Southwestern Spent $430M in 2Q to Drill 30 Wells, Incl. 16 in M-U

Southwestern Energy, with major assets in the Marcellus/Utica and Louisiana Haynesville, issued its second 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 has not held a quarterly conference call with analysts for the third quarter in a row, so we have to go on with the officially filed documents detailing the company’s recent performance. For 2Q24, Southwestern recorded a net loss of $608 million (after making a profit of $231 million in 2Q23). However, adjusting for impairment and other “one-time” charges, the company made $113 million in adjusted net income.

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