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Swift Energy Announces: 15% Increase In Fourth Quarter 2012 Production To 3.11 Million Barrels Of Oil Equivalent

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.




Stock quotes in this article: SFY 

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