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Swift Energy Company (SFY)

Q3 2015 Results Earnings Conference Call

November 05, 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

Steve Tomberlin - Senior Vice President of Resource Development and Engineering

Analysts

Adam Leight - RBC Capital

Presentation

Operator

Good morning. My name is Beth, and I will be your conference operator today. At this time I'd like to welcome everyone to our Swift Energy Company Third 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.

Doug Atkinson, you may begin your conference.

Doug Atkinson

Thank you, Beth. Good morning. I am Doug Atkinson, Manager of Investor Relations. Welcome to Swift Energy's third 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 available on the website within the Investor Relations section.

Before I turn the call over to Terry, I would like to call to your attention the forward-looking statements on slide two. Let me remind everyone that our presentation will contain forward-looking statements based our current assumptions, estimates and projects 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 refer you, along with cautionary statements contained in the press releases, and our actual results could differ materially.

Terry Swift

Thanks Doug. And this morning, we'd like to thank everyone for joining the call. I am going to quickly cover the highlights of the quarter, before turning the presentation over to Alton Heckaman, our CFO. He will talk about the second quarter financials. After that our Chief Operating Officer, Bob Banks, will speak to us about our operations, and then we will have some concluding remarks and summary, before we open it up for Q&A.

Before we start, I'd like to obviously recognize that we are in the midst of an energy storm in our industry. Over the past 12 months, we've actually seen crude oil go from its high to its low and drop approximately 60%.

Over that same 12 month period we've essentially seen natural gas at one of its highs drop to a more recent low and we have seen a collapse of 50% in the natural gas price in that regard.

What this means is companies are having to confront these issues, deal with the very significant decline in oil and gas revenues, and of course, Swift Energy Company is doing everything it can to reduce its costs and improve its performance, and focus on its balance sheet and liquidity, we'll talk about that a considerable amount today.

I do want to point out that we've made considerable progress in reducing our G&A, our CapEx, our LOE, and at the same time we've improved our operation. In fact, we've set some new records.

So while we obviously understand the seriousness of this environment and what I'm referring to as a global energy storm, we need to recognize that we've had a significant amount of improvement in our operation and we have done it safely.

We actually have one of the best safety records in our history as relates to 2015. We definitely are purposed to keep our operations safe and to have a focus on HSE as we do that.

Going to some of the highlights of our operation today, in our call, we did achieve quarterly production of 2.87 million barrels of oil equivalent which was above our guided range of 2.77 million to 2.82 million-barrels.

We revised our full year 2015 production guidance and now expect our production in the range of 11.6 million to 11.7 million barrels of oil equivalent, and maintain our capital budget range of $110 million to $120 million.

We recently drilled and completed our first upper Eagle Ford well in Fasken. Initial results are inline with our expectations, and in fact give us a lot of running room, in terms of what we believe is a very important asset that is not really booked into proven categories right now, and gives us a lot of running room, in terms of what we call the intrinsic asset value of the company.

We designed and executed a newer enhanced completion technique, which includes increasing the size of the frac job to approximately 2,000 pounds of sand per lateral foot, compared to our previous jobs which were averaging 1,400 pounds of sand per lateral foot. The operating guys will give you a lot more detail on than today. We're very pleased with those results.

We also executed an amendment to our credit facility agreement, lowering our borrowing base and commitment amount to $330 million from the previous number of $375 million.

The amendment includes modifications to key covenants and these covenants modifications provide us additional flexibility in the current market environment, and we'll speak more to that later in our call.

We also secured and have begun using an additional 30 million cubic feet a day of capacity out in the Fasken area, slightly ahead of schedule, and we are now producing at the 190 million a day capacity rate. In fact, I think the guys will talk to you a little bit today that we've been able to exceed that slightly.

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