Southwestern 2017: $3.5B Turnaround, Shopping Fayetteville Assets
Late last week Southwestern Energy, one of the biggest drillers in the Marcellus (4th largest natgas producer in the country), issued its fourth quarter and full year 2017 update. Southwestern drills in two plays: The Marcellus (i.e. Appalachia), and the Fayetteville (in Arkansas). The big news coming from last week's update is that Southwestern signaled it wants to sell some--or all--of its "underperforming" Fayetteville assets, and use the money to pay down debt and drill more in the northeast. Largely on the back of prolific production in the Marcellus, Southwestern had a dramatic financial turnaround last year. In 2016, Southwestern lost $2.75 billion. In 2017, the company made $815 million in profit. That's a swing of $3.5 billion in a single year!...
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