This Day On The Street
Continue to site
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

Swift Energy Announces: 185% Increase In Third Quarter 2013 Earnings To $8.9 Million, Or $0.20 Per Diluted Share

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.”

1 of 6

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
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
SYM TRADE IT LAST %CHG

Markets

DOW 17,757.91 +138.40 0.79%
S&P 500 2,077.42 +14.31 0.69%
NASDAQ 5,013.1230 +26.2560 0.53%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs