The company reported adjusted cash flow from continuing operations of $136.3 million, or $4.41 per diluted share, for the first quarter of 2008, a 62% increase, compared to adjusted cash flow of $84.2 million, or $2.76 per diluted share, for the same period of 2007.
Swift Energy produced 2.57 million barrels of oil equivalent (mmboe) from continuing operations (domestically) during the first quarter of 2008, which is a 1% increase compared to first quarter 2007 production of 2.53mmboe from continuing operations.
The company reported that the total revenues from continuing operations for the first quarter of 2008 increased 53% to $199 million from the $130.1 million from continuing operations generated in the same quarter of 2007, primarily attributable to higher commodity prices.
Terry Swift, CEO of Swift Energy, said: Against a backdrop of historically high crude oil and natural gas prices, Swift Energy has continued to drill significant wells across all of our operating areas, completed construction of the Lake Washington Westside facility and tied in additional natural gas takeaway capacity in Bay de Chene.
