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Wed, Feb. 3, 7:47 AM
- Swift Energy (NYSE:SFY) wins approval from a U.S. bankruptcy judge to sell its oil and gas assets in Louisiana to Texegy LLC for $48.75M.
- The deal covers 75% of SFY’s working assets, and the company says it will would concentrate on its core operations in the Eagle Ford Shale in south Texas.
- SFY entered bankruptcy late last year after months of trying to address its ~$1.2B debt load.
Tue, Jan. 26, 3:14 PM
- The U.S. government objects to Swift Energy’s (SFY, OTCPK:SFYWQ) proposed sale of most of its oil and gas assets in Louisiana, saying the company cannot transfer rights to drill on federal land without first receiving its consent, WSJ reports.
- SFY, which is in Chapter 11 proceedings, said earlier this month it was looking to sell the majority of its assets in Louisiana to Texegy for $48.75M; SFY is seeking approval of a private sale, rather than an auction typically required in Chapter 11 cases, because it has been shopping the assets since 2013.
Mon, Jan. 4, 8:28 AM
- Swift Energy (NYSE:SFY) is the latest U.S. shale driller to succumb to the collapse in crude oil prices, filing late on Dec. 31 seeking Chapter 11 bankruptcy.
- In a restructuring deal subject to bankruptcy court approval, SFY says it has arranged up to $75M of debtor-in-possession financing to provide additional liquidity to fund the business through the Chapter 11 process.
- SFY lists ~$1B in assets and $1.35B in debt.
Dec. 1, 2015, 6:02 PM
- Swift Energy (NYSE:SFY) says it will not to make an $8.9M interest payment due on its outstanding $250M principal amount of 7.125% senior notes due 2017, even though it has sufficient liquidity to do so.
- SFY says the skipped interest payment, due Dec. 1, is not an event of default but would become a default if payment is not made within 30 days.
- SFY says it it is continuing negotiations with noteholders on restructuring its senior notes and ways to increase near-term liquidity, with no understanding reached so far; meanwhile, it continues to pay suppliers and trade creditors and fund current operations on an ongoing basis.
Nov. 5, 2015, 6:13 AM
- Swift Energy (NYSE:SFY): Q3 EPS of -$0.74 beats by $0.03.
- Revenue of $60.1M (-56.9% Y/Y) beats by $1.75M.
Nov. 4, 2015, 5:30 PM
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Aug. 14, 2015, 12:47 PM
- The Obama administration will allow limited sales of crude oil to Mexico for the first time, Reuters reports, citing a senior administration official who says the U.S. Commerce Department is "acting favorably on a number of applications" to export U.S. crude in exchange for imported Mexican oil.
- The shipments, likely to be lighter, high-quality shale oil, would help Mexico's aging refineries produce more premium fuels, while U.S. refiners would continue to get Mexican heavy oil, a better match for them than the light oil coming from Texas and North Dakota.
- Although limited in scope, the move toward freeing up trade will please U.S. oil producers such as Pioneer Natural Resources (NYSE:PXD) and ConocoPhillips (NYSE:COP), which say the restrictions force them to sell oil at below global market rates, and may add momentum to efforts mostly to repeal what advocates see as a relic of the 1970s.
- Among relevant oil stocks: XOM, CVX, BP, RDS.A, RDS.B, OAS, NOG, CLR, WLL, EOX, SM, SFY, PVA, GST, SN, CRK, BBG, CWEI
- Relevant refining stocks: VLO, HFC, MPC, TSO, WNR, ALJ, PSX, PBF, DK, NTI, ALDW
- ETFs: XLE, XOP, XES, IEO, IEZ, PXE, NDP
Aug. 6, 2015, 6:19 AM
- Swift Energy (NYSE:SFY): Q2 EPS of -$0.74 beats by $0.10.
- Revenue of $66.17M (-57.6% Y/Y) beats by $10.48M.
Jul. 28, 2015, 8:45 PM
- Swift Energy (NYSE:SFY) says it has retained Lazard Freres to advise it with respect to capital structure, financing alternatives and related strategic opportunities.
- The company believe its underlying assets "have meaningful value, much of which can be realized even in today’s challenging environment."
- SFY says it is exploring alternatives to realigning its balance sheet and senior notes, which it contends are trading at levels significantly below face value.
Jul. 16, 2015, 12:46 PM
Jul. 16, 2015, 11:41 AM
- Swift Energy (SFY -12.8%) tumbles after WSJ reports it has pulled a $640M loan offering, citing poor market conditions.
- SFY announced on June 23 the launch of the financing to help pay down an existing credit facility, but crude oil prices have dropped 14% from before the deal launched through yesterday.
Jul. 14, 2015, 5:29 PM
- PayPal (Pending:PYPL) will take parent EBAY's spot in the S&P 100 after the Marketplaces/PayPal split takes effect at the end of the week.
- PayPal will also take offshore driller Noble's (NYSE:NE) spot in the S&P 500. eBay proper will maintain its S&P 500 listing. Noble will move to the S&P MidCap 400, where it will take HMS Holdings' (NASDAQ:HMSY) spot. HMS will replace Swift Energy (NYSE:SFY) in the S&P SmallCap 600.
- EBAY +0.6% AH to $63.95. PayPal trades carried out on a "when issued" basis have unsurprisingly given the company a higher valuation than Marketplaces. Deutsche recently valued PayPal at $42/share.
Jul. 13, 2015, 12:45 PM
Jul. 8, 2015, 12:45 PM
Jul. 7, 2015, 5:37 PM
- Swift Energy (NYSE:SFY) is struggling to find buyers for a $640M loan that would boost its liquidity amid a renewed plunge in oil prices, Bloomberg reports.
- Investors are said to be demanding more than the 10.5% yield being proposed on the five-year debt; oil prices have plunged 11% since a June 29 deadline for lenders to commit to the financing.
- SFY also plans to use proceeds of the loan to repay its credit line, which will then be terminated.
May 7, 2015, 9:47 AM
- Swift Energy (SFY -17.9%) plunges at the open after reporting a wider than expected Q1 loss and a 52% Y/Y drop in revenues amid weaker oil prices.
- SFY says it realized an aggregate average price of $21.99/boe during Q1 vs. $50.62/boe received in the year-ago quarter.
- SFY says it produced 3.06M boe during Q1, a 4% Y/Y increase over year-ago output of 2.94M boe, and up 2% vs. Q4 production of 3M boe.
- Targets Q2 production of 2.75M-2.8M boe, based on $35M-$40M in capital expenditures for the quarter; for the full year, SFY maintains production guidance of 11.4M-11.6M boe and planned full-year capex of $110M-$125M.
- SFY's says its borrowing base under its revolving credit facility was reduced by 10% to $375M.
Swift Energy Co is engaged in developing, exploring, acquiring and operating oil & natural gas properties. It is engaged in oil and natural gas reserves in Texas as well as onshore and in the inland waters of Louisiana.
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