Southwestern Energy Company (NYSE:SWN) Q2 2020 Earnings Conference Call - Final Transcript

Jul 31, 2020 • 10:30 am ET


Southwestern Energy Company (NYSE:SWN) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Southwestern Energy Second Quarter 2020 Earnings Call. Management will open the call for a question-and-answer session following prepared remarks. [Operator Instructions]

I will now turn the call over to Paige Penchas, Southwestern Energy's Vice President of Investor Relations. You may begin.

Paige Penchas

Thank you, Jamie. Good morning, and welcome to Southwestern Energy Second Quarter 2020 Earnings Call. Joining me today are Bill way, President and Chief Executive Officer; Clay Carrell, Chief Operating Officer; Julian Bott, Chief Financial Officer; and Jason Kurtz, Head of Marketing and Transportation. Along with yesterday's earnings release, we also issued our 10-Q, which is available in the Investor Relations section of our website at

Before we get started, I'd like to point out that many of the comments we make during this call are forward-looking statements that involve risks and uncertainties affecting outcomes. Many of these are beyond our control and are discussed in more detail in the Risk Factors and the Forward-looking Statement sections of our annual report and quarterly filings with the Securities and Exchange Commission.

Although we believe the expectations expressed are based on reasonable assumptions, they are not guarantees of future performance, and actual results or developments may differ materially, and we are under no obligation to update them. We may also refer to some non-GAAP financial measures, which help facilitate comparisons across periods and with peers. For any non-GAAP measures we use, a reconciliation to the nearest corresponding GAAP measure can be found in our earnings release available on our website.

I will now turn the call over to Bill Way.

Bill Way

Thank you, Paige, and good morning, everybody. Thanks for joining us today. First, I want to take this opportunity to thank our employees for a job well done during the quarter as the country and the world faces the unprecedented challenges from COVID-19. Inspired by their unwavering commitment to our core values, including health, safety and the care of our environment, our teams through their laser-sharp focus demonstrated top quartile performance, all while dealing with the uncertainty surrounding this health menace. And so to everyone on our team, I'm extremely proud of all of you, and thank you for what you're doing. The people of Southwestern Energy continue to build on our solid foundation, supported by our diverse set of Tier one assets that provide flexibility and ensure resiliency through rigorous capital discipline, proactive risk management, leading operational execution, ample liquidity and no looming senior note maturities.

The results we achieved in this quarter give me confidence that while the road ahead may be challenging for the industry, we are on a deliberate path to sustainable long-term value creation for our shareholders. I'd like to reiterate one of our top priorities for this year, which is to complete the transition as a major Appalachia gas and liquids producer, enabling the company to invest within cash flow beginning in 2021, which is a fundamental milestone of our strategy.