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Swift Energy Company Reports Operating Results (10-Q)

August 02, 2012 | About:
10qk

10qk

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Swift Energy Company (SFY) filed Quarterly Report for the period ended 2012-06-30.

Swift Energy Company has a market cap of $772.1 million; its shares were traded at around $17.61 with a P/E ratio of 10.3 and P/S ratio of 1.3. Swift Energy Company had an annual average earning growth of 6.9% over the past 10 years.

Highlight of Business Operations:

Pricing: Our weighted average sales price in the second quarter of 2012 decreased by 25% and 7% when compared to levels in the second quarter of 2011 and the first quarter of 2012, respectively. When compared to the second quarter of 2011, natural gas prices declined 49%, along with a decline in NGL prices of 30%, and a 4% decline in oil prices. When compared to the first quarter of 2012, natural gas prices declined 8%, along with a decline in NGL prices of 22%, while oil prices declined by 4%.

Crude oil production was 31% and 38% of our production volumes in the second quarters of 2012 and 2011, respectively. Crude oil sales were 74% and 70% of oil and gas sales in the second quarters of 2012 and 2011, respectively. Natural gas production was 54% and 50% of our production volumes in the second quarters of 2012 and 2011, respectively. Natural gas sales were 14% and 19% of oil and gas sales in the second quarters of 2012 and 2011, respectively. The remaining production in each year was from NGLs.

During the second quarter of 2012, we recorded a net gain of $2.6 million related to our derivative activities, while during the second quarter of 2011, we recorded a net loss of $0.8 million from these activities. This activity is recorded in “Price-risk management and other, net” on the accompanying condensed statements of operations. Had these amounts been recognized in the oil and gas sales account, our average oil price would have been $110.93 and $111.82 for the second quarters of 2012 and 2011, respectively, and our average natural gas price would have been $2.01 and $3.86 for the second quarters of 2012 and 2011, respectively.

Crude oil production was 31% and 37% of our production volumes in the first six months of 2012 and 2011, respectively. Crude oil sales were 73% and 69% of oil and gas sales in the first six months of 2012 and 2011, respectively. Natural gas production was 55% and 50% of our production volumes in the first six months of 2012 and 2011, respectively. Natural gas sales were 15% and 20% of oil and gas sales in the first six months of 2012 and 2011, respectively. The remaining production in each year was from NGLs.

During the first six months of 2012, we recorded a net gain of $2.3 million related to our derivative activities, while during the first six months of 2011, we recorded a net loss of $1.0 million from these activities. This activity is recorded in “Price-risk management and other, net” on the accompanying condensed statements of operations. Had these amounts been recognized in the oil and gas sales account, our average oil price would have been $111.24 and $105.09 for the six months ended June 30, 2012 and 2011, respectively, and our average natural gas price would have been $2.09 and $3.84 for the six months ended June 30, 2012 and 2011, respectively.

Read the The complete Report

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10qk
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