HOUSTON, Dec. 22, 2014 /PRNewswire/ -- Southwestern Energy
Company (NYSE: SWN) announced that the transaction reported in
October 2014 with Chesapeake Energy
Corporation (NYSE: CHK) to acquire certain oil and gas assets in
West Virginia and southwest
Pennsylvania was closed today at
an adjusted purchase price of approximately $4.975 billion.
"We are very pleased with today's closing and the addition of
this world-class asset into our portfolio," remarked Steve Mueller, Chairman and Chief Executive
Officer of Southwestern Energy. "We believe this is a
transformational transaction for the company and we are excited to
begin development of this new asset as we continue our focus on
creating value for our shareholders."
The transaction was temporarily financed using a $4.5 billion 364-day senior unsecured bridge term
loan credit facility and a $500
million two-year unsecured term loan.
Conference Call and Webcast
Southwestern will discuss the details of this transaction and
its 2015 plans on a conference call and webcast on Tuesday, December 30th at 10 a.m. Central Time (11
a.m. Eastern Time). The toll-free number to call is
877-407-8035 and the international dial-in number is
201-689-8035. The webcast may be accessed from Southwestern
Energy's home page at http://www.swn.com. There will also be
a replay of the conference call available at 877-660-6853 and
201-612-7415 using the conference ID #13598065 for thirty days.
Southwestern Energy Company is an independent energy company
whose wholly-owned subsidiaries are engaged in natural gas and oil
exploration, development and production, natural gas gathering and
marketing. Additional information on the company can be found at
http://www.swn.com.
All statements, other than historical facts and financial
information, may be deemed to be forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements that address activities, outcomes and other
matters that should or may occur in the future, including,
without limitation, statements regarding the financial position,
business strategy, production and reserve growth and other plans
and objectives for the company's future operations, are
forward-looking statements. Although the company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements. The
company has no obligation and makes no undertaking to publicly
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extent set forth below. You should not place undue reliance on
forward-looking statements. They are subject to known and unknown
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company's operations, markets, products, services and prices and
cause its actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
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referred to specifically in connection with forward-looking
statements, risks, uncertainties and factors that could cause the
company's actual results to differ materially from those indicated
in any forward-looking statement include, but are not limited to:
the timing and extent of changes in market conditions and prices
for natural gas and oil (including regional basis differentials);
the company's ability to transport its production to the most
favorable markets or at all; the timing and extent of the company's
success in discovering, developing, producing and estimating
reserves; the economic viability of, and the company's success in
drilling, the company's large acreage position in various areas
and, in particular, the Fayetteville Shale play, overall as well as
relative to other productive shale gas areas; the company's ability
to fund the company's planned capital investments; the impact of
federal, state and local government regulation, including any
legislation relating to hydraulic fracturing, the climate or over
the counter derivatives; the company's ability to determine the
most effective and economic fracture stimulation for its shale
plays; the costs and availability of oil field personnel services
and drilling supplies, raw materials, and equipment and services;
the company's future property acquisition or divestiture
activities; increased competition; the company's ability to access
debt and equity capital markets to refinance its short- and
long-term bank debt; the financial impact of accounting regulations
and critical accounting policies; the comparative cost of
alternative fuels; conditions in capital markets, changes in
interest rates and the ability of the company's lenders to provide
it with funds as agreed; credit risk relating to the risk of loss
as a result of non-performance by the company's counterparties and
any other factors listed in the reports the company has filed and
may file with the Securities and Exchange Commission (SEC). For
additional information with respect to certain of these and other
factors, see the reports filed by the company with the SEC. The
company disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise.
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SOURCE Southwestern Energy Company