Closing Price ($) | Shares Out (MM) | Market Cap ($MM) |
$4.33 | 582 | $2,520 |
10-Q | 2018-09-30 | Quarter: 2018-09-30 |
10-Q | 2018-06-30 | Quarter: 2018-06-30 |
10-Q | 2018-03-31 | Quarter: 2018-03-31 |
10-K | 2018-03-01 | Annual: 2018-03-01 |
10-Q | 2017-09-30 | Quarter: 2017-09-30 |
10-Q | 2017-06-30 | Quarter: 2017-06-30 |
10-Q | 2017-04-27 | Quarter: 2017-04-27 |
10-K | 2016-12-31 | Annual: 2016-12-31 |
10-Q | 2016-09-30 | Quarter: 2016-09-30 |
10-Q | 2016-06-30 | Quarter: 2016-06-30 |
10-Q | 2016-03-31 | Quarter: 2016-03-31 |
10-K | 2015-12-31 | Annual: 2015-12-31 |
8-K | 2019-02-05 | Earnings, Exhibits |
8-K | 2018-12-03 | M&A, Officers, Other Events, Exhibits |
8-K | 2018-10-25 | Earnings, Exhibits |
8-K | 2018-09-28 | Officers, Regulation FD |
8-K | 2018-09-17 | Enter Agreement, Regulation FD, Exhibits |
8-K | 2018-08-30 | Enter Agreement, Exhibits |
8-K | 2018-08-02 | Earnings, Exhibits |
8-K | 2018-06-27 | Exit Costs, Regulation FD |
8-K | 2018-05-25 | Shareholder Vote, Other Events |
8-K | 2018-04-26 | Earnings, Exhibits |
8-K | 2018-03-07 | Officers, Exhibits |
8-K | 2018-02-26 | Officers, Regulation FD, Exhibits |
8-K | 2018-02-08 | Earnings, Regulation FD, Exhibits |
8-K | 2018-01-12 | Regulation FD |
E | Eni |
PE | Parsley Energy |
WPX | WPX Energy |
MUR | Murphy Oil |
BSM | Black Stone Minerals |
PDCE | PDC Energy |
NEXT | Nextdecade |
PBT | Permian Basin Royalty Trust |
CHKR | Chesapeake Granite Wash Trust |
BRN | Barnwell Industries |
Part I – Financial Information |
Item 1. Financial Statements |
Item 2. Management’S Discussion and Analysis of Financial Condition and Results of Operations |
Item 3. Quantitative and Qualitative Disclosures About Market Risk |
Item 4. Controls and Procedures |
Part II - Other Information |
Item 1. Legal Proceedings |
Item 1A. Risk Factors |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
Item 3. Defaults Upon Senior Securities |
Item 4. Mine Safety Disclosures |
Item 5. Other Information |
Item 6. Exhibits |
EX-10 | swn-20180930xex10_2.htm |
EX-31 | swn-20180930xex31_1.htm |
EX-31 | swn-20180930xex31_2.htm |
EX-32 | swn-20180930xex32_1.htm |
EX-32 | swn-20180930xex32_2.htm |
EX-95 | swn-20180930xex95_1.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
| ||||||||
UNITED STATES | ||||||||
SECURITIES AND EXCHANGE COMMISSION | ||||||||
Washington, D.C. 20549 | ||||||||
| ||||||||
Form 10-Q | ||||||||
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(Mark One) | ||||||||
[X] Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2018 | ||||||||
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Or | ||||||||
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[ ] Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ________ to ________ | ||||||||
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Commission file number: 001-08246 | ||||||||
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Southwestern Energy Company | ||||||||
(Exact name of registrant as specified in its charter) | ||||||||
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Delaware | 71-0205415 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
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10000 Energy Drive Spring, Texas | 77389 | |||||||
(Address of principal executive offices) | (Zip Code) | |||||||
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(832) 796-1000 | ||||||||
(Registrant’s telephone number, including area code) | ||||||||
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Not Applicable | ||||||||
(Former name, former address and former fiscal year, if changed since last report) | ||||||||
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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, 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 filer ☒ | Accelerated filer ☐ | Non-accelerated filer ☐ | Smaller reporting company ☐ | Emerging growth company ☐ | ||||
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: | ||||||||
| ||||||||
Class | Outstanding as of October 23, 2018 | |||||||
| Common Stock, Par Value $0.01 | 581,277,782 |
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INDEX TO FORM 10-Q | |||
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2018 | |||
| |||
PART I – FINANCIAL INFORMATION | Page | ||
| |||
Item 1. | 3 | ||
| 3 | ||
| 4 | ||
| 5 | ||
| 6 | ||
| 7 | ||
| 9 | ||
| 9 | ||
| 9 | ||
| 10 | ||
| 11 | ||
| 13 | ||
| 13 | ||
| 14 | ||
| 15 | ||
| Note 9. Reclassifications From Accumulated Other Comprehensive Income (Loss) | 20 | |
| 21 | ||
| 24 | ||
| 27 | ||
| 29 | ||
| 29 | ||
| 32 | ||
| 34 | ||
| 35 | ||
| 36 | ||
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 44 | |
| 45 | ||
| 53 | ||
Item 3. | 58 | ||
Item 4. | 60 | ||
| |||
PART II – OTHER INFORMATION | |||
| |||
Item 1. | 60 | ||
Item 1A. | 60 | ||
Item 2. | 60 | ||
Item 3. | 60 | ||
Item 4. | 60 | ||
Item 5. | 60 | ||
Item 6. | 61 |
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS
All statements, other than historical fact or present financial information, 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 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-
1
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 on Form 10-Q 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,” “target” or similar 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. 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); |
· | our ability to fund our planned capital investments; |
· | a change in our credit rating; |
· | 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; |
· | difficulties in appropriately allocating capital and resources among our strategic opportunities; |
· | the timing and extent of our success in discovering, developing, producing and estimating reserves; |
· | our ability to maintain leases that may expire if production is not established or profitably maintained; |
· | our ability to consummate the closing of the sale of our Fayetteville Shale assets and to realize the expected benefits from acquisitions; |
· | 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 laws and government regulation, including the ability to obtain and maintain permits, any increase in severance or similar taxes, and legislation and judicial or administrative decisions relating to hydraulic fracturing, climate change, other environmental matters and over-the-counter derivatives; |
· | the impact of the adverse outcome of any material litigation against us or involving our industry; |
· | the effects of weather; |
· | increased competition and regulation; |
· | 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; 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 publicly update 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.
All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
2
PART I – FINANCIAL INFORMATION
|
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SOUTHWESTERN ENERGY COMPANY AND SUBSIDIARIES | ||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||
(Unaudited) | ||||||||||||||
|
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| |||
| For the three months ended |
| For the nine months ended | |||||||||||
| September 30, |
| September 30, | |||||||||||
(in millions, except share/per share amounts) | 2018 |
| 2017 |
| 2018 |
| 2017 | |||||||
Operating Revenues: |
|
|
|
|
|
|
|
|
|
|
| |||
Gas sales | $ | 465 |
| $ | 394 |
| $ | 1,412 |
| $ | 1,368 | |||
Oil sales |
| 62 |
|
| 27 |
|
| 141 |
|
| 73 | |||
NGL sales |
| 112 |
|
| 55 |
|
| 252 |
|
| 132 | |||
Marketing |
| 287 |
|
| 233 |
|
| 805 |
|
| 736 | |||
Gas gathering |
| 25 |
|
| 28 |
|
| 73 |
|
| 85 | |||
Other |
| – |
|
| − |
|
| 4 |
|
| – | |||
|
| 951 |
|
| 737 |
|
| 2,687 |
|
| 2,394 | |||
Operating Costs and Expenses: |
|
|
|
|
|
|
|
|
|
|
| |||
Marketing purchases |
| 288 |
|
| 236 |
|
| 808 |
|
| 740 | |||
Operating expenses |
| 206 |
|
| 170 |
|
| 588 |
|
| 481 | |||
General and administrative expenses |
| 51 |
|
| 62 |
|
| 165 |
|
| 170 | |||
Restructuring charges |
| 2 |
|
| – |
|
| 20 |
|
| – | |||
Depreciation, depletion and amortization |
| 151 |
|
| 135 |
|
| 436 |
|
| 364 | |||
Impairments |
| 161 |
|
| – |
|
| 161 |
|
| – | |||
Taxes, other than income taxes |
| 26 |
|
| 24 |
|
| 64 |
|
| 75 | |||
|
| 885 |
|
| 627 |
|
| 2,242 |
|
| 1,830 | |||
Operating Income |
| 66 |
|
| 110 |
|
| 445 |
|
| 564 | |||
Interest Expense: |
|
|
|
|
|
|
|
|
|
|
| |||
Interest on debt |
| 56 |
|
| 58 |
|
| 180 |
|
| 175 | |||
Other interest charges |
| 2 |
|
| 2 |
|
| 6 |
|
| 7 | |||
Interest capitalized |
| (29) |
|
| (29) |
|
| (86) |
|
| (85) | |||
|
| 29 |
|
| 31 |
|
| 100 |
|
| 97 | |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Gain (Loss) on Derivatives |
| (65) |
|
| 45 |
|
| (108) |
|
| 295 | |||
Loss on Early Extinguishment of Debt |
| – |
|
| (59) |
|
| (8) |
|
| (70) | |||
Other Income (Loss), Net |
| (1) |
|
| (2) |
|
| 1 |
|
| 6 | |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Income (Loss) Before Income Taxes |
| (29) |
|
| 63 |
|
| 230 |
|
| 698 | |||
Benefit for Income Taxes: |
|
|
|
|
|
|
|
|
|
|
| |||
Current |
| – |
|
| (10) |
|
| − |
|
| (10) | |||
Deferred |
| – |
|
| (4) |
|
| − |
|
| (4) | |||
|
| – |
|
| (14) |
|
| − |
|
| (14) | |||
Net Income (Loss) | $ | (29) |
| $ | 77 |
| $ | 230 |
| $ | 712 | |||
Mandatory convertible preferred stock dividend |
| – |
|
| 27 |
|
| − |
|
| 81 | |||
Participating securities - mandatory convertible preferred stock |
| – |
|
| 7 |
|
| 1 |
|
| 83 | |||
Net Income (Loss) Attributable to Common Stock | $ | (29) |
| $ | 43 |
| $ | 229 |
| $ | 548 | |||
|
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|
| |||
Earnings (Loss) Per Common Share |
|
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|
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|
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|
| |||
Basic | $ | (0.05) |
| $ | 0.09 |
| $ | 0.40 |
| $ | 1.11 | |||
Diluted | $ | (0.05) |
| $ | 0.09 |
| $ | 0.39 |
| $ | 1.10 | |||
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| |||
Weighted Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
| |||
Basic |
| 581,171,753 |
|
| 499,812,926 |
|
| 577,912,421 |
|
| 496,458,435 | |||
Diluted |
| 581,171,753 |
|
| 502,290,779 |
|
| 579,828,858 |
|
| 498,527,671 |
The accompanying notes are an integral part of these
consolidated financial statements.
3
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|
|
|
|
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | |||||||||||
(Unaudited) | |||||||||||
|
|
|
|
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|
|
|
|
|
|
|
| For the three months ended |
| For the nine months ended | ||||||||
| September 30, |
| September 30, | ||||||||
(in millions) | 2018 |
| 2017 |
| 2018 |
| 2017 | ||||
Net income (loss) | $ | (29) |
| $ | 77 |
| $ | 230 |
| $ | 712 |
|
|
|
|
|
|
|
|
|
|
|
|
Change in value of pension and other postretirement liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Amortization of prior service cost and net gain included in net periodic pension cost (1) |
| 4 |
|
| 1 |
|
| 4 |
|
| 2 |
|
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|
|
|
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|
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|
|
|
|
Comprehensive income | $ | (25) |
| $ | 78 |
| $ | 234 |
| $ | 714 |
(1) | Net of $1 million in taxes for the three and nine months ended September 30, 2018. Net of less than $1 million in taxes for the three and nine months ended September 30, 2017. However, all deferred tax activity incurred in other comprehensive income was offset by a valuation allowance. |
The accompanying notes are an integral part of these
consolidated financial statements.
4
|
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|
|
CONSOLIDATED BALANCE SHEETS | |||||
(Unaudited) | |||||
|
|
|
|
|
|
| September 30, |
| December 31, | ||
| 2018 |
| 2017 | ||
ASSETS | (in millions) | ||||
Current assets: |
|
|
|
|
|
Cash and cash equivalents | $ | 9 |
| $ | 916 |
Accounts receivable, net |
| 397 |
|
| 428 |
Derivative assets |
| 104 |
|
| 130 |
Other current assets |
| 41 |
|
| 35 |
Current assets held for sale |
| 64 |
|
| – |
Total current assets |
| 615 |
|
| 1,509 |
Natural gas and oil properties, using the full cost method, including $1,767 million as of September 30, 2018 and $1,817 million as of December 31, 2017 excluded from amortization |
| 24,880 |
|
| 23,890 |
Gathering systems |
| 38 |
|
| 1,315 |
Other |
| 479 |
|
| 564 |
Less: Accumulated depreciation, depletion and amortization |
| (19,928) |
|
| (19,997) |
Total property and equipment, net |
| 5,469 |
|
| 5,772 |
Other long-term assets |
| 194 |
|
| 240 |
Long-term assets held for sale |
| 780 |
|
| – |
TOTAL ASSETS | $ | 7,058 |
| $ | 7,521 |
LIABILITIES AND EQUITY |
|
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|
|
Current liabilities: |
|
|
|
|
|
Accounts payable | $ | 563 |
| $ | 533 |
Taxes payable |
| 32 |
|
| 62 |
Interest payable |
| 60 |
|
| 70 |
Dividends payable |
| – |
|
| 27 |
Derivative liabilities |
| 111 |
|
| 64 |
Other current liabilities |
| 10 |
|
| 24 |
Current liabilities held for sale |
| 116 |
|
| – |
Total current liabilities |
| 892 |
|
| 780 |
Long-term debt |
| 3,572 |
|
| 4,391 |
Pension and other postretirement liabilities |
| 50 |
|
| 58 |
Other long-term liabilities |
| 162 |
|
| 313 |
Long-term liabilities held for sale |
| 177 |
|
| – |
Total long-term liabilities |
| 3,961 |
|
| 4,762 |
Commitments and contingencies (Note 12) |
|
|
|
|
|
Equity: |
|
|
|
|
|
Common stock, $0.01 par value; 1,250,000,000 shares authorized; issued 586,195,162 shares as of September 30, 2018 and 512,134,311 as of December 31, 2017 |
| 6 |
|
| 5 |
Preferred stock, $0.01 par value, 10,000,000 shares authorized, 6.25% Series B Mandatory Convertible, $1,000 per share liquidation preference, 1,725,000 shares issued and outstanding as of December 31, 2017, converted to common stock on January 12, 2018 |
| – |
|
| – |
Additional paid-in capital |
| 4,714 |
|
| 4,698 |
Accumulated deficit |
| (2,449) |
|
| (2,679) |
Accumulated other comprehensive loss |
| (40) |
|
| (44) |
Common stock in treasury, 4,860,280 shares as of September 30, 2018 and 31,269 shares as of December 31, 2017 |
| (26) |
|
| (1) |
Total equity |
| 2,205 |
|
| 1,979 |
TOTAL LIABILITIES AND EQUITY | $ | 7,058 |
| $ | 7,521 |
|
|
|
|
|
|
The accompanying notes are an integral part of these
consolidated financial statements.
5
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|
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CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||
(Unaudited) | |||||
|
|
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|
|
|
| For the nine months ended | ||||
| September 30, | ||||
(in millions) | 2018 |
| 2017 | ||
Cash Flows From Operating Activities: |
|
|
|
|
|
Net income | $ | 230 |
| $ | 712 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
Depreciation, depletion and amortization |
| 436 |
|
| 364 |
Amortization of debt issuance costs |
| 6 |
|
| 7 |
Impairments |
| 161 |
|
| – |
Deferred income taxes |
| – |
|
| (4) |
(Gain) loss on derivatives, unsettled |
| 113 |
|
| (350) |
Stock-based compensation |
| 12 |
|
| 19 |
Loss on early extinguishment of debt |
| 8 |
|
| 70 |
Other |
| 7 |
|
| (2) |
Change in assets and liabilities: |
|
|
|
|
|
Accounts receivable |
| (7) |
|
| 3 |
Accounts payable |
| 60 |
|
| 16 |
Taxes payable |
| – |
|
| (3) |
Interest payable |
| (5) |
|
| (28) |
Inventories |
| (9) |
|
| (1) |
Other assets and liabilities |
| (41) |
|
| (14) |
Net cash provided by operating activities |
| 971 |
|
| 789 |
|
|
|
|
|
|
Cash Flows From Investing Activities: |
|
|
|
|
|
Capital investments |
| (1,008) |
|
| (943) |
Proceeds from sale of property and equipment |
| 9 |
|
| 17 |
Other |
| 4 |
|
| 5 |
Net cash used in investing activities |
| (995) |
|
| (921) |
|
|
|
|
|
|
Cash Flows From Financing Activities: |
|
|
|
|
|
Payments on short-term debt |
| – |
|
| (287) |
Payments on long-term debt |
| (1,191) |
|
| (1,139) |
Payments on revolving credit facility |
| (1,122) |
|
| – |
Borrowings under revolving credit facility |
| 1,482 |
|
| – |
Change in bank drafts outstanding |
| 10 |
|
| – |
Proceeds from issuance of long-term debt |
| – |
|
| 1,150 |
Debt issuance costs |
| (9) |
|
| (18) |
Purchase of treasury stock |
| (25) |
|
| – |
Preferred stock dividend |
| (27) |
|
| (8) |
Cash paid for tax withholding |
| (1) |
|
| – |
Net cash used in financing activities |
| (883) |
|
| (302) |
|
|
|
|
|
|
Decrease in cash and cash equivalents |
| (907) |
|
| (434) |
Cash and cash equivalents at beginning of year |
| 916 |
|
| 1,423 |
Cash and cash equivalents at end of period | $ | 9 |
| $ | 989 |
The accompanying notes are an integral part of these
consolidated financial statements.
6
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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Common Stock |
| Preferred Stock |
|
| Additional |
|
|
|
|
| Accumulated Other |
|
| Common |
|
|
| |||
| Shares |
|
|
|
| Shares |
|
| Paid-In |
|
| Accumulated |
|
| Comprehensive |
|
| Stock in |
|
|
|
| Issued |
|
| Amount |
| Issued |
|
| Capital |
|
| Deficit |
|
| Income (Loss) |
|
| Treasury |
|
| Total |
| (in millions, except share amounts) | ||||||||||||||||||||
Balance at December 31, 2017 | 512,134,311 |
| $ | 5 |
| 1,725,000 |
| $ | 4,698 |
| $ | (2,679) |
| $ | (44) |
| $ | (1) |
| $ | 1,979 |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income | – |
|
| – |
| – |
|
| – |
|
| 208 |
|
| – |
|
| – |
|
| 208 |
Other comprehensive income | – |
|
| – |
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
Total comprehensive income | – |
|
| – |
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| 208 |
Stock-based compensation | – |
|
| – |
| – |
|
| 7 |
|
| – |
|
| – |
|
| – |
|
| 7 |
Conversion of preferred stock | 74,998,614 |
|
| 1 |
| (1,725,000) |
|
| (1) |
|
| – |
|
| – |
|
| – |
|
| – |
Issuance of restricted stock | 5,076 |
|
| – |
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
Cancellation of restricted stock | (160,168) |
|
| – |
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
Performance units vested | 214,866 |
|
| – |
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
Tax withholding – stock compensation | (338,808) |
|
| – |
| – |
|
| (1) |
|
| – |
|
| – |
|
| – |
|
| (1) |
Balance at March 31, 2018 | 586,853,891 |
|
| 6 |
| – |
|
| 4,703 |
|
| (2,471) |
|
| (44) |
|
| (1) |
|
| 2,193 |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income | – |
|
| – |
| – |
|
| – |
|
| 51 |
|
| – |
|
| – |
|
| 51 |
Other comprehensive income | – |
|
| – |
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
Total comprehensive income | – |
|
| – |
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| 51 |
Stock-based compensation | – |
|
| – |
| – |
|
| 6 |
|
| – |
|
| – |
|
| – |
|
| 6 |
Issuance of restricted stock | 307,743 |
|
| – |
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
Cancellation of restricted stock | (722,465) |
|
| – |
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
Tax withholding – stock compensation | (9,068) |
|
| – |
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
Balance at June 30, 2018 | 586,430,101 |
|
| 6 |
| – |
|
| 4,709 |
|
| (2,420) |
|
| (44) |
|
| (1) |
|
| 2,250 |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) | – |
|
| – |
| – |
|
| – |
|
| (29) |
|
| – |
|
| – |
|
| (29) |
Other comprehensive income | – |
|
| – |
| – |
|
| – |
|
| – |
|
| 4 |
|
| – |
|
| 4 |
Total comprehensive income (loss) | − |
|
| – |
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| (25) |
Stock-based compensation | − |
|
| – |
| – |
|
| 5 |
|
| − |
|
| – |
|
| – |
|
| 5 |
Issuance of restricted stock | 30,924 |
|
| – |
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
Cancellation of restricted stock | (248,342) |
|
| – |
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
Treasury stock | − |
|
| − |
| − |
|
| − |
|
| − |
|
| − |
|
| (25) |
|
| (25) |
Tax withholding – stock compensation | (17,521) |
|
| – |
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
Balance at September 30, 2018 | 586,195,162 |
| $ | 6 |
| − |
| $ | 4,714 |
| $ | (2,449) |
| $ | (40) |
| $ | (26) |
| $ | 2,205 |
The accompanying notes are an integral part of these
consolidated financial statements.
7
SOUTHWESTERN ENERGY COMPANY AND SUBSIDIARIES | ||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED) | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Common Stock |
| Preferred Stock |
|
| Additional |
|
|
|
|
| Accumulated Other |
|
| Common |
|
|
| ||||
| Shares |
|
|
|
| Shares |
|
| Paid-In |
|
| Accumulated |
|
| Comprehensive |
|
| Stock in |
|
|
| |
| Issued |
|
| Amount |
| Issued |
|
| Capital |
|
| Deficit |
|
| Income (Loss) |
|
| Treasury |
|
| Total | |
| (in millions, except share amounts) | |||||||||||||||||||||
Balance at December 31, 2016 | 495,248,369 |
| $ | 5 |
| 1,725,000 |
| $ | 4,677 |
| $ | (3,725) |
| $ | (39) |
| $ | (1) |
| $ | 917 | |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income | – |
|
| – |
| – |
|
| – |
|
| 351 |
|
| – |
|
| – |
|
| 351 | |
Other comprehensive income | – |
|
| – |
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – | |
Total comprehensive income | – |
|
| – |
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| 351 | |
Stock-based compensation | – |
|
| – |
| – |
|
| 10 |
|
| – |
|
| – |
|
| – |
|
| 10 | |
Preferred stock dividend | 2,751,410 |
|
| – |
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – | |
Issuance of restricted stock | 4,549,122 |
|
| – |
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – | |
Cancellation of restricted stock | (113,185) |
|
| – |
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – | |
Performance units vested | 121,208 |
|
| – |
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – | |
Tax withholding – stock compensation | (59,455) |
|
| – |
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – | |
Balance at March 31, 2017 | 502,497,469 |
|
| 5 |
| 1,725,000 |
|
| 4,687 |
|
| (3,374) |
|
| (39) |
|
| (1) |
|
| 1,278 | |
Comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Net income | – |
|
| – |
| – |
|
| – |
|
| 284 |
|
| – |
|
| – |
|
| 284 | |
Other comprehensive income | – |
|
| – |
| – |
|
| – |
|
| – |
|
| 1 |
|
| – |
|
| 1 |
|
Total comprehensive income | – |
|
| – |
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| 285 | |
Stock-based compensation | – |
|
| – |
| – |
|
| 10 |
|
| – |
|
| – |
|
| – |
|
| 10 |
|
Preferred stock dividend | 3,346,865 |
|
| – |
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
Issuance of restricted stock | 353,803 |
|
| – |
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
Cancellation of restricted stock | (303,135) |
|
| – |
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
Tax withholding – stock compensation | (1,729) |
|
| – |
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
| – |
|
Issuance of stock awards | 72 |
|
| – |
| – |