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$SWN 1Q15 10-Q: Revenue split: Gas sales $625MM vs. $793MM in 1Q14. Oil sales $17MM vs. $2MM in 1Q14. NGL sales $18MM. Marketing $225MM vs. $272MM in 1Q14. Gas gathering $48MM vs. $46MM in 1Q14. Operating income from Midstream Services segment grew 6% to $88MM vs. $83MM in 1Q14. Interest expense, net of capitalization, was $51MM vs. $13MM in 1Q14.
$WPZ executes agreements with $SWN to expand its services in the Appalachian Basin of West Virginia. The agreements call for $WPZ to deliver gas processing, fractionation and liquids handling services in Southwestern's Wet Gas Acreage in the Marcellus and Upper Devonian Shale along with gas gathering services in South Utica Dry Gas Acreage.
Energy company $SWN has announced a public offering of $1.15Bil aggregate principal amount of its senior notes due 2026 and 2027. Southwestern Energy intends to use about $327MM of the net proceeds from the offering to repay a term loan and to fund its recently announced tender offers to purchase various senior notes.
$SWN has announced that David Cecil will join the company as its EVP of Corporate Development responsible for guiding the company’s strategic direction, and identifying and capitalizing on growth opportunities. Cecil joins Southwestern Energy from Lazard, where he served as MD and Head of the North American E&P group since 2012.
$SWN's BoD declared a quarterly dividend of $15.625 per share on its 6.25% series B mandatory convertible preferred stock. The dividend is payable on July 17, 2017 to stockholders of record on July 1, 2017. This equates to $0.78125 for each depository share, which represents 1/20th interest in a share of series B preferred stock.
$SWN announced that R. Craig Owen, SVP & CFO, has elected to leave the company to pursue other opportunities. Mr. Owen will remain in his position through late June to assist with a smooth transition. $SWN is engaging in a search to identify a permanent CFO. Jennifer Stewart, SVP, Tax and Treasury, has been appointed Interim CFO.
$SWN said it will redeem all $37.99MM of its 3.30% senior notes due 2018, $187.58MM of its 7.50% senior notes due 2018 and $25.8MM of its 7.15% senior notes due 2018 on May 30, 2017, the redemption date for each of the 3.30% 2018 notes, 7.50% 2018 notes and 7.15% 2018 notes.
Oil and natural gas company $SWN reported 1Q17 net income of $281MM, or $0.57 per share, compared to net loss of $1.15Bil, or $3.03 per share during 1Q16. This was mainly driven by higher realized natural gas and liquids pricing and lower operating costs in the E&P Segment. Excluding items, $SWN earned $0.18 per share.
$SWN BoD declared a quarterly dividend of $15.625 per share on its 6.25% Series B mandatory convertible preferred stock, payable on April 17, 2017, to holders of record on April 1, 2017. The dividend is for the period beginning on Jan. 15, 2017 and ending on April 14, 2017.
$SWN reported an operating income of $82MM for its E&P segment for 4Q16 compared to an operating loss of $2.6Bil a year ago due to a $2.6Bil impairment of natural gas and oil properties during 4Q15. Operating income for the company's Midstream segment, comprised of gathering and marketing activities, was $40MM for the quarter vs. $72MM a year ago.
Oil and natural gas company $SWN posted a narrowed 4Q16 loss, driven by reduced operating costs and higher margins. Net loss narrowed to $210MM or $0.48 loss per share from net loss of $2.10Bil or $5.58 loss per share a year ago. Operating revenue declined marginally to $684MM from $687MM.
$SWN BoD declared a quarterly dividend of $15.625 per share on its 6.25% Series B Mandatory Convertible Preferred Stock, payable on Jan. 17, 2017, to holders of record on Jan. 1, 2017. The dividend is for the period from Oct. 15, 2016 through Jan. 14, 2017.
In Fayetteville, $SWN surpassed 5 trillion cubic feet of production in 3Q16 since its inception in 2004. Even with the recent reduction in rig count, this play still produces approx. 2% of the nation's gas supply and contributed over $60MM to the company in cash flow in the quarter.
$SWN expects 2017 net debt-to-EBITDA to be in the high-2s, assuming current price levels. The company has hedged 535 Bcf of 2017 production, of which approx. half of these positions are collars providing upside exposure to improving prices. On these 2017 hedges, $SWN has a weighted average strike price for the slots and purchase puts of $3 per Mcf.