This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Swift Energy Announces Fourth Quarter And Full-Year 2013 Results

Stocks in this article: SFY

Fourth Quarter Revenues and Expenses

Total revenues for the fourth quarter of 2013 decreased 8% to $146.0 million from the $157.9 million generated in the fourth quarter of 2012. This decrease is primarily attributable to lower oil production volumes, coupled with lower oil prices.

Depreciation, depletion and amortization expense (“DD&A”) of $21.19 per barrel of oil equivalent (“Boe”) in the fourth quarter of 2013 increased 1% from $21.08 per Boe of that measure 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 $7.81 per Boe in the fourth quarter 2013, a 5% decrease on a per unit basis compared to the same period of 2012, primarily due to lower salt water disposal costs in South Texas.

Severance and ad valorem taxes decreased to $3.33 per Boe in the fourth quarter 2013 from $4.19 per Boe in the fourth quarter of 2012.

General and administrative expenses of $3.47 per Boe during the fourth quarter of 2013 were up slightly from $3.46 per Boe in the same period in 2012.

Interest expense increased to $5.85 per Boe in the fourth quarter of 2013 compared to $5.39 per Boe for the same period in 2012 due to higher levels of borrowing.

Reserve Estimates

Swift Energy’s year-end 2013 estimate of proved reserves as of December 31, 2013 was 219.2 MMBoe, 14% higher than 2012 year-end proved reserves of 192.1 MMBoe. These year-end 2013 proved reserves are 38% crude oil and natural gas liquids and 29% proved developed.

Swift Energy’s year-end 2013 proved reserves were valued at approximately $2.4 billion of present value discounted at 10% per year (PV-10), compared to a PV-10 value of $2.3 billion for the Company’s 2012 year-end proved reserves, a 6% increase. Pricing for 2013 reserves and PV-10 calculations utilized $104.38 per barrel for crude oil and $3.41 per thousand cubic feet (“Mcf”) for natural gas, compared to $103.64 per barrel and $2.71 per Mcf used for reserves valuation at year-end 2012. (See page 7 for a reconciliation of PV-10 value at year-end 2013, a non-GAAP measure, to the GAAP standardized measure of discounted future cash flows).

3 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,387.21 -291.49 -1.65%
S&P 500 2,029.55 -27.54 -1.34%
NASDAQ 4,681.4970 -90.2660 -1.89%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs