Swift Energy Q2 Profit Up, Beats Estimates

(RTTNews) - Swift Energy Company (SFY), Thursday reported an increase in net income for the second quarter, mirroring higher revenues, primarily due to higher natural gas prices, as well as higher oil and NGL production volumes. The earnings also surpassed the Street estimates.

For the three-month period, the company reported net income of $6.7 million or $0.15 per share, compared with $3.0 million or $0.07 per share during the corresponding quarter last year.

On average, fifteen analysts polled by Thomson Reuters expected earnings per share of $0.09 for the quarter. Analysts' estimates typically exclude one-time items. Total revenues for the second quarter increased 6 percent to $142.5 million from prior year's $134.8 million. The average realized price was $50.71 per barrel of oil equivalent or Boe, higher than $45.22 per Boe during the corresponding quarter last year. Analysts expected the company to report revenues of $142.18 million. Production Volumes for the tri-monthly period were 2.78 MMBoe.

For the third quarter, the company expects production volumes in the range of 3.02 - 3.15 MMBoe, and for full year, it expects production of 11.7 - 11.9 MMBoe. Swift Energy also said that as part of increasing the activity in South Texas during the second half, it expects increase in South Texas capital expenditures by about $50 million, to be funded initially through a credit facility.