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 Company Updates Full Year 2014 Operating And Financial Guidance

Stocks in this article: SFY

Swift Energy Company (NYSE: SFY) announced today revised operating and financial guidance estimates for the 2014 calendar year in anticipation of the scheduled June 30, 2014 closing of a joint venture with Saka Energi Indonesia, covering the Company’s Fasken area in Webb County, Texas.

Swift Energy is expected to receive approximately $150 million in total cash consideration upon closing of this joint venture agreement, subject to actual production, pricing and capital expenditures between the effective date of January 1, 2014 and anticipated closing of June 30, 2014. The funds received at closing will be used for general corporate purposes and to reduce the amount drawn on the Company’s bank credit facility of which the $450 million borrowing base will be reduced by a pre-determined amount of $34.2 million upon closing of the transaction.

Terry Swift, CEO of Swift Energy, remarked, “Our recently announced strategic joint venture in our Fasken area improves our liquidity and allows us to continue our operational efficiency gains in South Texas. As a result, we are raising our capital expenditure levels to $350 -$400 million from previous levels of $300 - $350 million. This additional spending in 2014 will be directed to our high value natural gas and liquids rich development programs in South Texas. We expect to drill 6-12 additional wells in this year’s program and are revising our production estimates to 11.5 – 11.8 million barrels of oil equivalent (“MMboe”) from our prior estimates of 11.3 – 11.8 MMboe. This adjustment to our 2014 work program allows us to achieve our previously guided production volumes even though Swift Energy’s interest in Fasken will be reduced beginning June 30 (the scheduled joint venture closing date) by just more than one-third under the terms of the joint venture agreement.”

Swift Energy Company, founded in 1979 and headquartered in Houston, engages in developing, exploring, acquiring and operating oil and gas properties, with a focus on oil and natural gas reserves onshore in Texas and in the inland waters of Louisiana.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
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 17,149.71 +175.40 1.03%
S&P 500 0.00 -2.75 -0.14%
NASDAQ 4,559.1580 +9.9320 0.22%

Brokerage Partners

Rates from Bankrate.com

  • 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