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Southwestern Energy corporate report

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24 October 2017

Southwestern Energy corporate report

Report summary

Southwestern is still dealing with the effects of its poorly-timed US$6.1 billion of acquisitions in late-2014. While we thought the strategic rationale of the deals was sound – gaining access to elite rich-gas acreage in the Marcellus – the subsequent collapse in the gas price put the company's balance sheet in a precarious position.

Table of contents

  • Other Southwestern research
  • Executive summary
    • 1. Further deleverage of its balance sheet
      • Possible further divestiture candidates include:
    • 2. Reducing Marcellus breakevens is critical
    • 3. Navigating a challenging takeaway capacity outlook
    • Financial health overview
    • Net debt / Liquidity position
    • Hedging
    • Production overview
    • Reserves and resources overview
  • Portfolio summary
  • Economic assumptions

Tables and charts

This report includes 31 images and tables including:

  • SWOT analysis
  • Key assets
  • Exploration acreage
  • Base price assumptions (nominal terms)
  • Base price assumptions (nominal terms)
  • Base, high, and low Brent (nominal terms)
  • High price assumptions
  • Low price assumptions
  • Value assumptions
  • Foreign exchange rate assumptions
  • Southwestern: net debt evolution since Q3 2014
  • Southwestern: upstream assets by NPV,10
  • North American Well Analysis Tool: Southwestern's well locations in the Marcellus
  • Benchmark: NE Marcellus sub-play breakevens
  • Benchmark: NE Marcellus cash flow outlook
  • Benchmark: Northeast Marcellus breakeven by sub-play by company
  • Southwestern: capacity commitment outlook
  • Cash flow breakeven evolution
  • Financial health: Image 2
  • Southwestern: credit facilities and term loans
  • Southwestern: bond maturity schedule
  • Benchmark: net debt and net debt-to-cap
  • Benchmark: impairments since 2014
  • 2017 Hedging exposure of US gas producers
  • Benchmark: long-term hedging positions
  • Southwestern: reported and forecast production
  • Benchmark: WM production forecast
  • Resources, reserves and production: Image 3
  • Southwestern: reserves and resource detail
  • Reported organic reserves replacement
  • Benchmark: WM commercial reserves life

What's included

This report contains:

  • Document

    Southwestern Energy corporate report

    PDF 4.23 MB

  • Document

    Southwestern Energy corporate report

    ZIP 4.84 MB

  • Document

    Southwestern Energy corporate report.xls

    XLS 3.06 MB

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