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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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