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Southwestern Energy

Topic: Company

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Short description: Energy Company
Southwestern Energy Company
TypePublic company
IndustryPetroleum industry
Founded1929; 95 years ago (1929) (as Arkansas Western Gas Company)
HeadquartersSpring, Texas, U.S.
Key people
William J. Way,
(CEO & President)
Michael E. Hancock, CFO
ProductsNatural gas
Production output
3.397 billion cubic feet of natural gas equivalent per day (2021)
RevenueIncrease US$6.667 billion (2021)
Increase US$-25 million (2021)
Total assetsIncrease US$11.848 billion (2021)
Total equityIncrease US$2.547 billion (2021)
Number of employees
938 (2020)
Websitewww.swn.com
Footnotes / references
[1]

Southwestern Energy is a natural gas exploration and production company organized in Delaware and headquartered in Spring, Texas.[1] The company is ranked 893rd on the Fortune 500 .[2]

The company's primary exploration and production activities are in the Appalachian Basin in Pennsylvania and West Virginia (73% of reserves) as well as the Haynesville Shale (27% of reserves). The company also controls 2,518,519 net undeveloped acres in New Brunswick, Canada, which are subject to an indefinite moratorium on hydraulic fracturing and cannot be developed at this time.[1]

As of December 31, 2021, the company had 21.148 trillion cubic feet of natural gas equivalent of estimated proved reserves, of which 68% was natural gas, 29% was natural gas liquids, and 3% was petroleum, and all of which was in the Appalachian Basin.[1]

History

The company traces its roots to Arkansas Western Gas Company, which was established in July 1929 as a subsidiary of Southern Union Gas Company of Dallas.

In 1985, the company acquired Mustang Fuel for $200 million in stock.[3]

In 2013, the company acquired assets in the Marcellus Shale from Chesapeake Energy for $93 million.[4]

In December 2014, the company acquired 413,000 net acres in the Upper Devonian, Marcellus and Utica shales in West Virginia and Southwest Pennsylvania from Chesapeake Energy for $5.375 billion.[5][6]

In December 2018, the company sold its assets in the Fayetteville Shale for net proceeds of $1.65 billion.[7]

In January 2024, Chesapeake announced its intention to buy Southwestern in an all-stock deal valued at $7.4 billion. On completion, the combined company will bear a new name, with Chesapeake owning 60 percent of that company.[8]

Controversies

Public opposition to hydraulic fracturing in New Brunswick, Canada

In 2003, shale gas was discovered in New Brunswick, Canada. In March 2010, Southwestern successfully bid for exclusive licenses from the Department of Energy and Resource Development to conduct an exploration program. However, after protests by local citizens, in 2015, the provincial government in New Brunswick imposed a moratorium on hydraulic fracturing and in May 2016, the government announced that the moratorium would continue indefinitely.[9][10][11][12][13][14][1]

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 "Southwestern Energy Company 2021 Form 10-K Annual Report". U.S. Securities and Exchange Commission. https://www.sec.gov/ix?doc=/Archives/edgar/data/7332/000000733222000009/swn-20211231.htm. 
  2. ↑ "Southwestern Energy". Fortune. https://fortune.com/company/southwestern-energy/fortune500/. 
  3. ↑ "Southwestern Link Set With Mustang". The New York Times. May 30, 1985. https://www.nytimes.com/1985/05/30/business/southwestern-link-set-with-mustang.html. 
  4. ↑ "Southwestern Energy Announces Acquisition of Marcellus Shale Properties" (Press release). PR Newswire. April 29, 2013.
  5. ↑ "Southwestern Energy Completes Acquisition Of Southwest Marcellus And Utica Assets" (Press release). PR Newswire. December 22, 2014.
  6. ↑ Olabi, Nora (December 22, 2014). "Southwestern Energy buys more interest in Marcellus and Utica after multibillion-dollar deal closes". American City Business Journals. https://www.bizjournals.com/houston/morning_call/2014/12/southwestern-energy-closes-on-multibillion-deal.html. 
  7. ↑ "Southwestern Energy Completes Transformational Sale of Fayetteville Shale Business" (Press release). Business Wire. December 4, 2018. External link in |publisher= (help)
  8. ↑ Kumar, Arunima; Somasekar, Arathy (January 11, 2024). "Chesapeake to become top US natural gas producer with $7.4 billion deal for Southwestern". Reuters. https://www.reuters.com/markets/deals/chesapeake-buy-southwestern-energy-74-billion-deal-2024-01-11/. 
  9. ↑ "Fracking firm says vandals won't stop it". CBC News. July 26, 2011. https://www.cbc.ca/news/canada/new-brunswick/fracking-firm-says-vandals-won-t-stop-it-1.1083750. 
  10. ↑ "Seismic testing trucks blocked by protesters". CBC News. August 10, 2011. https://www.cbc.ca/news/canada/new-brunswick/seismic-testing-trucks-blocked-by-protesters-1.1014144. 
  11. ↑ "IN DEPTH: N.B. shale gas industry". CBC News. November 26, 2011. https://www.cbc.ca/news/canada/new-brunswick/in-depth-n-b-shale-gas-industry-1.1041598. 
  12. ↑ "Sussex mayor warns shale gas ban is not the answer". CBC News. December 2, 2011. https://www.cbc.ca/news/canada/new-brunswick/sussex-mayor-warns-shale-gas-ban-is-not-the-answer-1.1094683. 
  13. ↑ "Anti-shale gas protest closes Highway 11 in N.B. for hours". CBC News. November 29, 2013. https://www.cbc.ca/news/canada/new-brunswick/anti-shale-gas-protest-closes-highway-11-in-n-b-for-hours-1.2445188. 
  14. ↑ "RCMP, protesters withdraw after shale gas clash in Rexton". CBC News. October 17, 2013. https://www.cbc.ca/news/canada/new-brunswick/rcmp-protesters-withdraw-after-shale-gas-clash-in-rexton-1.2100703. 

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