Southwestern Energy Announces Improved Production Guidance - Quick Facts

(RTTNews) - Southwestern Energy Company (SWN) has increased its production guidance by 45 Bcfe (using midpoints) for 2016 based on the strong performance of the portfolio for the first six months and, to a lesser extent, improved commodity prices and the availability of capital from the July equity offering. The revised total natural gas, NGL and oil production guidance for 2016 is raised to 865 to 875 Bcfe, an increase of approximately 5% over the previous 2016 production guidance.

The company said its net production totaled 225 Bcfe in the second quarter of 2016, down less than anticipated from the 245 Bcfe in the second quarter of 2015. For the second quarter of 2016, Southwestern reported a net loss attributable to common stock of $620 million, or $1.61 per share, and an adjusted net loss attributable to common stock of $34 million, or $0.09 per share. This is compared to a net loss attributable to common stock of $815 million, or $2.13 per share, and an adjusted net loss attributable to common stock of $9 million, or $0.02 per share, in the second quarter of 2015. Operating revenues decreased year-over-year to $522 million from $764 million.

The operating loss from the company's E&P segment was $549 million for the second quarter of 2016, compared to an operating loss of $1.6 billion during the second quarter of 2015. The decreased operating loss was primarily due to a smaller non-cash impairment. The adjusted operating loss from the E&P segment was $68 million for the second quarter of 2016, when excluding the non-cash impairment and restructuring charges, compared to an adjusted operating loss of $104 million for the same period in 2015.