Swift Energy reports 2012-end oil and natural gas proved reserves 192.1 MMBoe Crude oil and natural gas liquids comprised approximately 48% of year-end 2012 proved reserves, up from the approximate 36% of total proved reserves at year-end 2011.
Swift Energy says will take steps if commodity prices continue to languish Says headcount down 25% since early 2014, which equates to $15M-$20M in annual savings. Says will take additional steps if commodity prices continue to languish. Says current commodity backdrop gives company opportunity to become more efficient in operations. Says if commodity costs continue to languish for extended period of time, says will most likely see further cost reductions. Comments made on the Q4 earnings conference call. Swift Energy is up nearly 12% in morning trading to $3.18.
Swift Energy targets Q1 production of 2.92-2.97 MMBoe The company is targeting first quarter production levels of 2.92 to 2.97 MMBoe, including 11.1 to 11.2 Bcf of natural gas production, 0.65 to 0.67 MMBbl of crude oil production, and 0.42 to 0.44 MMBbl of natural gas liquids production. This level of production is based on $30M-$35M in capital expenditures for the quarter.