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SWIFT ENERGY REPORTS 1991 RESULTS

 SWIFT ENERGY REPORTS 1991 RESULTS
 HOUSTON, Feb. 25 /PRNewswire/ -- A. Earl Swift, chairman and


president of Swift Energy Company (NYSE, PSE: SFY), today announced fourth quarter and year-end 1991 results, reporting substantial increases in both cash flow from operating activities and in year-end oil and gas reserves. Net cash provided by operating activities increased 23 percent from $4.8 to $5.9 million, while Swift's year-end proved reserves increased approximately 19 percent from 6.8 to 8.1 million equivalent barrels. Swift noted that despite weakened oil and natural gas prices, two of the company's three core revenue segments each grew materially during 1991. These two segments, oil and gas sales and supervision fees, contributed $11.7 million to revenues in 1991, compared to $9.5 million during 1990. Lower revenues from Swift's third revenue segment, earned interests and fees from partnerships and joint ventures, led to lower revenues and earnings for the year. Earnings of $2.5 million, or 52 cents per share in 1991, compared to the previous year's income of $7.2 million, or $1.49 per share. Revenues of $14.7 million in 1991 compare to revenues of $20.4 million in 1990.
 Fourth quarter 1991 consolidated earnings totaled $816,669, or 17 cents per share, while in the fourth quarter of 1990, earnings amounted to $1,518,151, or 31 cents per share. Fourth quarter 1991 revenues of $4,723,935 correspond to revenues of $5,126,478 for the same period of 1990.
 Regarding 1991's lower level of earnings, Swift noted, "We announced early in 1991 a plan to change our production fund offering to a new and improved format. This change in structure gives Swift a larger interest in long-life oil and gas reserves while de-emphasizing receipt of front- end fees. This responds to investors' desire that all of their capital we invested in oil and gas properties, not the payments of fees, while focusing the company on long-term, rather than short-term results.
 Implementing this change required a series of regulatory and tax approvals, together with a complete reformulation of our broker-dealer sales network, resulting in an inherent down-time in this segment of our business. These modifications were completed in mid-1991, and partnership sales increased each quarter, as expected, growing by an average of 26 percent per quarter during 1991."
 Swift continued, "Our timely positioning of a new and innovative partnership format has led to an increase in market share for Swift among publicly offered income programs. According to the Stanger Review's 'Partnership Sales Summary,' Swift has become the number one seller of oil and gas income programs, and ranks among the top 15 sponsors of all partnership programs across all industries.
 "This confirms growing investor acceptance of the structure of our new no-load SDI income purchase program, which invests 100 percent of investor contributions in oil and gas producing properties. We believe that the fundamental economics of oil and gas property acquisitions have improved.
 "We expect oil and gas sales and joint venture earned interest revenues to grow in future periods. SDI sales should also continue to increase as the sales network for Swift's innovative new no-load production income program continues to expand."
 Swift Energy Company is an independent oil and gas company primarily engaged in the acquisition, exploration, development and operation of oil and gas properties through partnerships and joint ventures. The company has an established track record in proven property acquisitions. Swift has purchased over $290 million of producing oil and gas properties on behalf of public limited partnerships and joint ventures. It has interests in over 3,000 oil and gas wells located in 18 states, operating 674 wells and overseeing the operation of the remainder.
 SWIFT ENERGY COMPANY
 (In thousands, except per share amounts)
 Periods ended: Three months Year
 Dec. 31: 1991 1990 1991 1990
 Revenues:
 Oil & gas sales $2,703 $2,760 $8,362 $7,328
 Earned interests & fees
 Partnerships 453 951 1,987 4,622
 Joint ventures -- 578 244 5,261
 Supervision fees 1,403 587 3,363 2,149
 Other 165 250 735 1,030
 Total revenues $4,724 $5,126 $14,691 $20,390
 Expenses:
 Oil & gas production $795 $722 $2,442 $2,080
 Depreciation, depletion
 & amortization 1,138 1,047 3,844 3,556
 General & administrative 1,612 1,111 4,656 3,943
 Total $3,545 $2,880 $10,942 $9,579
 Net income 817 1,518 2,513 7,171
 Income per share $0.17 $0.31 $0.52 $1.49
 Average shares outstanding 4,907 4,826 4,876 4,799
 -0- 2/25/92
 /CONTACT: John R. Alden, senior vice president of Swift Energy, 713-874-2700 or 800-777-2412/
 (SFY) CO: Swift Energy Company ST: Texas IN: OIL SU: ERN


SM-TS -- NY026 -- 2268 02/25/92 10:38 EST
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Date:Feb 25, 1992
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