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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 June 30, 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-20200630_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 July 28, 2020
Common Stock, Par Value $0.01542,234,903



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SOUTHWESTERN ENERGY COMPANY
INDEX TO FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 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 June 30,For the six months ended June 30,
(in millions, except share/per share amounts)2020201920202019
Operating Revenues:    
Gas sales$164  $275  $412  $705  
Oil sales19  47  71  86  
NGL sales40  58  90  139  
Marketing187  287  426  725  
Other    3  2  
410  667  1,002  1,657  
Operating Costs and Expenses:
Marketing purchases201  293  449  734  
Operating expenses182  169  375  334  
General and administrative expenses32  40  58  77  
Loss on sale of operating assets  3    3  
Restructuring charges2  2  12  5  
Depreciation, depletion and amortization84  115  197  227  
Impairments655  6  2,134  6  
Taxes, other than income taxes10  17  23  36  
1,166  645  3,248  1,422  
Operating Income (Loss)(756) 22  (2,246) 235  
Interest Expense:
Interest on debt40  41  80  83  
Other interest charges3  2  5  3  
Interest capitalized(21) (28) (44) (57) 
22  15  41  29  

Gain (Loss) on Derivatives(109) 152  230  120  
Gain on Early Extinguishment of Debt7    35    
Other Income (Loss), Net  (6) 1  (5) 

Income (Loss) Before Income Taxes(880) 153  (2,021) 321  
Provision (Benefit) for Income Taxes:
Current    (2)   
Deferred  15  408  (411) 
  15  406  (411) 
Net Income (Loss)$(880) $138  $(2,427) $732  

Earnings (Loss) Per Common Share:
Basic$(1.63) $0.26  $(4.49) $1.36  
Diluted$(1.63) $0.26  $(4.49) $1.35  

Weighted Average Common Shares Outstanding:
Basic541,079,192  539,005,941  540,693,841  539,362,984  
Diluted541,079,192  539,947,053  540,693,841  540,624,742  

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 June 30,For the six months ended June 30,
(in millions)2020201920202019
Net income (loss)$(880) $138  $(2,427) $732  

Change in value of pension and other postretirement liabilities:
Amortization of prior service cost and net loss included in net periodic pension cost (1)
  4    4  

Comprehensive income (loss)$(880) $142  $(2,427) $736  

(1)Tax benefits for the three months ended June 30, 2020 were immaterial. Net of $1 million in tax benefits for the six months ended June 30, 2020 and the three and six months ended June 30, 2019, respectively. In 2019, primarily related to settlement of pension assets.

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)
June 30, 2020December 31, 2019
ASSETS(in millions)
Current assets:  
Cash and cash equivalents$10  $5  
Accounts receivable, net250  345  
Derivative assets466  278  
Other current assets44  51  
Total current assets770  679  
Natural gas and oil properties, using the full cost method, including $1,423 million as of June 30, 2020 and $1,506 million as of December 31, 2019 excluded from amortization
25,739  25,250  
Other512  520  
Less: Accumulated depreciation, depletion and amortization(22,825) (20,503) 
Total property and equipment, net3,426  5,267  
Operating lease assets153  159  
Deferred tax assets  407  
Other long-term assets206  205  
Total long-term assets359  771  
TOTAL ASSETS$4,555  $6,717  
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable$426  $525  
Taxes payable48  59  
Interest payable48  51  
Derivative liabilities282  125  
Current operating lease liabilities34  34  
Other current liabilities37  54  
Total current liabilities875  848  
Long-term debt2,440  2,242  
Long-term operating lease liabilities113  119  
Pension and other postretirement liabilities37  43  
Other long-term liabilities267  219  
Total long-term liabilities2,857  2,623  
Commitments and contingencies (Note 11)
Equity:
Common stock, $0.01 par value; 1,250,000,000 shares authorized; issued 586,593,540 shares as of June 30, 2020 and 585,555,923 shares as of December 31, 2019
6  6  
Additional paid-in capital4,730  4,726  
Accumulated deficit(3,678) (1,251) 
Accumulated other comprehensive loss(33) (33) 
Common stock in treasury, 44,353,224 shares as of June 30, 2020 and December 31, 2019
(202) (202) 
Total equity823  3,246  
TOTAL LIABILITIES AND EQUITY$4,555  $6,717  

The accompanying notes are an integral part of these consolidated financial statements.
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Table of Contents
SOUTHWESTERN ENERGY COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
For the six months ended June 30,
(in millions)20202019
Cash Flows From Operating Activities:  
Net income (loss)$(2,427) $732  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization197  227  
Amortization of debt issuance costs4  2  
Impairments2,134  6  
Deferred income taxes408  (411) 
Gain on derivatives, unsettled(17) (96) 
Stock-based compensation2  4  
Gain on early extinguishment of debt(35)   
Loss on sale of assets  3  
Other  10  
Change in assets and liabilities:
Accounts receivable94  221  
Accounts payable(121) (129) 
Taxes payable(11) (6) 
Interest payable(1) 1  
Inventories6  4  
Other assets and liabilities21  (25) 
Net cash provided by operating activities254  543  

Cash Flows From Investing Activities:
Capital investments(472) (586) 
Proceeds from sale of property and equipment2  26  
Net cash used in investing activities(470) (560) 

Cash Flows From Financing Activities:
Payments on long-term debt(72)   
Payments on revolving credit facility(919)   
Borrowings under revolving credit facility1,221    
Change in bank drafts outstanding(8) (7) 
Purchase of treasury stock  (21) 
Cash paid for tax withholding(1) (1) 
Net cash provided by (used in) financing activities221  (29) 

Increase (decrease) in cash and cash equivalents5  (46) 
Cash and cash equivalents at beginning of year5  201  
Cash and cash equivalents at end of period$10  $155  

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