Swift Energy Company (SFY, Financial) filed Quarterly Report for the period ended 2010-06-30.
Swift Energy Company has a market cap of $1.01 billion; its shares were traded at around $26.84 with a P/E ratio of 30.2 and P/S ratio of 2.7. Swift Energy Company had an annual average earning growth of 11.4% over the past 10 years.SFY is in the portfolios of Kenneth Fisher of Fisher Asset Management, LLC, Chuck Royce of Royce& Associates, Steven Cohen of SAC Capital Advisors.
Oil and gas sales for the second quarter of 2010 increased by 27%, or $22.3 million, from the level of those revenues for the comparable 2009 period, and our net production volumes in the second quarter of 2010 decreased by 10%, or 0.2 MMBoe, compared to net production volumes in the second quarter of 2009. Average prices for oil increased to $77.83 per Bbl in the second quarter of 2010 from $55.42 per Bbl in the second quarter of 2009. Average natural gas prices increased to $3.72 per Mcf in the second quarter of 2010 from $3.11 per Mcf in the second quarter of 2009. Average NGL prices increased to $41.92 per Bbl in the second quarter of 2010 from $28.26 per Bbl in the second quarter of 2009.
During the second quarter of 2010, we recorded a net gain of $1.5 million related to our derivative activities. During the second quarter of 2009 we recorded a net loss of less than $0.1 million. This activity is recorded in “Price-risk management and other, net” on the accompanying statements of operations. Had these gains (losses) been recognized in the oil and gas sales account, our average oil price would have been $78.10 and $55.41 for the second quarters of 2010 and 2009, respectively, and our average natural gas price would have been $3.99 and $3.11 for the second quarters of 2010 and 2009, respectively.
Our second quarter 2010 general and administrative expenses, net, increased $0.5 million, or 6%, from the level of such expenses in the same 2009 period mainly due to higher office rent. For the second quarters of 2010 and 2009, our capitalized general and administrative costs totaled $5.9 million and $5.7 million, respectively. Our net general and administrative expenses per Boe produced increased to $3.96 per Boe in the second quarter of 2010 from $3.36 per Boe in the second quarter of 2009. The portion of supervision fees recorded as a reduction to general and administrative expenses was $3.0 million and $2.8 million for three month periods ended June 30, 2010 and 2009, respectively.
Oil and gas sales for the first six months of 2010 increased by 35%, or $55.9 million, from the level of those revenues for the comparable 2009 period, and our net production volumes in the first six months of 2010 decreased by 12%, or 0.5 MMBoe, compared to net production volumes in the first six months of 2009. Average prices for oil increased to $77.96 per Bbl in the first six months of 2010 from $48.01 per Bbl in the first six months of 2009. Average natural gas prices increased to $4.24 per Mcf in the first six months of 2010 from $3.66 per Mcf in the first six months of 2009. Average NGL prices increased to $43.37 per Bbl in the first six months of 2010 from $25.40 per Bbl in the first six months of 2009.
Our first six months 2010 general and administrative expenses, net, increased $1.3 million, or 8%, from the level of such expenses in the same 2009 primarily due to higher office rent. For the first six months of 2010 and 2009, our capitalized general and administrative costs totaled $11.9 million and $12.1 million, respectively. Our net general and administrative expenses per Boe produced increased to $4.24 per Boe in the first six months of 2010 from $3.46 per Boe in the first six months of 2009. The portion of supervision fees recorded as a reduction to general and administrative expenses was $6.0 million and $5.7 million for three month periods ended June 30, 2010 and 2009, respectively.
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Swift Energy Company has a market cap of $1.01 billion; its shares were traded at around $26.84 with a P/E ratio of 30.2 and P/S ratio of 2.7. Swift Energy Company had an annual average earning growth of 11.4% over the past 10 years.SFY is in the portfolios of Kenneth Fisher of Fisher Asset Management, LLC, Chuck Royce of Royce& Associates, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
Our capital expenditures on an accrual basis were $159.2 million in the first half of 2010, which was an increase from $63.7 million spent on an accrual basis in the 2009 period. The increase in the 2010 period was mainly due to additional drilling activity in our South Texas region. These 2010 expenditures were primarily funded by $129.0 million of cash provided by operating activities from continuing operations, the use of $10.0 million in carried interests from our Eagle Ford joint venture operations, and $5.0 million of cash provided from our discontinued operations.Oil and gas sales for the second quarter of 2010 increased by 27%, or $22.3 million, from the level of those revenues for the comparable 2009 period, and our net production volumes in the second quarter of 2010 decreased by 10%, or 0.2 MMBoe, compared to net production volumes in the second quarter of 2009. Average prices for oil increased to $77.83 per Bbl in the second quarter of 2010 from $55.42 per Bbl in the second quarter of 2009. Average natural gas prices increased to $3.72 per Mcf in the second quarter of 2010 from $3.11 per Mcf in the second quarter of 2009. Average NGL prices increased to $41.92 per Bbl in the second quarter of 2010 from $28.26 per Bbl in the second quarter of 2009.
During the second quarter of 2010, we recorded a net gain of $1.5 million related to our derivative activities. During the second quarter of 2009 we recorded a net loss of less than $0.1 million. This activity is recorded in “Price-risk management and other, net” on the accompanying statements of operations. Had these gains (losses) been recognized in the oil and gas sales account, our average oil price would have been $78.10 and $55.41 for the second quarters of 2010 and 2009, respectively, and our average natural gas price would have been $3.99 and $3.11 for the second quarters of 2010 and 2009, respectively.
Our second quarter 2010 general and administrative expenses, net, increased $0.5 million, or 6%, from the level of such expenses in the same 2009 period mainly due to higher office rent. For the second quarters of 2010 and 2009, our capitalized general and administrative costs totaled $5.9 million and $5.7 million, respectively. Our net general and administrative expenses per Boe produced increased to $3.96 per Boe in the second quarter of 2010 from $3.36 per Boe in the second quarter of 2009. The portion of supervision fees recorded as a reduction to general and administrative expenses was $3.0 million and $2.8 million for three month periods ended June 30, 2010 and 2009, respectively.
Oil and gas sales for the first six months of 2010 increased by 35%, or $55.9 million, from the level of those revenues for the comparable 2009 period, and our net production volumes in the first six months of 2010 decreased by 12%, or 0.5 MMBoe, compared to net production volumes in the first six months of 2009. Average prices for oil increased to $77.96 per Bbl in the first six months of 2010 from $48.01 per Bbl in the first six months of 2009. Average natural gas prices increased to $4.24 per Mcf in the first six months of 2010 from $3.66 per Mcf in the first six months of 2009. Average NGL prices increased to $43.37 per Bbl in the first six months of 2010 from $25.40 per Bbl in the first six months of 2009.
Our first six months 2010 general and administrative expenses, net, increased $1.3 million, or 8%, from the level of such expenses in the same 2009 primarily due to higher office rent. For the first six months of 2010 and 2009, our capitalized general and administrative costs totaled $11.9 million and $12.1 million, respectively. Our net general and administrative expenses per Boe produced increased to $4.24 per Boe in the first six months of 2010 from $3.46 per Boe in the first six months of 2009. The portion of supervision fees recorded as a reduction to general and administrative expenses was $6.0 million and $5.7 million for three month periods ended June 30, 2010 and 2009, respectively.
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