Swift Energy Company (SFY, Financial) filed Annual Report for the period ended 2011-12-31.
Swift Energy Co has a market cap of $1.48 billion; its shares were traded at around $33.21 with a P/E ratio of 20.2 and P/S ratio of 3.4. Swift Energy Co had an annual average earning growth of 8.7% over the past 10 years.
2010.-Our revenues in 2010 increased by 18% compared to revenues in 2009 due to higher oil and gas prices after taking into account decreased production as a result of intentional reduction of drilling activity in 2009 s low price environment. Average oil prices that we received were 32% higher than those received during 2009, while natural gas prices were 14% higher, and NGL prices were 35% higher.
During 2011, 2010, and 2009, we recognized net gains (losses) of ($0.9) million, $0.7 million, and ($1.4) million, respectively, related to our derivative activities. This activity is recorded in “Price-risk management and other, net” on the accompanying statements of operations. Had these gains and losses been recognized in the oil and gas sales account, our average oil sales price would have been $106.81, $79.52 and $59.77 for 2011, 2010, and 2009, respectively, and our average natural gas price would have been $3.70, $3.98 and $3.47 for 2011, 2010, and 2009, respectively.
Severance and Other Taxes. These expenses increased 14%, from 2010 levels, while in 2010 these taxes increased 11%, over 2009 levels. The increase in 2011 was due primarily to higher revenues from higher production and commodity prices. In 2010 the increases were due primarily to higher revenue from higher commodity prices. Severance and other taxes, as a percentage of oil and gas sales, were approximately 8.7%, 10.5% and 11.1% in 2011, 2010 and 2009, respectively. The decreases in 2011 and 2010 were primarily driven by a shift in product and regional mix as well as reduced tax rates for tight sand gas production related to South Texas Olmos and Eagle Ford completions.
Net Cash Provided by Operating Activities. For 2011, our net cash provided by operating activities from continuing operations was $373.1 million, representing a 44% increase as compared to $259.0 million generated during 2010. The 2011 increase was primarily due to an increase of $165.7 million in oil and gas sales, mainly due to higher oil and NGL prices along with a significant increase in natural gas production. For 2010, our net cash provided by operating activities from continuing operations was $259.0 million, represented a 15% increase from the $226.2 million generated during 2009, with this increase primarily due to an increase of $68.0 million in revenues, mainly attributable to higher oil and natural gas prices, partially offset by a combination of lower production, higher lease operating costs and higher severance taxes due to higher oil and gas sales.
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Swift Energy Co has a market cap of $1.48 billion; its shares were traded at around $33.21 with a P/E ratio of 20.2 and P/S ratio of 3.4. Swift Energy Co had an annual average earning growth of 8.7% over the past 10 years.
Highlight of Business Operations:
2011.-Our revenues in 2011 increased by 37% compared to revenues in 2010 due to higher oil and NGL prices as well as higher NGL and natural gas production. Average oil prices that we received were 35% higher than those received during 2010, while natural gas prices were 6% lower, and NGL prices were 23% higher.2010.-Our revenues in 2010 increased by 18% compared to revenues in 2009 due to higher oil and gas prices after taking into account decreased production as a result of intentional reduction of drilling activity in 2009 s low price environment. Average oil prices that we received were 32% higher than those received during 2009, while natural gas prices were 14% higher, and NGL prices were 35% higher.
During 2011, 2010, and 2009, we recognized net gains (losses) of ($0.9) million, $0.7 million, and ($1.4) million, respectively, related to our derivative activities. This activity is recorded in “Price-risk management and other, net” on the accompanying statements of operations. Had these gains and losses been recognized in the oil and gas sales account, our average oil sales price would have been $106.81, $79.52 and $59.77 for 2011, 2010, and 2009, respectively, and our average natural gas price would have been $3.70, $3.98 and $3.47 for 2011, 2010, and 2009, respectively.
Severance and Other Taxes. These expenses increased 14%, from 2010 levels, while in 2010 these taxes increased 11%, over 2009 levels. The increase in 2011 was due primarily to higher revenues from higher production and commodity prices. In 2010 the increases were due primarily to higher revenue from higher commodity prices. Severance and other taxes, as a percentage of oil and gas sales, were approximately 8.7%, 10.5% and 11.1% in 2011, 2010 and 2009, respectively. The decreases in 2011 and 2010 were primarily driven by a shift in product and regional mix as well as reduced tax rates for tight sand gas production related to South Texas Olmos and Eagle Ford completions.
Net Cash Provided by Operating Activities. For 2011, our net cash provided by operating activities from continuing operations was $373.1 million, representing a 44% increase as compared to $259.0 million generated during 2010. The 2011 increase was primarily due to an increase of $165.7 million in oil and gas sales, mainly due to higher oil and NGL prices along with a significant increase in natural gas production. For 2010, our net cash provided by operating activities from continuing operations was $259.0 million, represented a 15% increase from the $226.2 million generated during 2009, with this increase primarily due to an increase of $68.0 million in revenues, mainly attributable to higher oil and natural gas prices, partially offset by a combination of lower production, higher lease operating costs and higher severance taxes due to higher oil and gas sales.
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