Strategy and execution delivering free cash
flow and reducing debt
Southwestern Energy Company (NYSE: SWN) today announced
financial and operating results for the first quarter ended March
31, 2021.
- Achieved $347 million net cash provided by operating
activities; invested $266 million consistent with its maintenance
capital plan;
- Generated $88 million free cash flow (non-GAAP);
- Free cash flow fully utilized to reduce debt; expect to
approach 2.0x leverage by year-end;
- Borrowing base and commitments reaffirmed at elected $2.0
billion;
- Reported total production of 269 Bcfe, or 3.0 Bcfe per day,
including 2.4 Bcf per day of gas and 103 MBbls per day of
liquids;
- Received weighted average realized price (excluding
transportation) of $2.99 per Mcfe; and
- Approximately 80% of annual natural gas production protected
from impacts of widening Appalachia differentials through
transportation capacity and basis hedges.
“The Company’s returns-driven strategy is underpinned by a lower
cost structure, improving operational performance, a strong balance
sheet, the generation of free cash flow and capturing the benefits
of scale, all while operating safely and responsibly. In the first
quarter, we delivered on each of these aspects of our strategy. Our
teams continue to innovate and create opportunities to further
improve results,” said Bill Way, Southwestern Energy President and
Chief Executive Officer.
Financial Results
For the three months ended
March 31,
(in millions)
2021
2020
Net income (loss)
$
80
$
(1,547
)
Adjusted net income (non-GAAP)
$
196
$
56
Diluted earnings (loss) per share
$
0.12
$
(2.86
)
Adjusted diluted earnings per share
(non-GAAP)
$
0.29
$
0.10
Adjusted EBITDA (non-GAAP)
$
382
$
206
Net cash provided by operating
activities
$
347
$
160
Net cash flow (non-GAAP)
$
354
$
191
Total capital investments (1)
$
266
$
237
(1)
Capital investments include increases of
$38 million and $8 million for the three months ended March 31,
2021 and 2020, respectively, relating to the change in capital
accruals between periods.
For the quarter ended March 31, 2021, Southwestern Energy
recorded net income of $80 million, or $0.12 per diluted share,
compared to a net loss in 2020 of $1.5 billion, or ($2.86) per
diluted share, attributable to a $1.48 billion non-cash full cost
ceiling test impairment and $408 million tax valuation allowance
included in 2020 results.
Adjusted net income was $196 million, or $0.29 per diluted
share, in the first quarter of 2021, compared to $56 million, or
$0.10 per diluted share, for the prior year period. The increase
was primarily related to an 18% increase in the weighted average
realized price including derivatives and a 34% increase in
production volumes, largely due to the Montage acquisition.
Adjusted EBITDA (non-GAAP) was $382 million, net cash provided by
operating activities was $347 million and net cash flow (non-GAAP)
was $354 million.
As indicated in the table below, first quarter 2021 weighted
average realized price, including $0.37 per Mcfe of transportation
expenses, was $2.62 per Mcfe excluding the impact of derivatives.
Including derivatives, weighted average realized price (including
transportation) for the quarter was up 18% from $2.16 per Mcfe in
2020 to $2.54 per Mcfe in 2021 primarily due to higher commodity
prices including a 38% increase in NYMEX Henry Hub and a 25%
increase in WTI. First quarter 2021 weighted average realized price
before transportation expense and excluding the impact of
derivatives was $2.99 per Mcfe.
At quarter end, the Company had hedges in place for 88% of its
remaining 2021 expected natural gas production, 60% of its 2021
expected natural gas liquids (NGLs) production and 93% of its 2021
expected oil production. During the quarter, SWN realized a $41
million gain from settled basis hedges which was more than offset
by losses associated with settled NGL and oil hedges due to
increased liquids prices, for a total $22 million settled hedge
loss.
As of March 31, 2021, Southwestern Energy had total debt of $3.0
billion with the leverage ratio improving to 3.0x. The Company’s
borrowing base was reaffirmed as part of its regularly scheduled
spring redetermination, with revolving credit facility commitments
unchanged at the elected $2.0 billion and asset coverage continuing
to exceed the borrowing base. At quarter end, the Company had $567
million of borrowings under its revolving credit facility with $233
million in letters of credit. During the quarter, debt was reduced
by $133 million, which included $88 million in free cash flow and
changes in working capital.
Realized Prices
For the three months ended
(includes transportation costs)
March 31,
2021
2020
Natural Gas Price:
NYMEX Henry Hub price ($/MMBtu) (1)
$
2.69
$
1.95
Discount to NYMEX (2)
(0.58
)
(0.42
)
Realized gas price per Mcf, excluding
derivatives
$
2.11
$
1.53
Gain on settled financial basis
derivatives ($/Mcf)
0.19
0.10
Gain on settled commodity derivatives
($/Mcf)
0.03
0.31
Realized gas price, including derivatives
($/Mcf)
$
2.33
$
1.94
Oil Price:
WTI oil price ($/Bbl)
$
57.84
$
46.17
Discount to WTI
(9.70
)
(9.45
)
Realized oil price, excluding derivatives
($/Bbl)
$
48.14
$
36.72
Realized oil price, including derivatives
($/Bbl)
$
36.97
$
45.97
NGL Price:
Realized NGL price, excluding derivatives
($/Bbl)
$
22.86
$
8.16
Realized NGL price, including derivatives
($/Bbl)
$
16.11
$
10.78
Percentage of WTI, excluding
derivatives
40
%
18
%
Total Weighted Average Realized
Price:
Excluding derivatives ($/Mcfe)
$
2.62
$
1.69
Including derivatives ($/Mcfe)
$
2.54
$
2.16
(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, 2021 was 269
Bcfe, of which 79% was natural gas, 17% NGLs and 4% oil. Capital
investments totaled $266 million for the first quarter, with 23
wells drilled, 29 wells completed and 17 wells placed to sales.
For the three months ended
March 31,
2021
2020
Production
Gas production (Bcf)
214
156
Oil production (MBbls)
1,662
1,399
NGL production (MBbls)
7,578
6,128
Total production (Bcfe)
269
201
Average unit costs per Mcfe
Lease operating expenses (1)
$
0.93
$
0.96
General & administrative expenses
(2,3)
$
0.13
$
0.11
Taxes, other than income taxes
$
0.09
$
0.07
Full cost pool amortization
$
0.33
$
0.53
(1)
Includes post-production costs such as
gathering, processing, fractionation and compression.
(2)
Excludes $6 million in restructuring and
$1 million in Montage merger-related expenses for the three months
ended March 31, 2021, and $10 million in restructuring charges for
the same period in 2020.
(3)
Increased $12 million for the three months
ended March 31, 2021, compared to the same period in 2020, as a
result of increased share price and mark-to-market impact on the
value of share-based awards.
Southwest Appalachia – In the first quarter, total
production was 151 Bcfe, with NGL production of 84 MBbls per day
and oil production of 18 MBbls per day. The Company drilled 12
wells, completed 17 wells and placed nine wells to sales, with all
the wells to sales located in the super rich acreage with an
average lateral length of 12,629 feet. The wells placed to sales
during the quarter had an average 30-day rate of 11 MMcfe per day,
including 68% liquids.
Northeast Appalachia – First quarter 2021 production was
118 Bcf. The Company drilled 11 wells, completed 12 wells and
placed eight wells to sales with an average lateral length of
13,470 feet. The wells placed to sales during the quarter had an
average 30-day rate of 18 MMcf per day.
E&P Division Results
For the three months ended
March 31, 2021
Northeast
Southwest
Gas production (Bcf)
118
96
Liquids production
Oil (MBbls)
—
1,658
NGL (MBbls)
—
7,577
Production (Bcfe)
118
151
Gross operated production March 2021
(MMcfe/d)
1,560
2,502
Net operated production March 2021
(MMcfe/d)
1,278
1,702
Capital investments (in
millions)
Drilling and completions, including
workovers
$
71
$
142
Land acquisition and other
4
9
Capitalized interest and expense
5
32
Total capital investments
$
80
$
183
Gross operated well activity
summary
Drilled
11
12
Completed
12
17
Wells to sales
8
9
Average well cost on wells to sales (in
millions)
$
8.4
$
8.0
Average lateral length (in ft)
13,470
12,629
Total weighted average realized price
per Mcfe, excluding derivatives
$
2.24
$
2.91
Conference Call
Southwestern Energy will host a conference call and webcast on
Friday, April 30, 2021 at 9:30 a.m. Central to discuss first
quarter 2021 results. To participate, dial US toll-free
877-883-0383, or international 412-902-6506 and enter access code
2265512. The conference call will webcast live at www.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 10154901. The replay will be available until May
30, 2021.
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
Certain statements and information herein may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. The words “believe,”
“expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,”
“would,” “could,” “attempt,” “appears,” “forecast,” “outlook,”
“estimate,” “project,” “potential,” “may,” “will,” “are 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 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 the
COVID-19 pandemic; 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, including the impact of COVID-19;
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 the acquisition of Montage
Resources Corporation (“Montage Acquisition”); costs in connection
with the Montage Acquisition; integration of operations and results
subsequent to the Montage Acquisition; 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.
SOUTHWESTERN ENERGY COMPANY
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
For the three months ended
March 31,
(in millions, except share/per share
amounts)
2021
2020
Operating Revenues:
Gas sales
$
464
$
248
Oil sales
81
52
NGL sales
173
50
Marketing
352
239
Other
2
3
1,072
592
Operating Costs and Expenses:
Marketing purchases
356
248
Operating expenses
250
193
General and administrative expenses
38
26
Montage merger-related expenses
1
—
Restructuring charges
6
10
Depreciation, depletion and
amortization
96
113
Impairments
—
1,479
Taxes, other than income taxes
24
13
771
2,082
Operating Income (Loss)
301
(1,490
)
Interest Expense:
Interest on debt
50
40
Other interest charges
3
2
Interest capitalized
(22
)
(23
)
31
19
Gain (Loss) on Derivatives
(191
)
339
Gain on Early Extinguishment of
Debt
—
28
Other Income, Net
1
1
Income (Loss) Before Income
Taxes
80
(1,141
)
Provision (Benefit) for Income
Taxes:
Current
—
(2
)
Deferred
—
408
—
406
Net Income (Loss)
$
80
$
(1,547
)
Earnings (Loss) Per Common
Share:
Basic
$
0.12
$
(2.86
)
Diluted
$
0.12
$
(2.86
)
Weighted Average Common Shares
Outstanding:
Basic
675,385,145
540,308,491
Diluted
679,359,277
540,308,491
SOUTHWESTERN ENERGY COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, 2021
December 31, 2020
ASSETS
(in millions)
Current assets:
Cash and cash equivalents
$
4
$
13
Accounts receivable, net
400
368
Derivative assets
157
241
Other current assets
41
49
Total current assets
602
671
Natural gas and oil properties, using the
full cost method
27,532
27,261
Other
493
523
Less: Accumulated depreciation, depletion
and amortization
(23,741
)
(23,673
)
Total property and equipment, net
4,284
4,111
Operating lease assets
155
163
Deferred tax assets
—
—
Other long-term assets
206
215
Total long-term assets
361
378
TOTAL ASSETS
$
5,247
$
5,160
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt
$
207
$
—
Accounts payable
639
573
Taxes payable
67
74
Interest payable
55
58
Derivative liabilities
338
245
Current operating lease liabilities
41
42
Other current liabilities
23
20
Total current liabilities
1,370
1,012
Long-term debt
2,812
3,150
Long-term operating lease liabilities
111
117
Long-term derivative liabilities
168
183
Pension and other postretirement
liabilities
40
45
Other long-term liabilities
160
156
Total long-term liabilities
3,291
3,651
Commitments and contingencies
Equity:
Common stock, $0.01 par value;
1,250,000,000 shares authorized; issued 721,195,122 shares as of
March 31, 2021 and 718,795,700 shares as of December 31, 2020
7
7
Additional paid-in capital
5,102
5,093
Accumulated deficit
(4,283
)
(4,363
)
Accumulated other comprehensive loss
(38
)
(38
)
Common stock in treasury, 44,353,224
shares as of March 31, 2021 and December 31, 2020
(202
)
(202
)
Total equity
586
497
TOTAL LIABILITIES AND EQUITY
$
5,247
$
5,160
SOUTHWESTERN ENERGY COMPANY
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
(Unaudited)
For the three months ended
March 31,
(in millions)
2021
2020
Cash Flows From Operating
Activities:
Net income (loss)
$
80
$
(1,547
)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation, depletion and
amortization
96
113
Amortization of debt issuance costs
2
1
Impairments
—
1,479
Deferred income taxes
—
408
(Gain) loss on derivatives, unsettled
169
(246
)
Stock-based compensation
—
1
Gain on early extinguishment of debt
—
(28
)
Change in assets and liabilities:
Accounts receivable
(33
)
53
Accounts payable
33
(86
)
Taxes payable
(8
)
(6
)
Interest payable
(2
)
1
Inventories
9
8
Other assets and liabilities
1
9
Net cash provided by operating
activities
347
160
Cash Flows From Investing
Activities:
Capital investments
(227
)
(228
)
Proceeds from sale of property and
equipment
1
—
Other
(1
)
—
Net cash used in investing activities
(227
)
(228
)
Cash Flows From Financing
Activities:
Payments on long-term debt
—
(52
)
Payments on revolving credit facility
(923
)
(500
)
Borrowings under revolving credit
facility
790
615
Change in bank drafts outstanding
7
5
Cash paid for tax withholding
(3
)
—
Net cash provided by (used in) financing
activities
(129
)
68
Decrease in cash and cash equivalents
(9
)
—
Cash and cash equivalents at beginning of
year
13
5
Cash and cash equivalents at end of
period
$
4
$
5
Hedging Summary
A detailed breakdown of derivative financial instruments and
financial basis positions as of March 31, 2021, including the
remainder of 2021 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
2021
Fixed price swaps
176
$
2.79
$
—
$
—
$
—
Two-way costless collars
195
—
—
2.57
2.93
Three-way costless collars
218
—
2.17
2.50
2.84
Total
589
2022
Fixed price swaps
112
$
2.68
$
—
$
—
$
—
Two-way costless collars
63
—
—
2.52
3.03
Three-way costless collars
278
—
2.06
2.50
2.97
Total
453
2023
Three-way costless collars
103
$
—
$
2.05
$
2.46
$
3.01
Natural gas financial basis
positions
Volume
Basis Differential
(Bcf)
($/MMBtu)
Q2 2021
Dominion South
36
$
(0.58
)
TCO
28
$
(0.51
)
TETCO M3
24
$
(0.44
)
Total
88
$
(0.52
)
Q3 2021
Dominion South
36
$
(0.63
)
TCO
28
$
(0.51
)
TETCO M3
24
$
(0.44
)
Total
88
$
(0.54
)
Q4 2021
Dominion South
24
$
(0.60
)
TCO
15
$
(0.48
)
TETCO M3
18
$
(0.00
)
Total
57
$
(0.38
)
2022
Dominion South
114
$
(0.58
)
TCO
51
$
(0.46
)
TETCO M3
55
$
(0.11
)
Total
220
$
(0.44
)
Weighted Average Price per
Bbl
Volume (MBbls)
Swaps
Sold Puts
Purchased Puts
Sold Calls
Oil
2021
Fixed price swaps
3,272
$
49.27
$
—
$
—
$
—
Two-way costless collars
156
—
—
37.79
45.73
Three-way costless collars
1,498
—
37.86
47.70
53.10
Total
4,926
2022
Fixed price swaps
1,719
$
48.54
$
—
$
—
$
—
Three-way costless collars
1,380
—
39.89
50.23
57.05
Total
3,099
2023
Three-way costless collars
1,268
$
—
$
33.97
$
45.51
$
56.12
Ethane
2021
Fixed price swaps
4,429
$
7.17
$
—
$
—
$
—
Two-way costless collars
440
—
—
7.14
10.40
Total
4,869
2022
Fixed price swaps
1,758
$
8.68
$
—
$
—
$
—
Two-way costless collars
135
—
—
7.56
9.66
Total
1,893
Propane
2021
Fixed price swaps
5,443
$
20.84
$
—
$
—
$
—
2022
Fixed price swaps
2,723
$
21.83
$
—
$
—
$
—
Three-way costless collars
305
—
16.80
21.00
31.92
Total
3,028
Normal Butane
2021
Fixed price swaps
1,568
$
25.30
$
—
$
—
$
—
2022
Fixed price swaps
888
$
24.47
$
—
$
—
$
—
Natural Gasoline
2021
Fixed price swaps
1,513
$
37.91
$
—
$
—
$
—
2022
Fixed price swaps
857
$
40.48
$
—
$
—
$
—
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,
2021
2020
Adjusted net income:
(in millions)
Net income (loss)
$
80
$
(1,547
)
Add back (deduct):
Montage merger-related expenses
1
—
Restructuring charges
6
10
Impairments
—
1,479
(Gain) loss on unsettled derivatives
169
(246
)
Gain on early extinguishment of debt
—
(28
)
Other gain
(1
)
—
Adjustments due to discrete tax items
(1)
(18
)
674
Tax impact on adjustments
(41
)
(286
)
Adjusted net income
$
196
$
56
(1)
2020 primarily relates to the recognition
of a valuation allowance. The Company expects its 2021 income tax
rate to be 23.2% before the impacts of any valuation allowance.
3 Months Ended March
31,
2021
2020
Adjusted diluted earnings per
share:
Diluted earnings (loss) per share
$
0.12
$
(2.86
)
Add back (deduct):
Montage merger-related expenses
0.00
—
Restructuring charges
0.01
0.02
Impairments
—
2.73
(Gain) loss on unsettled derivatives
0.25
(0.46
)
Gain on early extinguishment of debt
—
(0.05
)
Other gain
(0.00
)
—
Adjustments due to discrete tax items
(1)
(0.03
)
1.25
Tax impact on adjustments
(0.06
)
(0.53
)
Adjusted diluted earnings per share
$
0.29
$
0.10
(1)
2020 primarily relates to the recognition
of a valuation allowance. The Company expects its 2021 income tax
rate to be 23.2% before the impacts of any valuation allowance.
3 Months Ended March
31,
2021
2020
Net cash flow:
(in millions)
Net cash provided by operating
activities
$
347
$
160
Add back (deduct):
Changes in operating assets and
liabilities
—
21
Montage merger-related expenses
1
—
Restructuring charges
6
10
Net cash flow
$
354
$
191
3 Months Ended March 31,
2021
Free cash flow:
(in millions)
Net cash flow
$
354
Subtract:
Total capital investments
(266
)
Free cash flow
$
88
3 Months Ended March
31,
2021
2020
Adjusted EBITDA:
(in millions)
Net income (loss)
$
80
$
(1,547
)
Add back (deduct):
Interest expense
31
19
Income tax expense (benefit)
—
406
Depreciation, depletion and
amortization
96
113
Montage merger-related expenses
1
—
Restructuring charges
6
10
Impairments
—
1,479
(Gain) loss on unsettled derivatives
169
(246
)
Gain on early extinguishment of debt
—
(28
)
Stock-based compensation expense
—
1
Other
(1
)
(1
)
Adjusted EBITDA
$
382
$
206
March 31, 2021
Net debt:
(in millions)
Total debt (1)
$
3,038
Subtract:
Cash and cash equivalents
(4
)
Net debt
$
3,034
(1)
Does not include $19 million of
unamortized debt discount and issuance expense.
March 31, 2021
Net debt to Adjusted EBITDA:
(in millions)
Net debt
$
3,034
Adjusted EBITDA (1)
$
1,011
Net debt to Adjusted EBITDA
3.0x
(1)
Adjusted EBITDA of $1,011 million for the
twelve months ended March 31, 2021 includes $93 million of adjusted
EBITDA generated by Montage Resources prior to November 2020
acquisition.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210429006070/en/
Investor Contact Brittany Raiford Director, Investor
Relations (832) 796-7906 brittany_raiford@swn.com
Bernadette Butler Investor Relations Advisor (832) 796-6079
bernadette_butler@swn.com
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