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Swift Energy Company (SFY)

Q1 2015 Earnings Conference Call

May 7, 2015 10:00 ET

Executives

Doug Atkinson - Manager, Investor Relations

Terry Swift - President and Chief Executive Officer

Alton Heckaman - Executive Vice President and Chief Financial Officer

Bob Banks - Executive Vice President and Chief Operating Officer

Analysts

Will Derrick - SunTrust

Noel Parks - Ladenburg Thalmann

Adam Leight - RBC Capital Markets

William Adams - Advisory Research

Owen Douglas - Baird

Presentation

Operator

Good morning. My name is Nicole and I will be your conference operator today. At this time, I would like to welcome everyone to the Swift Energy Company’s First Quarter 2015 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Thank you. Mr. Atkins, you may begin your call.

Doug Atkinson

Good morning. I am Doug Atkinson, Manager of Investor Relations. Welcome to Swift Energy’s first quarter 2015 earnings conference call. Joining today’s call is Terry Swift, President and CEO; Alton Heckaman, Executive Vice President and Chief Financial Officer; and Bob Banks, Executive Vice President and Chief Operating Officer. We expect our presentation to take approximately 25 to 30 minutes and have allowed additional time for questions. To complement our prepared remarks, we have prepared a slide presentation, which is available on our website within the Investor Relations section.

Before I turn the call over to Terry, I would like to call your attention to our forward-looking statements on Slide 2. Let me remind everyone that our presentation will contain forward-looking statements based on our current assumptions, estimates and projections about us, our industry and the current environment in which we operate. These statements involve risks and uncertainties detailed in our SEC reports, to which we refer you, along with our cautionary statements contained in our press releases and our actual results could differ materially.

Terry Swift

Thanks, Doug and thank you to everyone for joining the call today. I am going to quickly cover the highlights of the quarter before turning the presentation over to Alton Heckaman, our CFO, who will talk about the first quarter financial results. After that, our Chief Operating Officer, Bob Banks, will speak to our operations and then I will make a few concluding remarks before I open up to Q&A.

Starting with Slide 3, despite the very low commodity price environment, I am pleased to report that we achieved quarterly production of 3.06 million barrels of oil equivalent, which was above our guided range of 2.92 million to 2.97 million barrels. Eagle Ford production increased 19% year-over-year primarily driven by higher production from our Fasken area. Our team continued to set new technical limits in Fasken during the quarter, drilling our longest lateral to-date, achieving our lowest lateral cost per foot and setting a new days on well record, all of which Bob will discuss in more detail.

Due to the reduction in prices, our borrowing base was modified from $417.6 million to $375 million. We are pleased with the re-determination amount, which was reasonably consistent with our expectations. Our cost reduction initiatives put in place in late 2014 are on track to meet our 2015 expectations. We are seeing cost concessions in some cases greater than we originally budgeted. Lease operating expenses decreased 16% sequentially.

Finally, based on well performance and better than expected cost savings, we are able to incrementally improve our commercial results, while maintaining our original capital budget. We are going to focus more on each of these highlights at the end and I will make a few comments on what we are doing to position ourselves in order to emerge from this challenging environment and try to become a much stronger company and certainly much more profitable.

And with that, I will turn the call over to Alton.

Alton Heckaman

Okay. Thanks, Terry and good morning. I will summarize our financial results for the quarter and for those who are following along with the presentation summary tables of our first quarter financial and operating highlights can be seen starting on Slide 4.

As Terry mentioned, our first quarter 2015 production was 3.06 million BOE as we exceeded our forecasted gas and crude oil production, while our NGL production was right in the middle of guidance. The overall financial results for the first quarter 2015 include: oil and gas sales were $67 million before the $1 million in price risk gains and other income; and adjusted net loss of $36.5 million, or $0.83 per diluted share, which excludes the effects of our non-cash ceiling test write-down. As noted in the earnings release, we recorded a $502 million pre-tax ceiling test write-down in the first quarter due to changes in our reserves pricing, product mix and development timing, resulting in a reported GAAP net loss for the first quarter of 2015 of $477.1 million, or $10.79 per diluted share.

Our controllable costs and metrics for the quarter include, general and administrative costs came in at $4.10 per BOE and included some one-time reduction in workforce charges, lease operating expenses came in at $6.21 per BOE, transportation and processing costs were $1.74 per BOE, DD&A was $19.81 per barrel, interest expense was $5.95 per BOE and severance and ad valorem taxes were 7.6% of oil and gas sales. Our effective income tax rate for the quarter was 14.3% as we have reduced the tax benefit attributable to our book loss with valuation allowance against our deferred tax assets in accordance with applicable GAAP accounting rules.

Read the rest of this transcript for free on seekingalpha.com