Why did Swift Energy keep making acquisitions?
But Swift Energy defied conventional wisdom and picked up its rate of making acquisitions, acting on the belief that oil prices would rise beyond $20 by the early 1990s. In 1986 the company picked up $35 million in new investments. Time would also prove management right about the trajectory of oil prices.
Who is the CEO of Swift products?
Earl Swift is chairman of the company, and his son, Terry E. Swift, serves as president and CEO. Earl Swift grew up in Oklahoma, part of a family well versed in the oil business.
Where are swift oil's proven reserves located?
Of Swift's proven reserves, 40 percent is located in Louisiana, 37 percent in Texas, and 21 percent in New Zealand. A. Earl Swift is chairman of the company, and his son, Terry E. Swift, serves as president and CEO. Earl Swift grew up in Oklahoma, part of a family well versed in the oil business.
When did Swift Energy acquire oil and gas?
How much did Swift stock increase in 2000?
In 1989 Swift Energy continued to acquire oil and gas interests at discounted prices. In conjunction with chief partner Denver-based Manville Corp., the company paid about $52.1 million to acquire assets in oil and gas wells located in Arkansas, Kansas, Louisiana, New Mexico, Oklahoma, and Texas.
How many exploration wells were drilled in New Zealand?
With two solid drilling programs in the United States and New Zealand, Swift saw its stock price increase 227 percent in 2000. For the year, the company recorded revenues of $191.6 million and income of $59.2 million.
What was the price of oil in 1986?
Despite the potential for hydrocarbons, only around 500 exploration wells were drilled in the country throughout the 20th century, primarily because of New Zealand's remote location, which increased service costs, and its small economy, which offered a modest local market for the gas and oil the wells might produce.
What did Swift do in 1993?
In 1986, many in the industry predicted that oil prices, which were in the $10 to $12 a barrel range, would dip even further, to as low as $5 a barrel, making the acquisition of oil and gas reserves a foolhardy act. But Swift Energy defied conventional wisdom and picked up its rate of making acquisitions, acting on the belief that oil prices would rise beyond $20 by the early 1990s. In 1986 the company picked up $35 million in new investments. Time would also prove management right about the trajectory of oil prices. At this point, the company was involved in three basic areas: operating and developing properties, performing joint venture work with larger partners, and acting as fund managers for the limited partnerships. In addition to the acquisition of producing properties, the company bought some leases, and also delved into some side areas, such as the marketing of a blowout preventer through subsidiary Pet-Tech Tools Inc. While others in the industry struggled, and many failed, Swift Energy from 1983 to 1988 enjoyed a 47 percent annual rate of growth. It was also at the close of this period that Earl Swift's son, Terry, joined the business after earning a degree in chemical engineering and an M.B.A.
What is Swift Energy's mission?
Swift also looked to Venezuela, in 1993 forming a subsidiary in order to bid on a contract to construct and operate a methane pipeline. As with the Russian venture, this project failed to come to fruition, costing the company nearly $3 million. Officially, both investments were relegated to the unproved properties section of the company's portfolio.
Why is Swift Energy so effective?
As a natural resource company, Swift Energy's mission has always been to achieve efficient, sustained growth in the volume and net present value of its proved reserves. The underlying premise is that reserves growth leads to increases in oil and gas production and sales, which in turn lead to higher cash flows and earnings and ultimately to increases in shareholder value.
