Southwestern Spent $538M in 1Q to Drill 29 Wells, Incl. 15 in M-U

Southwestern Energy, with major assets in the Marcellus/Utica and Louisiana Haynesville, issued its first quarter update last week. You may recall that Southwestern agreed earlier this year to a deal to be acquired by and merged into Chesapeake Energy (see Deal is Done! Chesapeake & Southwestern Announce $7.4B Merger). Because of the impending merger, Southwestern did not hold a quarterly conference call with analysts for the second quarter in a row, so we have to go on the officially filed documents detailing the company’s recent performance. For 1Q24, Southwestern recorded a net loss of $1.5 billion (after making a profit of $1.9 billion in 1Q23). Although adjusting for impairment and other "one-time" charges, the company made $131 million in adjusted net income.

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