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Table of Contents 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
Quarterly Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended March 31, 2020
Or
Transition Report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from ________ to ________
Commission file number: 001-08246
swn-20200331_g1.jpg
Southwestern Energy Company
(Exact name of registrant as specified in its charter)
Delaware71-0205415
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
10000 Energy Drive
Spring, Texas 77389
(Address of principal executive offices)(Zip Code)

(832) 796-1000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, Par Value $0.01SWNNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
ClassOutstanding as of April 28, 2020
Common Stock, Par Value $0.01541,688,616



Table of Contents 
SOUTHWESTERN ENERGY COMPANY
INDEX TO FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2020

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CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS
All statements, other than historical fact or present financial information, may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  All statements that address activities, outcomes and other matters that should or may occur in the future, including, without limitation, statements regarding the financial position, business strategy, production and reserve growth and other plans and objectives for our future operations, are forward-looking statements.  Although we believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance.  We have no obligation and make no undertaking to publicly update or revise any forward-looking statements, except as may be required by law.
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Forward-looking statements include the items identified in the preceding paragraph, information concerning possible or assumed future results of operations and other statements in this Quarterly Report on Form 10-Q (this “Quarterly Report”) identified by words such as “anticipate,” “intend,” “plan,” “project,” “estimate,” “continue,” “potential,” “should,” “could,” “may,” “will,” “objective,” “guidance,” “outlook,” “effort,” “expect,” “believe,” “predict,” “budget,” “projection,” “goal,” “forecast,” “model,” “target” or similar words.
You should not place undue reliance on forward-looking statements.  They are subject to known and unknown risks, uncertainties and other factors that may affect our operations, markets, products, services and prices and cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.  In addition to any assumptions and other factors referred to specifically in connection with forward-looking statements, risks, uncertainties and factors that could cause our actual results to differ materially from those indicated in any forward-looking statement include, but are not limited to:
the timing and extent of changes in market conditions and prices for natural gas, oil and natural gas liquids (“NGLs”), including regional basis differentials and the impact of reduced demand for our production and products in which our production is a component due to governmental and societal actions taken in response to the COVID-19 pandemic;
our ability to fund our planned capital investments;
a change in our credit rating, an increase in interest rates and any adverse impacts from the discontinuation of the London Interbank Offered Rate (“LIBOR”);
the extent to which lower commodity prices impact our ability to service or refinance our existing debt;
the impact of volatility in the financial markets or other global economic factors, including the impact of COVID-19;
difficulties in appropriately allocating capital and resources among our strategic opportunities;
the timing and extent of our success in discovering, developing, producing and estimating reserves;
our ability to maintain leases that may expire if production is not established or profitably maintained;
our ability to realize the expected benefits from acquisitions;
our ability to transport our production to the most favorable markets or at all;
availability and costs of personnel and of products and services provided by third parties;
the impact of government regulation, including changes in law, the ability to obtain and maintain permits, any increase in severance or similar taxes, and legislation or regulation relating to hydraulic fracturing, climate and over-the-counter derivatives;
the impact of the adverse outcome of any material litigation against us or judicial decisions that affect us or our industry generally;
the effects of weather;
increased competition;
the financial impact of accounting regulations and critical accounting policies;
the comparative cost of alternative fuels;
credit risk relating to the risk of loss as a result of non-performance by our counterparties; and
any other factors listed in the reports we have filed and may file with the Securities and Exchange Commission (“SEC”).
Should one or more of the risks or uncertainties described above or elsewhere in this Quarterly Report occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements.  We specifically disclaim all responsibility to update publicly any information contained in a forward-looking statement or any forward-looking statement in its entirety and therefore disclaim any resulting liability for potentially related damages.
All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
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PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
SOUTHWESTERN ENERGY COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the three months ended March 31,
(in millions, except share/per share amounts)20202019
Operating Revenues:  
Gas sales$248  $430  
Oil sales52  39  
NGL sales50  81  
Marketing239  438  
Other3  2  
592  990  
Operating Costs and Expenses:
Marketing purchases248  441  
Operating expenses193  165  
General and administrative expenses26  37  
Restructuring charges10  3  
Depreciation, depletion and amortization113  112  
Impairments1,479    
Taxes, other than income taxes13  19  
2,082  777  
Operating Income (Loss)(1,490) 213  
Interest Expense:
Interest on debt40  42  
Other interest charges2  1  
Interest capitalized(23) (29) 
19  14  

Gain (Loss) on Derivatives339  (32) 
Gain on Early Extinguishment of Debt28    
Other Income, Net1  1  

Income (Loss) Before Income Taxes(1,141) 168  
Provision (Benefit) for Income Taxes:
Current(2)   
Deferred408  (426) 
406  (426) 
Net Income (Loss)$(1,547) $594  

Earnings (Loss) Per Common Share:
Basic$(2.86) $1.10  
Diluted$(2.86) $1.10  

Weighted Average Common Shares Outstanding:
Basic540,308,491  539,721,751  
Diluted540,308,491  541,320,487  

The accompanying notes are an integral part of these consolidated financial statements.

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SOUTHWESTERN ENERGY COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
For the three months ended March 31,
(in millions)20202019
Net income (loss)$(1,547) $594  

Change in value of pension and other postretirement liabilities:
Amortization of prior service cost and net loss included in net periodic pension cost
    

Comprehensive income (loss)$(1,547) $594  

The accompanying notes are an integral part of these consolidated financial statements.
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SOUTHWESTERN ENERGY COMPANY AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
March 31, 2020December 31, 2019
ASSETS(in millions)
Current assets:  
Cash and cash equivalents$5  $5  
Accounts receivable, net292  345  
Derivative assets627  278  
Other current assets48  51  
Total current assets972  679  
Natural gas and oil properties, using the full cost method, including $1,437 million as of March 31, 2020 and $1,506 million as of December 31, 2019 excluded from amortization
25,488  25,250  
Other523  520  
Less: Accumulated depreciation, depletion and amortization(22,095) (20,503) 
Total property and equipment, net3,916  5,267  
Operating lease assets152  159  
Deferred tax assets  407  
Other long-term assets235  205  
Total long-term assets387  771  
TOTAL ASSETS$5,275  $6,717  
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$465  $525  
Taxes payable52  59  
Interest payable54  51  
Derivative liabilities268  125  
Current operating lease liabilities32  34  
Other current liabilities43  54  
Total current liabilities914  848  
Long-term debt2,279  2,242  
Long-term operating lease liabilities114  119  
Pension and other postretirement liabilities40  43  
Other long-term liabilities227  219  
Total long-term liabilities2,660  2,623  
Commitments and contingencies (Note 11)
Equity:
Common stock, $0.01 par value; 1,250,000,000 shares authorized; issued 586,023,435 shares as of March 31, 2020 and 585,555,923 shares as of December 31, 2019
6  6  
Additional paid-in capital4,728  4,726  
Accumulated deficit(2,798) (1,251) 
Accumulated other comprehensive loss(33) (33) 
Common stock in treasury, 44,353,224 shares as of March 31, 2020 and December 31, 2019
(202) (202) 
Total equity1,701  3,246  
TOTAL LIABILITIES AND EQUITY$5,275  $6,717  

The accompanying notes are an integral part of these consolidated financial statements.
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SOUTHWESTERN ENERGY COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the three months ended March 31,
(in millions)20202019
Cash Flows From Operating Activities:  
Net income (loss)$(1,547) $594  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization113  112  
Amortization of debt issuance costs1  1  
Impairments1,479    
Deferred income taxes408  (426) 
(Gain) loss on derivatives, unsettled(246) 22  
Stock-based compensation1  2  
Gain on early extinguishment of debt(28)   
Other  1  
Change in assets and liabilities:
Accounts receivable53  189  
Accounts payable(86) (48) 
Taxes payable(6) 4  
Interest payable1  2  
Inventories8  5  
Other assets and liabilities9  (16) 
Net cash provided by operating activities160  442  

Cash Flows From Investing Activities:
Capital investments(228) (258) 
Net cash used in investing activities(228) (258) 

Cash Flows From Financing Activities:
Payments on long-term debt(52)   
Payments on revolving credit facility(500)   
Borrowings under revolving credit facility615    
Change in bank drafts outstanding5  3  
Purchase of treasury stock  (21) 
Cash paid for tax withholding  (1) 
Net cash provided by (used in) financing activities68  (19) 

Increase in cash and cash equivalents  165  
Cash and cash equivalents at beginning of year5  201  
Cash and cash equivalents at end of period$5  $366  

The accompanying notes are an integral part of these consolidated financial statements.໿
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SOUTHWESTERN ENERGY COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
Common StockAdditional
Paid-In
Capital
Accumulated
Deficit
Accumulated Other
Comprehensive
Income (Loss)
Common Stock in TreasuryTotal
Shares
Issued
AmountSharesAmount
(in millions, except share amounts)
Balance at December 31, 2019585,555,923  $6  $4,726  $(1,251) $(33) 44,353,224  $(202) $3,246  
Comprehensive loss:
Net loss—  —  —  (1,547) —  —  —  (1,547) 
Other comprehensive income—  —  —  —  —  —  —  —  
Total comprehensive loss—  —  —  —  —  —  —  (1,547) 
Stock-based compensation—  —  1  —  —  —  —  1  
Issuance of restricted stock12,397  —  —  —  —  —  —  —  
Cancellation of restricted stock(167,130) —  —  —  —  —  —  —  
Restricted units granted1,005,976  —  1  —  —  —  —  1  
Treasury stock—  —  —  —  —  —  —  —  
Performance units vested  —  —  —  —  —  —  —  
Tax withholding – stock compensation(383,731) —  —  —  —  —  —  —  
Balance at March 31, 2020586,023,435  $6  $4,728  $(2,798) $(33) 44,353,224  $(202) $1,701  


Common StockAdditional
Paid-In
Capital
Accumulated
Deficit
Accumulated Other
Comprehensive
Income (Loss)
Common Stock in TreasuryTotal
Shares
Issued
AmountSharesAmount
(in millions, except share amounts)
Balance at December 31, 2018585,407,107  $6  $4,715  $(2,142) $(36) 39,092,537  $(181) $2,362  
Comprehensive income:
Net income—  —  —  594  —  —  —  594  
Other comprehensive income—  —  —  —  —  —  —  —  
Total comprehensive income—  —  —  —  —  —  —  594  
Stock-based compensation—  —  3  —  —  —  —  3  
Issuance of restricted stock8,798  —  —  —  —  —  —  —  
Cancellation of restricted stock(128,324) —  —  —  —  —  —  —  
Treasury stock—  —  —  —  —  5,260,687  (21) (21) 
Performance units vested535,802  —  —  —  —  —  —  —  
Tax withholding – stock compensation(274,657) —  (1) —  —  —  —  (1) 
Balance at March 31, 2019585,548,726  $6  $4,717  $(1,548) $(36) 44,353,224  $(202) $2,937  

The accompanying notes are an integral part of these consolidated financial statements.
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SOUTHWESTERN ENERGY COMPANY AND SUBSIDIARIES
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
(1)