This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

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