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…

Please Login to view this content. (Not a member? Join Today!)
You do not have permission to view the comments.

Please Login to post a comment