SOUTHWESTERN ENERGY ANNOUNCES SECOND QUARTER 2021 RESULTS
Strategically positioned to capture sustainable value from increasing scale and responsible development
SPRING, Texas – July 29, 2021...Southwestern Energy Company (NYSE: SWN) today announced financial and operating results for the second quarter ended June 30, 2021.
•Integration planning for scale-enhancing acquisition and Haynesville entry ahead of schedule; shareholder vote set for August 27th;
•Implemented basin-wide project to certify and continuously monitor potential emissions from all Appalachia unconventional wells;
•Further reduced leverage ratio by 0.4x to 2.6x; sustainable 2x leverage expected in late 2021;
•Generated $270 million net cash provided by operating activities; invested $259 million consistent with our maintenance capital plan; expect free cash flow to ramp in second half 2021;
•Captured promised $100 per foot well costs savings on first three Ohio Utica wells;
•Reported total production of 276 Bcfe, or 3.0 Bcfe per day, including 2.4 Bcf per day of gas and 104 MBbls per day of liquids;
•Received weighted average realized price (excluding impact of transportation and hedges) of $2.92 per Mcfe; and
•Approximately 90% of remaining 2021 Appalachia natural gas basis protected; annual differential guidance range remains unchanged.
“Southwestern Energy meaningfully advanced its strategic value-creation objectives during the quarter. The Company announced a significant acquisition that we believe is highly accretive across both equity and credit metrics. The addition of Indigo further positions SWN as a leading natural gas company; it expands our investment opportunities across the nation’s top two natural gas basins and enhances our margins while reducing basis volatility. Additionally, in alignment with our ESG strategy, we initiated the certification and continuous monitoring of all Appalachia unconventional wells. These two strategic actions enhance sustainable and responsible value creation for all stakeholders,” said Bill Way, Southwestern Energy President and Chief Executive Officer.
The following information was filed by Southwestern Energy Co (SWN) on Thursday, July 29, 2021 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.