This Day On The Street
Continue to site
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

Swift Energy Announces: 122% Increase In Second Quarter 2013 Earnings To $6.7 Million, Or $0.15 Per Diluted Share

“This will increase our expected 2013 South Texas capital expenditures by approximately $50 million which will be funded initially through our credit facility. We expect this additional spending to afford more consistent levels of production and predictable production growth in 2014.”

Second Quarter Revenues and Expenses

Total revenues for the second quarter of 2013 increased 6% to $142.5 million from the $134.8 million generated in the second quarter of 2012. This increase is primarily attributable to significantly higher natural gas prices in the 2013 period, as well as higher oil and NGL production volumes.

Depreciation, depletion and amortization expense (“DD&A”) of $21.40 per barrel of oil equivalent (“Boe”) in the second quarter of 2013 increased 2% from $21.00 per Boe in the comparable period in 2012 due to a higher depletable base partially offset by the addition of reserves.

Lease operating expenses, excluding transportation and processing expense and before severance and ad valorem taxes, were $9.70 per Boe in the second quarter 2013, a 14% increase when compared to $8.48 per Boe in the same period of 2012, primarily related to higher costs in South Texas for chemical treating, compliance costs, and surface maintenance costs, partially offset by lower salt water disposal costs than in the 2012 period.

Severance and ad valorem taxes decreased to $3.78 per Boe in the second quarter 2013 from $4.18 per Boe in the second quarter of 2012 primarily due to the shift of our revenues to Texas, with lower relative severance tax rates and associated tax credits earned.

General and administrative expenses decreased to $4.03 per Boe during the second quarter of 2013, down from $4.18 per Boe in the same period in 2012 as a result of lower overall compensation costs. Interest expense increased to $6.12 per Boe in the second quarter of 2013 compared to $4.56 per Boe for the same period in 2012 due to the additional long term debt issued during the fourth quarter of 2012.

2 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,472.37 +200.36 1.23%
S&P 500 1,951.36 +27.54 1.43%
NASDAQ 4,707.7750 +80.6910 1.74%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs