HOUSTON, Feb. 8, 2018 /PRNewswire/ -- Southwestern Energy
Company (NYSE: SWN) today announced several strategic steps to
reposition its portfolio, sharpen its focus on the Company's
highest return assets, strengthen its balance sheet and enhance its
financial performance. These initiatives are:
- Actively pursue strategic alternatives for the Fayetteville
Shale E&P and related midstream gathering assets;
- Identify and implement structural, process and organizational
changes to further reduce costs;
- Utilize funds realized from the foregoing to reduce debt,
supplement Appalachia development capital, potentially return
capital to shareholders, and for general corporate purposes.
Today's announcement results from a deliberate and methodical
process, including a comprehensive review of the Company's
portfolio by the board of directors and senior management. This is
the next phase of Southwestern Energy's strategy to drive greater
shareholder value, and builds on the strategic actions taken over
the past two years to stabilize its financial structure, improve
margins and optimize its current assets.
"These announced initiatives continue a series of strategic
actions that began in early 2016 to reposition our company to
compete and win in the future," said Bill
Way, President and Chief Executive Officer. "Our teams have
done a tremendous job in de-risking and enhancing the value of our
portfolio. Our Appalachia assets produce industry-leading
returns, with a growing, higher value liquids component, and will
soon be capable to self-fund future growth. We are now in a
position to further advance our opportunities in Appalachia, to
deliver sustainable, value-driven growth and greater returns for
our shareholders, all while maintaining our disciplined capital
investing commitment."
Mr. Way continued, "Fayetteville is a large-scale, low decline,
cash flow generating asset with identified, low-risk future
development opportunities and a world-class operating team. The
future success of Southwestern Energy will always be underpinned by
the legacy of our Fayetteville
asset and our employees who will continue to build on that
foundation."
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 on
the Internet at http://www.swn.com.
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," "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; changes in expected levels of natural gas and oil
reserves or production; operating hazards, drilling risks,
unsuccessful exploratory activities; 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; unexpected cost increases;
potential liability for remedial actions under existing or future
environmental regulations; potential liability resulting from
pending or future litigation; and general domestic and
international economic and political conditions; as well as changes
in tax, environmental and other laws 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.
View original
content:http://www.prnewswire.com/news-releases/southwestern-energy-announces-plans-to-reposition-portfolio-to-increase-shareholder-value-300595757.html
SOURCE Southwestern Energy Company