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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 March 31, 2024
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
Image1.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 April 30, 2024
Common Stock, Par Value $0.011,102,844,906


        
SOUTHWESTERN ENERGY COMPANY
INDEX TO FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2024
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);
our ability to fund our planned capital investments;
a change in our credit rating or adverse changes 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 any future development of the LNG market;
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 mergers and acquisitions, including the Proposed Merger (as defined below);
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 completion techniques, climate and over-the-counter derivatives;
our ability to achieve, reach or otherwise meet initiatives, plans, or ambitions with respect to environmental, social and governance matters;
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;
inflation rates;
the financial impact of accounting regulations and critical accounting policies;
the comparative cost of alternative fuels;
2

        
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;
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 a pandemic or other world health event;
our hedging strategy and results;
our ability to obtain debt or equity financing on satisfactory terms;
risks related to the proposed transaction (the “Proposed Merger”) between Southwestern and Chesapeake Energy Corporation (“Chesapeake”), including that the Proposed Merger may not be completed on anticipated terms and timing, or at all, including obtaining regulatory approvals that may be required on anticipated terms and Southwestern and Chesapeake stockholder approval; the possibility that any of the anticipated benefits of the transaction will not be realized or that the two companies will not be successfully integrated; the risk that disruptions from the transaction will harm Southwestern’s business, including current plans and operations and that management’s time and attention will be diverted on transaction-related issues; restrictions on our operations during the pendency of the Proposed Merger, potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Proposed Merger; and potential litigation relating to the Proposed Merger that could be instituted against Southwestern or its directors; 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 March 31,
(in millions, except share/per share amounts)20242023
Operating Revenues: 
Gas sales$584 $1,145 
Oil sales82 95 
NGL sales174 201 
Marketing579 679 
Other(2)(2)
1,417 2,118 
Operating Costs and Expenses:
Marketing purchases588 667 
Operating expenses417 418 
General and administrative expenses56 46 
Merger-related expenses9  
Depreciation, depletion and amortization262 313 
Impairments2,093  
Taxes, other than income taxes49 68 
3,474 1,512 
Operating Income (Loss)(2,057)606 
Interest Expense:
Interest on debt59 63 
Other interest charges3 3 
Interest capitalized(27)(30)
35 36 
Gain on Derivatives126 1,401 
Loss on Early Extinguishment of Debt (19)
Other Income (Loss), Net1 (1)
Income (Loss) Before Income Taxes(1,965)1,951 
Provision (Benefit) for Income Taxes:
Current  
Deferred(430)12 
(430)12 
Net Income (Loss)$(1,535)$1,939 
Earnings (Loss) Per Common Share:
Basic$(1.39)$1.76 
Diluted$(1.39)$1.76 
Weighted Average Common Shares Outstanding:
Basic1,101,824,856 1,100,278,261 
Diluted1,101,824,856 1,102,396,636 

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 March 31,
(in millions)20242023
Net income (loss)$(1,535)$1,939 
Change in value of pension and other postretirement liabilities:
Amortization of prior service cost and net gain, including gain on settlements and curtailments included in net periodic pension cost
 1 
Net actuarial gain (loss) incurred in period2 (2)
Net tax loss attributable to pension termination (14)
Total change in value of pension and postretirement liabilities2 (15)
Comprehensive income (loss)$(1,533)$1,924 

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

        
SOUTHWESTERN ENERGY COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, 2024December 31, 2023
ASSETS(in millions)
Current assets:  
Cash and cash equivalents$29 $21 
Accounts receivable, net491 680 
Derivative assets640 614 
Other current assets91 100 
Total current assets1,251 1,415 
Natural gas and oil properties, using the full cost method, including $2,037 million as of March 31, 2024 and $2,075 million as of December 31, 2023 excluded from amortization
38,308 37,772 
Other573 566 
Less: Accumulated depreciation, depletion and amortization(30,784)(28,425)
Total property and equipment, net8,097 9,913 
Operating lease assets144 154 
Long-term derivative assets131 175 
Deferred tax assets674 238 
Other long-term assets101 96 
Total long-term assets1,050 663 
TOTAL ASSETS$10,398 $11,991 
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt$389 $ 
Accounts payable1,299 1,384 
Taxes payable123 128 
Interest payable26 77 
Derivative liabilities116 79 
Current operating lease liabilities43 44 
Other current liabilities28 17 
Total current liabilities2,024 1,729 
Long-term debt3,609 3,947 
Long-term operating lease liabilities100 107 
Long-term derivative liabilities75 100 
Other long-term liabilities224 220 
Total long-term liabilities4,008 4,374 
Commitments and contingencies (Note 11)
Equity:
Common stock, $0.01 par value; 2,500,000,000 shares authorized; issued 1,164,459,599 shares as of March 31, 2024 and 1,163,077,745 shares as of December 31, 2023
12 12 
Additional paid-in capital7,199 7,188 
Accumulated deficit(2,517)(982)
Accumulated other comprehensive loss(1)(3)
Common stock in treasury, 61,614,693 shares as of March 31, 2024 and December 31, 2023
(327)(327)
Total equity4,366 5,888 
TOTAL LIABILITIES AND EQUITY$10,398 $11,991 

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 three months ended March 31,
(in millions)20242023
Cash Flows From Operating Activities:  
Net income (loss)$(1,535)$1,939 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization262 313 
Amortization of debt issuance costs2 2 
Impairments2,093  
Deferred income taxes(430)12 
(Gain) loss on derivatives, unsettled30 (1,524)
Stock-based compensation7 1 
Loss on early extinguishment of debt 19 
Other1 2 
Change in assets and liabilities:
Accounts receivable190 734 
Accounts payable(94)(257)
Taxes payable(5)(27)
Interest payable(29)(33)
Inventories(1)(14)
Other assets and liabilities5 (30)
Net cash provided by operating activities496 1,137 
Cash Flows From Investing Activities:
Capital investments(521)(670)
Net cash used in investing activities(521)(670)
Cash Flows From Financing Activities:
Payments on long-term debt (437)
Payments on revolving credit facility(981)(1,357)
Borrowings under revolving credit facility1,031 1,317 
Change in bank drafts outstanding(12)(33)
Cash paid for tax withholding(5)(4)
Net cash provided by (used in) financing activities33 (514)
Increase (decrease) in cash and cash equivalents8 (47)
Cash and cash equivalents at beginning of year21 50 
Cash and cash equivalents at end of period$29 $3 

The accompanying notes are an integral part of these consolidated financial statements.
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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, 20231,163,077,745 $12 $7,188 $(982)$(3)61,614,693 $(327)$5,888 
Comprehensive loss:
Net loss— — — (1,535)— — — (1,535)
Other comprehensive income— — — — 2 — — 2 
Total comprehensive loss— — — — — — — (1,533)
Stock-based compensation— — 10 — — — — 10 
Restricted units vested2,108,403 — 6 — — — — 6 
Tax withholding – stock compensation(726,549)— (5)— — — — (5)
Balance at March 31, 20241,164,459,599 $12 $7,199 $(2,517)$(1)61,614,693 $(327)$4,366 


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, 20221,161,545,588 $12 $7,172 $(2,539)$6 61,614,693 $(327)$4,324 
Comprehensive loss:
Net income— — — 1,939 — — — 1,939 
Other comprehensive loss— — — — (15)— — (15)
Total comprehensive income— — — — — — — 1,924 
Stock-based compensation— — 2 — — — — 2 
Restricted units vested1,999,039 — 8 — — — — 8 
Tax withholding – stock compensation(662,163)— (4)— — — — (4)
Balance at March 31, 20231,162,882,464 $12 $7,178 $(600)$(9)61,614,693 $(327)$6,254 

The accompanying notes are an integral part of these consolidated financial statements.
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SOUTHWESTERN ENERGY COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(1) BASIS OF PRESENTATION
Nature of Operations
Southwestern Energy Company (including its subsidiaries, collectively “Southwestern” or the “Company”) is an independent energy company engaged in natural gas, oil and NGLs development, exploration and production (“E&P”). The Company is also focused on creating and capturing additional value through its marketing business (“Marketing”). Southwestern conducts most of its business through subsidiaries and operates principally in two segments: E&P and Marketing.
E&P. Southwestern’s primary business is the development and production of natural gas as well as associated NGLs and oil, with ongoing operations focused on the development of unconventional natural gas and oil reservoirs located in Pennsylvania, West Virginia, Ohio and Louisiana. The Company’s operations in Pennsylvania, West Virginia and Ohio, herein referred to as “Appalachia,” are primarily focused on the Marcellus Shale, the Utica and the Upper Devonian unconventional natural gas and liquids reservoirs. The Company’s operations in Louisiana, herein referred to as “Haynesville,” are primarily focused on the Haynesville and Bossier natural gas reservoirs (“Haynesville and Bossier Shales”). The Company also operates drilling rigs and provides certain oilfield products and services, principally serving the Company’s E&P operations through vertical integration.
Marketing. Southwestern’s marketing activities capture opportunities that arise through the marketing and transportation of natural gas, oil and NGLs primarily produced in its E&P operations.
Basis of Presentation
The accompanying consolidated financial statements were prepared using accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the rules and regulations of the Securities and Exchange Commission. Certain information relating to the Company’s organization and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been appropriately condensed or omitted in this Quarterly Report.
Principles of Consolidation
The consolidated financial statements contained in this report include all normal and recurring material adjustments that, in the opinion of management, are necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods presented herein. It is recommended that these consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Annual Report”).
The Company’s significant accounting policies, which have been reviewed and approved by the Audit Committee of the Company’s board of directors (the “Board”), are summarized in Note 1 in the Notes to the Consolidated Financial Statements included in the Company’s 2023 Annual Report.
Proposed merger of the Company with Chesapeake Energy Corporation
On January 10, 2024, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Chesapeake Energy Corporation, an Oklahoma corporation (“Chesapeake”), Hulk Merger Sub, Inc., a Delaware corporation and a newly formed, wholly owned subsidiary of Chesapeake (“Merger Sub”) and Hulk LLC Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of Chesapeake (“LLC Sub” and together with Merger Sub, the Company and Chesapeake, the “Parties”), pursuant to which Merger Sub will merge with and into the Company (the “Proposed Merger”), with the Company continuing as a wholly owned subsidiary of Chesapeake (the “Surviving Corporation”). Immediately following the time the Proposed Merger becomes effective (the “Effective Time”), the Surviving Corporation will be merged with and into LLC Sub, with LLC Sub continuing as the surviving entity and as a wholly owned subsidiary of Chesapeake. Under the terms of the Merger Agreement, upon completion of the Proposed Merger, Southwestern shareholders will receive 0.0867 shares of Chesapeake common stock for one share of Southwestern common stock. The consideration to be paid under the Merger Agreement is subject to adjustment as provided in the Merger Agreement. No fractional shares of Chesapeake common stock will be issued in the Proposed Merger, the holders of shares of Southwestern common stock will receive cash in lieu of fractional shares of Chesapeake common stock, if any, in accordance with the terms of the Merger Agreement.

The consummation of the Proposed Merger is subject to the satisfaction or waiver of customary closing conditions, including: receipt of the required approvals from the stockholders of the Company and Chesapeake, and the expiration or
9

        
termination of the extended waiting period imposed by the issuance of a request for additional information and documentary materials by the Federal Trade Commission under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”) and no agreement between or commitment by the Parties and any governmental entity not to consummate the Proposed Merger being in effect. The Company and Chesapeake have each made customary representations and warranties in the Merger Agreement. The Merger Agreement also contains customary pre-closing covenants of the Company and Chesapeake, including, subject to certain exceptions, covenants relating to conducting their respective businesses in the ordinary course consistent with past practice and refraining from taking certain actions, excepting in each case actions expressly permitted or required by the Merger Agreement, required by law or consented to by the other party in writing. The Merger Agreement provides that in the event of termination of the Merger Agreement under certain circumstances, the Company may be required to reimburse Chesapeake’s expenses up to $55.6 million or pay Chesapeake a termination fee equal to $389 million less any expenses previously paid. Further, Chesapeake may be required to reimburse our expenses up to $37.25 million or pay us a termination fee equal to $260 million less any expenses previously paid.

For the three months ended March 31, 2024, the Company incurred approximately $9 million in merger-related expenses, mostly comprised of professional fees, associated with the Proposed Merger.

(2) REVENUE RECOGNITION
Revenues from Contracts with Customers
Natural gas and liquids.  Natural gas, oil and NGL sales are recognized when control of the product is transferred to the customer at a designated delivery point. The pricing provisions of the Company’s contracts are primarily tied to a market index with certain adjustments based on factors such as delivery, quality of the product and prevailing supply and demand conditions in the geographic areas in which the Company operates. Under the Company’s sales contracts, the delivery of each unit of natural gas, oil and NGLs represents a separate performance obligation, and revenue is recognized at the point in time when the performance obligations are fulfilled. There is no significant financing component to the Company’s revenues as payment terms are typically within 30 to 60 days of control transfer. Furthermore, consideration from a customer corresponds directly with the value to the customer of the Company’s performance completed to date. As a result, the Company recognizes revenue in the amount to which the Company has a right to invoice and has not disclosed information regarding its remaining performance obligations.
The Company records revenue from its natural gas and liquids production in the amount of its net revenue interest in sales from its properties. Accordingly, natural gas and liquid sales are not recognized for deliveries in excess of the Company’s net revenue interest, while natural gas and liquid sales are recognized for any under-delivered volumes.
Marketing.  The Company, through its marketing affiliate, generally markets natural gas, oil and NGLs for its affiliated E&P companies as well as other joint owners who choose to market with the Company. In addition, the Company markets some products purchased from third parties. Marketing revenues for natural gas, oil and NGL sales are recognized when control of the product is transferred to the customer at a designated delivery point. The pricing provisions of the Company’s contracts are primarily tied to market indices with certain adjustments based on factors such as delivery, quality of the product and prevailing supply and demand conditions. Under the Company’s marketing contracts, the delivery of each unit of natural gas, oil and NGLs represents a separate performance obligation, and revenue is recognized at the point in time when the performance obligations are fulfilled. Customers are invoiced and revenues are recorded each month as natural gas, oil and NGLs are delivered, and payment terms are typically within 30 to 60 days of control transfer. Furthermore, consideration from a customer corresponds directly with the value to the customer of the Company’s performance completed to date.  As a result, the Company recognizes revenue in the amount to which the Company has a right to invoice and has not disclosed information regarding its remaining performance obligations.
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Disaggregation of Revenues
The Company presents a disaggregation of E&P revenues by product on the consolidated statements of operations net of intersegment revenues. The following table reconciles operating revenues as presented on the consolidated statements of operations to the operating revenues by segment:
(in millions)E&PMarketingIntersegment
Revenues
Total
Three months ended March 31, 2024
Gas sales$571 $ $13 $584 
Oil sales81  1 82 
NGL sales174   174 
Marketing 1,377 (798)579 
Other (1)
(2)  (2)
Total$824 $1,377 $(784)$1,417 
(in millions)
Three months ended March 31, 2023
Gas sales$1,136 $ $9 $1,145 
Oil sales94  1 95 
NGL sales201   201 
Marketing 2,041 (1,362)679 
Other (1)
(2)  (2)
Total$1,429 $2,041 $(1,352)$2,118 
(1)For the three months ended March 31, 2024 and the three months ended March 31, 2023, other E&P revenues consists primarily of losses on purchaser imbalances associated with natural gas and certain NGLs.
Associated E&P revenues are also disaggregated for analysis on a geographic basis by the core areas in which the Company operates, which are Appalachia and Haynesville.
For the three months ended March 31,
(in millions)20242023
Appalachia$554 $923 
Haynesville270 506 
Total$824 $1,429 
Receivables from Contracts with Customers
The following table reconciles the Company’s receivables from contracts with customers to consolidated accounts receivable as presented on the consolidated balance sheet:
(in millions)March 31, 2024December 31, 2023
Receivables from contracts with customers$433 $622 
Other accounts receivable58 58 
Total accounts receivable$491 $680 
Amounts recognized against the Company’s allowance for doubtful accounts related to receivables arising from contracts with customers were not significant for both the three months ended March 31, 2024 and year ended December 31, 2023. The Company has no contract assets or contract liabilities associated with its revenues from contracts with customers.
(3) CASH AND CASH EQUIVALENTS
The following table presents a summary of cash and cash equivalents as of March 31, 2024 and December 31, 2023:
(in millions)March 31, 2024December 31, 2023
Cash$23 $1 
Marketable securities (1)
6 20 
Total$29 $21 
(1)Typically consists of government stable value money market funds.
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(4) NATURAL GAS AND OIL PROPERTIES
The Company utilizes the full cost method of accounting for costs related to the development, exploration and acquisition of natural gas and oil properties. Under this method, all such costs (productive and nonproductive), including salaries, benefits and other internal costs directly attributable to these activities, are capitalized on a country-by-country basis and amortized over the estimated lives of the properties using the units-of-production method. These capitalized costs are subject to a ceiling test that limits such pooled costs, net of applicable deferred taxes, to the aggregate of the present value of future net revenues attributable to proved natural gas, oil and NGL reserves discounted at 10% (standardized measure). Any costs in excess of the ceiling are written off as a non-cash expense. The expense may not be reversed in future periods, even though higher natural gas, oil and NGL prices may subsequently increase the ceiling. Companies using the full cost method are required to use the average quoted price from the first day of each month from the previous 12 months, including the impact of derivatives designated for hedge accounting, to calculate the ceiling value of their reserves. The Company had no hedge positions that were designated for hedge accounting as of March 31, 2024. Prices used to calculate the ceiling value of reserves were as follows:
March 31, 2024March 31, 2023
Natural gas (per MMBtu)
$2.45 $5.96 
Oil (per Bbl)
$77.48 $90.97 
NGLs (per Bbl)
$21.17 $30.69 
Using the average quoted prices above, adjusted for market differentials, the Company’s net book value of its United States natural gas and oil properties exceeded the ceiling amount at March 31, 2024, resulting in an impairment of $2,093 million. Decreases in market prices as well as changes in production rates, levels of reserves, evaluation of costs excluded from amortization, future development costs and production costs could result in future non-cash ceiling test impairments to the Company’s natural gas and oil properties. Given the fall in commodity prices during 2023 and into 2024, the Company expects that an additional non-cash impairment of its asset will likely occur in the second quarter of 2024 and perhaps later.
(5) EARNINGS PER SHARE
Basic earnings per common share is computed by dividing net income (loss) attributable to common stock by the weighted average number of common shares outstanding during the reportable period. The diluted earnings per share calculation adds to the weighted average number of common shares outstanding: the incremental shares that would have been outstanding assuming the exercise of dilutive stock options, the vesting of unvested restricted shares of common stock, restricted stock units and performance units. An antidilutive impact is an increase in earnings per share or a reduction in net loss per share resulting from the conversion, exercise or contingent issuance of certain securities.
The following table presents the computation of earnings per share for the three months ended March 31, 2024 and 2023:
For the three months ended March 31,
(in millions, except share/per share amounts)20242023
Net income (loss)$(1,535)$1,939 
Number of common shares:
Weighted average outstanding1,101,824,856 1,100,278,261 
Effect of issuance of non-vested restricted common stock 790,131 
Effect of issuance of non-vested restricted units 1,328,244 
Weighted average and dilutive outstanding1,101,824,856 1,102,396,636 
Earnings (loss) per common share
Basic$(1.39)$1.76 
Diluted$(1.39)$1.76 
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The following table presents the common stock shares equivalent excluded from the calculation of diluted earnings per share for the three months ended March 31, 2024 and 2023, as they would have had an antidilutive effect:
For the three months ended March 31,
20242023
Unexercised stock options459,638 866,318 
Unvested restricted common stock977,979  
Restricted units3,490,947 1,914,812 
Performance units554,248 326,088 
Total5,482,812 3,107,218 

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(6) DERIVATIVES AND RISK MANAGEMENT
The Company is exposed to volatility in market prices and basis differentials for natural gas, oil and NGLs which impacts the predictability of its cash flows related to the sale of those commodities. These risks are managed by the Company’s use of certain derivative financial instruments. As of March 31, 2024 and March 31, 2023, the Company’s derivative financial instruments consisted of fixed price swaps, two-way costless collars, three-way costless collars, basis swaps, and options (calls and puts). A description of the Company’s derivative financial instruments is provided below:
Fixed price swapsIf the Company sells a fixed price swap, the Company receives a fixed price for the contract, and pays a floating market price to the counterparty.  If the Company purchases a fixed price swap, the Company receives a floating market price for the contract and pays a fixed price to the counterparty.
 
Two-way costless collarsArrangements that contain a fixed floor price (“purchased put option”) and a fixed ceiling price (“sold call option”) based on an index price which, in aggregate, have no net cost.  At the contract settlement date, (1) if the index price is higher than the ceiling price, the Company pays the counterparty the difference between the index price and ceiling price, (2) if the index price is between the floor and ceiling prices, no payments are due from either party, and (3) if the index price is below the floor price, the Company will receive the difference between the floor price and the index price.
 
Three-way costless collarsArrangements that contain a purchased put option, a sold call option and a sold put option based on an index price that, in aggregate, have no net cost.  At the contract settlement date, (1) if the index price is higher than the sold call strike price, the Company pays the counterparty the difference between the index price and sold call strike price, (2) if the index price is between the purchased put strike price and the sold call strike price, no payments are due from either party, (3) if the index price is between the sold put strike price and the purchased put strike price, the Company will receive the difference between the purchased put strike price and the index price, and (4) if the index price is below the sold put strike price, the Company will receive the difference between the purchased put strike price and the sold put strike price.
 
Basis swapsArrangements that guarantee a price differential for natural gas from a specified delivery point.  If the Company sells a basis swap, the Company receives a payment from the counterparty if the price differential is greater than the stated terms of the contract and pays the counterparty if the price differential is less than the stated terms of the contract.  If the Company purchases a basis swap, the Company pays the counterparty if the price differential is greater than the stated terms of the contract and receives a payment from the counterparty if the price differential is less than the stated terms of the contract.
 
Options (Calls and Puts)The Company purchases and sells options in exchange for premiums.  If the Company purchases a call option, the Company receives from the counterparty the excess (if any) of the market price over the strike price of the call option at the time of settlement, but if the market price is below the call’s strike price, no payment is due from either party.  If the Company sells a call option, the Company pays the counterparty the excess (if any) of the market price over the strike price of the call option at the time of settlement, but if the market price is below the call’s strike price, no payment is due from either party. If the Company purchases a put option, the Company receives from the counterparty the excess (if any) of the strike price over the market price of the put option at the time of settlement, but if the market price is above the put’s strike price, no payment is due from either party. If the Company sells a put option, the Company pays the counterparty the excess (if any) of the strike price over the market price of the put option at the time of settlement, but if the market price is above the put’s strike price, no payment is due from either party.
The Company chooses counterparties for its derivative instruments that it believes are creditworthy at the time the transactions are entered into, and the Company actively monitors the credit ratings and credit default swap rates of these counterparties where applicable. However, there can be no assurance that a counterparty will be able to meet its obligations to the Company. The Company presents its derivative positions on a gross basis and does not net the asset and liability positions.
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The following tables provide information about the Company’s financial instruments that are sensitive to changes in commodity prices and that are used to protect the Company’s exposure. None of the financial instruments below are designated for hedge accounting treatment. The tables present the notional amount, the weighted average contract prices and the fair value by expected maturity dates as of March 31, 2024:
Financial Protection on Production
 Weighted Average Price per MMBtu 
Volume (Bcf)
SwapsSold PutsPurchased PutsSold CallsBasis Differential
Fair Value at
March 31, 2024
(in millions)
Natural Gas       
2024       
Fixed price swaps409 $3.58 $ $ $ $ $486 
Two-way costless collars33   3.07 3.53  24 
Three-way costless collars60  2.50 3.25 4.19  30 
Total502 $540 
2025
Fixed price swaps33 $3.47 $ $ $ $ $ 
Two-way costless collars73   3.50 5.40  33 
Three-way costless collars161  2.59 3.66 5.88  62 
Total267 $95 
Basis Swaps
202494 $ $ $ $ $(0.71)$(11)
20259     (0.64)2 
Total103 $(9)
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Volume
(MBbls)
Weighted Average Strike Price per Bbl
Fair Value at
March 31, 2024
(in millions)
SwapsSold PutsPurchased PutsSold Calls
Oil
2024
Fixed price swaps1,057 $71.62 $— $— $— $(9)
Two-way costless collars348 — — 70.00 86.40 (1)
Three-way costless collars534 — 56.72 66.72 88.26 (1)
Total1,939 $(11)
2025
Fixed price swaps41 $77.66 $— $— $— $ 
Three-way costless collars1,278 — 58.92 68.92 92.83  
Total1,319 $ 
Ethane
2024
Fixed price swaps5,335 $10.05 $— $— $— $10 
2025
Fixed price swaps2,190 $10.19 $— $— $— $ 
Propane   
2024   
Fixed price swaps4,483 $31.23 $— $— $— $(17)
2025
Fixed price swaps1,341 $30.25 $— $— $— $(1)
Normal Butane
2024
Fixed price swaps1,073 $39.42 $— $— $— $(2)
2025
Fixed price swaps548 $35.28 $— $— $— $ 
Natural Gasoline
2024
Fixed price swaps1,210 $61.45 $— $— $— $(5)
2025
Fixed price swaps730 $56.44 $— $— $— $(4)
Other Derivative Contracts
Volume
(Bcf)
Weighted Average Strike Price per MMBtu
Fair Value at
March 31, 2024
(in millions)
Call Options – Natural Gas (Net)
202455 $7.00 $ 
202573 7.00 (4)
202673 7.00 (11)
Total201 $(15)
At March 31, 2024, the net fair value of the Company’s financial instruments was a $580 million asset, which included net reduction of the asset of $1 million related to non-performance risk. See Note 8 for additional details regarding the Company’s fair value measurements of its derivatives position.
As of March 31, 2024, the Company had no positions designated for hedge accounting treatment. Gains and losses on derivatives that are not designated for hedge accounting treatment, or do not meet hedge accounting requirements, are recorded as a component of gain (loss) on derivatives on the consolidated statements of operations. Accordingly, the gain (loss) on
16

        
derivatives component of the statement of operations reflects the gains and losses on both settled and unsettled derivatives. Only the settled gains and losses are included in the Company’s realized commodity price calculations.
The balance sheet classification of the assets and liabilities related to derivative financial instruments are summarized below as of March 31, 2024 and December 31, 2023:
Derivative Assets    
Fair Value
(in millions)Balance Sheet ClassificationMarch 31, 2024 December 31, 2023