Southwestern Energy 2Q16: Bleeding Slows, 17 New Marc/Utica Wells

southwestern energySouthwestern Energy, a major Marcellus and Utica Shale driller, filed its second quarter 2016 update yesterday. Bill Way, Southwestern CEO, called 2Q16 a “defining time” for the company. During 2Q the company has extended and delayed debt payments, and sold more stock. Financially the company is improving. In 2Q16 Southwestern lost $620 million, versus losing $815 million in 2Q15. The patient is still bleeding, but not as bad. The vast majority of their planned capital spending ($395M out of $750M) will get spent on Marcellus/Utica drilling. Speaking of which, the company placed 17 new Marcellus/Utica wells online in 2Q16, with plans to drill another 50 or so wells in the second half of this year. Here’s the extensive update from Southwestern…

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