Company Quick10K Filing
Southwestern Energy
Price2.04 EPS2
Shares540 P/E1
MCap1,103 P/FCF1
Net Debt2,263 EBIT733
TEV3,366 TEV/EBIT5
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-04-29
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10-K 2013-12-31 Filed 2014-02-27
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10-K 2012-12-31 Filed 2013-02-21
10-Q 2012-09-30 Filed 2012-11-01
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10-K 2009-12-31 Filed 2010-02-25
8-K 2020-11-13
8-K 2020-11-05
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8-K 2020-10-08
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8-K 2020-08-18
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8-K 2019-10-24
8-K 2019-10-08
8-K 2019-08-06
8-K 2019-06-20
8-K 2019-05-21
8-K 2019-04-25
8-K 2019-02-28
8-K 2019-02-05
8-K 2018-12-03
8-K 2018-10-25
8-K 2018-09-28
8-K 2018-09-17
8-K 2018-08-30
8-K 2018-08-02
8-K 2018-06-27
8-K 2018-05-25
8-K 2018-04-26
8-K 2018-04-26
8-K 2018-03-07
8-K 2018-03-01
8-K 2018-02-26
8-K 2018-02-08
8-K 2018-01-12

SWN 10Q Quarterly Report

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-31.1 swn-20210331xex311.htm
EX-31.2 swn-20210331xex312.htm
EX-32.1 swn-20210331xex321.htm
EX-32.2 swn-20210331xex322.htm
EX-95.1 swn-20210331xex951.htm

Southwestern Energy Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
2016128402012201420172020
Assets, Equity
1.40.80.1-0.5-1.2-1.82012201420172020
Rev, G Profit, Net Income
10.06.02.0-2.0-6.0-10.02012201420172020
Ops, Inv, Fin

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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, 2021
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-20210331_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, 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 27, 2021
Common Stock, Par Value $0.01676,850,759



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SOUTHWESTERN ENERGY COMPANY
INDEX TO FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2021

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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-looking statements.  Although we believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements
1

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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 (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.
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 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;
our ability to fund our planned capital investments;
a change in our credit rating, an increase in interest rates and any adverse impacts from the discontinuation of the London Interbank Offered Rate (“LIBOR”);
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;
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 realize the expected benefits from acquisitions, including the Merger (as defined below);
integration of operations and results subsequent to the Merger;
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, 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;
increased competition;
the financial impact of accounting regulations and critical accounting policies;
the comparative cost of alternative fuels;
credit risk relating to the risk of loss as a result of non-performance by our counterparties; 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.
All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
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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)20212020
Operating Revenues:  
Gas sales$464 $248 
Oil sales81 52 
NGL sales173 50 
Marketing352 239 
Other2 3 
1,072 592 
Operating Costs and Expenses:
Marketing purchases356 248 
Operating expenses250 193 
General and administrative expenses38 26 
Montage merger-related expenses1  
Restructuring charges6 10 
Depreciation, depletion and amortization96 113 
Impairments 1,479 
Taxes, other than income taxes24 13 
771 2,082 
Operating Income (Loss)301 (1,490)
Interest Expense:
Interest on debt50 40 
Other interest charges3 2 
Interest capitalized(22)(23)
31 19 
Gain (Loss) on Derivatives(191)339 
Gain on Early Extinguishment of Debt 28 
Other Income, Net1 1 
Income (Loss) Before Income Taxes80 (1,141)
Provision (Benefit) for Income Taxes:
Current (2)
Deferred 408 
 406 
Net Income (Loss)$80 $(1,547)
Earnings (Loss) Per Common Share:
Basic$0.12 $(2.86)
Diluted$0.12 $(2.86)
Weighted Average Common Shares Outstanding:
Basic675,385,145 540,308,491 
Diluted679,867,825 540,308,491 

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

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SOUTHWESTERN ENERGY COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
For the three months ended March 31,
(in millions)20212020
Net income (loss)$80 $(1,547)
Change in value of pension and other postretirement liabilities:
Amortization of prior service cost and net loss included in net periodic pension cost (1)
  
Comprehensive income (loss)$80 $(1,547)

(1)The amortization of prior service costs and net loss along with corresponding tax benefits for the three months ended March 31, 2021 and March 31, 2020 were immaterial.

The accompanying notes are an integral part of these consolidated financial statements.
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SOUTHWESTERN ENERGY COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, 2021December 31, 2020
ASSETS(in millions)
Current assets:  
Cash and cash equivalents$4 $13 
Accounts receivable, net400 368 
Derivative assets157 241 
Other current assets41 49 
Total current assets602 671 
Natural gas and oil properties, using the full cost method, including $1,488 million as of March 31, 2021 and $1,472 million as of December 31, 2020 excluded from amortization
27,532 27,261 
Other493 523 
Less: Accumulated depreciation, depletion and amortization(23,741)(23,673)
Total property and equipment, net4,284 4,111 
Operating lease assets155 163 
Deferred tax assets  
Other long-term assets206 215 
Total long-term assets361 378 
TOTAL ASSETS$5,247 $5,160 
LIABILITIES AND EQUITY
Current liabilities:
Current portion of long-term debt$207 $ 
Accounts payable639 573 
Taxes payable67 74 
Interest payable55 58 
Derivative liabilities338 245 
Current operating lease liabilities41 42 
Other current liabilities23 20 
Total current liabilities1,370 1,012 
Long-term debt2,812 3,150 
Long-term operating lease liabilities111 117 
Long-term derivative liabilities168 183 
Pension and other postretirement liabilities40 45 
Other long-term liabilities160 156 
Total long-term liabilities3,291 3,651 
Commitments and contingencies (Note 12)
Equity:
Common stock, $0.01 par value; 1,250,000,000 shares authorized; issued 721,195,122 shares as of March 31, 2021 and 718,795,700 shares as of December 31, 2020
7 7 
Additional paid-in capital5,102 5,093 
Accumulated deficit(4,283)(4,363)
Accumulated other comprehensive loss(38)(38)
Common stock in treasury, 44,353,224 shares as of March 31, 2021 and December 31, 2020
(202)(202)
Total equity586 497 
TOTAL LIABILITIES AND EQUITY$5,247 $5,160 

The accompanying notes are an integral part of these consolidated financial statements.
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SOUTHWESTERN ENERGY COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the three months ended March 31,
(in millions)20212020
Cash Flows From Operating Activities:  
Net income (loss)$80 $(1,547)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization96 113 
Amortization of debt issuance costs2 1 
Impairments 1,479 
Deferred income taxes 408 
(Gain) loss on derivatives, unsettled169 (246)
Stock-based compensation 1 
Gain on early extinguishment of debt (28)
Change in assets and liabilities:
Accounts receivable(33)53 
Accounts payable33 (86)
Taxes payable(8)(6)
Interest payable(2)1 
Inventories9 8 
Other assets and liabilities1 9 
Net cash provided by operating activities347 160 
Cash Flows From Investing Activities:
Capital investments(227)(228)
Proceeds from sale of property and equipment1  
Other(1) 
Net cash used in investing activities(227)(228)
Cash Flows From Financing Activities:
Payments on long-term debt (52)
Payments on revolving credit facility(923)(500)
Borrowings under revolving credit facility790 615 
Change in bank drafts outstanding7 5 
Cash paid for tax withholding(3) 
Net cash provided by (used in) financing activities(129)68 
Decrease in cash and cash equivalents(9) 
Cash and cash equivalents at beginning of year13 5 
Cash and cash equivalents at end of period$4 $5 

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, 2020718,795,700 $7 $5,093 $(4,363)$(38)44,353,224 $(202)$497 
Comprehensive income:
Net income— — — 80 — — — 80 
Other comprehensive income— — — — — — — — 
Total comprehensive income— — — — — — — 80 
Stock-based compensation— — — — — — — — 
Issuance of restricted stock10,067 — — — — — — — 
Cancellation of restricted stock(405)— — — — — — — 
Restricted units granted2,136,882 — 8 — — — — 8 
Performance units vested1,001,505 — 4 — — — — 4 
Tax withholding – stock compensation(748,627)— (3)— — — — (3)
Balance at March 31, 2021721,195,122 $7 $5,102 $(4,283)$(38)44,353,224 $(202)$586 

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, 2019585,555,923 $6 $4,726 $(1,251)$(33)44,353,224 $(202)$3,246 
Comprehensive income:
Net loss— — — (1,547)— — — (1,547)
Other comprehensive income— — — — — — — — 
Total comprehensive loss— — — — — — — (1,547)
Stock-based compensation— — 1 — — — — 1 
Issuance of restricted stock12,397 — — — — — — — 
Cancellation of restricted stock(167,130)— — — — — — — 
Treasury stock— — — — — — — — 
Restricted units granted1,005,976 — 1 — — — — 1 
Tax withholding – stock compensation(383,731)— — — — — — — 
Balance at March 31, 2020586,023,435 $6 $4,728 $(2,798)$(33)44,353,224 $(202)$1,701