Disciplined capital allocation and commitment
to debt reduction
Southwestern Energy Company (NYSE: SWN) today announced
financial and operating results for the first quarter ended March
31, 2023.
- Generated $1.1 billion net cash provided by operating
activities, $1.9 billion net income and $346 million adjusted net
income (non-GAAP) - Adjusted EBITDA (non-GAAP) of $799 million and
free cash flow (non-GAAP) of $99 million
- Reported total net production of 411 Bcfe, or 4.6 Bcfe per day,
including 3.9 Bcf per day of gas and 107 MBbls per day of
liquids
- Invested $665 million of capital and placed 36 wells to sales,
including 13 in Appalachia and 23 in Haynesville
- Fully redeemed outstanding 7.75% Senior Notes due 2027
utilizing cash on hand and borrowings under revolving credit
facility, consistent with debt reduction plan
“Southwestern Energy demonstrated during the quarter the quality
of our dual-basin scale, portfolio optionality and differentiated
access to premium markets, delivering strong operational
performance and generating free cash flow for debt reduction,” said
Bill Way, Southwestern Energy President and Chief Executive
Officer.
“Guided by our disciplined capital allocation strategy, we are
moderating planned annual activity, including delaying certain dry
gas-focused completions. Our operating flexibility, continued
capital efficiency improvements and progress driving lower than
expected inflation enable us to align capital investment with
expected cash flow while maintaining our productive capacity to
capitalize on the constructive longer-term natural gas outlook.
Southwestern Energy continues to execute our strategy to deliver
shareholder value by meeting growing global demand for
lower-carbon, reliable energy,” continued Way.
Financial Results
For the three months ended
March 31,
(in millions)
2023
2022
Net income (loss)
$
1,939
$
(2,675
)
Adjusted net income (non-GAAP)
$
346
$
447
Diluted earnings (loss) per share
$
1.76
$
(2.40
)
Adjusted diluted earnings per share
(non-GAAP)
$
0.31
$
0.40
Adjusted EBITDA (non-GAAP)
$
799
$
905
Net cash provided by operating
activities
$
1,137
$
972
Net cash flow (non-GAAP)
$
764
$
861
Total capital investments (1)
$
665
$
544
Free cash flow (non-GAAP)
$
99
$
317
(1)
Capital investments includes a decrease of
$6 million and an increase of $43 million for the three months
ended March 31, 2023 and 2022, respectively, relating to the change
in accrued expenditures between periods.
For the quarter ended March 31, 2023, Southwestern Energy
recorded net income of $1.9 billion, or $1.76 per diluted share,
including a gain on mark-to-market of unsettled derivatives.
Excluding this and other one-time items, adjusted net income
(non-GAAP) was $346 million, or $0.31 per diluted share, and
Adjusted EBITDA (non-GAAP) was $799 million. Net cash provided by
operating activities was $1.1 billion, net cash flow (non-GAAP) was
$764 million and free cash flow (non-GAAP) was $99 million.
During the quarter, the Company fully redeemed its outstanding
7.75% Senior Notes due 2027 utilizing cash on hand and borrowings
under its revolving credit facility. As of March 31, 2023,
Southwestern Energy had total debt of $3.95 billion and net debt to
adjusted EBITDA (non-GAAP) of 1.2x. At the end of the quarter, the
Company had $210 million of borrowings under its revolving credit
facility and $89 million in outstanding letters of credit.
The Company is currently rated one notch below an investment
grade credit rating by all three credit agencies. In January 2023,
S&P updated Southwestern Energy to positive outlook, joining
Fitch, which updated the Company to positive outlook in August
2022.
As indicated in the table below, first quarter 2023 weighted
average realized price was $3.48 per Mcfe, excluding the impact of
derivatives and net of $0.27 per Mcfe of transportation expenses.
Including derivatives, weighted average realized price for the
first quarter was down 2% from $3.24 per Mcfe in 2022 to $3.18 per
Mcfe in 2023 primarily due to lower commodity prices including a
31% decrease in NYMEX Henry Hub and a 19% decrease in WTI.
Realized Prices
For the three months ended
(includes transportation costs)
March 31,
2023
2022
Natural Gas Price:
NYMEX Henry Hub price ($/MMBtu) (1)
$
3.42
$
4.95
Discount to NYMEX (2)
(0.20
)
(0.45
)
Average realized gas price, excluding
derivatives ($/Mcf)
$
3.22
$
4.50
Gain (loss) on settled financial basis
derivatives ($/Mcf)
(0.08
)
0.01
Loss on settled commodity derivatives
($/Mcf)
(0.24
)
(1.51
)
Average realized gas price, including
derivatives ($/Mcf)
$
2.90
$
3.00
Oil Price:
WTI oil price ($/Bbl) (3)
$
76.13
$
94.29
Discount to WTI (4)
(10.21
)
(7.99
)
Average realized oil price, excluding
derivatives ($/Bbl)
$
65.92
$
86.30
Average realized oil price, including
derivatives ($/Bbl)
$
58.17
$
50.29
NGL Price:
Average realized NGL price, excluding
derivatives ($/Bbl)
$
24.39
$
39.33
Average realized NGL price, including
derivatives ($/Bbl)
$
24.58
$
27.08
Percentage of WTI, excluding
derivatives
32
%
42
%
Total Weighted Average Realized
Price (5):
Excluding derivatives ($/Mcfe)
$
3.48
$
4.88
Including derivatives ($/Mcfe)
$
3.18
$
3.24
(1)
Based on last day settlement prices from
monthly futures contracts.
(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.
(3)
Based on the average daily settlement
price of the nearby month futures contract over the period.
(4)
This discount primarily includes location
and quality adjustments.
(5)
Net of $0.27 per Mcfe third-party
transportation charges.
Operational Results
Total net production for the quarter ended March 31, 2023 was
411 Bcfe, of which 86% was natural gas, 12% NGLs and 2% oil.
Capital investments totaled $665 million for the first quarter of
2023, consistent with the Company’s front-end loaded capital
program, with 31 wells drilled, 36 wells completed and 36 wells
placed to sales.
For the three months ended
March 31,
Production
2023
2022
Natural gas production (Bcf)
353
376
Oil production (MBbls)
1,418
1,270
NGL production (MBbls)
8,240
6,919
Total production (Bcfe)
411
425
Average unit costs per Mcfe
Lease operating expenses (1)
$
1.05
$
0.94
General & administrative expenses
(2)
$
0.10
$
0.09
Taxes, other than income taxes
$
0.16
$
0.13
Full cost pool amortization
$
0.75
$
0.63
(1)
Includes post-production costs such as
gathering, processing, fractionation and compression.
(2)
Excludes $25 million in merger-related
expenses related to our 2021 Haynesville acquisitions for the three
months ended March 31, 2022.
Appalachia – In the first quarter, total production was
251 Bcfe, with NGL production of 91 MBbls per day and oil
production of 16 MBbls per day. The Company drilled 19 wells,
completed 15 wells and placed 13 wells to sales with an average
lateral length of 14,916 feet.
Haynesville – In the first quarter, total production was
160 Bcfe. There were 12 wells drilled, 21 wells completed and 23
wells placed to sales in the quarter with an average lateral length
of 8,207 feet.
For the three months ended
E&P Division Results
March 31, 2023
Appalachia
Haynesville
Gas production (Bcf)
193
160
Liquids production
Oil (MBbls)
1,409
8
NGL (MBbls)
8,240
—
Production (Bcfe)
251
160
Capital investments (in
millions)
Drilling and completions, including
workovers
$
219
$
359
Land acquisition and other
26
2
Capitalized interest and expense
31
20
Total capital investments
$
276
$
381
Gross operated well activity
summary
Drilled
19
12
Completed
15
21
Wells to sales
13
23
Total weighted average realized price
per Mcfe, excluding derivatives
$
3.68
$
3.17
Wells to sales summary
For the three months ended March
31, 2023
Gross wells to sales
Average lateral length (ft)
Appalachia
Super Rich Marcellus
11
15,701
Dry Gas Marcellus
2
10,596
Haynesville
23
8,207
Total
36
Second Quarter 2023 Guidance Update
Based on current market conditions, Southwestern expects second
quarter production and price differentials to be within the
following ranges.
PRODUCTION
For the quarter ended June 30,
2023
Gas production (Bcf)
355 – 365
Liquids (% of production)
~13.0%
Total (Bcfe)
408 – 420
PRICING
Natural gas discount to NYMEX including
transportation (1)
$0.60 – $0.72 per Mcf
Oil discount to West Texas Intermediate
(WTI) including transportation
$10.00 – $12.00 per Bbl
Natural gas liquids realization as a % of
WTI including transportation
24% – 32%
(1)
Includes an estimated $0.05 to $0.06 per
Mcf loss on basis hedges.
Conference Call
Southwestern Energy will host a conference call and webcast on
Friday, April 28, 2023 at 9:30 a.m. Central to discuss first
quarter 2023 financial and operating results. To participate, dial
US toll-free 877-883-0383, or international 412-902-6506 and enter
access code 6306886. The conference call will webcast live at
www.swn.com.
A replay will also be available on SWN’s website at www.swn.com
following the call.
About Southwestern Energy
Southwestern Energy Company (NYSE: SWN) is a leading U.S.
producer and marketer 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.swncrreport.com.
Forward Looking Statement
This news release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Exchange Act of 1934, as amended.
These statements are based on current expectations. The words
“anticipate,” “intend,” “plan,” “project,” “estimate,” “continue,”
“potential,” “should,” “could,” “may,” “will,” “objective,”
“guidance,” “outlook,” “effort,” “expect,” “believe,” “predict,”
“budget,” “projection,” “goal,” “forecast,” “model,” “target”,
“seek”, “strive,” “would,” “approximate,” and similar words are
intended to identify forward-looking statements. Statements may be
forward looking even in the absence of these particular words.
Examples of forward-looking statements include, but are not
limited to, the expectations of plans, business strategies,
objectives and growth and anticipated financial and operational
performance, including guidance regarding our strategy to develop
reserves, drilling plans and programs (including the number of rigs
and frac crews to be used), estimated reserves and inventory
duration, projected production and sales volume and growth rates,
projected commodity prices, basis and average differential, impact
of commodity prices on our business, projected average well costs,
generation of free cash flow, our return of capital strategy,
including the amount and timing of any redemptions, repayments or
repurchases of our common stock, outstanding debt securities or
other debt instruments, leverage targets, our ability to maintain
or improve our credit ratings, our ability to achieve our debt
reduction plan, leverage levels and financial profile, our hedging
strategy, our environmental, social and governance (ESG)
initiatives and our ability to achieve anticipated results of such
initiatives, expected benefits from acquisitions, potential
acquisitions, divestitures, potential divestitures and strategic
transactions, the timing thereof and our ability to achieve the
intended operational, financial and strategic benefits of any such
transactions or other initiatives. These forward-looking statements
are based on management’s current beliefs, based on currently
available information, as to the outcome and timing of future
events. All forward-looking statements speak only as of the date of
this news release. The estimates and assumptions upon which
forward-looking statements are based are inherently uncertain and
involve a number of risks that are beyond our control. Although we
believe the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements 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. Therefore, you should not
place undue reliance on any of the forward-looking statements
contained herein.
Factors that could cause our actual results to differ materially
from those indicated in any forward-looking statement are subject
to all of the risks and uncertainties incident to the exploration
for and the development, production, gathering and sale of natural
gas, NGLs and oil, most of which are difficult to predict and many
of which are beyond our control. These risks include, but are not
limited to, commodity price volatility, inflation, the costs and
results of drilling and operations, lack of availability of
drilling and production equipment and services, the ability to add
proved reserves in the future, environmental risks, drilling and
other operating risks, legislative and regulatory changes, the
uncertainty inherent in estimating natural gas and oil reserves and
in projecting future rates of production, the quality of technical
data, cash flow and access to capital, the timing of development
expenditures, a change in our credit rating, an increase in
interest rates, our ability to achieve our debt reduction plan, our
ability to increase commitments under our revolving credit
facility, our hedging and other financial contracts, our ability to
maintain leases that may expire if production is not established or
profitably maintained, our ability to transport our production to
the most favorable markets or at all, any increase in severance or
similar taxes, 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 or power outages,
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, including as a
result of financial or banking failures, impacts of world health
events, including the COVID-19 pandemic, cybersecurity risks,
geopolitical and business conditions in key regions of the world,
our ability to realize the expected benefits from acquisitions,
divestitures, and strategic transactions, our ability to achieve
our GHG emission reduction goals and the costs associated
therewith, and any other factors described or referenced under Item
7. “Management's Discussion and Analysis of Financial Condition and
Results of Operations” and under Item 1A. “Risk Factors” of our
Annual Report on Form 10-K for the year ended December 31,
2022.
We have no obligation and make no undertaking to publicly update
or revise any forward-looking statements, except as required by
applicable law. 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)
2023
2022
Operating Revenues:
Gas sales
$
1,145
$
1,692
Oil sales
95
111
NGL sales
201
272
Marketing
679
866
Other
(2
)
2
2,118
2,943
Operating Costs and Expenses:
Marketing purchases
667
862
Operating expenses
418
381
General and administrative expenses
46
44
Merger-related expenses
—
25
Depreciation, depletion and
amortization
313
275
Taxes, other than income taxes
68
57
1,512
1,644
Operating Income
606
1,299
Interest Expense:
Interest on debt
63
68
Other interest charges
3
3
Interest capitalized
(30
)
(30
)
36
41
Gain (Loss) on Derivatives
1,401
(3,927
)
Loss on Early Extinguishment of
Debt
(19
)
(2
)
Other Loss, Net
(1
)
—
Income (Loss) Before Income
Taxes
1,951
(2,671
)
Provision for Income Taxes:
Current
—
4
Deferred
12
—
12
4
Net Income (Loss)
$
1,939
$
(2,675
)
Earnings (Loss) Per Common
Share:
Basic
$
1.76
$
(2.40
)
Diluted
$
1.76
$
(2.40
)
Weighted Average Common Shares
Outstanding:
Basic
1,100,278,261
1,114,610,964
Diluted
1,102,396,636
1,114,610,964
SOUTHWESTERN ENERGY COMPANY
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, 2023
December 31, 2022
ASSETS
(in millions)
Current assets:
Cash and cash equivalents
$
3
$
50
Accounts receivable, net
667
1,401
Derivative assets
463
145
Other current assets
66
68
Total current assets
1,199
1,664
Natural gas and oil properties, using the
full cost method
36,430
35,763
Other
532
527
Less: Accumulated depreciation, depletion
and amortization
(25,704
)
(25,387
)
Total property and equipment, net
11,258
10,903
Operating lease assets
175
177
Long-term derivative assets
201
72
Other long-term assets
104
110
Total long-term assets
480
359
TOTAL ASSETS
$
12,937
$
12,926
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
1,549
$
1,835
Taxes payable
109
136
Interest payable
27
86
Derivative liabilities
409
1,317
Current operating lease liabilities
43
42
Other current liabilities
29
65
Total current liabilities
2,166
3,481
Long-term debt
3,935
4,392
Long-term operating lease liabilities
128
133
Long-term derivative liabilities
208
378
Other long-term liabilities
246
218
Total long-term liabilities
4,517
5,121
Commitments and contingencies
Equity:
Common stock, $0.01 par value;
2,500,000,000 shares authorized; issued 1,162,882,464 shares as of
March 31, 2023 and 1,161,545,588 shares as of December 31, 2022
12
12
Additional paid-in capital
7,178
7,172
Accumulated deficit
(600
)
(2,539
)
Accumulated other comprehensive income
(loss)
(9
)
6
Common stock in treasury, 61,614,693
shares as of March 31, 2023 and December 31, 2022
(327
)
(327
)
Total equity
6,254
4,324
TOTAL LIABILITIES AND EQUITY
$
12,937
$
12,926
SOUTHWESTERN ENERGY COMPANY
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS
OF CASH FLOWS
(Unaudited)
For the three months ended
March 31,
(in millions)
2023
2022
Cash Flows From Operating
Activities:
Net income (loss)
$
1,939
$
(2,675
)
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation, depletion and
amortization
313
275
Amortization of debt issuance costs
2
2
Deferred income taxes
12
—
(Gain) loss on derivatives, unsettled
(1,524
)
3,232
Stock-based compensation
1
1
Loss on early extinguishment of debt
19
2
Other
2
(1
)
Change in assets and liabilities,
excluding impact from acquisitions:
Accounts receivable
734
89
Accounts payable
(257
)
126
Taxes payable
(27
)
(13
)
Interest payable
(33
)
(16
)
Inventories
(14
)
4
Other assets and liabilities
(30
)
(54
)
Net cash provided by operating
activities
1,137
972
Cash Flows From Investing
Activities:
Capital investments
(670
)
(500
)
Net cash used in investing activities
(670
)
(500
)
Cash Flows From Financing
Activities:
Payments on current portion of long-term
debt
—
(202
)
Payments on long-term debt
(437
)
(21
)
Payments on revolving credit facility
(1,357
)
(2,803
)
Borrowings under revolving credit
facility
1,317
2,517
Change in bank drafts outstanding
(33
)
34
Cash paid for tax withholding
(4
)
(4
)
Net cash used in financing activities
(514
)
(479
)
Decrease in cash and cash equivalents
(47
)
(7
)
Cash and cash equivalents at beginning of
year
50
28
Cash and cash equivalents at end of
period
$
3
$
21
Hedging Summary
A detailed breakdown of derivative financial instruments and
financial basis positions as of March 31, 2023, including the
remainder of 2023 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
2023
Fixed price swaps
453
$
3.15
$
—
$
—
$
—
Two-way costless collars
116
—
—
2.86
3.21
Three-way costless collars
145
—
2.07
2.49
2.91
Total
714
2024
Fixed price swaps
528
$
3.54
$
—
$
—
$
—
Two-way costless collars
44
—
—
3.07
3.53
Three-way costless collars
11
—
2.25
2.80
3.54
Total
583
2025
Three-way costless collars
99
—
2.50
3.75
5.69
Natural gas financial basis
positions
Volume
Basis Differential
(Bcf)
($/MMBtu)
Q2 2023
Dominion South
34
$
(0.75
)
TCO
22
$
(0.60
)
TETCO M3
15
$
(0.55
)
Trunkline Zone 1A
3
$
(0.29
)
Total
74
$
(0.64
)
Q3 2023
Dominion South
34
$
(0.75
)
TCO
22
$
(0.62
)
TETCO M3
16
$
(0.66
)
Trunkline Zone 1A
3
$
(0.29
)
Total
75
$
(0.67
)
Q4 2023
Dominion South
33
$
(0.75
)
TCO
20
$
(0.61
)
TETCO M3
15
$
(0.18
)
Trunkline Zone 1A
3
$
(0.29
)
Total
71
$
(0.57
)
2024
Dominion South
46
$
(0.71
)
2025
Dominion South
9
$
(0.64
)
Call Options – Natural Gas
(Net)
Volume
Weighted Average Strike
Price
(Bcf)
($/MMBtu)
2023
36
$
2.95
2024
9
$
3.00
Total
45
Weighted Average Price per
Bbl
Volume (MBbls)
Swaps
Sold Puts
Purchased Puts
Sold Calls
Oil
2023
Fixed price swaps
999
$
62.61
$
—
$
—
$
—
Two-way costless collars
294
—
—
70.00
80.58
Three-way costless collars
926
—
34.09
45.68
56.07
Total
2,219
2024
Fixed price swaps
1,571
$
71.06
$
—
$
—
$
—
Two-way costless collars
146
—
—
70.00
78.25
Total
1,717
2025
Fixed price swaps
41
$
77.66
$
—
$
—
$
—
Ethane
2023
Fixed price swaps
5,570
$
11.51
$
—
$
—
$
—
2024
Fixed price swaps
1,305
$
10.81
$
—
$
—
$
—
Propane
2023
Fixed price swaps
3,592
$
36.31
$
—
$
—
$
—
2024
Fixed price swaps
1,094
$
35.70
$
—
$
—
$
—
Normal Butane
2023
Fixed price swaps
591
$
40.96
$
—
$
—
$
—
2024
Fixed price swaps
329
$
40.74
$
—
$
—
$
—
Natural Gasoline
2023
Fixed price swaps
512
$
63.74
$
—
$
—
$
—
2024
Fixed price swaps
329
$
64.37
$
—
$
—
$
—
Put Options – Oil (Net)
Volume
Weighted Average Strike
Price
(MBbls)
($/Bbl)
2023
127
$
73.50
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 the Company’s 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 free cash flow, net debt, adjusted net
income, adjusted diluted earnings per share, adjusted EBITDA and
net debt to adjusted EBITDA, all of 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,
2023
2022
Adjusted net income:
(in millions)
Net income (loss)
$
1,939
$
(2,675
)
Add back (deduct):
Merger-related expenses
—
25
(Gain) loss on unsettled derivatives
(1)
(1,524
)
3,232
Loss on early extinguishment of debt
19
2
Other
3
—
Adjustments due to discrete tax items
(2)
(437
)
648
Tax impact on adjustments
346
(785
)
Adjusted net income
$
346
$
447
(1)
Includes ($4) million and $5 million of
non-performance risk adjustment related to our derivative
activities for the three months ended March 31, 2023 and 2022,
respectively.
(2)
The Company’s 2023 income tax rate is
23.0% before the impacts of any valuation allowance.
3 Months Ended March
31,
2023
2022
Adjusted diluted earnings per
share:
Diluted earnings (loss) per share
$
1.76
$
(2.40
)
Add back (deduct):
Merger-related expenses
—
0.02
(Gain) loss on unsettled derivatives
(1)
(1.38
)
2.89
Loss on early extinguishment of debt
0.02
0.00
Other
0.00
—
Adjustments due to discrete tax items
(2)
(0.40
)
0.58
Tax impact on adjustments
0.31
(0.69
)
Adjusted diluted earnings per share
$
0.31
$
0.40
(1)
Includes ($4) million and $5 million of
non-performance risk adjustment related to our derivative
activities for the three months ended March 31, 2023 and 2022,
respectively.
(2)
The Company’s 2023 income tax rate is
23.0% before the impacts of any valuation allowance.
3 Months Ended March
31,
2023
2022
Net cash flow:
(in millions)
Net cash provided by operating
activities
$
1,137
$
972
Add back (deduct):
Changes in operating assets and
liabilities
(373
)
(136
)
Merger-related expenses
—
25
Net cash flow
$
764
$
861
3 Months Ended March
31,
2023
2022
Free cash flow:
(in millions)
Net cash flow
$
764
$
861
Subtract:
Total capital investments
(665
)
(544
)
Free cash flow
$
99
$
317
3 Months Ended March
31,
2023
2022
Adjusted EBITDA:
(in millions)
Net income (loss)
$
1,939
$
(2,675
)
Add back (deduct):
Interest expense
36
41
Income tax expense
12
4
Depreciation, depletion and
amortization
313
275
Merger-related expenses
—
25
(Gain) loss on unsettled derivatives
(1)
(1,524
)
3,232
Loss on early extinguishment of debt
19
2
Other
3
—
Stock-based compensation expense
1
1
Adjusted EBITDA
$
799
$
905
(1)
Includes ($4) million and $5 million of
non-performance risk adjustment related to our derivative
activities for the three months ended March 31, 2023 and 2022,
respectively.
12 Months Ended March 31,
2023
Adjusted EBITDA:
(in millions)
Net income (loss)
$
6,463
Add back (deduct):
Interest expense
179
Income tax expense
59
Depreciation, depletion and
amortization
1,212
Merger-related expenses
2
Gain on unsettled derivatives (1)
(4,780
)
Loss on early extinguishment of debt
31
Stock-based compensation expense
4
Other
7
Adjusted EBITDA
$
3,177
(1)
Includes ($9) million of non-performance
risk adjustment for the twelve months ended March 31, 2023
March 31, 2023
Net debt:
(in millions)
Total debt (1)
$
3,953
Subtract:
Cash and cash equivalents
(3
)
Net debt
$
3,950
(1)
Does not include $18 million of
unamortized debt premium/discount and issuance expense.
March 31, 2023
Net debt to Adjusted EBITDA:
(in millions)
Net debt
$
3,950
Adjusted EBITDA
$
3,177
Net debt to Adjusted EBITDA
1.2x
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230427005887/en/
Investor Contact Brittany Raiford Director, Investor
Relations (832) 796-7906 brittany_raiford@swn.com
Southwestern Energy (NYSE:SWN)
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