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Swift Energy Company Reports Operating Results (10-Q)

November 01, 2012 | About:
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10qk

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Swift Energy Company (SFY) filed Quarterly Report for the period ended 2012-09-30.

Swift Energy Company has a market cap of $713.2 million; its shares were traded at around $15.4 with a P/E ratio of 13.7 and P/S ratio of 1.2.

Highlight of Business Operations:

Pricing: Our weighted average sales price in the third quarter of 2012 decreased by 21% and 2% when compared to levels in the third quarter of 2011 and the second quarter of 2012, respectively. When compared to the third quarter of 2011, natural gas prices declined 32%, NGL prices declined 46% and oil prices declined 3%. When compared to the second quarter of 2012, natural gas prices increased 26%, NGL prices declined 11% and oil prices declined 5%.

Crude oil production was 30% and 37% of our production volumes in the third quarters of 2012 and 2011, respectively. Crude oil sales were 70% and 69% of oil and gas sales in the third quarters of 2012 and 2011, respectively. Natural gas production was 52% and 53% of our production volumes in the third quarters of 2012 and 2011, respectively. Natural gas sales were 18% and 21% of oil and gas sales in the third quarters of 2012 and 2011, respectively. The remaining production in each year was from NGLs.

For the three months ended September 30, 2012 and 2011, we recorded a net gain of $0.2 million and $0.3 million, respectively, related to our derivative 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 $102.73 and $105.55 for the third quarters of 2012 and 2011, respectively, and our average natural gas price would have been $2.54 and $3.71 for the third quarters of 2012 and 2011, respectively.

Crude oil production was 31% and 37% of our production volumes in the first nine months of 2012 and 2011, respectively. Crude oil sales were 72% and 69% of oil and gas sales in the first nine months of 2012 and 2011, respectively. Natural gas production was 54% and 51% of our production volumes in the first nine months of 2012 and 2011, respectively. Natural gas sales were 16% and 20% of oil and gas sales in the first nine months of 2012 and 2011, respectively. The remaining production in each year was from NGLs.

During the first nine months of 2012, we recorded a net gain of $2.5 million related to our derivative activities, while during the first nine months 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 $108.46 and $105.24 for the nine months ended September 30, 2012 and 2011, respectively, and our average natural gas price would have been $2.24 and $3.80 for the nine months ended September 30, 2012 and 2011, respectively.

Read the The complete Report

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10qk
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