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Southwestern Energy Co (SWN) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Southwestern Energy Co

CIK: 7332 Ticker: SWN

Picture 16

NEWS RELEASE



SOUTHWESTERN ENERGY ANNOUNCES THIRD QUARTER 2018 RESULTS



Operational outperformance captures increasing value from high quality liquids portfolio



Spring, Texas – October 25, 2018...Southwestern Energy Company (NYSE: SWN) today announced financial and operating results for the quarter ended September 30, 2018. Unless noted, results are compared to the third quarter of 2017.



Highlights

·

Generated positive net cash flow after capital investment; full year capital guidance unchanged

·

Reported net cash provided by operating activities of $307 million and net cash flow of $355 million, 45% and 43% higher, respectively

·

Produced 252 Bcfe, including a 22% increase in Appalachia to 187 Bcfe

·

Achieved record liquids production of 67.1 MBbls per day including 56.3 MBbls per day of NGLs and 10.8 MBbls per day of oil

·

Captured $2.51 per Mcfe weighted average realized price, excluding hedges, with a 37% increase in Appalachia to $2.63 per Mcfe

·

Drilled two record laterals of 15,559 feet in West Virginia and 16,272 feet in Pennsylvania

·

Initiated share repurchase program, spending $25 million for 4.8 million shares

·

Credit facility confirmed at $2.0 billion after Fayetteville sale

·

Reported net loss attributable to common stock of $29 million, or $0.05 per diluted share, and adjusted net income attributable to common stock of $146 million, or $0.25 per diluted share



Bill Way, President and Chief Executive Officer of Southwestern Energy said, “This quarter’s cash flow was more than 40% higher than the same period last year. Results benefited from our returns focused growth of liquids as prices improved,  from our leading low cost gas transportation portfolio as regional basis tightened and from operational achievements made by our leading operational team. In addition to building on our operational and financial momentum, we took another deliberate step in our strategy to reposition the Company by signing an agreement to sell the Fayetteville Shale assets.



Way continued, In addition to delivering strong quarterly results, we  initiated the share repurchase program with an initial $25 million repurchase of shares and we completed  a conditional $900MM debt tender that will significantly reduce near term debt maturities and leverage. Clearly, our team is executing and our strategy is working.    





 

 


The following information was filed by Southwestern Energy Co (SWN) on Thursday, October 25, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Southwestern Energy Co's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
Consolidated Statements Of Operations
Assets Held For Sale
Assets Held For Sale (Carrying Value Of The Major Categories Of Assets And Liabilities Reflected As Held For Sale) (Details)
Assets Held For Sale (Narrative) (Details)
Assets Held For Sale (Tables)
Basis Of Presentation
Basis Of Presentation (Narrative) (Details)
Cash And Cash Equivalents
Cash And Cash Equivalents (Summary Of Cash And Cash Equivalents) (Details)
Cash And Cash Equivalents (Tables)
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Commitments And Contingencies (Schedule Of Future Obligation Under Transportation Agreements) (Details)
Commitments And Contingencies (Tables)
Condensed Consolidating Financial Information
Condensed Consolidating Financial Information (Condensed Consolidating Balance Sheets) (Details)
Condensed Consolidating Financial Information (Condensed Consolidating Statement Of Operations) (Details)
Condensed Consolidating Financial Information (Condensed Consolidating Statements Of Cash Flows) (Details)
Condensed Consolidating Financial Information (Narrative) (Details)
Condensed Consolidating Financial Information (Tables)
Debt
Debt (2013 Credit Facility - Narrative) (Details)
Debt (2016 Credit Facility - Narrative) (Details)
Debt (2018 Revolving Credit Facility - Narrative) (Details)
Debt (Components Of Debt) (Details)
Debt (Senior Notes - Narrative) (Details)
Debt (Tables)
Derivatives And Risk Management
Derivatives And Risk Management (Balance Sheet Classification Of Derivative Financial Instruments) (Details)
Derivatives And Risk Management (Narrative) (Details)
Derivatives And Risk Management (Schedule Of Derivative Assets And Liabilities Held For Sale) (Details)
Derivatives And Risk Management (Schedule Of Derivative Instruments Notional Amount, Weighted Average Contract Prices And Fair Value) (Details)
Derivatives And Risk Management (Summary Of Before Tax Effect Of Fair Value Hedges Not Designated For Hedge Accounting) (Details)
Derivatives And Risk Management (Tables)
Earnings Per Share
Earnings Per Share (Narrative) (Details)
Earnings Per Share (Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share) (Details)
Earnings Per Share (Schedule Of Earnings Per Share) (Details)
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Carrying Amount And Estimated Fair Values Of Financial Instruments) (Details)
Fair Value Measurements (Narrative) (Details)
Fair Value Measurements (Reconciliations For Change In Net Fair Value Of Derivative Assets And Liabilities Measured At Fair Value On A Recurring Basis Using Significant Unobservable Inputs (Level 3)) (Details)
Fair Value Measurements (Summary Of Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details)
Fair Value Measurements (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Natural Gas And Oil Properties
Natural Gas And Oil Properties (Narrative) (Details)
New Accounting Pronouncements
Pension Plan And Other Postretirement Benefits
Pension Plan And Other Postretirement Benefits (Narrative) (Details)
Pension Plan And Other Postretirement Benefits (Pension And Other Postretirement Benefit Costs) (Details)
Pension Plan And Other Postretirement Benefits (Tables)
Reclassifications From Accumulated Other Comprehensive Income (Loss)
Reclassifications From Accumulated Other Comprehensive Income (Loss) (Amounts Reclassified From Accumulated Other Comprehensive Income (Loss)) (Details)
Reclassifications From Accumulated Other Comprehensive Income (Loss) (Components Of Accumulated Other Comprehensive Income (Loss)) (Details)
Reclassifications From Accumulated Other Comprehensive Income (Loss) (Tables)
Reduction In Workforce
Reduction In Workforce (Summary Of Restructuring Charges) (Details)
Reduction In Workforce (Tables)
Revenue Recognition
Revenue Recognition (Disaggregation Of Revenue By Segment) (Details)
Revenue Recognition (Disaggregation Of Revenue On Geographic Basis) (Details)
Revenue Recognition (Narrative) (Details)
Revenue Recognition (Reconciliation Of Accounts Receivable) (Details)
Revenue Recognition (Tables)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Stock-Based Compensation
Stock-Based Compensation (Narrative) (Details)
Stock-Based Compensation (Schedule Of Equity-Classified Stock-Based Compensation Costs) (Details)
Stock-Based Compensation (Schedule Of Liability-Classified Stock-Based Compensation Costs) (Details)
Stock-Based Compensation (Schedule Of Stock-Based Compensation Costs) (Details)
Stock-Based Compensation (Summary Of Equity-Classified Performance Units Activity) (Details)
Stock-Based Compensation (Summary Of Equity-Classified Restricted Stock Activity) (Details)
Stock-Based Compensation (Summary Of Equity-Classified Stock Option Activity) (Details)
Stock-Based Compensation (Summary Of Liability-Classified Performance Unit Activity) (Details)
Stock-Based Compensation (Summary Of Liability-Classified Restricted Stock Unit Activity) (Details)
Stock-Based Compensation (Tables)
Ticker: SWN
CIK: 7332
Form Type: 10-Q Quarterly Report
Accession Number: 0000007332-18-000051
Submitted to the SEC: Thu Oct 25 2018 1:27:31 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Crude Petroleum And Natural Gas

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