Swift Energy 4Q Profit Up 2 Percent – Production Gains Offset Lower Oil and Gas Pricesadmin
Oil and gas explorer Swift Energy Co. said Thursday fourth-quarter profit rose 2 percent, as production gains offset cooling prices.
Quarterly earnings increased to $35.3 million, or $1.16 per share, from $34.7 million, or $1.16 per share during the same period in 2005. Revenue gained 30 percent at $158.6 million from $122.5 million.
Analysts polled by Thomson Financial forecast profit of $1.06 per share on revenue of $155.9 million.
The company said production in the quarter rose 27 percent to 18.6 billion cubic feet equivalent from 14.7 billion cubic feet of equivalent during the same period a year earlier. Average pricing declined 4 percent to $7.98 per million cubic feet of equivalent from $8.34 per million cubic feet of equivalent.
Annual earnings jumped 40 percent to $161.6 million, or $5.38 per share, from $115.8 million, or $3.95 per share in 2005. Revenue grew 45 percent to $615.4 million from $423.2 million.
Source: AP via biz.yahoo.com