Swift Energy Company (NYSE: SFY) announced today earnings of $8.9 million for the third quarter of 2013, or $0.20 per diluted share, an increase of 185% when compared to third quarter 2012 earnings of $3.1 million, or $0.07 per diluted share, and an increase of 32% when compared to earnings of $6.7 million, or $0.15 per diluted share in the second quarter of 2013.
Cash flow before working capital changes (a non-GAAP measure - see page 7 for reconciliation to the GAAP measure) for the third quarter of 2013 was $88.5 million, an increase of 24% when compared to $71.2 million of the same measure in the third quarter 2012.
Production increased 6% to 3.06 million barrels of oil equivalent (“MMBoe”) during the third quarter of 2013, compared to the third quarter 2012 production of 2.87 MMBoe, and up 10% compared to second quarter 2013 production of 2.78 MMBoe.
Terry Swift, CEO of Swift Energy commented, “During the third quarter, we have continued to improve our operational efficiencies in South Texas. Despite a slower drilling and completion pace than earlier in the year, we grew production during the quarter primarily as a result of greater productivity per well. Our emphasis on drilling horizontal wells in a narrow, high quality interval of the lower Eagle Ford has resulted in more exposure to the highest quality rock available on our leases. When possible, we are now logging each horizontal lateral we drill, resulting in more effective frac stage placement and improved performance of our completion operations. The combination of these efforts has led to significant improvement in the productivity of our wells.“Further, we are optimizing our completion designs with longer lateral lengths, increases in frac stages and the volume of frac sand to increase initial production rates and cumulative production of Eagle Ford shale horizontal wells. We expect continued performance and efficiency improvements as we exploit these relationships in our drilling program.”
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV