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Swift Energy Co. Message Board

  • aruba270155 aruba270155 Feb 21, 2013 6:37 AM Flag

    q4 RESULTS

    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.

    Sentiment: Strong Buy

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0.407-0.001(-0.17%)Nov 27 1:02 PMEST