Insider Transaction History
Date Name-Position Transaction Shares Price Range ($) Shares Held Mkt Value
3/18/14 Matiuk Greg
Director Purchase 15,000 10.04 – 10.04 56,950 $150.6 K
3/13/14 Smith Clyde W Jr
Director Purchase 15,000 9.62 – 9.62 72,271 $144.4 K
The Company is currently engaged in negotiations regarding a joint venture arrangement for a portion of our natural gas properties in the Eagle Ford area, principally our natural gas properties in the Fasken area.
Swift Energy is also negotiating with prospective buyers to sell some or all of our Austin Chalk and Wilcox assets in Central Louisiana and expects to either complete a sale of some or all of these properties or pursue an ongoing development plan of its own.
Press Release: Swift Energy Announces: First Quarter Production of 2.94 Million Barrels of Oil EquivalentFont size: A | A | A
6:42 AM ET 5/1/14 | Dow Jones
Swift Energy Announces: First Quarter Production of 2.94 Million Barrels of Oil Equivalent First Quarter 2014 Net Income of $5.4 Million, or $0.12 Per Diluted Share;
First Quarter 2014 Adjusted Cash Flow of $73.6 Million, or $1.67 Per Diluted Share
HOUSTON--(BUSINESS WIRE)--May 01, 2014--
Swift Energy Company (NYSE:SFY) announced today net income of $5.4 million for the first quarter of 2014, or $0.12 per diluted share, a decrease compared to first quarter 2013 net income of $7.2 million, or $0.17 per diluted share, and an increase compared to a net loss of $41.8 million in the fourth quarter of 2013. Included in first quarter 2014 net income is a pre-tax loss of $3.4 million, or $0.04 per diluted share, for a non-cash fair value adjustment associated with the Company's ongoing price risk management program.
Adjusted cash flow (cash flow before working capital changes, a non-GAAP measure - see page 6 for reconciliation to the GAAP measure) for the first quarter of 2014 increased 1% to $73.6 million, compared to $72.6 million for that measure in the first quarter of 2013, and decreased 5% when compared to adjusted cash flow of $77.8 million for the fourth quarter of 2013.
Swift Energy produced 2.94 million barrels of oil equivalent ("MMBoe") during the first quarter of 2014, a 4% increase over first quarter 2013 production of 2.82 MMBoe, and down 5% compared to fourth quarter 2013 production of 3.09 MMBoe.
"Our focused South Texas development program continues to yield excellent results," commented Terry Swift, CEO of Swift Energy. "Our oil and gas professionals are able to hydraulically stimulate greater hydrocarbon reservoir volumes using longer laterals and more proppant. We are applying these techniques across our South Texas asset base and, at the same time, are lowering our costs.
"The three new wells brought online in our Fasken area this quarter have all individually maintained gross production rates in excess of 15 million cubic feet per day ("MMcf/d") over their first 60 days of production. At the end of this 60 day period, each of these wells had produced greater than 900 MMcf of gas while maintaining flowing pressures materially higher than older wells completed with shorter laterals and less proppant. Based on these performance results, we intend to pursue additional firm natural gas transportation capacity in excess of the current 75 million cubic feet per day available to us in the Fasken area. We expect to utilize any new transportation that becomes available to us, which we would hope to have in place by early next year, and view this area as an important strategic step toward developing high margin, predictable production volumes."
CVR Partners Reports 2014 First Quarter Results And Announces Cash Distribution of 38 Cents Per Common Unit
8:30 AM ET, 05/01/2014 - PR Newswire
SUGAR LAND, Texas, May 1, 2014 /PRNewswire/ -- CVR Partners, LP (NYSE: UAN), a manufacturer of ammonia and urea ammonium nitrate (UAN) solution fertilizer products, today announced first quarter 2014 net income of $21.5 million, or 29 cents per fully diluted common unit, on net sales of $80.3 million, compared to net income of $35.6 million, or 49 cents per fully diluted common unit, on net sales of $81.4 million for the 2013 first quarter.
Adjusted EBITDA, a non-GAAP measure, was $29.9 million for the first quarter of 2014, compared to adjusted EBITDA of $43.8 million for the first quarter of 2013.
"We are pleased with our results for the 2014 first quarter as realized fertilizer prices and plant operations were generally in line with our expectations," said Jack Lipinski, chief executive officer. "Looking at the second quarter, this year's spring planting season is under way in several regions. The USDA expects nearly 92 million acres of corn will be planted, which has helped support higher UAN prices as compared to the lower levels of late fall 2013."
For the first quarter of 2014, average realized plant gate prices for UAN and ammonia were $253 per ton and $479 per ton, respectively, compared to $295 per ton and $663 per ton, respectively, for the same period in 2013.
CVR Partners produced 91,000 tons of ammonia and purchased approximately 22,900 additional tons of ammonia during the first quarter of 2014, of which 8,900 net tons were available for sale while the rest was upgraded to 257,200 tons of UAN. In the 2013 first quarter, the plant produced 111,400 tons of ammonia, of which 30,700 net tons were available for sale while the remainder was upgraded to 196,200 tons of UAN.
On-stream factors during the 2014 first quarter were 98.8 percent for the gasifiers, 92.1 percent for the ammonia synthesis loop and 97.0 percent for the UAN conversion facility.
CVR Partners also announced today a first quarter 2014 distribution of 38 cents per common unit. The distribution, as set by the board of CVR GP, LLC, the general partner of CVR Partners, will be paid on May 19, 2014, to unitholders of record on May 12, 2014.
CVR Partners, LP is a variable distribution master limited partnership. As a result, its quarterly distributions, if any, will vary from quarter to quarter due to several factors, including, but not limited to, its operating performance; fluctuations in the prices received for its finished products; maintenance capital expenditures; and cash reserves deemed necessary or appropriate by the board of directors of its general partner.
We currently have the ability to store more than 100,000 tons of UAN at distribution facilities near farming communities in key growing areas. We also made good progress during the quarter on our plant’s diesel emission, fluid storage and load-out facilities. Similarly to how UAN is priced at a premium to ammonia, DEF sells at a premium to UAN on the nitrogen content basis.
EOG Resources is really seeing the benefit of its strong position in the Eagle Ford Shale. It's a play that's really changing the game for companies focused on drilling its oil-rich rocks. Penn Virginia (NYSE: PVA ) , for example, expects the Eagle Ford Shale to fuel 66%-78% oil production growth this year as the company drills its position in the play. As the following slide shows, Penn Virginia has become an oil growth story thanks to the Eagle ford Shale.
What's really interesting is that while Penn Virginia is growing faster than EOG Resources, it's doing so off of a much smaller base of production. That really makes EOG Resources' oil production growth rate truly remarkable considering the sheer size of the company.
In addition to the Eagle Ford Shale, EOG Resources also enjoyed solid well results in the Bakken Shale. Its wells there delivered initial production rates ranging from 1,000 to 2,220 barrels of oil per day. Meanwhile, the company continues to see solid results in the Delaware Basin Leonard Shale. The company's wells in the New Mexico portion of the play are delivering initial production rates north of 1,000 barrels of oil per day. Finally, the company's results farther south in that play are lower, however, these wells tend to maintain steady production, which is still delivering strong returns.
increases pva value
Gaining a position in a world class, oil-rich resource play like the Eagle Ford accelerates the transition of our portfolio and underscores our investment focus on high margin assets,” says president and CEO Doug Suttles.
Penn Virginia Corporation Announces First Quarter 2014 Results
4:05 PM ET, 05/12/2014 - GlobeNewswire
First Quarter Adjusted EBITDAX of $94 Million on Record Oil Production
Strong Results From Second Upper Eagle Ford Test Well
Eagle Ford Net Acreage Increased to Approximately 86,000 Acres
Drilling Inventory Increased Significantly to Approximately 1,510 Locations
RADNOR, Pa., May 12, 2014 (GLOBE NEWSWIRE) -- Penn Virginia Corporation (NYSE:PVA) today reported financial results for the three months ended March 31, 2014 and provided updates of its operations and 2014 guidance.
First Quarter 2014 Results and Highlights
First quarter 2014 financial results, with applicable comparisons to fourth quarter 2013 results, and highlights were as follows:
Product revenues from the sale of oil, natural gas liquids (NGLs) and natural gas were $133.2 million, or $70.01 per barrel of oil equivalent (BOE), compared to $117.1 million, or $63.58 per BOE. Oil and NGL revenues were $114.9 million, or 86 percent of product revenues, compared to $105.0 million, or 90 percent of product revenues. Cash margin per BOE, a non-GAAP (generally accepted accounting principles) measure, excluding share-based compensation expenses, was $53.93 per BOE, compared to $48.48 per BOE. Adjusted EBITDAX, a non-GAAP measure, was $93.8 million, compared to $84.4 million. Operating income was $14.9 million, excluding $57.4 million of gain on the sale of assets, compared to operating income of $15.5 million. Net income attributable to common shareholders (which includes our preferred stock dividend) was $17.5 million, or $0.22 per diluted share, compared to a net loss of $4.1 million, or $0.06 per diluted share. Adjusted net loss attributable to common shareholders, a non-GAAP measure which includes our preferred stock dividend but excludes the effects of items that affect comparability to other periods, was $7.9 million, or $0.12 per diluted share, compared to a loss of $6.7 million, or $0.10 per diluted share. In January 2014, we sold our Eagle Ford Shale natural gas gathering assets for a price of $100 million, $96 million net to our working interest. In May 2014, the borrowing base under our revolving credit facility was increased from $425 million to $475 million.
Recent operational results, with applicable comparisons to fourth quarter 2013 results, and highlights were as follows:
First quarter production was 21,133 barrels of oil equivalent (BOE) per day (BOEPD), up six percent compared to 20,020 BOEPD. First quarter production from our Eagle Ford Shale operations was 15,152 BOEPD, up 15 percent compared to 13,145 BOEPD. First quarter oil production was a record 11,955 barrels of oil per day (BOPD), an increase of seven percent compared to 11,130 BOPD. In the Eagle Ford Shale, as of March 31, 2014, we had a total of 19 (11.1 net) wells completing or waiting on completion and six (3.4 net) wells being drilled. Currently, we have a total of approximately 125,300 gross (85,900 net) acres in the Eagle Ford Shale. Approximately 6,400 net acres, or eight percent, have been added in the Eagle Ford Shale since our last quarterly report at an average cost of approximately $3,000 per acre. In both the Lower and Upper Eagle Ford Shale, we now estimate that we have approximately 1,510 gross remaining drilling locations, approximately 1,035 of which are in the Lower Eagle Ford Shale and approximately 475 of which are in the Upper Eagle Ford Shale. This inventory increased approximately 34 percent from approximately 1,125 locations reported previously. This inventory does not assume any overlapping inventory from the Upper and Lower Eagle Ford Shale intervals, which may represent as many as 400 additional locations. Approximately 90 locations were reclassified from Lower Eagle Ford Shale to Upper Eagle Ford Shale in the southeastern portion of our acreage in Lavaca County. We recently drilled and completed the Welhausen Upper and Lower Eagle Ford Shale test wells in Lavaca County. The Lower Eagle Ford Shale well tested at 1,536 BOEPD and the Upper Eagle Ford Shale well tested at 2,165 BOEPD.
Jefferies analyst Subash Chandra reiterated a Buy rating and $22 price target on Penn Virginia (NYSE: PVA) saying while Q1 EPS missed their views, the Upper Eagle Ford test was encouraging.
Chandra comments, "Adjusted EPS of ($0.12) missed our estimate of ($0.06) on production that was ~9% below forecast due to timing of pad drilling. Despite the miss, the quarter was promising, in our view, as the Upper and Lower Eagle Ford test came on at strong rates, albeit more history is needed to determine if they are separate containers. PVA now has a ~15-year drilling inventory in the Eagle Ford and remains our favorite Small-Cap name."
For an analyst ratings summary and ratings history on Penn Virginia click here. For more ratings news on Penn Virginia click here.
Shares of Penn Virginia closed at $16.01 yesterday.