Swift Energy misses by $0.03, beats on revs (14.34 )
Reports Q4 (Dec) earnings of $0.26 per share, $0.03 worse than the Capital IQ Consensus Estimate of $0.29; revenues rose 1.8% year/year to $157.9 mln vs the $149.82 mln consensus. Fourth Quarter adjusted cash flow of $91.4 million, or $2.13 per diluted share
Co produced 3.11 million barrels of oil equivalent during the fourth quarter of 2012, a 15% increase over fourth quarter 2011 production, and an 8% sequential increase compared to third quarter 2012 production of 2.87 MMBoe.
Oil and natural gas proved reserve estimates at year-end 2012 of 192.1 MMBoe were 20% higher than 2011 year-end proved reserve estimates of 159.6 MMBoe. Crude oil and natural gas liquids comprised approximately 48% of year-end 2012 proved reserves, up significantly from the approximate 36% of total proved reserves at year-end 2011.
This record level of year-end proved reserves for the Company is primarily due to its 2012 drilling program in the liquids rich portions of its South Texas core area.
Reserve Estimates co's year-end 2012 estimate of proved reserves as of December 31, 2012 was 192.1 MMBoe, 20% higher than 2011 year-end proved reserves of 159.6 MMBoe.
These year-end 2012 proved reserves are 48% crude oil and natural gas liquids and 34% proved developed.
2013 Company Guidance
Co currently plans to balance its 2013 capital expenditures with its operating cash flow and available bank line.
Current 2013 spending plans are budgeted at $440 million to $480 million in total capital expenditures
targeting production up to 3% over 2012 levels and proved reserves to increase 7% to 12%, over year-end 2012 quantities with a focus on oil and liquid rich opportunities.
I don't understand this stock at all. The balance sheet continues to grow and the price continues to drop. They are sitting on $2.4 billion in assets per the latest earnings and the market cap is down to $550 million today. Like the other poster, I've done my due diligence and wonder if I'm missing something there. Or, could this possibly be one of the greatest value stocks today? I guess only time will tell, but this sure is frustrating in the short run.