Southwestern Energy Announces First Quarter 2021 Results
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 |
For the quarter ended March 31, 2021, Southwestern Energy recorded net income of
Adjusted net income was
As indicated in the table below, first quarter 2021 weighted average realized price, including
At quarter end, the Company had hedges in place for
As of March 31, 2021, Southwestern Energy had total debt of
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: |
|
|
|
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