Southwestern Energy Co (SWN) 10-Q Quarterly Report October 2018

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 - Expense Highlight
Capitalized interest remained flat for the three months ended September 30, 2018, compared to the same period in 2017, and increased as a percentage of gross interest expense primarily due to an increase in our average cost of debt.

Financial - Expense Highlight
Operating costs and expenses decreased $1 million for the three months ended September 30, 2018, compared to the same period in 2017, primarily due to decreased personnel costs.
Revenue - Product Highlight
Net cash provided by operating activities increased 23%, or $182 million, for the nine months ended September 30, 2018, compared to the same period in 2017, primarily due to an 8% increase in production volumes and a 10% increase in our weighted average realized commodity price, including settled derivatives.
Financial - Expense Highlight
Capitalized interest increased $1 million for the nine months ended September 30, 2018, compared to the same period in 2017, and remained flat as a percentage of gross interest expense.
Financial - Shares Highlight
Net loss attributable to common stock of $29 million, or $0.05 per diluted share, decreased 167% compared to net income attributable to common stock of $43 million, or $0.09 per diluted share, for the same period in 2017.
Revenue - Product
Excluding $161 million of impairments...Read more
Revenue - Product
Gas gathering revenues decreased $12...Read more
Revenue - Product
Revenues from our marketing activities...Read more
Revenue - Product
For the nine months ended...Read more
Financial - Income
E&P segment operating income increased...Read more
Revenue - Product
Increased financial flexibility by eliminating...Read more
Other - Other
At December 31, 2017, we...Read more
Financial - Expense
Our full cost pool amortization...Read more
Financial - Expense
On a per Mcfe basis,...Read more
Other - Other
Net cash provided by operating...Read more
Financial - Expense
Interest expense related to our...Read more
Other - Other
Represents the gain loss on...Read more
Other - Other
We focused our efforts in...Read more
Other - Other
We had negative working capital...Read more
Financial - Expense
Interest expense related to our...Read more
Revenue - Product
Production volumes for our E&P...Read more
Financial - Expense
Capitalized interest and internal costs...Read more
Other - Other
Our low effective tax rate...Read more
Financial - Expense
The amortization rate is impacted...Read more
Financial - Income
Excluding this charge, operating income...Read more
Financial - Expense
Restructuring charges, interest expense, gain...Read more
Financial - Income
E&P segment operating income of...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Southwestern Energy Co provided additional information to their SEC Filing as exhibits

Exhibit 10: Credit Agreement Amendment No. 1

Exhibit 31: Ceo Certification - Section 302

Exhibit 31: Cfo Certification - Section 302

Exhibit 32: Ceo Certification - Section 906

Exhibit 32: Cfo Certification - Section 906

Exhibit 95: Swn Mine Safety Disclosure

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

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