Southwestern Energy Company (NYSE: SWN) today announced its borrowing base was reaffirmed at $1.8 billion during its fall semi-annual redetermination. Additionally, upon the close of the Montage Resources acquisition, the Company’s borrowing base and bank commitments will increase to $2.0 billion, with asset coverage exceeding the Company’s borrowing base level.
"The recent supportive actions by our bank group in this challenging market are further evidence of our financial strength and the positive reception of our acquisition of Montage Resources. We sincerely value the strong relationships with our bank group and appreciate the confidence that the participating banks demonstrated in us throughout the process with their increased commitments," said Bill Way, Southwestern Energy President and Chief Executive Officer.
"Our existing deep inventory of premium, Tier 1 locations in Appalachia supplemented by the high-quality assets of Montage, provide us with expanded asset coverage above our borrowing base. The acquisition and associated capital market transactions further enhance the financial resilience of Southwestern Energy and solidify our path to meaningful free cash flow generation and debt reduction while delivering differentiated shareholder value," continued Way.
About Southwestern Energy
Southwestern Energy Company is an independent energy company engaged in natural gas, natural gas liquids and oil exploration, development, production and marketing. For additional information, visit our website www.swn.com.
Forward Looking Statement
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Investor Relations Advisor