Southwestern Energy releases 4Q results

• February 26, 2024  okenergytoday.com

While awaiting shareholders approval of its recently-announced merger with Oklahoma City’s Chesapeake Energy, Houston-based Southwestern Energy Company announced its fourth quarter financial results.

It sustained a fourth quarter loss of $658 million or 60 cents a share and finished all of 2023 with a total debt of $4 billion. Its adjusted net income for the qurter was $192 million or 17 cents a share and adjusted EBITDA was $611 million.

Still, for all of 2023, Southwestern generated $2.5 billion net cash provided by operating activities, $1.6 billion net income and $744 million adjusted net income.

Southwestern devoted its drilling efforts in two main gas plays, Appalachia and the Haynesville. As a result, if shareholders approve the merger with Chesapeake Energy, it indeed will make the new company one of the largest natural gas producers in the U.S.

Southwestern drilled 9 wells in the fourth quarter in the Appalachia and had NGL production of 88 MBbls a day and oil production of 15 MBbls a day. For all of 2023, the company’s total production in Appalachia was 1 trillion cubic feet. It also managed to drill 60 wells and completed 63 and put 67 wells to sale.

In the Haynesville, Southwestern had 146 Bcf of total production. It drilled 8 wells, completed a dozen and put 12 wells to sales durng the quarter. For the year, the company had 6353 Bcf in natural gas production. It drilled 50 wells, completed 61 and brought 65 to sales.