Swift Energy Q4 Adj. Profit Beats Estimates

(RTTNews) - Swift Energy Co. (SFY) Thursday reported a net loss for the fourth quarter chiefly as the company recorded a write-down of its oil and gas properties. In addition, revenue for the 3-month period declined primarily due to lower oil prices and production levels. However, excluding the write-down, the company reported a profit that topped estimates.

For the fourth quarter, the company reported a net loss of $41.85 million or $0.96 per share, compared with a profit of $11.22 million or $0.26 per share reported in the same period last year.

Fourth-quarter results included a $73.9 million non-cash ceiling test write-down of the company's oil and gas properties.

Excluding the write-down, earnings were $5.8 million or $0.13 per share. On average, 15 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.11 for the quarter. Analysts' estimates typically exclude one-time items.

EBITDA for the 3-month period decreased to $95.18 million from $103.99 million last year.

For the 3-month period, revenues declined to $146 million from $157.9 million a year ago, . The company realized an aggregate average price of $47.26 per Boe for the quarter, compared with $50.87 per Boe in the same period last year.

Oil and natural gas equivalent production was nearly flat at 3,092 MBoe, compared with 3.108 MBoe a year earlier.

For the full-year 2013, net loss stood at $19.03 million or $0.44 per share, while the company had reported a profit of $20.94 million or $0.48 per share for 2012. Annual revenues increased to $588.54 million from $554.19 million last year.

For 2014, the company is targeting production levels of 11.3 MMBoe to 11.8 MMBoe and expects capital expenditures of $300 million to $350 million.