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Swift Energy Company (SFY)

Q2 2015 Earnings Conference Call

August 06, 2015 10:00 AM ET

Executives

Doug Atkinson - Manager, IR

Terry Swift - President and CEO

Alton Heckaman - EVP and CFO

Bob Banks - EVP and COO

Analysts

Welles Fitzpatrick - Johnson Rice

Michael Hall - Heikkinen Energy Advisors

Noel Parks - Ladenburg Thalmann

Adam Leight - RBC Capital Markets

Joshua Gale - GMP Securities

Presentation

Operator

Good morning. My name is Jake and I will be your conference operator today. At this time, I would like to welcome everyone to the Swift Energy Company second-quarter 2015 earnings conference call.

Thank you. Mr. Doug Atkinson, Manager of Investor Relations, you may begin.

Doug Atkinson

Thank you, Jake. Good morning. I'm Doug Atkinson, Manager of Investor Relations. Welcome to Swift Energy's second-quarter 2015 earnings conference call. Joining today's call is Terry Swift, President and CEO; Alton Heckaman, Executive Vice President and Chief Financial Officer; Bob Banks, Executive Vice President and Chief Operating Officer; as well as Steve Tomberlin, Senior Vice President of Resource Development and Engineering.

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 Web site within the investor relations sections.

Before I turn the call over to Terry I'd 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 in 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 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'm going to quickly cover the highlights of the quarter before turning over the presentation to Alton Heckaman, our CFO, who will talk about the second-quarter financial results. After that, our Chief Operating Officer, Bob Banks, will speak to our operations, and then I will make a few concluding comments and remarks before we open it up to Q&A.

Starting with Slide 3 of the presentation, despite the challenges that our industry is obviously facing, I'm pleased to report operationally that we achieved quarterly production of 2.88 million barrels of oil equivalent, which was above our guided range of 2.75 million to 2.8 million barrels. We revised our full-year 2015 production guidance to a range of 11.5 million to 11.6 million barrels of oil equivalent and revised our capital budget to $110 million to $120 million.

We successfully secured an additional 30 million cubic feet per day of takeaway capacity out of our Fasken field in Webb County, bringing our total takeaway up to 190 million cubic feet per day. On the cost side, we are now drilling and completing our wells in Fasken for approximately $6 million per well, we have done this and continue to improve the technology that we have been using. We will speak more of that today.

We believe we can bring these costs down further in the coming months. Our cost-reduction initiatives are still on track as lease operating expenses declined sequentially 8%, general and administrative cost declined sequentially 18%. We set new technical limits in Fasken in the quarter, drilling our longest lateral to date, and achieving our best to date drilling cost per foot all of which Bob will discuss in more detail.

We have now completed 21 consecutive wells at Fasken that are expected to meet or beat our 12 Bcf per well type curve. These new Fasken wells are producing between 3 billion and 3.5 billion cubic feet of cumulative gas production in their first year of production. This is an amazing accomplishment compared to our original designs, which were, of course, shorter laterals and less sand, which pulled roughly 1.5 billion cubic feet of gas production out of the ground in their first year of production.

We're going to focus more, during this call, on each of these highlights and outline our plans for the third quarter of 2015. At the end of our prepared remarks I will make a few comments on recent events and we will open the call up for Q&A. And with that, I will turn the call over to Alton.

Alton Heckaman

Thanks, Terry and good morning. I will summarize our financial results for the quarter. For those following along with the presentation, summary tables of our second-quarter financial and operating highlights can be seen starting on Slide 4 in our presentation deck. As Terry mentioned, our second-quarter 2015 production was 2.88 million Boe, slightly above expectations. We were above guidance as to both oil and nat gas, while NGL production was within our guidance range. Our overall financial results for the second quarter of 2015 include oil and gas sales were at 68.3 million, before the 2.1 million loss in price risk management and other income. Our adjusted net loss was 32.9 million or $0.74 per diluted share which excludes the effects of our non-cash ceiling test write-down.

As we noted in the earnings release, we recorded a 261 million pre-tax ceiling test write-down in the second quarter of 2015, due to the continued lower commodity prices. Resulting in a reported GAAP net loss for 2Q 2015 of 292.9 million or $6.58 per diluted share.

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