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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
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Generated positive net cash flow after capital investment; full year capital guidance unchanged |
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Reported net cash provided by operating activities of $307 million and net cash flow of $355 million, 45% and 43% higher, respectively |
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Produced 252 Bcfe, including a 22% increase in Appalachia to 187 Bcfe |
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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 |
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Captured $2.51 per Mcfe weighted average realized price, excluding hedges, with a 37% increase in Appalachia to $2.63 per Mcfe |
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Drilled two record laterals of 15,559 feet in West Virginia and 16,272 feet in Pennsylvania |
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Initiated share repurchase program, spending $25 million for 4.8 million shares |
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Credit facility confirmed at $2.0 billion after Fayetteville sale |
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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.”
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Southwestern Energy Co's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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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.
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.
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.
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.
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.
Excluding $161 million of impairments...Read more
Gas gathering revenues decreased $12...Read more
Revenues from our marketing activities...Read more
For the nine months ended...Read more
E&P segment operating income increased...Read more
Increased financial flexibility by eliminating...Read more
At December 31, 2017, we...Read more
Our full cost pool amortization...Read more
On a per Mcfe basis,...Read more
Net cash provided by operating...Read more
Interest expense related to our...Read more
Represents the gain loss on...Read more
We focused our efforts in...Read more
We had negative working capital...Read more
Interest expense related to our...Read more
Production volumes for our E&P...Read more
Capitalized interest and internal costs...Read more
Our low effective tax rate...Read more
The amortization rate is impacted...Read more
Excluding this charge, operating income...Read more
Restructuring charges, interest expense, gain...Read more
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
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