Southwestern Energy 3Q – Production Up, Spending Down a Lot

Southwestern Energy, now a pure play driller focused on the Marcellus/Utica since selling off their Fayetteville Shale assets in Sept. 2018, produced 2.2 billion cubic feet equivalent per day (Bcfe/d) of natural gas in 3Q19, up from 2.0 Bcfe/d in 3Q18. (Those numbers remove the Fayetteville to compare apples to apples.) Southwestern drilled 24 new Marcellus and/or Utica wells and completed 30 wells in 3Q, which means, like other drillers, they continue to draw down their DUC (drilled but uncompleted) well inventory. Unlike Cabot which produces 100% dry gas, some 22% of Southwestern’s production was natural gas liquids.

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