Swift Energy posts first quarter results

Source: Energy Digital

Date :08/05/2008 05:20:42

Swift Energy Co., the Houston-based energy company, today announced that its income from continuing operations for the first quarter increased 88 percent to $49.8 million, or $1.61 per diluted share.

The company produced 2.57 million barrels of oil equivalent (MMBoe) during the first quarter of 2008, a one percent increase compared to first quarter 2007 production of 2.53 MMBoe from continuing operations.

Total revenues from continuing operations increased 53 percent to $199 million from the $130.1 million in the same period last year, which the company attributed to higher commodity prices.

Operations

Terry Swift, CEO of Swift Energy, commented, “Given the exceptional external environment and current and anticipated operating results, we are increasing Swift Energy’s 2008 estimated capital outlays from $425-$475 million to $475-$525 million. This increase in spending will fund increased activity in both South Louisiana and South Texas.”

The company has continued to drill significant wells across all its operating areas and completed construction of the Lake Washington Westside Facility recently, placing it on production.

Year over year first quarter production benefited from the recent acquisition of three fields in South Texas, which resulted in approximately twice as much production from this region compared to first quarter 2007 results.

Swift Energy specializes in developing, exploring, acquiring and operating oil and gas properties, focusing on oil and natural gas reserves in the onshore and inland waters of Louisiana and Texas.

May 08, 2008