Southwestern Scaling Back – Drilling, Completing 10-15 Fewer Wells

Southwestern Energy, with major assets in the Marcellus/Utica and Louisiana Haynesville, issued its second quarter 2023 update late last week. The company generated $231 million in net income for the quarter versus profiting $1.2 billion in 2Q22. Like other gas drillers, the price of natural gas dropping into the basement over the past eight months or so has caused profits to slide. But hey, they're still in the black! Southwestern reported total net production of 423 Bcfe (billion cubic feet equivalent), or 4.6 Bcfe per day, including 4.0 Bcf per day of gas and 106 MBbls (thousand barrels) per day of liquids (86% natgas, 12% NGLs, 2% oil). Southwestern invested $595 million of capital, drilled 38 wells, completed 46 wells, and placed 50 wells online to sales, including 28 in the Marcellus/Utica and 22 in the Haynesville.

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