Southwestern Energy – Investor Presentation – April 2022

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new word for the week:  Optionality - shows up at least 3 times in their presentation.  I think we can all figure out what they mean, but what is the difference between "optionality" and "options"?

'ality" as opposed to "s".  :-)  Since the term is used in conjunction with "portfolio", I take it to mean that capital allocations can toggle between the M-U and the Haynesville-Bossier.  With 60% of capital going to Haynesville currently, SWN is climbing on the LNG bandwagon.  Though the optionality sounds good, the Haynesville will always be the better market.  M-U gas has a transportation cost disadvantage to the most profitable markets.  SWN has been especially aggressive with its Haynesville drilling program which ramped up immediately after the acquisitions.


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