Attached files
| file | filename |
|---|---|
| EX-21 - SWIFT ENERGY CO - SIGNIFICANT SUBSIDIARIES - SILVERBOW RESOURCES, INC. | subsidiaries.htm |
| EX-31.1 - CEO CERTIFICATION - SILVERBOW RESOURCES, INC. | ceocertification.htm |
| EX-31.2 - CFO CERTIFICATION - SILVERBOW RESOURCES, INC. | cfocertification.htm |
| EX-99.1 - GRUY YE RESERVES AUDIT - SILVERBOW RESOURCES, INC. | reserveaudit.htm |
| EX-23.2 - CONSENT OF ERNST AND YOUNG - SILVERBOW RESOURCES, INC. | auditorconsent.htm |
| EX-23.1 - CONSENT OF HJ GRUY - SILVERBOW RESOURCES, INC. | reserveconsent.htm |
| EX-32 - CERTIFICATION OF CEO AND CFO - SILVERBOW RESOURCES, INC. | ceocfocertification.htm |
| 10-K - SWIFT ENERGY 2009 10-K - SILVERBOW RESOURCES, INC. | swiftenergy2009-10k.htm |
| EX-10.27 - SIXTH AMENDMENT CREDIT AGREEMENT - SILVERBOW RESOURCES, INC. | sixthamendmencragrmnt.htm |
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Exhibit
12
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SWIFT
ENERGY COMPANY
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RATIO
OF EARNINGS TO FIXED CHARGES (in thousands)
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2005
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2006
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2007
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2008
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2009
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GROSS
G&A
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42,142 | 62,876 | 73,453 | 86,212 | 69,987 | |||||||||||||||
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NET
G&A
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18,866 | 27,634 | 34,182 | 38,673 | 34,046 | |||||||||||||||
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INTEREST
EXPENSE, NET
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24,873 | 23,582 | 28,082 | 31,079 | 30,663 | |||||||||||||||
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RENTAL
& LEASE EXPENSE
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2,529 | 2,567 | 2,952 | 2,947 | 3,973 | |||||||||||||||
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INCOME
FROM CONTINUING OPERATIONS, BEFORE INCOME
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TAXES
AND CHANGE IN ACCOUNTING PRINCIPLE
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156,129 | 248,308 | 244,556 | (412,758 | ) | (64,617 | ) | |||||||||||||
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CAPITALIZED
INTEREST
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7,199 | 9,211 | 9,545 | 8,037 | 6,107 | |||||||||||||||
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CALCULATED
DATA
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EXPENSED
OR NON-CAPITAL G&A (%)
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44.77 | % | 43.95 | % | 46.54 | % | 44.86 | % | 48.65 | % | ||||||||||
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NON-CAPITAL
RENT EXPENSE
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1,132 | 1,128 | 1,374 | 1,322 | 1,933 | |||||||||||||||
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1/3
NON-CAPITAL RENT EXPENSE
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377 | 376 | 458 | 441 | 644 | |||||||||||||||
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FIXED
CHARGES
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32,449 | 33,169 | 38,085 | 39,557 | 37,414 | |||||||||||||||
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EARNINGS
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181,379 | 272,266 | 273,096 | (381,238 | ) | (33,310 | ) | |||||||||||||
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RATIO
OF EARNINGS TO FIXED CHARGES
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5.59 | 8.21 | 7.17 | (9.64 | ) | (0.89 | ) | |||||||||||||
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Amount
needed for a "break-even" ratio earnings
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420,795 | 70,724 | ||||||||||||||||||
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For
purposes of calculating the ratio of earnings to fixed charges,
fixed
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charges
include interest expense, capitalized interest, amortization
of
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debt
issuance costs and discounts, and that portion of
non-capitalized
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rental
expense deemed to be the equivalent of
interest. Earnings
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represents
income before income taxes and cumulative effect of change in
accounting
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principle
before interest expense, net, and that portion of rental expense deemed
to
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be
the equivalent of interest. Due to the $754.3 million non-cash charge
incurred
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in
the fourth quarter of 2008, and the $79.3 million non-cash charge incurred
in the first
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quarter
of 2009, both caused by a write-down in the carrying value of oil and
gas
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properties,
2008 earnings were insufficient by $420.8 million, and
2009
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earnings
were insufficient by $70.7 million, to cover fixed charges in these
periods.
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If
the $754.3 million non-cash charge is excluded, the ratio of earnings to
fixed charges
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would
have been 9.43 for 2008. If the $79.3 million non-cash charge is
excluded, the
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ratio
of earnings to fixed charges would have been 1.23 for
2009.
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