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Swift Energy Announces Fourth Quarter And Full-Year 2013 Results

Stocks in this article: SFY

Swift Energy Company (NYSE: SFY) announced today a net loss for the fourth quarter of 2013 of $41.8 million, or $0.96 per diluted share, which includes a non-cash ceiling test write-down of its oil and gas properties of $73.9 million (pre-tax).

Net income before write-down of oil and gas properties (a non-GAAP measure - see page 9 for reconciliation to the GAAP measure) for the fourth quarter 2013 is $5.8 million, or $0.13 per diluted share, a decrease of 48% compared to net income of $11.2 million ($0.26 per diluted share) earned in the same quarter in 2012.

For the full year 2013, Swift Energy had a loss of $19.0 million, or $0.44 per diluted share, which includes a non-cash ceiling test write-down of its oil and gas properties of $73.9 million (pre-tax). Net income before write-down of oil and gas properties (a non-GAAP measure - see page 9 for reconciliation to the GAAP measure) for the full year 2013 is $28.6 million, or $0.66 per diluted share, a 37% increase compared to $20.9 million of net income for 2012, or $0.48 per diluted share.

Swift Energy’s full year 2013 production was 11.75 million barrels of oil equivalent (“MMBoe”), which increased from 2012 production of 11.70 MMBoe. Production for the fourth quarter 2013 of 3.09 MMBoe increased 1% from third quarter 2013 production of 3.06 MMBoe and decreased slightly compared to fourth quarter 2012 production of 3.11 MMBoe.

Full year production in the Company’s South Texas area, where approximately 80% of capital spending was directed, was 9.0 MMBoe, an increase of 5% from 2012 production of 8.6 MMBoe.

Cash flow before working capital changes (a non-GAAP measure - see page 9 for reconciliation to the GAAP measure) for 2013 increased 2% to $311.7 million, or $7.19 per diluted share, compared to $304.5 million, or $7.05 per diluted share, for the full year 2012. Fourth quarter 2013 cash flow before working capital changes of $77.8 million, or $1.79 per diluted share, decreased 15% compared to $91.4 million of adjusted cash flow, or $2.11 per diluted share, for the fourth quarter of 2012.

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