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Southwestern Energy, a pure-play Marcellus/Utica driller with 786,000 net acres and operations in all three M-U states (concentrates drilling in WV and northeastern PA) issued its fourth-quarter and full-year 2020 update last Friday. Perhaps the biggest news for Southwestern in 2020 was its purchase and merging in of another sizable driller, Montage Resources (see Southwestern Completes Montage Merger, Now 3rd Largest M-U Co.). Southwestern reports losing $3.1 billion in 2020, but most of it ($2.8 billion) was a write-down of certain assets and most of the rest ($818 million) was a change in tax recording. In other words, almost all of the "loss" was a paper loss.
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