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Swift Energy Company history
Swift Energy Company company history timeline
But after 17 years of working for others, Swift, at the age of 45, decided he wanted to start his own oil business and in 1979 he tendered his resignation and formed Swift Energy.
He took the company public in 1981, at which point he was joined in the business by his oldest brother, Virgil N. Swift, who was also a professional petroleum engineer and well seasoned in the oil industry.
In 1983 the Swift brothers recognized that conditions in the market were changing and they felt it was a more opportune time to acquire producing oil and gas properties.
In 1986 the company picked up $35 million in new investments.
In 1988, on behalf of its limited partners, Swift Energy spent $55.9 million on oil and gas interests.
Early in 1990 Swift and its partnerships paid another $42.5 million to add oil and gas producing properties in Oklahoma, Louisiana, and Texas in five separate acquisitions.
New Zealand Venture in 1995
In 1995 the company was able to raise $46.2 million with the issuance of 5.8 million new shares of common stock, 70 percent of the money promised to be spent on the development of reserves in the Giddings Fields and the AWP Field in Texas.
At the close of 1997, after spending $10 million on the project, Swift terminated its agreement with Senega.
Swift further demonstrated its belief in its Austin Chalk interests in 1998 by paying $87 million in cash for Sonat Exploration Company, which brought with it 156 wells, interests in two gas plants, and 355,000 acres in the region.
Late in 1999 the company completed its first exploratory well.
With two solid drilling programs in the United States and New Zealand, Swift saw its stock price increase 227 percent in 2000.
As the company embarked on 2004, its 25th anniversary, management was pleased with the diversification of its drilling activities and fully expected record-setting performance.
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Swift Energy Company competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Geokinetics | 1980 | $43.1M | 4,000 | - |
| BP America Inc | 1909 | $164.2B | 70,100 | 76 |
| Gulfport Energy | 1998 | $1.8B | 256 | 5 |
| PDC Energy | 1969 | $3.8B | 535 | - |
| Unocal Corporation | 1890 | $8.2B | 6,400 | - |
| EQT | 1888 | $3.1B | 624 | 28 |
| EXCO Resources | 1955 | $394.0M | 153 | - |
| Cimarex Energy Co. | 2002 | $1.6B | 747 | - |
| Colonial Pipeline | 1962 | $500.0M | 700 | 44 |
| Burlington Resources Oil & Gas Co LP | 1981 | $1.5B | 2,200 | - |
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Swift Energy Company may also be known as or be related to SWIFT ENERGY CO, Swift Energy Co. and Swift Energy Company.