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Msg  427532 of 439802  at  6/21/2022 7:54:32 AM  by

saintsinneridiot


SWN gets serious


Complements continued debt repayment within its comprehensive capital allocation strategy

SPRING, Texas, June 21, 2022--(BUSINESS WIRE)--Southwestern Energy Company ("SWN or the "Company") (NYSE: SWN) today announced that its Board of Directors authorized a share repurchase program.

Key Highlights:

  • Authorization for up to $1 billion of share repurchases through the end of 2023

  • Continued prioritization of debt reduction, consistent with strategic objective of returning to investment grade

  • Based on current strip prices and market conditions, the Company expects to be able to execute on the full amount of the program while also achieving its target 1.5x to 1.0x leverage ratio range by the end of 2022 and target $3.5 billion to $3.0 billion debt range by the end of 2023

    "Southwestern Energy’s disciplined capital allocation strategy prioritizes financial strength through maintenance capital investment, reduction of debt, and now the next complementary step – initiation of a sustainable return of capital program to enhance shareholder value. The increased free cash flow generation capability of our repositioned business, successful Haynesville integration and operational execution, improvement in commodity prices and fundamental outlook provide a clearer line of sight to achieving our target leverage ratio and debt ranges while returning capital to our shareholders," said Bill Way, Southwestern Energy President and Chief Executive Officer.


    "This program is a tangible reflection of our belief that the inherent value of our business is not fully appreciated by the market and further enhances SWN’s value proposition for investors. We expect to complete the execution of this program in a disciplined manner consistent with achieving our balance sheet objectives and returning to investment grade," continued Way.

    Share Repurchase Program

    SWN's Board of Directors authorized a share repurchase program, under which the Company is authorized to repurchase up to $1 billion of its outstanding common stock beginning immediately and continuing through and including December 31, 2023.

    The shares may be repurchased from time to time in open market transactions, through block trades, in privately negotiated transactions, through derivative transactions or by other means in accordance with federal securities laws. The Company intends to fund repurchases from available working capital and cash provided by operating activities. The timing, as well as the number and value of shares repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including management’s assessment of the intrinsic value of the Company’s common stock, the market price of the Company's common stock, general market and economic conditions, available liquidity, compliance with the Company’s debt and other agreements, applicable legal requirements and other considerations. The exact number of shares to be repurchased by the Company is not guaranteed, and the program may be suspended, modified, or discontinued at any time without prior notice.



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427546 Re: SWN gets serious - bad hedges Petroeng 7 6/21/2022 8:40:02 AM




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