Responsibly sourced gas pioneer strengthens ESG
leadership with first-of-its-kind, basin-wide commitment with
Project Canary
Southwestern Energy (NYSE: SWN) (the “Company” or
“Southwestern”) announced today that it executed an agreement to
obtain independent responsibly sourced gas (RSG) certification
through Project Canary’s stringent TrustWell™ standards and
continuous emissions monitoring across its Appalachia basin
operations.
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the full release here:
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Under the terms of the agreement, Southwestern will utilize
Project Canary’s independent TrustWell™ analysis platform across
its existing and future unconventional Appalachia wells. The
agreement expands SWN’s existing relationship with Project Canary,
which began in 2017, and, when completed, will increase SWN’s
certified gross production to over 3 Bcf per day.
The certification process is set to begin in July 2021, with
substantially all certifications expected to be complete by early
2022. Project Canary will also initiate the installation of its
Canary X continuous emissions monitoring devices on all SWN’s pad
locations throughout the Appalachia basin.
“Creating sustainable value through responsible energy
development is a core value of SWN. We are proud to have been
first-movers in ESG, including leading performance, disclosure and
transparency. This includes emissions performance leadership
through rigorous operational design standards and methane reduction
initiatives, returning more freshwater to the environment than is
used in our operations, and robust chemical disclosure management,”
said Bill Way, Southwestern Energy President and Chief Executive
Officer. “In 2017, we saw the potential for a differentiated market
that values responsibly sourced gas, and today, we add another
milestone by becoming the largest independent producer to certify
and continuously monitor its entire base production. Natural gas is
a clean, reliable and affordable source of energy and, as a leading
producer of natural gas, we are proud to be a part of a lower
carbon future.”
Southwestern Energy certified its first wells in 2017 and has
since completed six separate RSG sales agreements. Southwestern has
a proven track record of ESG performance including reporting the
lowest GHG intensity among AXPC peers in the annual EHS survey,
achieving a methane intensity that is 85% better than the target
set by ONE Future, reporting five consecutive years of freshwater
neutrality and returning over 14 billion gallons of freshwater to
the environment.
Project Canary, a Denver-based B-Corp, is the leading provider
of continuous emissions monitoring technology and responsibly
sourced natural gas certification through its TrustWell™
operational analysis program. More than 600 unique data points
within 24 operational categories, including 12 dynamic scores for
continuous improvement, are included in a TrustWell™ analysis,
making it the market’s most rigorous certification and ongoing
monitoring process. Operators that earn top TrustWell™ rankings
utilize the highest standards and practices across their
operations.
“Southwestern Energy’s longstanding sustainability leadership
has positioned the company for continued success. We are grateful
to work with their entire team to further advance their most
critical ESG goals through site-level certification and continuous
monitoring data,” said Chris Romer, co-founder and CEO of Project
Canary. “The differentiated market for RSG is expanding quickly and
independent, third-party certification ensures that the demands of
global end-users, with heightened sustainability demands, will be
met and exceeded through the energy transition, where RSG will play
a central role.”
This marks more than three-dozen agreements Project Canary has
entered into with companies across the energy value chain,
reflecting the growing differentiated market demand for RSG.
About Southwestern Energy
Southwestern Energy Company (NYSE: SWN) is a leading U.S.
producer of natural gas and natural gas liquids focused on
responsibly developing large-scale energy assets in the nation’s
most prolific shale gas basins. SWN’s returns-driven strategy
strives to create sustainable value for its stakeholders by
leveraging its scale, financial strength and operational execution.
For additional information, please visit www.swn.com and
www.swn.com/responsibility.
About Project Canary
Project Canary, a Public Benefit Corporation based in Denver,
Colorado, is a mission-driven entity accountable to a double bottom
line of profit and the social good. Project Canary believes it is
possible to create a financially successful, self-sustaining
business that “does well and does good.” Project Canary’s goal is
to mitigate climate change by helping the energy sector operate on
a cleaner, more efficient, more sustainable basis through its
TrustWell™ operational certification program and continuous
emission monitoring services. Project Canary partners with the
Colorado School of Mines Payne Institute to develop a collaborative
environment for oil and gas companies and external parties to share
best practices and insights garnered through continuous monitoring.
To learn more, visit projectcanary.com.
Forward Looking Statement
Certain statements and information in this news release may
constitute “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Exchange Act, as amended. The words “believe,” “expect,”
“anticipate,” “plan,” "predict," “intend,” "seek," “foresee,”
“should,” “would,” “could,” “attempt,” “appears,” “forecast,”
“outlook,” “estimate,” “project,” “potential,” “may,” “will,”
“likely,” “guidance,” “goal,” “model,” “target,” “budget” and other
similar expressions are intended to identify forward-looking
statements, which are generally not historical in nature.
Statements may be forward looking even in the absence of these
particular words. Examples of forward-looking statements include,
but are not limited to, statements regarding the proposed
acquisition of Indigo Natural Resources LLC (the “Proposed
Transaction”), expected synergies and other benefits from and costs
in connection with the Proposed Transaction, estimated financial
metrics giving effect to the Proposed Transaction, our financial
position, business strategy, production, reserve growth and other
plans and objectives for our future operations, and generation of
free cash flow. These forward-looking statements are based on our
current expectations and beliefs concerning future developments and
their potential effect on us. The forward-looking statements
contained in this document are largely based on our expectations
for the future, which reflect certain estimates and assumptions
made by our management. These estimates and assumptions reflect our
best judgment based on currently known market conditions, operating
trends, and other factors. Although we believe such estimates and
assumptions to be reasonable, they are inherently uncertain and
involve a number of risks and uncertainties that are beyond our
control. As such, management’s assumptions about future events may
prove to be inaccurate. For a more detailed description of the
risks and uncertainties involved, see “Risk Factors” in our most
recently filed Annual Report on Form 10-K, subsequent Quarterly
Reports on Form 10-Q, Current Reports on Form 8-K, and other SEC
filings. We do not intend to publicly update or revise any
forward-looking statements as a result of new information, future
events, changes in circumstances, or otherwise. These cautionary
statements qualify all forward-looking statements attributable to
us, or persons acting on our behalf. Management cautions you that
the forward-looking statements contained herein are not guarantees
of future performance, and we cannot assure you that such
statements will be realized or that the events and circumstances
they describe will occur. Factors that could cause actual results
to differ materially from those anticipated or implied in the
forward-looking statements herein include, but are not limited to:
the timing and extent of changes in market conditions and prices
for natural gas, oil and natural gas liquids (“NGLs”), including
regional basis differentials and the impact of reduced demand for
our production and products in which our production is a component
due to governmental and societal actions taken in response to
COVID-19 or other public health crises and any related company or
governmental policies and actions to protect the health and safety
of individuals or governmental policies or actions to maintain the
functioning of national or global economies and markets; our
ability to fund our planned capital investments; a change in our
credit rating, an increase in interest rates and any adverse
impacts from the discontinuation of the London Interbank Offered
Rate; the extent to which lower commodity prices impact our ability
to service or refinance our existing debt; the impact of volatility
in the financial markets or other global economic factors;
difficulties in appropriately allocating capital and resources
among our strategic opportunities; the timing and extent of our
success in discovering, developing, producing and estimating
reserves; our ability to maintain leases that may expire if
production is not established or profitably maintained; our ability
to realize the expected benefits from recent acquisitions or the
Proposed Transaction; costs in connection with the Proposed
Transaction; the consummation of or failure to consummate the
Proposed Transaction and the timing thereof; costs in connection
with the Proposed Transaction; integration of operations and
results subsequent to the Proposed Transaction; our ability to
transport our production to the most favorable markets or at all;
the impact of government regulation, including changes in law, the
ability to obtain and maintain permits, any increase in severance
or similar taxes, and legislation or regulation relating to
hydraulic fracturing, climate and over-the-counter derivatives; the
impact of the adverse outcome of any material litigation against us
or judicial decisions that affect us or our industry generally; the
effects of weather; increased competition; the financial impact of
accounting regulations and critical accounting policies; the
comparative cost of alternative fuels; credit risk relating to the
risk of loss as a result of non-performance by our counterparties;
and any other factors listed in the reports we have filed and may
file with the SEC that are incorporated by reference herein. All
written and oral forward-looking statements attributable to us are
expressly qualified in their entirety by this cautionary
statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20210623005910/en/
Southwestern Energy Contact Brittany Raiford Director,
Investor Relations brittany_raiford@swn.com
Project Canary Contact Brian Miller Vice President,
Growth and Policy Brian.miller@projectcanary.com
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