 | $10.50 | - | $10.90 | $9.75 | - | $10.10 | ||||||||
| Severance & Ad Valorem Taxes (as % of Revenue dollars) | 8.2% | 8.0% | - | 9.0% | 8.0% | - | 9.0% | |||||||||
| Other Costs: | ||||||||||||||||
| G&A per Boe | $ | 3.46 | $4.70 | - | $4.90 | $4.30 | - | $4.50 | ||||||||
| Interest Expense per Boe | $ | 5.39 | $6.20 | - | $6.45 | $5.75 | - | $6.00 | ||||||||
| DD&A per Boe | $ | 21.08 | $21.25 | - | $21.75 | $20.60 | - | $21.00 | ||||||||
| Supplemental Information: | ||||||||||||||||
| Capital Expenditures (in Thousands) | ||||||||||||||||
| Operations | $ | 137,435 | $130,700 | - | $150,100 | $404,000 | - | $440,000 | ||||||||
| Acquisitions/(Dispositions), net | $ | -- | --- | - | --- | --- | - | --- | ||||||||
| Capitalized G&G (Note 4) | $ | 7,183 | $ 7,300 | - | $ 7,600 | $ 28,000 | - | $ 30,000 | ||||||||
| Capitalized Interest | $ | 1,907 | $ 2,000 | - | $ 2,300 | $ 8,000 | - | $ 10,000 | ||||||||
| Total Capital Expenditures | $ | 146,525 | $140,000 | - | $160,000 | $440,000 | - | $480,000 | ||||||||
| Basic Weighted Average Shares | 42,924 | 43,100 | - | 43,300 | 43,300 | - | 43,600 | |||||||||
| Diluted Computation: | ||||||||||||||||
| Weighted Average Shares | 42,967 | 43,300 | - | 43,500 | 43,500 | - | 43,800 | |||||||||
| Effective Tax Rate | 44.0% | 39.0% | - | 42.0% | 39.0% | - | 42.0% | |||||||||
| Deferred Tax Percentage | 97% | 96% | - | 99% | 96% | - | 99% | |||||||||
| Note 1: | Swift Energy maintains all its current price risk management instruments (hedge positions) on its Hedge Activity page on the Swift Energy website ( www.swiftenergy.com). | |
| Note 2: | Average of monthly closing Henry Hub NYMEX futures price for the respective contract months, included in the period, which best benchmarks the 30-day price received for natural gas sales. | |
| Note 3: | Average of daily WTI NYMEX futures price during the calendar period reflected, which best benchmarks the daily price received for the majority of crude oil sales. | |
| Note 4: | Does not include capitalized acquisition costs, incorporated in acquisitions when occurred. |
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