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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
Quarterly Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended September 30, 2022
Or
Transition Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from ________ to ________
Commission file number: 001-08246
swn-20220930_g1.jpg
Southwestern Energy Company
(Exact name of registrant as specified in its charter)
Delaware71-0205415
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
10000 Energy Drive
Spring, Texas 77389
(Address of principal executive offices)(Zip Code)

(832) 796-1000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, Par Value $0.01SWNNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
ClassOutstanding as of October 25, 2022
Common Stock, Par Value $0.011,103,578,669


SOUTHWESTERN ENERGY COMPANY
INDEX TO FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2022
Page
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
  

1

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (“Quarterly Report”) includes certain statements that may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  All statements, other than statements of historical fact or present financial information, that address activities, outcomes and other matters that should or may occur in the future, including, without limitation, statements regarding the financial position, business strategy, production and reserve growth and other plans and objectives for our future operations, are forward-looking statements.  Although we believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance.  We have no obligation and make no undertaking to publicly update or revise any forward-looking statements, except as may be required by law.
Forward-looking statements include the items identified in the preceding paragraph, information concerning possible or assumed future results of operations and other statements in this Quarterly Report identified by words such as “anticipate,” “intend,” “plan,” “project,” “estimate,” “continue,” “potential,” “should,” “could,” “may,” “will,” “objective,” “guidance,” “outlook,” “effort,” “expect,” “believe,” “predict,” “budget,” “projection,” “goal,” “forecast,” “model,” “target” or similar words. Statements may be forward-looking even in the absence of these particular words.
You should not place undue reliance on forward-looking statements.  They are subject to known and unknown risks, uncertainties and other factors that may affect our operations, markets, products, services and prices and cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. 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. In addition to any assumptions and other factors referred to specifically in connection with forward-looking statements, risks, uncertainties and factors that could cause our actual results to differ materially from those indicated in any forward-looking statement 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 or other world health event;
our ability to fund our planned capital investments;
a change in our credit rating and an increase in interest rates;
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 or other diseases;
geopolitical and business conditions in key regions of the world;
difficulties in appropriately allocating capital and resources among our strategic opportunities;
the timing and extent of our success in discovering, developing, producing, replacing and estimating reserves;
our ability to maintain leases that may expire if production is not established or profitably maintained;
our ability to meet natural gas delivery commitments and to utilize or monetize our firm transportation commitments;
our ability to realize the expected benefits from acquisitions, including the Mergers (defined below);
costs in connection with the Mergers and the transactions contemplated thereby;
integration of operations and results subsequent to the Mergers;
risks related to the Mergers, including potential litigation relating to the Mergers, and the effect of the consummation of the Mergers on business relationships, operating results, employees, stakeholders and business generally of the parties;
our ability to transport our production to the most favorable markets or at all;
availability and costs of personnel and of products and services provided by third parties;
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 or other drilling and completing techniques, 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 or power outages;
increased competition;
2

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;
our hedging strategy and results;
our ability to execute our share repurchase program;
our ability to obtain debt or equity financing on satisfactory terms; and
any other factors listed in the reports we have filed and may file with the Securities and Exchange Commission (“SEC”).
Should one or more of the risks or uncertainties described above or elsewhere in this Quarterly Report occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements.  We specifically disclaim all responsibility to update publicly any information contained in a forward-looking statement or any forward-looking statement in its entirety and therefore disclaim any resulting liability for potentially related damages.
Reserve engineering is a process of estimating underground accumulations of natural gas, oil and NGLs that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and our development program. Accordingly, reserve estimates may differ significantly from the quantities of natural gas, oil and NGLs that are ultimately recovered.
All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
3

PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
SOUTHWESTERN ENERGY COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the three months ended September 30,For the nine months ended September 30,
(in millions, except share/per share amounts)2022202120222021
Operating Revenues:    
Gas sales$2,884 $811 $7,061 $1,708 
Oil sales100 110 349 297 
NGL sales260 255 842 607 
Marketing1,298 418 3,371 1,102 
Other(1)4 (1)6 
4,541 1,598 11,622 3,720 
Operating Costs and Expenses:
Marketing purchases1,289 420 3,366 1,109 
Operating expenses423 296 1,206 805 
General and administrative expenses41 32 120 104 
Merger-related expenses 35 27 39 
Restructuring charges   7 
Depreciation, depletion and amortization298 138 861 334 
Impairments 6  6 
Taxes, other than income taxes76 35 198 86 
2,127 962 5,778 2,490 
Operating Income2,414 636 5,844 1,230 
Interest Expense:
Interest on debt77 56 218 154 
Other interest charges3 3 10 9 
Interest capitalized(30)(25)(89)(68)
50 34 139 95 
Loss on Derivatives(1,903)(2,399)(6,709)(3,461)
Loss on Early Extinguishment of Debt (59)(6)(59)
Other Loss, Net (1)(1)(1)
Income (Loss) Before Income Taxes461 (1,857)(1,011)(2,386)
Provision for Income Taxes:
Current11  41  
Deferred    
11  41  
Net Income (Loss)$450 $(1,857)$(1,052)$(2,386)
Earnings (Loss) Per Common Share:
Basic$0.41 $(2.36)$(0.94)$(3.34)
Diluted$0.40 $(2.36)$(0.94)$(3.34)
Weighted Average Common Shares Outstanding:
Basic1,110,259,907 787,032,414 1,113,705,502 713,455,662 
Diluted1,112,522,861 787,032,414 1,113,705,502 713,455,662 

The accompanying notes are an integral part of these consolidated financial statements.

4

SOUTHWESTERN ENERGY COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
For the three months ended September 30,For the nine months ended September 30,
(in millions)2022202120222021
Net income (loss)$450 $(1,857)$(1,052)$(2,386)
Change in value of pension and other postretirement liabilities:
Settlement adjustment (1)
 1  4 
Comprehensive income (loss)$450 $(1,856)$(1,052)$(2,382)
(1)Settlement adjustment was less than $1 million for the three and nine months ended September 30, 2022. Settlement adjustments reflect $1 million in tax benefits for the nine months ended September 30, 2021.


The accompanying notes are an integral part of these consolidated financial statements.
5

SOUTHWESTERN ENERGY COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, 2022December 31, 2021
ASSETS(in millions)
Current assets:  
Cash and cash equivalents$11 $28 
Accounts receivable, net1,763 1,160 
Derivative assets176 183 
Other current assets52 42 
Total current assets2,002 1,413 
Natural gas and oil properties, using the full cost method, including $2,236 million as of September 30, 2022 and $2,231 million as of December 31, 2021 excluded from amortization
35,293 33,631 
Other515 509 
Less: Accumulated depreciation, depletion and amortization(25,068)(24,202)
Total property and equipment, net10,740 9,938 
Operating lease assets183 187 
Long-term derivative assets77 226 
Deferred tax assets  
Other long-term assets102 84 
Total long-term assets362 497 
TOTAL ASSETS$13,104 $11,848 
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt$5 $206 
Accounts payable1,896 1,282 
Taxes payable121 93 
Interest payable43 75 
Derivative liabilities3,270 1,279 
Current operating lease liabilities43 42 
Other current liabilities73 75 
Total current liabilities5,451 3,052 
Long-term debt4,855 5,201 
Long-term operating lease liabilities138 142 
Long-term derivative liabilities1,009 632 
Pension and other postretirement liabilities27 23 
Other long-term liabilities210 251 
Total long-term liabilities6,239 6,249 
Commitments and contingencies (Note 12)
Equity:
Common stock, $0.01 par value; 2,500,000,000 shares authorized; issued 1,161,475,422 shares as of September 30, 2022 and 1,158,672,666 shares as of December 31, 2021
12 12 
Additional paid-in capital7,169 7,150 
Accumulated deficit(5,440)(4,388)
Accumulated other comprehensive loss(25)(25)
Common stock in treasury, 57,966,919 shares as of September 30, 2022 and 44,353,224 shares as of December 31, 2021
(302)(202)
Total equity1,414 2,547 
TOTAL LIABILITIES AND EQUITY$13,104 $11,848 

The accompanying notes are an integral part of these consolidated financial statements.
6

SOUTHWESTERN ENERGY COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the nine months ended September 30,
(in millions)20222021
Cash Flows From Operating Activities:  
Net loss$(1,052)$(2,386)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization861 334 
Amortization of debt issuance costs8 6 
Impairments 6 
Loss on derivatives, unsettled2,524 2,952 
Stock-based compensation4 2 
Loss on early extinguishment of debt6 59 
Other2 3 
Change in assets and liabilities, excluding impact from acquisitions:
Accounts receivable(602)(147)
Accounts payable506 58 
Taxes payable28 (10)
Interest payable(22)(13)
Inventories(8)(2)
Other assets and liabilities(59)(32)
Net cash provided by operating activities2,196 830 
Cash Flows From Investing Activities:
Capital investments(1,623)(747)
Proceeds from sale of property and equipment15 4 
Cash acquired through acquisitions 55 
Cash paid through acquisitions (373)
Other (1)
Net cash used in investing activities(1,608)(1,062)
Cash Flows From Financing Activities:
Payments on current portion of long-term debt(205)(844)
Payments on long-term debt(71) 
Payments on revolving credit facility(10,341)(3,401)
Borrowings under revolving credit facility10,061 3,366 
Change in bank drafts outstanding62 33 
Proceeds from exercise of common stock options7  
Purchase of treasury stock(100) 
Debt issuance/amendment costs(14)(25)
Cash paid for tax withholding(4)(3)
Repayment of Indigo revolving credit facility (95)
Proceeds from issuance of long-term debt 1,200 
Net cash provided by (used in) financing activities(605)231 
Decrease in cash and cash equivalents(17)(1)
Cash and cash equivalents at beginning of year28 13 
Cash and cash equivalents at end of period$11 $12 

The accompanying notes are an integral part of these consolidated financial statements.
7

SOUTHWESTERN ENERGY COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
Common StockAdditional
Paid-In
Capital
Accumulated
Deficit
Accumulated Other
Comprehensive
Income (Loss)
Common Stock in TreasuryTotal
Shares
Issued
AmountSharesAmount
(in millions, except share amounts)
Balance at December 31, 20211,158,672,666 $12 $7,150 $(4,388)$(25)44,353,224 $(202)$2,547 
Comprehensive loss:
Net loss— — — (2,675)— — — (2,675)
Other comprehensive income— — — — — — — — 
Total comprehensive loss— — — — — — — (2,675)
Stock-based compensation— — 1 — — — — 1 
Performance units vested2,499,860 — 12 — — — — 12 
Tax withholding – stock compensation(721,070)— (4)— — — — (4)
Balance at March 31, 20221,160,451,456 $12 $7,159 $(7,063)$(25)44,353,224 $(202)$(119)
Comprehensive income:
Net income— — — 1,173 — — — 1,173 
Other comprehensive income— — — — — — — — 
Total comprehensive income— — — — — — — 1,173 
Stock-based compensation— — 2 — — — — 2 
Exercise of stock options893,312 — 7 — — — — 7 
Issuance of restricted stock115,608 — — — — — — — 
Restricted units vested