Chesapeake Energy and Southwestern Energy have agreed to merge in a deal that will see the two companies, which have a combined market capitalization of $18 billion, become one of the largest natural gas producers in the U.S. ...

Southwestern Energy (SWN) shares rallied 7.3% in the last trading session to close at $6.87. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 2.1% gain over the past four weeks.The surge in SWN stock price can be attributed to its potential merger deal with Chesapeake Energy. The deal is expected to be announced as early as next week, positioning the combined companies to become the largest gas producer in the ...

John Annis - Stifel Arun Jayaram - JP Morgan Operator I will now turn the call over to Brittany Raiford, Southwestern Energy's Vice President of Investor Relations. You may begin. Thank you. Good morning. And welcome to Southwestern Energy's third quarter 2023 earnings call. Joining me today are Bill Way, Chief Executive Officer; Clay Carrell, Chief Operating Officer; Carl Giesler, Chief Financial Officer; and Dennis Price, Senior Vice President of Marketing & Transportation. We may also refer to some non-G ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023 ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ________ to ________ Commission file number: 001-08246 Southwestern Energy Company (Exact name of registrant as specified in its charter) ( ...

Financial Data and Key Metrics Changes - The company reported a production of 423 Bcfe for the quarter, consisting of 4 Bcf per day of natural gas and 106,000 barrels per day of liquids [26] - Capital guidance for 2023 has been lowered by approximately 10% or $200 million to a range of $2 billion to $2.3 billion, with only a modest impact on production [28] - Leverage increased modestly to 1.4x, still within the target leverage range of 1.5x to 1.0x, with expectations for year-end 2023 debt to be lower than at year-end 2022 [29] Business Line Data and Key Metrics Changes - The company placed 50 wells to sales during the quarter, with 28 in Appalachia and 22 in Haynesville, indicating strong operational performance [51] - Average lateral length for wells in Appalachia exceeded 17,300 feet, with some wells in Haynesville reaching over 14,000 feet [75][96] - The company expects well costs in 2024 to be 10% to 15% lower than in 2023, contributing to improved capital efficiency metrics [52] Market Data and Key Metrics Changes - There has been a nearly 20% reduction in gas-directed drilling activity year-to-date, with continued moderation expected [27] - The company anticipates that strong power burn and increased LNG imports will provide additional price support for natural gas [24] - The Northeast basis market has weakened due to mild winter conditions and increased storage levels, impacting pricing dynamics [81] Company Strategy and Development Direction - The company aims to strengthen its balance sheet through debt reduction and improved capital efficiency while maintaining productive capacity [47] - Southwestern Energy is positioned as the largest Haynesville producer and gas supplier to existing U.S. LNG facilities, with plans to leverage its scale and inventory depth to remain a key supplier to the LNG sector [49] - The company is focused on optimizing completions and drilling efficiencies to enhance production performance and reduce capital expenditures [38][39] Management's Comments on Operating Environment and Future Outlook - Management expressed a constructive outlook for natural gas, supported by supply and demand fundamentals, with expectations for moderating sector production heading into next year [48] - The company is actively managing its capital program to align with commodity price levels and is prepared to adjust activity based on market conditions [23][25] - Management noted that the execution of their strategy translates to greater economic returns and equity value for shareholders [11] Other Important Information - The company has captured savings across various operational areas, particularly in casing, track horsepower, and chemicals, leading to a decrease in inflation outlook from 10%-15% to low single digits for the year [16] - The company plans to return capital to shareholders as it approaches its target debt range of $2.5 billion to $3.0 billion [29] Q&A Session Summary Question: Regarding the completion schedule and potential for additional completions - Management indicated that they will not add incremental completions back in the fourth quarter unless there is a price surge, reflecting operational improvements and completion efficiency gains [32] Question: On the productivity of Bossier wells compared to Haynesville wells - Management confirmed that while both performed well, there are specific fault blocks where Middle Bossier outperforms Haynesville, but overall performance is similar [33] Question: On capital spending and efficiency improvements - Management acknowledged ongoing completion optimization efforts and confirmed that fluid loading has benefited production performance across both Appalachia and Haynesville [38] Question: On LNG contracts and market dynamics - Management is evaluating opportunities to leverage their position into attractive risk-adjusted globally priced supply agreements, emphasizing their scale and connectivity to the LNG corridor [79] Question: On the DUC inventory and market perception - Management clarified that the perceived backlog of uncompleted wells is overstated, with actual DUC counts being lower than public data suggests [90][91]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2023 Or ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ________ to ________ Commission file number: 001-08246 Southwestern Energy Company (Exact name of registrant as specified in its charter) (St ...

Yes. We expect it to be within guidance. Bill Way And we hedge basis, always have as well to protect that. Jeoffrey Lambujon Great. And then as my follow-up, I was hoping just to get a snapshot of D&C per foot in each of our basins throughout the quarter for Q1. Just I think similar to how you spoke to Q4 on the last call, and then looking forward, how you think those might trend particularly in the Haynesville. Just as we think about the ranges that you've spoken to before and how quickly we can maybe see ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2023 Or ☐ Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ________ to ________ Commission file number: 001-08246 Southwestern Energy Company (Exact name of registrant as specified in its charter) (S ...

1 Cautionary Statements investor_relations@swn.com Aaron Henslin 832.796.2838 This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. These statements are based on current expectations. The words "anticipate," "intend," "plan," "project," "estimate," "continue," "potential," "should," "could," "may," "will," "objective," "guidance," "outlook," "effort," "expect," "believe," " ...

Production and Revenue - Average net daily production increased by 40% to 4,748 MMcfe/day in 2022 from 3,397 MMcfe/day in 2021, driven by a 547 Bcfe increase in Haynesville production [125]. - Total operating revenues for 2022 were $14,521 million, up from $6,189 million in 2021, marking an increase of 134.5% [144]. - Average realized natural gas price, excluding derivatives, increased to $5.98 per Mcf in 2022 from $3.31 per Mcf in 2021, reflecting a 80.7% increase [126]. - Average realized oil price, excluding derivatives, increased to $86.95 per Bbl in 2022 from $58.80 per Bbl in 2021, a rise of 47.8% [126]. - The average realized NGL price, including derivatives, was $26.52 per Bbl in 2022, compared to $18.20 per Bbl in 2021, an increase of 46% [126]. - Marketing revenues rose in 2022 due to a 60% increase in the price received for marketed volumes and a 724 Bcfe increase in marketed volumes [147]. - Marketing operating income increased by $49 million in 2022 compared to 2021, driven by a $51 million increase in marketing margin [147]. Capital Investment and Financial Commitments - E&P capital investing rose by 98% in 2022 compared to the previous year, primarily due to increased capital investment from the Indigo and GEPH mergers and inflation impacts [125]. - As of December 31, 2022, the company had natural gas delivery commitments of 1,273 Bcf for 2023, which is well below expected production levels [134]. - The company had total financial protection on future production of 998 Bcfe for 2023, ensuring cash flow stability [129]. - As of December 31, 2022, the company's obligations for demand and similar charges totaled approximately $10.4 billion, with $1,326 million related to future pipeline projects [149]. - The company’s current capital allocation strategy focuses on operating within cash flow from operations, net of changes in working capital [215]. Regulatory and Environmental Challenges - The EPA proposed a rule to reduce methane emissions from oil and gas sources, which could increase operational costs and restrict production capabilities [167]. - The Inflation Reduction Act of 2022 includes a Methane Emissions and Waste Reduction Incentive Program, potentially increasing costs for the oil and gas industry [177]. - The U.S. aims to reduce greenhouse gas emissions by 50-52% below 2005 levels by 2030, impacting the operational landscape for oil and gas companies [180]. - The SEC proposed a rule for mandatory climate-related disclosures, which may increase compliance costs and operational complexities for the company [178]. - The company is subject to various federal and state regulations regarding hydraulic fracturing, which could lead to increased costs and operational delays [174]. - The designation of endangered species could restrict drilling activities and increase operational costs due to compliance requirements [169]. - The company recognizes the need for responsible energy development in light of stakeholder concerns about climate change and regulatory impacts [181]. - Increased regulatory scrutiny on hydraulic fracturing may lead to operational delays and higher compliance costs, affecting financial performance [173]. Operational Performance and Workforce - The company drilled 138 wells and completed 139 wells in 2022, with 69 wells in progress at year-end [125]. - As of December 31, 2022, the company had 1,118 total employees, representing a 19% increase compared to year-end 2021 [190]. - Employee engagement is measured through a bi-annual survey administered by a third-party vendor, with action plans implemented based on feedback [187]. - The company focuses on minimizing workplace incidents and complies with occupational health and safety laws, with leaders held accountable for HSE performance [189]. Market and Competitive Landscape - One customer accounted for 17% of revenues in 2022, up from 12% in 2021, indicating increased reliance on key customers [136]. - The company faces intense competition in the oil and natural gas industry, affecting its ability to market products and secure necessary services [230]. - Changes in U.S. tax laws could adversely affect the company's financial position and future profitability [232]. - The company may experience reduced availability of personnel and services critical to its operations due to pandemics like COVID-19 [256]. Financial Position and Risks - The company had $4.4 billion of debt outstanding as of December 31, 2022, with senior notes maturing from 2025 to 2032 [207]. - The company must maintain a minimum current ratio of no less than 1.00 to 1.00, and a maximum total net leverage ratio of not greater than 4.00 to 1.00 [261]. - The company may need to sell significant assets if it cannot meet its financial obligations due to a reduction in its borrowing base [262]. - The company had total indebtedness of $4.4 billion as of December 31, 2022 [259]. - The company is subject to increased operating costs due to climate change regulations, which could reduce demand for its products [264]. Cybersecurity and Operational Disruptions - The company has not experienced any material losses or interruptions related to cyber-attacks to date, but future incidents could lead to significant operational disruptions and financial losses [241]. - The company is increasingly dependent on digital technologies, which heightens the risk of cyber incidents that could disrupt critical business operations [235]. Environmental Compliance and Liabilities - The company is subject to various environmental laws and regulations, which may impose administrative, civil, and criminal penalties for non-compliance [158]. - Under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), the company may face strict liability for hazardous substance releases, potentially leading to significant cleanup costs [160]. - The Resource Conservation and Recovery Act (RCRA) currently excludes certain oil and gas exploration wastes from hazardous waste regulations, but potential legislative changes could increase operational costs [161]. - The Clean Water Act (CWA) requires permits for discharging pollutants into U.S. waters, with penalties for unauthorized discharges, impacting operational compliance costs [162]. - The Oil Pollution Act (OPA) assigns liability for oil spill cleanup costs, with oil accounting for 2% of total production in 2022, down from 4% in 2020 [165].