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Actionable news in SFY: SWIFT ENERGY COMPANY,

Swift Energy: Manager - Investor Relations

The following excerpt is from the company's SEC filing.

(281) 874-2700, (800) 777-2412

FOR IMMEDIATE RELEASE

SWIFT ENERGY ANNOUNCES THIRD QUARTER 2015 RESULTS

HOUSTON,

- Swift Energy Company (NYSE: SFY) reported today its third quarter 2015 financial and operating results.

Key Third Quarter Highlights

TOTAL PRODUCTION OF

MMBOE, ABOVE GUIDANCE

REVISING FULL-YEAR 2015 PRODUCTION GUIDANCE TO 11.6-11.7 MMBOE

BORROWING BASE REDUCED TO $330 MILLION

EXECUTED FIRST UPPER EAGLE FORD TEST

GROSS PRODUCTION IN WEBB COUNTY CURRENTLY AT 190 MMCF/D

“Despite the challenges facing our industry, I am pleased to announce we posted another quarter of strong operational results. Our continued focus on capital discipline and operational improvements has allowed us to revise our production guidance range to 11.6 to 11.7 million barrels of oil equivalent for the full year while maintaining our previously announced capital budget," commented Terry Swift, President and CEO of Swift Energy.

Third Quarter 2015 Results

Swift Energy produced

2.87 million

barrels of oil equivalent (“MMBoe”) during the third quarter of 2015, above the high end of the Company’s guided range of 2.77 to 2.82 MMBoe. Third quarter 2015 production compares to production of

MMBoe in the second quarter of 2015.

Swift Energy reported an adjusted net loss for the third quarter of 2015 of

$33.1 million

per diluted share, which excludes the non-cash ceiling test write-down of its oil and gas properties of

$321.5 million

(a pre-tax and non-GAAP measure - see

page 8

for reconciliation to the GAAP measure). The GAAP net loss for the third quarter 2015 was

$354.6 million

per diluted share. This compares to GAAP net income of

$2.5 million

per diluted share earned in the same quarter in 2014.

Third quarter 2015 cash flow before working capital changes (a non-GAAP measure - see page 7 for reconciliation to the GAAP measure) of

$5.1 million

decreased 66% compared to $15.0 million

of adjusted cash flow in the second quarter of 2015, and decreased

$75.5 million

of adjusted cash flow for the third quarter of 2014. Net cash used in operating activities for the third quarter of 2015 was

$1.0 million

compared to net cash provided by operating activities of

$81.9 million

in the same period a year ago.

Total revenues of

$60.1 million

for the third quarter of 2015 decreased

$66.2 million

of total revenues in the second quarter of 2015 due to lower average prices and slightly lower overall production. Total revenues were

lower than the

$138.8 million

of total revenues generated in the third quarter of 2014, also attributable to lower commodity prices and production levels.

Depreciation, depletion and amortization expense (“DD&A”) of

$12.43

per barrel of oil equivalent (“Boe”) in the third quarter of 2015 decreased 15% from

$14.64

of DD&A per Boe in the second quarter of 2015, and decreased

$21.82

of DD&A per Boe in the comparable period in 2014 due to a lower depletable base, partially offset by lower reserves volume.

Lease operating costs before severance and ad valorem taxes, were $5.92 per Boe compared to $7.01 per Boe in the same period a year ago and $5.97 in the second quarter of 2015. Workovers in the third quarter of 2015 totaled $1.0 million compared to the same amount in the year ago period. The Company did not incur workover expense in the second quarter of 2015.

Transportation and processing expense in the third quarter of 2015 of

per Boe increased from

third quarter of 2014 and $1.77 in the second quarter of 2015.

Severance and ad valorem taxes were 7.7% of oil and gas revenues in the third quarter of 2015, compared to 7.6% in the year ago period.

General and administrative expenses decreased to

per Boe during the

down

second quarter 2015

, primarily due to lower compensation based accruals and lower stock compensation.

Interest expense increased to

per Boe in the third quarter of 2015 compared to

due to higher levels of borrowing and lower production.

Third Quarter Pricing

In the third quarter of 2015, Swift Energy’s average crude oil prices decreased

$45.24

per barrel from

$56.65

per barrel realized in the second quarter in 2015. For the same period, average natural gas prices were

per thousand cubic feet (“Mcf”), up

per Mcf average price realized in the second quarter in 2015. Prices for NGLs averaged

$12.94

per barrel in the 2015 third quarter, a

decrease from second quarter 2015 NGL prices of

$15.18

per barrel.

The Company realized an aggregate average price of

$20.95

per Boe during the quarter, as compared to

$23.75

realized in the second quarter of 2015 and the

$44.98

per Boe average price received by the Company in the third quarter of 2014.

Operations Update

third quarter of 2015, Swift Energy drilled five operated development wells, four in Webb County in the Company’s South Texas Fasken core Eagle Ford area and one in McMullen County in the Company's core Eagle Ford AWP area. There are currently two operated rigs drilling in the Company’s South Texas core area. The Company's average...


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