SWN - Earnings call transcript Q3 2020 | Southwestern Energy Company

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Operator

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Southwestern Energy's Third Quarter 2020 Earnings Call. Management will open up the call for a question-and-answer session following prepared remarks. [Operator Instructions] This call is being recorded. I will now turn the call over to Brittany Raiford, Southwestern Energy's Director of Investor Relations.

begin. may You

Brittany Raiford

Good Quarter Gary. welcome Southwestern to Thank Earnings morning, Call. Third XXXX Energy's you, and

Joining are Bott, Investor in Clay and also Carrell, Web and me filed Executive our Kurtz, Relations Transportation. Chief Chief today Jason at which earnings site Operating section Bill Along Way, our with of Officer; release, of XX-Q, the Julian Head Chief yesterday's Officer; and Financial www.swn.com. Marketing President we Officer; available is

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

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Bill Way

that you We everyone. of pandemic. morning today you hope this joined I that especially Good appreciate Brittany. you, Thank safe all and in call and are well our

with to company our The this many we present very impact third and effectively our team pandemic the for people. challenges eventful our incredibly managed from or quarter was limited

market energy results, I country thank dedication truly you commitment as want to listening to and call for who mission, team delivered of usual space across to in by very to our target and turn you and proud all acquisition volatility Surrounded an I that all are transactions. do this announcing incredible you. your about moment metrics. a employees for completing exceeding I’m our steadfastly two the appreciate our our consensus all meeting capital and say While of the

few quarter, expense billion, we by of debt acreage structure XXXX Montage expect and as In the free XX%, free solidifying current repositioning producer now enhancing deliberate million, delivered. flow. over to reducing flow in our cash Appalachia by our $X decreasing we strip through by in generating for free positioning have in well the cash meaningful $XXX we We third million generate Over have Appalachia mitigating executed years, the return cost high-quality nearly our top at strategically and cost hedging our the announced increasing past a risk flow. returns company acquisition scale, to once to investing again cash a $XXX position company reducing of further greater prices, Resources

We decisions closing, be are played company, successfully Having in sustainable scheduled repositioned Montage stated transaction in have investment us in enables existing with which delivered contracts, industry Resources on this this process we two and a delivered returns inventory closing are anticipation cash the same and commercial We needs XX. that discipline integration advancing following to for are cash early planned, our to an ratio trend. that in is necessary And message gas approach expected margins the role our in benefit free to times have with pleased been optimized shareholders. and the consistent November and consolidate The leverage and the free two our goals a broaden be of XXXX. at will vote while enhance expertise, flow to and our tangible track market. base we deepen generation of our shareholder operational as at to and leverage the rising all assets market strength, exercised sheet in all to scale balance transaction adding maintaining synergies, flow

formal XXXX year estimate on our million. to next approximately expect $XXX is We before, guidance cash and prices early release free based flow I've current said stock

plans production exit levels holding about no invest exit maintenance ’XX capital to QX QX next have from We year, to ‘XX. to flat

level to We our expect levels. for use will reduction debt cash to flow free prices we not clear, improve increase and seasonal should be further, maintenance activity of

detail accessing again quarter more few We just a we as ahead above and our once The Julian of included plan. operational leading delivered progressed target minutes. results further will third that Clay we of examples execution in and announced by maintained quarter. efficiencies, fortified on our the And the in numerous cost setting operational maturity markets. and we second further records’ delivered the runway sheet capital balance we reductions

of speak briefly and part leadership core our about accountability me to ESG our a transparency. strategy continue Let

active During our and something being the safety, and of we responsibility seventh our in and report, stewardship something work the results neighbor health not practicing believe highlights lieu. or say we every focus member where about, released and environmental energy achieving talk third communities and returns practice for good shareholders dedication it's quarter, good annual our we sustainable relentless which in development through a just It's of a the on that we day. to corporate responsible

commit stewardship, gas beliefs our methane XXXX, environmental we in the SWN consistently have SWN to gas is leader greenhouse emissions. natural we reducing me recognized greenhouse helping Future. rate gas and for a target among intensity let country are provide few aggressive carbon in loss reduced ONE drive peers first vital survey, and to burning in and AXPC was intensity is EHS playing our lower companies and target on that rate than goal. SWN and of In science-based to outperformed industry points reported the greenhouse So the peers is the lowest one XX% a our the practices. which annual methane gas proof leak our in a to including low providing focus clean a emissions. role these Appalachia world, gas supporting a

resource completion to water operations and work We're the water tangible drilling live. Another environmental the in delivering and environment an and and we communities public. and our the optimization, which projects. for water to approach a social benefits conservation comprehensive is focus is where Through recycling important water, usage and

the years, returned back For more in than as the have operate. much communities watersheds freshwater we've consumed we where the past to or we four

they're growing maintaining important our quarter developing Another foundational strategy results pillar and an nurture vital fully and support This success. in in quarter our ESG can and we're people diverse from everything after inclusive can to is culture; we see And a and our and capital is is committed you to our workforce engaged human quarter, do, thriving. after thrive.

the now like natural burning demand I'd I natural about value. optimism Southwestern of and carbon space. for highlights. over poised gas culture we global Pairing through some SWN emissions LNG future balance increased fundamentals. and performance, call of to reach low to is gas shareholder natural with to turn turn a natural innovation Clay, want benefits leader of strengthening these clean and natural believe supportive our to at the that improving global I as outlook a the and Before and future, our the Clay differentiated supply to We for foundational fundamentals to operating gas all the sustainable provides that Energy, deliver share are over gas in the industry gas of

Clay Carrell

capital company driving records, our high-end performance, this additional again, increasing Once breaking teams Bill. achieved operational efficiency. and quarter, value Thanks,

year. midpoint up barrels teams the day and production XXXX safely Gas XXX per operating continue start was asset representing X% on day third XX,XXX and this production. a from Our XX% was of was production and Oil and work delivery and financial per barrels the Total XX,XXX I'll operating above few of respectively. of Bcfe of focused and to approximately Bcf quarter. XXX highlights stay from objectives. our both with the second quarter of NGL total and production quarter the guidance

crews and with averaged we $XXX investment quarter, capital million. rigs the three totaling During frac three

will exceed year guidance full transaction. close the related capital Montage top following $XXX range of of the the investment to of including end our requirements capital Our million, not capital

continue In company Appalachia to and super for Appalachia. lateral the rate, consistent designs. deliver optimized XX quarter well the expectations Southwest XX rich wells, per split third a averaged brought reductions to with and on record in performance foot wells Pennsylvania. and This cost area. drilled XX-day gas condensate sales. area $XXX and we Southwest wells in new volume lateral XX per to both through XX of completion areas quarter, wells XX all $XXX Well laterals XX,XXX-foot with included and high In the wells are we single between we in well rich rates completed a sales evenly the Northeast for extended operational high lateral efficiencies, and were foot This Appalachia

performance. the of $XXX to expect lateral improvements of beat We continuing technology the our half in Innovation to are per for target foot operational second and our core year.

SWN the greater same operational single company in and XX we full and in on On frack Appalachia, two a fracs our for a differentiator resulting than XX zipper continue technical leverage ultra approach, pad fleet stages SWN Southwest crew. one records that expand day frac efficient path, an the pad completing with independent per crew savings. expertise. this set rigs fracture Utilizing well our per $XXX,XXX a in we Our averaging day stages seven-well tested approach simulation simultaneously remain and executes as and to

and high-quality to before recoveries into tier in by through drilling This is Marcellus value precise in have extract control, a down intervals. well strategic single of that able our Northeast from interval leasing resource improve upper live multiple has dual efforts the a our innovation asset capturing dipping to in by requires we that starts which Marcellus. drilling example us techniques, lateral allowed Another process additional where wells target well the Appalachia, one include lower subsurface long land incremental been

of We while challenge forward the is finishing Montage drive high-performance and maximize and it XXXX. results. assets. assets. momentum over our to and to crew into the up continue culture transaction to to core new our innovation, also technical financial turn the carrying Julian year operational the on now We're strong rigging running which our to for the our SWN value get to norms We close I'll and operational excited the look

Julian Bott

Clay, quarter updated mix same production our gas line everyone. one-time rate, $XXX million, third all we management of across million In reported when our quarter time, flow due the ongoing in a efforts. The guidance, wells April. a quarter, cash that excluding you, the income million, captured categories concerted change in savings Thank a EBITDA with good At last net $XXX natural expense we charges. and result cost the morning, in back high was reflecting of non-cash to announced net shift volume of $XX to adjusted we high as the

offset year XXXX from hedged and per quarter with $X.XX quarter the the We benefit XXXX the mitigated due with financial were largely in for the demand settlements Through $XX XX% storage expected strong taking $X.XX to the high substantial instrument. realizations portfolio, hedging expected of basis by our production in differentials related the range discount on to this being transportation over and the have to continue the in third now Collar's hedges. during weaker with our $X.XX that in been basis over million. witnessed to cash for from strategy hedges, We're third disciplined have prominent $XXX gain protection. quarter, of seasonal up in quarter partially strategy, we will our our hedges of in NYMEX. run We This in layering basis gas our million and be bringing to region advantage fourth forecasting basis to were gains maintenance to prices lower hedging million quarter $XX XX% the $X.XX our contracting gas MCF total outages. hedged levels,

compared should usual, quarter improve second throughout of we this quarter XXXX. the one the expect quarter of XX% in NGL fourth to As basis quarter prices and this year. later improved

quarter the and XX% with continued rest were with strengthening moved of Montage associated year, full the in consistent the at guidance. the expect our realizations to capital of execution assumptions of in fourth we A the XX% of acquisition We prices highlight as expected market transactions. announced with through was we WTI, the markets NGL the of year of quarter pleased

and efficiency estimates, While increased we're sheet us maintain cash our and free for was to balance important equally flow strength leading the deal synergies our maturity runway. excited driving opportunities it about

down and the total favorable to XXXX announced with $XX million borrowing base outstanding closing billion current have coverage to been Montage strong to bank a Until our and acquisition, with the notes $X With in of E&P reaffirmed our companies approximately the demonstrated we Subsequent on. been the $X.X for capital commitment runway and markets net quarter no billion. continuing closing commitments we the pay which to total balance we X.X bank to debt of transaction. of intact. well used been that price of quarter, accessed the utilized cash keeping debt at closing the revolver volatile year, borrowings at and upon deliberate proceeds ended billion, Montage XXX the Although our above has path and the level. proceeds, We equity our their and of support our are elected relationships have refinance in maturity we bank this offer successfully the with the challenged decks, will markets increase both be million reserves appreciate confidence

EBITDA as throughout and to to previously quarter Our we debt we ratio have end X.Xx expect decrease discussed, XXXX. was leverage

operational With Xx end commodity by cost based the reductions, and our strip year expect prices, goal acquisition, of of the on we prices. improved achieve efficiencies accretive current next to

earlier, mentioned initiatives key free reduction. to delivered further Bill cash and successfully on we have As look debt meaningful generation and we several flow forward

well remarks. have the the made, the we are concludes With prepared progress have we future. positioned taken That actions our for and we

you could the open please line questions? for Gary, So

Operator

[Operator We question-and-answer now Instructions] Rice. Johnson first will Meade session. begin with comes go Please question from ahead. Charles the Our

Charles Meade

spending. guys Is guys flexibility both you I'm have guys any market. the more appreciate that there outline on earlier guys in hold in -- are going curious, things is for might added directly, pricing? see you press able in are do higher to it think be be the I to different Are it that your But that in there will that I response plans of to you able we events? release aspects curve? and compression, if other you welcomed there line comments be other just Bill, exercise are the in if given the your you And XXXX do that to the strength in might transportation XXXX

Bill Way

lot lowering two time of optimization, well it's business the lower zipper heard whether kind the cost, where continue efficiency the think said. kinds thinking down duration of actually the place factor with what said facts of about that terrific costs, that higher higher we're to same all rise. those number team, whether helping you pay We've maintenance you got I is debt, we be pricing very we're of interesting very it's level year that. about a as in optimization invest well we're throughout the capital down you and key examples goes further driving of to agreements, looking a continuing we our or drive same aspects, going our to about excited responsible, incredible simultaneous next on one a pad to commercial example at The exactly into at of where a our and drive in of that of do of and and we're capital of our pricing

of innovate we at the of constantly team's are teams the So our -- and thought possible are call. what we most to this disposal past on excel. listening But them levers a was ways finding have to even lot

we've Montage the I team talk this, we've side. side, that even Montage commercially, met financially, and that a a that completions company, SWN that to like and lots and those that done So on a and pull. already teams production different then, commercial integrating And that and continue, thing. been optimizing you integrating made around got would of days transportation, agreements, got working there's We've completion those the things the team number changes drilling quite tell for enabling demonstrated will quite optimization all own commercial even operationally, we've the quite the our in integrated sort could access opportunities, decline our of about will rates and drilling levers have we've with Clay Montage of into getting there's

So upside there there. lot of is a

other which hedging program, market of XX-month work hedging and that as important deliberate remain in. the well I we're the is a and we our is is swap disciplined think the and the, optimizing for that collars that program our around use in given thing we assuring that

protected take pay would that us least would that's at the upside. go that debt. gives any us to that clear from And very that to while right we to me that do. But maintenance So the And beyond flexibility. well the at point flow have capital. seasonal we're price And we any dollars intent to downside, don't on access excess be down changes, the cash this thing let further have invest comes

we what that's do. so would And

Charles Meade

Bill. Got leave can but those Marcellus made shot Clay, us give but target if or lot it. you but of back does around those the And else more I'm I've little someone that comments. have on going that I what's Thank you questions the dual me, wells at upper going over a a comment that for color the between for sure for and integration little added and right just a that Clay I'm Montage [indiscernible]. and up a take prepared lower on at and naturally it just what with rifle guess I for you, you then go to in could you now clear comments. confusion

Clay Carrell

example another can We we Yes. technology value of to the just keep our that most the included assets. using, teams innovation of as it out and getting are our

the shaped crews in the and S pick the economics, where on testing drained in acreage our our development opportunities capability down do lateral there's it then to not from our laterals, we Marcellus, where job to our are we're of all County, acreage completing has just off a Susquehanna that been the it. that up we trades, Marcellus Marcellus teams, our but interval, the to and benefit there's of that example to a team access been in from economics adding lower dipping long that part et and accessed fields where good Bradford has our that where the And upper the an acreage those life. of has non-drained and rigs that lower of an of quality, long not start technical it's so, into great done the to and economic generating via in they're And that areas so leasing, And benefits yet, cetera, able efficiencies go fields. of lateral bring

Charles Meade

Got quick it. Clay just a follow-up.

So lower you if is strayed or on well. understand to segment that it an then, Marcelle this will the XXXX upper And foot a like but I of otherwise the can it tack understanding? right end a the is an maybe lateral in that the Marcellus one is only that sense support of as

Clay Carrell

Generally, and full got a turn right, into it that. combination you you of benefit lower, upper then exactly laterals short of longer get and by laterals the economic

Operator

Jayaram from question JPMorgan. The go next is Arun Please with ahead.

Arun Jayaram

question, Bill, XXXX. over CapEx be mode in what a to incentivize order clear long-term? get just of you're guess, going Apalache of been kind merger, in sustaining on you've Post I would my investing gas kind question is, from we the need operators the that investors the picture, growth first bigger to some macro price on picture a

Bill Way

Yes.

and our from even six the economics And a strip think use view, in and/or rest capital multiple in about of time. the best largely a time, the a company. about point year, if periods a it's that of cash months, if isn't all you wealth. sort it, And up seasonal over of of gas surges, with spikes flow of it in coming a versus is breath quarter, think of strip I defined

invest that years wells And years, use to a are because don't we've and and four so three have clear pretty surge, don't that we economics, want you seasonal you hedges. in been

like when it you sense further. doesn't go to So that, look at make it

higher well, that debt demand that that been If higher we that multiple you period probably important means the pricing, something supply mix to and maintenance right we to in us company free and is that step those curves hedge back what we flow that the of cash scenarios caused there's okay, reevaluate years today see optimize now sense us, lever a situation from sustained then, that can if other represented that flows, decline sustainable. in that. don't it but we where you front Arun. But least And then and say pricing, we is what to analyze, a point, capital of the has revenues and have us it's assure and today, we that makes this generation so in isn't you debt cash that and at down investing that at have something of sit have in paying yourself with is shift it and is can that down the paying

Arun Jayaram

it in Bill, a from million will great. seems Can obviously, mode. XXX Great, million around maybe some flow, of of the update XXX raise, key production you one the you be of free that on cash think did sustaining was your pro us also CapEx Montage. headlines which the give from I forma assumptions

So we around differential get of the release? capital? that $XXX are underpin you but what press put to Some assumptions that your that in caught number million assumptions the of some that, can

Julian Bott

were we the prices. $XXX consistent and looking at seen we've in XXX back when Yes. Julian. factor about the improvement the the we Actually with obviously talked This the announced way is biggest is Montage million, really transaction business so -- that the

the I when out, we announcement in post was put had So XXXs. done think it it and the

to close obviously it's Now three.

maintenance we at we're that cost very transaction, already will of number. have to which been to we moving that to now up But realized, includes And certainty Montage in project obviously we the we position to $XX accomplish. So keep a expect think about spend helped able we be big of the as around yet hedge And closing, outlined continue roughly the activity levels. building essentially. forward and haven't run prices that that now synergies said capital confident in When get way forward, saw certainly well. realizations has our in we've what we the million to we a

costs, cost us what realized, not already of So, firming progression just of up have a large stretch in confidence. savings we that but future is giving

Arun Jayaram

capital, the that to of Is that range. point? a $XXX And Julian is starting million $XXX good in kind million

Julian Bott

Yes.

the you've I got million $XXX CI&E. million I think right. $XXX basis, number mean, a that's the on to about D&C then probably and is

Operator

Dingmann is Please question Securities. Neal Truist from go ahead. with next The

Neal Dingmann

first My question, well even about you now of two optimal guess well mentioned maybe you size, design just these cetera some is how question is, year you think on today, scale, ago? my or et I what do thought all determine about a designs, you versus how it

Clay Carrell

Yes. putting the wells keeps We of and we keep My be that well, obviously, thought increasing. designs time building knowledge optimize trying And gaining evolving. drilling bringing would economics that lateral the that are keep the to every it keep place our completion we on on. links overall are we're in

designs, we're program The evolving average keep little and use spacing, in we data areas completion right that performance. spacing, XXXX. foot certain fluid stage said, XX,XXX we well over rates what going So I analytics to XX,XXX proppant cluster a loading, laterals foot in the in laterals like was of is optimize for and the XXXX to mix

keep continuing the of from to benefit on then the And we areas go development our methodically capital smartly the the different and result returns links comes lateral going keep can increasing in So it's to be as optimize wells where fine the the tune as on that. and to we program. forward, a extending economic that of

Bill Way

going revenue, the dry cost mindset, every liquids in between with gas. appropriate and a that lower it's and and manufacturing we're rich and and be drive, drilling tension and every rich to drive [indiscernible] liquids great upper not tension in Utica Montage now a So

economics manufacturing and and some well the even drives with across customization mindset, you'll the see forward we design. better in so And improvements cost piece going the believe well

Operator

Stewart next Weil. comes ahead. Please question go Howard Our Scotia with from Holly

Holly Stewart

would Bill, and process as of moved Maybe the you additional kind assets. the close? diligence due Montage in process early value of this you learned didn't through that add just realize you've you maybe Have of with anything sort that sort first post one for

Bill Way

way diligence think did I great Well, the along the of teams in did of we -- the a analysis. course job

get that going out we're no all certainly at was some have transaction about action of tune I that. terrific with We've ability premium and to we people that to market in think how really that is we come very deliver the that. a invest join everything are fine played excited in and learned, do, SWN they and

this, learn knew but about we because a to they've get new we been Utica. lab also think I learning Utica, in drilling

And our building about on this and continuous so very are bringing people excited together, our learning. culture

it's will, ongoing we So process. learning an

I have completion drilling marketing and their lot some commercial decline around -- optimism we additional of looking higher a than or think that and optimization ours. their optimization, rates at base production,

we rooted ongoing process. a It's closed. colleagues. we're team do With one opportunities about with that one sourcing and a approach an in we new how great another do down? this excited our So learning bring that, get thing scale, the how be from pretty question increased strategic learn will and And getting procurement there. It

Holly Stewart

going, their one Maybe kind they've terms is know and partners Thank announced costs. midstream of to those up the down you. think DTE, maybe think costs conversations midstream. continue are on would you've to I to through how know follow your I just past spin of something plans my was in of if the then Great. pursue Thank I you. And drive cost to you anything there talked that. reductions. out is about in didn't

Bill Way

We're of of in lot discussions. these the a middle

and of as about the at we produced look strong done. our anticipated But ahead amount respect. So gas we've our through I'll you of performance get of privacy that very till all we time, the a it, agreements, reservoirs think the been if that teams you and of has of respect in what and the

of a credit because than rather carrying of to our a versus that of empty lot they So thought position particular, a get. and seats, they goodwill actually bunch we've with lot been in were paying out in building going a overproduced a or of gathers bunch being we've what

adjustments making about there, there's So opportunity just necessary. contracts additional the dedications, there's thinking always and structured how there's are

and they'll there's the And we some course, work the for bottom-line. Montage of as long-haul these then long-term And our completed the is through production negotiations building strategic haul to on they and, months. of are and next critical. medium opportunities So again, in into those some of continue We bring those apply both and several some this of relationships companies, so there. got commitments that's and

same we arrangements then and the we own the them tied commercial more and thing side, have look infrastructure around of as liquid and our take We that. some for have to going more liquids, control the on of market

Operator

Harry Raymond The James. next with ahead. question is Please Halbach from go

Harry Halbach

you mentioned a maintenance higher have decline space year and after thinking declines though how close a is little Julian yours. do bit changing year? consolidate upon next and base about it like all How than that that Montage

Clay Carrell

Yes.

So their range XX% mid with is low XXs. coupled XX% to in to our decline the base

that, upper utilizing you that on mid to we be combine And when so focused all used XXs then initially to think decline. to similar we be to assets shallow and that our base on we're we're going going have techniques

Bill Way

have, have two plans wells we announced, we that will activity divisional capital their plans areas, in our all about in compete it's our economics. our Montage we In plus allocation

into a from integrated our about already planning program. what know we we've that so perspective, And integrated

we thing And company's won't it as rate the maintenance number that the capital those it, sweeps we've significantly our better believe assets that gets talk due capital going taken additional and we we From -- learn done of from of more when in, So that. more our of is run because with that with planning decline the unless details. what of change, around of includes will some be about and here, shouldn't down optimizations over together on all that out this just already number all to more it a that simply things get maintenance diligence, we benefit it learning productivity, expect we'll that And to closes. to we do that. when field and we've about all

Harry Halbach

best leverage what year your strip shareholders or do then, I'm hit expected Great, looking way Xx wondering, thanks. [indiscernible] sort that under potentially have and to the and of leverage just And you're next whether returning Julian cash repurchases that, to mentioned what guess dividend? at before be you're is I it target

Julian Bott

Yes.

to flow improvement. we've accelerated there been for light price focused cash of we announcements back the years now then made the we've Xx, sustainable regarding that in on we've improvement and very several and getting think I said getting

want So, get we there and we it. to to sustain want

Bill a the cash free not we So makes we've as and the there times which stack sheet return have, one yet. And when first long-term value two most get always sense there, goal. as at way capital But what creation get there. all, can the sustainable. favorable. shareholders options flow for see do And and balance do is said, leverage think I Xx is the look that most think then for We're of we is and then, up of to shareholders in will we we much which consider

So next we haven't had to that. get question do the is you do what tackle you when

Bill Way

of through did we've back cash the this shareholders, exciting. arrived think to of demonstrated to team And now, objectively be sale you some some in sustainable. and that is down then and flow company which at invest the uses if to moment we Fayetteville, quite at various look And the walk pay debt distribute to that as has discipline

Operator

concludes over question-and-answer conference I back to closing for This like the would any session. remarks. to turn Way Bill our

Bill Way

think believe there's as in for of And the Energy. as a positioned and can energy, lot is all as a well Southwestern the responsibly to future leader Thanks company be discussions namely questions gas. produce again the excited tell, and I you we've natural discussed, about we

again to for a forward weekend time Take your So call. thanks we care. and great the the look have call and next on

Operator

XXXX Southwestern quarter the concludes earnings Energy's This call. third

You may disconnect. now

Southwestern Energy (SWN) 30 Oct 202020 Q3 Earnings call transcript