Southwestern Energy Company was a natural gas exploration and production company organized in Delaware and headquartered in Spring, Texas.[1] In October 2024, the company merged into Expand Energy.
 | |
| Industry | Petroleum industry |
|---|---|
| Founded | 1929 (as Arkansas Western Gas Company) |
| Defunct | October 1, 2024 |
| Fate | Merged into Expand Energy |
| Headquarters | Spring, Texas, U.S. |
Key people | William J. Way, (CEO & President) Carl F. Giesler, Jr., CFO |
| Products | Natural gas |
Production output | 4.573 billion cubic feet of natural gas equivalent per day (2023) |
| Revenue |  US$6.522 billion (2023) |
| $1.557 billion (2023) | |
| Total assets | $11.991 billion (2023) |
| Total equity |  $5.888 billion (2023) |
Number of employees | 1,165 (2023) |
| Footnotes / references [1] | |
The company's primary exploration and production activities were in the Appalachian Basin in Pennsylvania and West Virginia, as well as the Haynesville Shale. The company also controlled 2,518,519 net undeveloped acres in New Brunswick, Canada, subject to an indefinite moratorium on hydraulic fracturing.[1]
As of December 31, 2023, the company had 19.660 trillion cubic feet of natural gas equivalent of estimated proved reserves, of which 77% was natural gas, 20% was natural gas liquids, and 3% was petroleum.[1]
History
editThe company traced its roots to Arkansas Western Gas Company, which was established in July 1929 as a subsidiary of Southern Union Gas Company of Dallas.
In 1985, the company acquired Mustang Fuel for $200 million in stock.[2]
In 2013, the company acquired assets in the Marcellus Shale from Chesapeake Energy for $93 million.[3]
In December 2014, the company acquired 413,000 net acres in the Upper Devonian, Marcellus and Utica shales in West Virginia and Southwest Pennsylvania from Chesapeake Energy for $5.375 billion.[4][5]
In December 2018, the company sold its assets in the Fayetteville Shale for net proceeds of $1.65 billion.[6]
In November 2021, the company acquired GEP Haynesville for $1.85 billion.[7]
In October 2024, the company merged into Expand Energy.[8][9]
Controversies
editPublic opposition to hydraulic fracturing in New Brunswick, Canada
editIn 2003, shale gas was discovered in New Brunswick, Canada. The company received exclusive licenses from the Department of Energy and Resource Development to conduct an exploration program. However, after protests by local citizens, in 2015, the provincial government in New Brunswick imposed a moratorium on hydraulic fracturing, and in May 2016, the government announced that the moratorium would continue indefinitely.[10][11][12][13][14][15]
References
edit- ^ a b c d "Southwestern Energy Company 2023 Form 10-K Annual Report". U.S. Securities and Exchange Commission. February 22, 2024.
- ^ "Southwestern Link Set With Mustang". The New York Times. May 30, 1985.
- ^ "Southwestern Energy Announces Acquisition of Marcellus Shale Properties" (Press release). PR Newswire. April 29, 2013.
- ^ "Southwestern Energy Completes Acquisition Of Southwest Marcellus And Utica Assets" (Press release). PR Newswire. December 22, 2014.
- ^ Olabi, Nora (December 22, 2014). "Southwestern Energy buys more interest in Marcellus and Utica after multibillion-dollar deal closes". American City Business Journals.
- ^ "Southwestern Energy Completes Transformational Sale of Fayetteville Shale Business" (Press release). Business Wire. December 4, 2018.
- ^ "Southwestern Energy Announces Agreement to Acquire GEP Haynesville" (Press release). Business Wire. November 4, 2021.
- ^ Pulsinelli, Olivia (October 2, 2024). "Expand Energy begins trading after Chesapeake closes acquisition of Southwestern Energy". American City Business Journals.
- ^ "Chesapeake Energy and Southwestern Energy Complete Merger and Provide Third Quarter Earnings Conference Call Information, Company Rebranded as Expand Energy" (Press release). PR Newswire. October 1, 2024.
- ^ "Fracking firm says vandals won't stop it". CBC News. July 26, 2011.
- ^ "Seismic testing trucks blocked by protesters". CBC News. August 10, 2011.
- ^ "IN DEPTH: N.B. shale gas industry". CBC News. November 26, 2011.
- ^ "Sussex mayor warns shale gas ban is not the answer". CBC News. December 2, 2011.
- ^ "Anti-shale gas protest closes Highway 11 in N.B. for hours". CBC News. November 29, 2013.
- ^ "RCMP, protesters withdraw after shale gas clash in Rexton". CBC News. October 17, 2013.