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Thursday, 08 January, 2009, 23:50 GMT | more >>

Swift soars on record earnings



By Upstream staff 

Swift Energy bounced back strongly in the third quarter, improving production and earnings over the hurricane-affected year-ago period.

Swift reported an 85% increase in third quarter net earnings to $50.8 million, or $1.68 per diluted share, from $27.5 million, or 92 cents per diluted share, in the third quarter of 2005.

Revenue in the period hit $173.5 million, up from $100.6 million last time.

The company reported a 39% increase in production in the quarter, to $18.8 billion cubic feet equivalent from $13.5 billion cubic feet equivalent in the third quarter of 2005, and up 15% from the 16.3 billion cubic feet produced in the second quarter of 2006.

Earnings for the first nine months of 2006 rose 56% to $126.3 million, or $4.20 per diluted share, from $81.1 million, or $2.77 per diluted share, in the first nine months of last year.

Revenues for the same period hit rose 52% to $456.8 million from $300.8 million last time.


Thursday, 02 November, 2006, 23:56 GMT  | last updated: Thursday, 02 November, 2006, 23:56 GMT

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