Southwestern Energy Completes Acquisition of GEP Haynesville
31 Dezembro 2021 - 10:02AM
Business Wire
Southwestern Energy Company (NYSE: SWN) (the “Company”) today
announced that it has closed the acquisition of GEP Haynesville,
LLC (“GEP”). The transaction builds further scale in the
Haynesville, deepens the Company’s inventory, improves key
financial metrics, including margins, returns and per-share ratios,
fortifies SWN’s financial strength and enhances the Company’s
leading presence in the two premier natural gas basins in the
US.
In December, the Company completed an offering of $1.15 billion
of 4.75% senior notes due 2032 and a $550 million institutional
term loan to fund the cash consideration for the acquisition and
tender for $300 million of its 2025 senior notes. The Company
expects to issue 2022 guidance inclusive of the acquired properties
in conjunction with its fourth quarter earnings release.
About Southwestern Energy
Southwestern Energy Company (NYSE: SWN) is a leading U.S.
producer and marketer of natural gas and natural gas liquids
focused on responsibly developing large-scale energy assets in the
nation’s most prolific shale gas basins. SWN’s returns-driven
strategy strives to create sustainable value for its stakeholders
by leveraging its scale, financial strength and operational
execution. For additional information, please visit www.swn.com and
www.swn.com/responsibility.
Forward-Looking Statements
Certain statements and information herein may constitute
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Exchange Act, as amended. The words “believe,” “expect,”
“anticipate,” “plan,” "predict," “intend,” "seek," “foresee,”
“should,” “would,” “could,” “attempt,” “appears,” “forecast,”
“outlook,” “estimate,” “project,” “potential,” “may,” “will,”
“likely,” “guidance,” “goal,” “model,” “target,” “budget” and other
similar expressions are intended to identify forward-looking
statements, which are generally not historical in nature.
Statements may be forward looking even in the absence of these
particular words. Examples of forward-looking statements include,
but are not limited to, statements regarding costs in connection
with the acquisition of GEP Haynesville, LLC (the “GEPH
Acquisition”), estimated financial metrics giving effect to the
GEPH Acquisition, including the estimate of additional year-end
2021 reserves and related pricing assumptions, expected natural gas
production from properties in connection with the GEPH Acquisition,
repayment of our debt, total amount of our debt, our financial
position, business strategy, production, reserve growth and other
plans and objectives for our future operations, and generation of
free cash flow. These forward-looking statements are based on our
current expectations and beliefs concerning future developments and
their potential effect on us. The forward-looking statements
contained in this document are largely based on our expectations
for the future, which reflect certain estimates and assumptions
made by our management. These estimates and assumptions reflect our
best judgment based on currently known market conditions, operating
trends, and other factors. Although we believe such estimates and
assumptions to be reasonable, they are inherently uncertain and
involve a number of risks and uncertainties that are beyond our
control. As such, management’s assumptions about future events may
prove to be inaccurate. For a more detailed description of the
risks and uncertainties involved, see “Risk Factors” in our most
recently filed Annual Report on Form 10-K, subsequent Quarterly
Reports on Form 10-Q, Current Reports on Form 8-K, and other SEC
filings. We do not intend to publicly update or revise any
forward-looking statements as a result of new information, future
events, changes in circumstances, or otherwise. These cautionary
statements qualify all forward-looking statements attributable to
us, or persons acting on our behalf. Management cautions you that
the forward-looking statements contained herein are not guarantees
of future performance, and we cannot assure you that such
statements will be realized or that the events and circumstances
they describe will occur. Factors that could cause actual results
to differ materially from those anticipated or implied in the
forward-looking statements herein 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
COVID-19 or other public health crises and any related company or
governmental policies and actions to protect the health and safety
of individuals or governmental policies or actions to maintain the
functioning of national or global economies and markets; our
ability to accurately estimate the future amount of natural gas
produced at the properties in connection with the GEPH Acquisition;
our ability to fund our planned capital investments; a change in
the amount of our debt; a change in our credit rating, an increase
in interest rates and any adverse impacts from the discontinuation
of the London Interbank Offered Rate; 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 realize the expected benefits from
recent acquisitions or the GEPH Acquisition; costs in connection
with the GEPH Acquisition; integration of operations and results
subsequent to the GEPH Acquisition; our ability to transport our
production to the most favorable markets or at all; 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 SEC that are incorporated by reference herein. All
written and oral forward-looking statements attributable to us are
expressly qualified in their entirety by this cautionary
statement.
Use of Non-GAAP Information
This news release contains non-GAAP financial measures, such as
net cash flow, free cash flow, net debt and adjusted EBITDA,
including certain key statistics and estimates. We report our
financial results in accordance with accounting principles
generally accepted in the United States of America (“GAAP”).
However, management believes certain non-GAAP performance measures
may provide users of this financial information additional
meaningful comparisons between current results and the results of
our peers and of prior periods. Please see the Appendix for
definitions of the non-GAAP financial measures that are based on
reconcilable historical information.
Use of Projections
The financial, operational, industry and market projections,
estimates and targets in this news release are forward-looking
statements that are based on assumptions that are inherently
subject to significant uncertainties and contingencies, many of
which are beyond SWN's and GEP’s control. The assumptions and
estimates underlying the projected, expected or target results are
inherently uncertain and are subject to a wide variety of
significant business, economic, regulatory and competitive risks
and uncertainties that could cause actual results to differ
materially from those contained in the financial, operational,
industry and market projections, estimates and targets, including
assumptions, risks and uncertainties described in "Forward-looking
Statements" above.
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version on businesswire.com: https://www.businesswire.com/news/home/20211230005327/en/
Investor Contacts Brittany Raiford Director, Investor
Relations (832) 796-7906 brittany_raiford@swn.com
Southwestern Energy (NYSE:SWN)
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