HOUSTON-headquartered Swift today said total revenue for the quarter had increased 42% on year to $136.2 million from $95.6 million due to increased levels of production and higher commodity prices.
The company’s net income rose 45% on year to $37.3 million from $25.7 million.
Production in the US of 12.8 billion cubic feet equivalent (bcfe) was up 16% on year, while New Zealand production of 3.8 bcfe was up 4% on the December quarter, but down 16% on a year ago.
The company’s New Zealand-based McKee crude blend sold for an average of $64.13 per barrel during the quarter, compared with $51.68/bbl in the year-ago period. However, its average gas sale price decreased by 8% to $2.91 per thousand cubic feet and its gas liquids price fell 6% to $16.68/bbl, compared with the first 2005 quarter.
This was because the New Zealand dollar depreciated against the greenback by more than 10% in the first quarter.
Swift Energy New Zealand was successful with the Kauri-E11 development well, targeting the Tariki sands, while the Trapper-A1 well was still awaiting testing in the Eocene-aged Kapuni sands.
SENZ president Alan Cunningham last month said Trapper-A1 had struck hydrocarbons and the company planned to perforate and possibly fracture stimulate the well mid-year.
Routine maintenance at Swift’s Tawn (Tariki, Ahuroa, Waihapa and Ngaere) onshore Taranaki production facilities last month, and scheduled work at the more southern Rimu production station, would further reduce Swift’s expected New Zealand production and revenue for the second quarter of this year.
