Southwestern Energy’s Board Changes, Marcellus Plans for 2014

Some fairly big news from one of the Marcellus Shale’s largest drillers–Southwestern Energy. In a flurry of announcements issued yesterday, we learn that Southwestern’s President & CEO, Steve Mueller, will take over as Chairman of the Board next May when current Chairman Harold Korell retires. Mueller plans to keep the title of CEO but apparently he will shed the title of President, so that begs the question, who will become Southwestern’s new president next year? Interestingly (perhaps related?) Southwestern also announced yesterday the promotion of Jeffrey Sherrick to the position of Executive Vice President for Corporate Development. Hmmm.

In addition to personnel announcements, Southwestern issued a guidance statement about their plans for capital spending in 2014. The statement indicates Marcellus production will increase by a whopping 60% next year. Southwestern’s estimated Marcellus production for 2013 is 148-149 billion cubic feet (Bcf). Next year they expect it will be 244-249 Bcf based on superb well performance in Bradford, Lycoming and Susquehanna counties. Southwestern boasts that one of their Susquehanna County wells achieved an initial production of 32 million cubic feet per day! In 2014 Southwestern plans to begin drilling in three additional northeastern PA counties…

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