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Southwestern Energy (SWN)

Southwestern Energy Company is an independent energy company engaged in natural gas, natural gas liquids and oil exploration, development, production and marketing.

Company profile

Ticker
SWN
Exchange
Website
CEO
William Way
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Angelina Gathering Company, LLC • A.W. Realty Company, LLC • DGM Minerals LLC • GEP Haynesville, LLC • GEPH Operating, LLC • GEPH Properties, LLC • GEPH Corporation • SW Gathering, LLC • SWN Drilling Company, LLC • SWN E & P Services, LLC ...
IRS number
710205415

SWN stock data

Calendar

28 Apr 22
20 May 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 21M 21M 21M 21M 21M 21M
Cash burn (monthly) 2.33M (no burn) 890.33M 156.17M (no burn) (no burn)
Cash used (since last report) 3.87M n/a 1.48B 258.94M n/a n/a
Cash remaining 17.13M n/a -1.46B -237.94M n/a n/a
Runway (months of cash) 7.3 n/a -1.6 -1.5 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
11 Mar 22 Andrew T Huggins Common Stock Sale back to company Dispose D No No 5.54 11,312 62.67K 91,586
11 Mar 22 Andrew T Huggins Common Stock Option exercise Acquire M No No 0 11,312 0 102,898
11 Mar 22 Andrew T Huggins RSU Common Stock Option exercise Dispose M No No 0 11,312 0 22,625
23 Feb 22 William J Way Common Stock Sale back to company Dispose D No No 4.61 206,110 950.17K 1,855,791
23 Feb 22 William J Way Common Stock Option exercise Acquire M No No 0 206,110 0 2,061,901
23 Feb 22 William J Way RSU Common Stock Option exercise Dispose M No No 0 206,110 0 412,220
23 Feb 22 Christopher W Lacy Common Stock Sale back to company Dispose D No No 4.61 19,086 87.99K 17,064
23 Feb 22 Christopher W Lacy Common Stock Option exercise Acquire M No No 0 19,086 0 36,150
23 Feb 22 Christopher W Lacy RSU Common Stock Option exercise Dispose M No No 0 19,086 0 38,174
23 Feb 22 Richard Jason Kurtz Common Stock Sale back to company Dispose D No No 4.61 15,270 70.39K 94,747
85.1% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 373 337 +10.7%
Opened positions 87 64 +35.9%
Closed positions 51 44 +15.9%
Increased positions 126 130 -3.1%
Reduced positions 94 75 +25.3%
13F shares Current Prev Q Change
Total value 6.97B 4.33B +60.7%
Total shares 949.67M 919.44M +3.3%
Total puts 4.32M 2.47M +75.2%
Total calls 12.38M 4.67M +165.0%
Total put/call ratio 0.3 0.5 -33.9%
Largest owners Shares Value Change
BLK Blackrock 168.74M $1.21B +8.8%
Vanguard 128.22M $919.35M +7.9%
FMR 103.71M $743.63M +2.5%
STT State Street 55.93M $401.05M +21.5%
Yorktown Energy Partners X 34.46M $247.11M -18.4%
Disciplined Growth Investors 27.5M $197.17M +1.9%
D. E. Shaw & Co. 25.22M $180.82M +122.8%
Yorktown Energy Partners XI 23.35M $167.4M -18.4%
Geode Capital Management 17.97M $128.87M +5.3%
Dimensional Fund Advisors 15.07M $108.06M +3.6%
Largest transactions Shares Bought/sold Change
BX Blackstone 0 -47.94M EXIT
D. E. Shaw & Co. 25.22M +13.9M +122.8%
BLK Blackrock 168.74M +13.7M +8.8%
Trilantic Capital Management 0 -13.26M EXIT
Two Sigma Investments 10.48M +10.22M +3807.0%
IVZ Invesco 13.96M +10.18M +269.1%
STT State Street 55.93M +9.88M +21.5%
Vanguard 128.22M +9.41M +7.9%
Zimmer Partners 0 -8.82M EXIT
Yorktown Energy Partners X 34.46M -7.79M -18.4%

Financial report summary

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Risks
  • Natural gas, oil and NGL prices and basis differentials greatly affect our revenues and thus profits, liquidity, growth, ability to repay our debt and the value of our assets.
  • Significant capital investment is required to develop and replace our reserves and conduct our business.
  • Our business depends on access to natural gas, oil and NGL gathering, processing and transportation systems and facilities. Changes to access and cost of these systems and facilities could adversely impact our business and financial condition. Our commitments to assure availability of transportation could lead to substantial payments for capacity we do not use if production falls below projected levels.
  • Strategic determinations, including the allocation of capital and other resources to strategic opportunities, are challenging in the face of shifting market conditions, and our failure to appropriately allocate capital and resources among our strategic opportunities may adversely affect our financial condition and reduce our future growth rate.
  • Certain of our undeveloped assets are subject to leases that will expire over the next several years unless production is established on units containing the acreage.
  • Natural gas and oil drilling and producing and transportation operations are complex and can be hazardous and may expose us to liabilities. Incidents related to HSE performance and our asset and operating integrity could adversely impact our business and financial condition.
  • Our business depends on the availability of water and the ability to dispose of water. Limitations or restrictions on our ability to obtain or dispose of water may have an adverse effect on our financial condition, results of operations and cash flows.
  • A large portion of our producing properties remain concentrated in the Appalachian basin, making us vulnerable to risks associated with operating in limited geographic areas.
  • Many of our business operations depend on activities performed by third parties. Changes to availability, costs and performance of personnel, products and services provided by third parties could adversely impact our business and financial condition.
  • Changes to the ability of our customers to receive our products or meet their financial, performance and other obligations to us could adversely impact our business and financial condition.
  • Competition in the oil and natural gas industry is intense, making it more difficult for us to market natural gas, oil and NGLs, to secure trained personnel and appropriate services, to obtain additional properties and to raise capital.
  • We may be unable to dispose of assets on attractive terms, and may be required to retain liabilities for certain matters.
  • Changes to applicable U.S. tax laws and regulations could affect our business and future profitability.
  • Our ability to use our net operating loss carryforwards and certain other tax attributes will be limited.
  • We may experience adverse or unforeseen tax consequences due to further developments affecting our deferred tax assets which could significantly affect our results of operations.
  • A cyber incident could result in information theft, data corruption, operational disruption and/or financial loss.
  • Terrorist activities could materially and adversely affect our business and results of operations.
  • The physical impacts of adverse weather may have a negative impact on our business and results of operations.
  • Negative public perception regarding us and/or our industry and increasing attention to ESG matters could have an adverse effect on our business, financial condition and results of operations and damage our reputation.
  • Judicial decisions can affect our rights and obligations.
  • Common stockholders will be diluted if additional shares are issued.
  • Anti-takeover provisions in our organizational documents and under Delaware law may impede or discourage a takeover, which could cause the market price of our common stock to decline.
  • Loss of our key executive officers or other personnel, or an inability to attract and retain such officers and personnel, could negatively affect our business.
  • The COVID-19 pandemic has negatively affected, and may in the future negatively affect, our business, operating results and financial condition.
  • A downgrade in our credit rating could negatively impact our cost of and ability to access capital and our liquidity.
  • Any significant reduction in the borrowing base under our 2018 credit facility may negatively impact our ability to fund our operations, and we may not have sufficient funds to repay borrowings under our 2018 credit facility if required as a result of a borrowing base redetermination.
  • Our ability to comply with the covenants and other restrictions in our financing agreements may be affected by events beyond our control, including prevailing economic and financial conditions.
  • The elimination of LIBOR may adversely affect the cost of our borrowings.
  • Climate change legislation or regulations governing the emissions of greenhouse gases could result in increased operating costs and reduce demand for the natural gas, oil and NGLs we produce, and concern in financial and investment markets over greenhouse gasses and fossil fuel production could adversely affect our access to capital and the price of our common stock.
  • The trading price and volume of our common stock may be volatile, and you could lose a significant portion of your investment.
  • Market views of our industry generally can affect our stock price, liquidity and ability to obtain financing.
  • Volatility in the financial markets or in global economic factors could adversely impact our business and financial condition.
  • Our commodity price risk management and measurement systems and economic hedging activities might not be effective and could increase the volatility of our results.
  • The implementation of derivatives legislation could have an adverse effect on our ability to use derivative instruments to reduce the effect of commodity price, interest rate and other risks associated with our business.
  • We may not achieve the anticipated benefits of the Indigo Merger and the GEPH Merger, and the Indigo Merger and the GEPH Merger may disrupt our current plans or operations.
Management Discussion
  • ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  • We are an independent energy company engaged in natural gas, oil and NGLs development, exploration and production, which we refer to as “E&P.” We are also focused on creating and capturing additional value through our marketing business, which we call “Marketing”. We conduct most of our businesses through subsidiaries, and we currently operate exclusively in the Appalachian and Haynesville natural gas basins in the lower 48 United States.
  • E&P.  Our primary business is the development and production of natural gas as well as associated NGLs and oil, with our ongoing operations focused on unconventional natural gas reservoirs located in Pennsylvania, West Virginia, Ohio and Louisiana.  Our operations in Pennsylvania, West Virginia and Ohio, which we refer to as “Appalachia,” are focused on the Marcellus Shale, the Utica and the Upper Devonian unconventional natural gas and liquids reservoirs.  Our operations in Louisiana, which we refer to as “Haynesville,” are primarily focused on the Haynesville and Bossier natural gas reservoirs. We also have drilling rigs located in Appalachia and Haynesville, and we provide certain oilfield products and services, principally serving our E&P operations through vertical integration. In just over one year, we have completed three strategic acquisitions which have added scale to our operations and have laid the foundation for our future:

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