Pivoting investment to high-rate natural gas
producing inventory, enabled by asset flexibility and operational
agility
Southwestern Energy Company (NYSE: SWN) today announced
financial and operating results for the first quarter ended March
31, 2020.
- Completed semi-annual borrowing base redetermination and
revolving credit facility commitment at $1.8 billion with no other
changes in terms
- Repurchased $80 million in senior notes at an average 36%
discount
- Received weighted average realized price (excluding
transportation) of $2.56 per Mcfe, including $93 million settled
hedging gains, a $0.47 per Mcfe benefit
- Reported total production of 201 Bcfe, including 1.7 Bcf per
day of gas and 83 MBbls per day of liquids
- Reduced cost structure by a total of $60 million in 2020 across
all expense categories, with additional savings measures in
progress
- Responding to current commodity price and COVID-19 demand
impact:
- Second quarter total production expected to
be largely unaffected, with a higher percentage of production from
natural gas due to improved well performance and ethane rejection;
minimal condensate curtailments expected
- Full year capital investment currently
expected to be $860 million, use of earmarked proceeds will not
exceed $300 million
“Again this quarter, the Company delivered operational and
financial performance that exceeded expectations. These results,
combined with ample liquidity, a long debt maturity runway,
rigorous capital discipline and proactive risk management,
demonstrate a strong foundation to navigate today’s ever-changing
environment. Given the Company’s operational agility and portfolio
flexibility, we have shifted capital investment to high-rate,
high-value natural gas as fundamentals indicate support for higher
prices going forward,” said Bill Way, Southwestern Energy President
and Chief Executive Officer.
“Clearly, current market conditions resulting from the COVID-19
pandemic can affect some of our operating and financial metrics. In
response we are reducing capital, and we continue to find ways to
mitigate the impacts. Throughout, we remain committed to protecting
our balance sheet, returning to free cash flow and maximizing
shareholder value,” continued Way.
Financial Results
For the quarter ended March 31, 2020, Southwestern Energy
recorded a net loss of $1.5 billion, or $2.86 per diluted share,
which includes a $1.48 billion non-cash full cost ceiling test
impairment, $408 million related to tax valuation allowance, a $246
million gain from unsettled derivatives and other one-time items.
This compares to net income of $594 million, or $1.10 per diluted
share in the first quarter of 2019. Adjusted net income, which
excludes the items noted above, was $56 million, or $0.10 per
diluted share, in the first quarter of 2020, compared to $145
million, or $0.27 per diluted share, for the prior year period. The
decrease was primarily related to lower commodity prices compared
to 2019, partially offset by a $93 million gain in settled
derivatives in 2020, compared to a $10 million loss in 2019.
Adjusted EBITDA (non-GAAP) was $206 million, net cash provided by
operating activities was $160 million and net cash flow (non-GAAP)
was $191 million.
FINANCIAL STATISTICS
For the three months ended
March 31,
(in millions)
2020
2019
Net income (loss)
$
(1,547
)
$
594
Adjusted net income (non-GAAP)
$
56
$
145
Diluted earnings (loss) per share
$
(2.86
)
$
1.10
Adjusted diluted earnings per share
(non-GAAP)
$
0.10
$
0.27
Adjusted EBITDA (non-GAAP)
$
206
$
319
Net cash provided by operating
activities
$
160
$
442
Net cash flow (non-GAAP)
$
191
$
309
Total capital investments (1)
$
237
$
325
(1)
Capital investments includes increases of
$8 million and $66 million for the three months ended March 31,
2020 and 2019, respectively, relating to the change in capital
accruals between periods.
As indicated in the table below, first quarter 2020 weighted
average realized price (including transportation) was $1.69 per
Mcfe excluding the impact of derivatives. Including derivatives,
weighted average realized price (including transportation) for the
quarter was down 26% from $2.92 per Mcfe in 2019 to $2.16 per Mcfe
in 2020, as settled derivative gains did not fully offset the 38%
decrease in NYMEX Henry Hub.
During the first quarter, $93 million was realized from
cash-settled hedging gains. At quarter end, the Company had hedges
for 87% of its remaining natural gas production, 57% of its natural
gas liquids (NGLs) production and approximately 100% of its oil
production, all at prices well above current strip pricing for the
remainder of 2020. As of March 31, 2020, the fair value of the
hedge portfolio for the remainder of 2020 was $353 million. The
Company’s three-year rolling hedging program spans across a range
of commodities including natural gas, oil, ethane, propane and
basis.
At quarter-end, the Company had total debt of $2.3 billion and a
cash balance of $5 million, with a leverage ratio of 2.7x. During
the first quarter of 2020, $80 million of senior notes were
repurchased at a discount of 36%, with $2.15 billion of senior
notes outstanding, including $210 million due before 2025.
As of March 31, 2020, Southwestern Energy had $149 million in
revolver borrowings and $172 million in letters of credit.
Subsequent to quarter end, the Company’s borrowing base related to
the revolving credit facility was set at $1.8 billion following a
scheduled semi-annual redetermination. On a pro-forma basis, the
Company has approximately $1.3 billion in liquidity available under
its revolving credit facility after adjusting for quarter-end
borrowings and an additional $150 million in letters of credit
issued subsequent to quarter-end.
Realized Prices
For the three months ended
(includes transportation costs)
March 31,
2020
2019
Natural Gas Price:
NYMEX Henry Hub price ($/MMBtu) (1)
$
1.95
$
3.15
Discount to NYMEX (2)
(0.42
)
(0.20
)
Realized gas price per Mcf, excluding
derivatives
$
1.53
$
2.95
Gain (loss) on settled financial basis
derivatives ($/Mcf)
0.10
(0.03
)
Gain (loss) on settled commodity
derivatives ($/Mcf)
0.31
(0.08
)
Realized gas price per Mcf, including
derivatives
$
1.94
$
2.84
Oil Price, per Bbl:
WTI oil price ($/Bbl)
$
46.17
$
54.90
Discount to WTI
(9.45
)
(9.42
)
Realized oil price, excluding
derivatives
$
36.72
$
45.48
Realized oil price, including
derivatives
$
45.97
$
47.82
NGL Price, Per Bbl:
Realized NGL price, excluding
derivatives
$
8.16
$
14.45
Realized NGL price, including
derivatives
$
10.78
$
15.05
Percentage of WTI, excluding
derivatives
18
%
26
%
Total Weighted Average Realized
Price:
Excluding derivatives ($/Mcfe)
$
1.69
$
2.98
Including derivatives ($/Mcfe)
$
2.16
$
2.92
(1)
Based on last day monthly futures
settlement prices.
(2)
This discount includes a basis
differential, a heating content adjustment, physical basis sales,
third-party transportation charges and fuel charges, and excludes
financial basis derivatives.
Operational Results
Total production for the quarter ended March 31, 2020 was 201
Bcfe, of which 78% was natural gas, 18% NGLs and 4% oil. Capital
investments totaled $237 million for the first quarter, with 38
wells drilled, 22 wells completed and 12 wells placed to sales.
For the three months ended
March 31,
2020
2019
Production
Gas production (Bcf)
156
143
Oil production (MBbls)
1,399
854
NGL production (MBbls)
6,128
5,603
Total production (Bcfe)
201
182
Average unit costs per Mcfe
Lease operating expenses
$
0.96
$
0.90
General & administrative expenses
(1)
$
0.11
$
0.19
Taxes, other than income taxes
$
0.07
$
0.10
Full cost pool amortization
$
0.53
$
0.57
(1)
Excludes $10 million and $3
million of restructuring charges (including severance) for the 2020
and 2019 periods, respectively.
Southwest Appalachia – In the first quarter, total
production was 87 Bcfe, approximately half of which was liquids.
The Company drilled 23 wells, completed 12 wells and placed seven
wells to sales, four in the rich acreage and three in the super
rich, with an average lateral length of 13,444 feet. The 3 super
rich wells were online for at least 30 days and had an average
30-day rate of 11 MMcfe per day, including 68% liquids.
Part of the shift to high-rate natural gas producing wells will
include increased development in the Company’s rich acreage in West
Virginia. A four-well pad placed to sales in the rich acreage
mid-March exceeded expectations, with a combined peak production
rate of approximately 170 MMcfe per day, a new Company record and a
20% improvement over the previous record. This represents a
continuation of the performance improvement the Company has seen in
this area utilizing latest generation completion designs. A typical
well in the rich acreage produces approximately 60% natural gas and
40% liquids, with a small contribution from condensate.
Northeast Appalachia – First quarter 2020 production was
114 Bcf. There were 15 wells drilled, 10 wells completed and five
wells put to sales with an average lateral length of 8,874 feet.
Four of the five wells were online for at least 30 days and had an
average 30-day rate of 24 MMcf per day, a 60% increase compared to
prior year quarter. This outperformance was driven by lateral
length, completion design enhancement and well mix.
Division Results
For the three months ended
March 31, 2020
Northeast
Southwest
Gas production (Bcf)
114
42
Liquids production
Oil (MBbls)
—
1,395
NGL (MBbls)
—
6,127
Production (Bcfe)
114
87
Gross operated production March 2020
(MMcfe/d)
1,499
1,515
Net operated production March 2020
(MMcfe/d)
1,220
939
Capital investments (in
millions)
Drilling and completions, including
workovers
$
79
$
110
Land acquisition and other
1
6
Capitalized interest and expense
6
30
Total capital investments
$
86
$
146
Gross operated well activity
summary
Drilled
15
23
Completed
10
12
Wells to sales
5
7
Average well cost on wells to sales (in
millions)
$
8.0
$
11.1
Average lateral length (in ft)
8,874
13,444
Total weighted average realized price
per Mcfe, excluding derivatives
$
1.71
$
1.66
Conference Call
Southwestern Energy will host a conference call and webcast on
Friday, May 1, 2020 at 9:00 a.m. Central to discuss first quarter
2020 results. To participate, dial US toll-free 877-883-0383, or
international 412-902-6506 and enter access code 6715011. The
conference call will webcast live at http://ir.swn.com.
To listen to a replay of the call, dial 877-344-7529,
International 412-317-0088, or Canada Toll Free 855-669-9658. Enter
replay access code 10140146. The replay will be available until May
22, 2020.
About Southwestern Energy
Southwestern Energy Company is an independent energy company
engaged in natural gas, natural gas liquids and oil exploration,
development, production and marketing. For additional information,
visit our website www.swn.com.
Forward Looking Statement
This news release contains forward-looking statements.
Forward-looking statements relate to future events and anticipated
results of operations, business strategies, and other aspects of
our operations or operating results. In many cases you can identify
forward-looking statements by terminology such as “anticipate,”
“intend,” “plan,” “project,” “estimate,” “continue,” “potential,”
“should,” “could,” “may,” “will,” “objective,” “guidance,”
“outlook,” “effort,” “expect,” “believe,” “predict,” “budget,”
“projection,” “goal,” “forecast,” “model,” “target” or similar
words. Statements may be forward looking even in the absence of
these particular words. Where, in any forward-looking statement,
the Company expresses an expectation or belief as to future
results, such expectation or belief is expressed in good faith and
believed to have a reasonable basis. However, there can be no
assurance that such expectation or belief will result or be
achieved. The actual results of operations can and will be affected
by a variety of risks and other matters including, but not limited
to, changes in commodity prices (including geographic basis
differentials); changes in expected levels of natural gas, natural
gas liquids and oil reserves or production; impact of reduced
demand for our products and products made from them due to
governmental and societal actions taken in response to the COVID-19
pandemic; operating hazards, drilling risks, unsuccessful
exploratory activities; natural disasters and epidemics; limited
access to capital or significantly higher cost of capital related
to illiquidity or uncertainty in the domestic or international
financial markets; international monetary conditions; the risks
related to the discontinuation of LIBOR and/or other reference
rates that may be introduced following the transition, including
increased expenses and litigation and the effectiveness of interest
rate hedge strategies; unexpected cost increases; potential
liability for remedial actions under existing or future
environmental regulations; failure or delay in obtaining necessary
regulatory approvals; potential liability resulting from pending or
future litigation; general domestic and international economic and
political conditions, including the impact of COVID-19; the impact
of a prolonged federal, state or local government shutdown and
threats not to increase the federal government’s debt limit; as
well as changes in tax, environmental and other laws, including
court rulings, applicable to our business. Other factors that could
cause actual results to differ materially from those described in
the forward-looking statements include other economic, business,
competitive and/or regulatory factors affecting our business
generally as set forth in our filings with the Securities and
Exchange Commission. Unless legally required, Southwestern Energy
Company undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
SOUTHWESTERN ENERGY COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
For the three months ended
March 31,
(in millions, except share/per share
amounts)
2020
2019
Operating Revenues:
Gas sales
$
248
$
430
Oil sales
52
39
NGL sales
50
81
Marketing
239
438
Other
3
2
592
990
Operating Costs and Expenses:
Marketing purchases
248
441
Operating expenses
193
165
General and administrative expenses
26
37
Restructuring charges
10
3
Depreciation, depletion and
amortization
113
112
Impairments
1,479
—
Taxes, other than income taxes
13
19
2,082
777
Operating Income (Loss)
(1,490
)
213
Interest Expense:
Interest on debt
40
42
Other interest charges
2
1
Interest capitalized
(23
)
(29
)
19
14
Gain (Loss) on Derivatives
339
(32
)
Gain on Early Extinguishment of
Debt
28
—
Other Income, Net
1
1
Income (Loss) Before Income
Taxes
(1,141
)
168
Provision (Benefit) for Income
Taxes:
Current
(2
)
—
Deferred
408
(426
)
406
(426
)
Net Income (Loss)
$
(1,547
)
$
594
Earnings (Loss) Per Common
Share
Basic
$
(2.86
)
$
1.10
Diluted
$
(2.86
)
$
1.10
Weighted Average Common Shares
Outstanding:
Basic
540,308,491
539,721,751
Diluted
540,308,491
541,320,487
SOUTHWESTERN ENERGY COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, 2020
December 31, 2019
ASSETS
(in millions)
Current assets:
Cash and cash equivalents
$
5
$
5
Accounts receivable, net
292
345
Derivative assets
627
278
Other current assets
48
51
Total current assets
972
679
Natural gas and oil properties, using the
full cost method, including $1,437 million as of March 31, 2020 and
$1,506 million as of December 31, 2019 excluded from
amortization
25,488
25,250
Other
523
520
Less: Accumulated depreciation, depletion
and amortization
(22,095
)
(20,503
)
Total property and equipment, net
3,916
5,267
Operating lease assets
152
159
Deferred tax assets
—
407
Other long-term assets
235
205
Total long-term assets
387
771
TOTAL ASSETS
$
5,275
$
6,717
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
465
$
525
Taxes payable
52
59
Interest payable
54
51
Derivative liabilities
268
125
Current operating lease liabilities
32
34
Other current liabilities
43
54
Total current liabilities
914
848
Long-term debt
2,279
2,242
Long-term operating lease liabilities
114
119
Pension and other postretirement
liabilities
40
43
Other long-term liabilities
227
219
Total long-term liabilities
2,660
2,623
Commitments and contingencies
Equity:
Common stock, $0.01 par value;
1,250,000,000 shares authorized; issued 586,023,435 shares as of
March 31, 2020 and 585,555,923 shares as of December 31, 2019
6
6
Additional paid-in capital
4,728
4,726
Accumulated deficit
(2,798
)
(1,251
)
Accumulated other comprehensive loss
(33
)
(33
)
Common stock in treasury, 44,353,224
shares as of March 31, 2020 and December 31, 2019
(202
)
(202
)
Total equity
1,701
3,246
TOTAL LIABILITIES AND EQUITY
$
5,275
$
6,717
SOUTHWESTERN ENERGY COMPANY
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
(Unaudited)
For the three months ended
March 31,
(in millions)
2020
2019
Cash Flows From Operating
Activities:
Net income (loss)
$
(1,547
)
$
594
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation, depletion and
amortization
113
112
Amortization of debt issuance costs
1
1
Impairments
1,479
—
Deferred income taxes
408
(426
)
(Gain) loss on derivatives, unsettled
(246
)
22
Stock-based compensation
1
2
Gain on early extinguishment of debt
(28
)
—
Other
—
1
Change in assets and liabilities
Accounts receivable
53
189
Accounts payable
(86
)
(48
)
Taxes payable
(6
)
4
Interest payable
1
2
Inventories
8
5
Other assets and liabilities
9
(16
)
Net cash provided by operating
activities
160
442
Cash Flows From Investing
Activities:
Capital investments
(228
)
(258
)
Net cash used in investing activities
(228
)
(258
)
Cash Flows From Financing
Activities:
Payments on long-term debt
(52
)
—
Payments on revolving credit facility
(500
)
—
Borrowings under revolving credit
facility
615
—
Change in bank drafts outstanding
5
3
Purchase of treasury stock
—
(21
)
Cash paid for tax withholding
—
(1
)
Net cash provided by (used in) financing
activities
68
(19
)
Increase in cash and cash equivalents
—
165
Cash and cash equivalents at beginning of
year
5
201
Cash and cash equivalents at end of
period
$
5
$
366
Hedging Summary
A detailed breakdown of derivative financial instruments and
financial basis positions as of March 31, 2020, including the
remainder of 2020 and excluding those positions that settled in the
first quarter, is shown below. Please refer to the
Company’s quarterly report on Form 10-Q to be filed with the
Securities and Exchange Commission for complete information on the
Company’s commodity, basis and interest rate protection.
Weighted Average Price per
MMBtu
Volume (Bcf)
Swaps
Sold Puts
Purchased Puts
Sold Calls
Natural gas
2020
Fixed price swaps
279
$
2.50
$
—
$
—
$
—
Two-way costless collars
23
—
—
2.50
2.79
Three-way costless collars
136
—
2.08
2.42
2.70
Total
438
2021
Fixed price swaps
36
$
2.53
$
—
$
—
$
—
Two-way costless collars
29
—
—
2.28
2.77
Three-way costless collars
265
—
2.18
2.49
2.84
Total
330
2022
Two-way costless collars
29
$
—
$
—
$
2.10
$
2.83
Three-way costless collars
91
—
2.10
2.46
2.86
Total
120
2023
Three-way costless collars
2
$
—
$
2.15
$
2.55
$
3.35
Weighted Average Price per
Bbl
Volume (MBbls)
Swaps
Sold Puts
Purchased Puts
Sold Calls
Oil
2020
Fixed price swaps (1)
2,442
$
57.75
$
—
$
—
$
—
Two-way costless collars
731
—
—
56.88
59.81
Three-way costless collars
1,210
—
43.94
53.17
58.05
Total
4,383
2021
Fixed price swaps
2,328
$
53.72
$
—
$
—
$
—
Three-way costless collars
1,445
—
43.52
53.25
58.14
Total
3,773
2022
Fixed price swaps
438
$
51.74
$
—
$
—
$
—
Three-way costless collars
666
—
42.50
53.20
58.00
Total
1,104
Ethane
2020
Fixed price swaps
6,952
$
8.59
$
—
$
—
$
—
2021
Fixed price swaps
3,017
$
7.40
$
—
$
—
$
—
Propane
2020
Fixed price swaps
4,049
$
23.06
$
—
$
—
$
—
Two-way costless collars
275
—
—
25.20
29.40
Total
4,324
2021
Fixed price swaps
2,460
$
21.77
$
—
$
—
$
—
(1)
Includes 186 MBbls of purchased fixed
price oil swaps at $57.46 per barrel and 2 628 MBbls of sold fixed
price oil swaps at $57.73 per barrel.
Natural gas financial basis
positions
Volume
Basis Differential
(Bcf)
($/MMBtu)
2020
Dominion South
105
$
(0.51
)
TCO
37
$
(0.43
)
TETCO M3
57
$
(0.32
)
Total
199
$
(0.44
)
2021
Dominion South
68
$
(0.47
)
TCO
4
$
(0.31
)
TETCO M3
31
$
0.98
Total
103
$
(0.03
)
2022
Dominion South
58
$
(0.52
)
TETCO M3
30
$
(0.41
)
Total
88
$
(0.48
)
Explanation and Reconciliation of Non-GAAP
Financial Measures
The Company reports its financial results in accordance with
accounting principles generally accepted in the United States of
America (“GAAP”). However, management believes certain non-GAAP
performance measures may provide financial statement users with
additional meaningful comparisons between current results, the
results of its peers and of prior periods.
One such non-GAAP financial measure is net cash flow. Management
presents this measure because (i) it is accepted as an indicator of
an oil and gas exploration and production company’s ability to
internally fund exploration and development activities and to
service or incur additional debt, (ii) changes in operating assets
and liabilities relate to the timing of cash receipts and
disbursements which the Company may not control and (iii) changes
in operating assets and liabilities may not relate to the period in
which the operating activities occurred.
Additional non-GAAP financial measures the Company may present
from time to time are net debt, adjusted net income, adjusted
diluted earnings per share and adjusted EBITDA, all which exclude
certain charges or amounts. Management presents these measures
because (i) they are consistent with the manner in which the
Company’s position and performance are measured relative to the
position and performance of its peers, (ii) these measures are more
comparable to earnings estimates provided by securities analysts,
and (iii) charges or amounts excluded cannot be reasonably
estimated and guidance provided by the Company excludes information
regarding these types of items. These adjusted amounts are not a
measure of financial performance under GAAP.
3 Months Ended March
31,
2020
2019
Adjusted net income:
(in millions)
Net income (loss)
$
(1,547
)
$
594
Add back (deduct):
Restructuring charges
10
3
Impairments
1,479
—
Gain on sale of assets, net
—
(2
)
(Gain) loss on certain derivatives
(246
)
22
Gain on early extinguishment of debt
(28
)
—
Adjustments due to discrete tax items
(1)
674
(466
)
Tax impact on adjustments
(286
)
(6
)
Adjusted net income
$
56
$
145
(1)
2020 primarily relates to the recognition
of a valuation allowance. 2019 primarily relates to the release of
the valuation allowance. The Company expects its 2020 income tax
rate to be 23.5% before the impacts of any valuation allowance.
3 Months Ended March
31,
2020
2019
Adjusted diluted earnings per
share:
Diluted earnings (loss) per share
$
(2.86
)
$
1.10
Add back (deduct):
Restructuring charges
0.02
0.00
Impairments
2.73
—
Gain on sale of assets, net
—
(0.00
)
(Gain) loss on certain derivatives
(0.46
)
0.04
Gain on early extinguishment of debt
(0.05
)
—
Adjustments due to discrete tax items
(1)
1.25
(0.86
)
Tax impact on adjustments
(0.53
)
(0.01
)
Adjusted diluted earnings per share
$
0.10
$
0.27
(1)
2020 primarily relates to the recognition
of a valuation allowance. 2019 primarily relates to the release of
the valuation allowance. The Company expects its 2020 income tax
rate to be 23.5% before the impacts of any valuation allowance.
3 Months Ended March
31,
2020
2019
Net cash flow:
(in millions)
Net cash provided by operating
activities
$
160
$
442
Add back (deduct):
Changes in operating assets and
liabilities
21
(136
)
Restructuring charges
10
3
Net cash flow
$
191
$
309
3 Months Ended March
31,
2020
2019
Adjusted EBITDA:
(in millions)
Net income (loss)
$
(1,547
)
$
594
Add back (deduct):
Interest expense
19
14
Income tax expense (benefit)
406
(426
)
Depreciation, depletion and
amortization
113
112
Restructuring charges
10
3
Impairments
1,479
—
Gain on sale of assets, net
—
(2
)
(Gain) loss on certain derivatives
(246
)
22
Gain on early extinguishment of debt
(28
)
—
Stock-based compensation expense
1
2
Other
(1
)
—
Adjusted EBITDA
$
206
$
319
March 31, 2020
Net debt:
(in millions)
Total debt (1)
$
2,297
Subtract:
Cash and cash equivalents
(5
)
Net debt
$
2,292
(1) Does not include $19 million of unamortized debt discount
and issuance expense.
March 31, 2020
Net debt to Adjusted EBITDA:
(in millions)
Net debt
$
2,292
Adjusted EBITDA (1)
$
860
Net debt to Adjusted EBITDA
2.7x
(1) Includes Adjusted EBITDA of $860
million for the twelve months ended March 31, 2020.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200430005952/en/
Investor Contact Paige Penchas Vice President, Investor
Relations (832) 796-4068 paige_penchas@swn.com
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