Southwestern Energy 1Q15: Record Production, but Profit Dives 78%

Southwestern Energy, one of the largest Marcellus Shale drillers, released their first quarter update last Thursday. Among the highlights: Record production for the company, including 113 billion cubic feet equivalent (Bcfe) in the Marcellus (83 Bcf in the northeast and 30 Bcf in the southwest). Similar to Cabot and other operators, Southwestern had record revenues in 1Q15–but income (profit) was way down due to low gas prices. Southwestern’s operating income for 1Q15 was $78 million, compared with $352 million in 1Q14–a 78% drop year over year. Southwestern placed 22 new wells online in production in the Marcellus during 1Q15. Below is the full update…

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