Southwestern Energy Company, through its subsidiaries, operates as an independent natural gas and oil company primarily in the United States. The company engages in the exploration, development and production activities, including related natural gas gathering and marketing. Segments Exploration and Production (E&P) The company’s primary business is the exploration for and production of natural gas and oil, with its operations principally focused within the United States on development of unconventional natural gas reservoirs located in Pennsylvania, West Virginia, and Arkansas. The company’s operations in northeast Pennsylvania are primarily focused on the unconventional natural gas reservoir known as the Marcellus Shale (Northeast Appalachia); operations in West Virginia are also focused on the Marcellus Shale, the Utica and the Upper Devonian unconventional natural gas and oil reservoirs (Southwest Appalachia); and operations in Arkansas are primarily focused on an unconventional natural gas reservoir known as the Fayetteville Shale. Collectively, the company’s properties located in Pennsylvania and West Virginia are referred to as the ‘Appalachian Basin’. The company also intends to find and develop new natural gas and oil plays with exploration and exploitation potential, which it refers to as ‘New Ventures’. The company has E&P activities ongoing in Colorado and Louisiana along with other areas in which the company is exploring for new development opportunities. The company also has drilling rigs located in Pennsylvania, West Virginia and Arkansas; and provides oilfield products and services, principally serving its E&P operations. Oilfield Services Vertical Integration The company intends to provide oilfield services that are beneficial for its E&P operations when its E&P activity levels support these activities. Among others, these services include drilling, hydraulic fracturing and the mining of proppant used for the company’s well completions. Drilling Services The company has conducted drilling operations for a majority of its operated wells. As of December 31, 2015, the company had 13 re-entry rigs and 2 spudder rigs, which were located in Pennsylvania, West Virginia, and Arkansas. In 2015, the company provided drilling services for 82, 41 and 230 wells that it operates in Northeast Appalachia, Southwest Appalachia and the Fayetteville Shale, respectively. Hydraulic Fracturing The company provides pressure pumping services for a portion of its operated wells. As of December 31, 2015, the company operated two leased pressure pumping spreads with a total capacity of approximately 72,000 horsepower to conduct various completion services designed to stimulate natural gas production. In 2015, the company provided pressure pumping services for 192 wells that it operated in the Fayetteville Shale. Sand Mine The company owns and operates a sand mine to provide a supply of proppant primarily used for the completion of its wells that the company operates in the Fayetteville Shale. As of December 31, 2015, the company’s sand mine included 570 acres and produced 30/70 and 100 mesh sized sand. In 2015, the company provided sand for the completion of 261 wells operated by the company in the Fayetteville Shale. Proved Reserves The company’s estimated proved natural gas and oil reserves were 6,215 billion cubic feet of natural gas equivalent (Bcfe) as of December 31, 2015. Operations Northeast Appalachia As of December 31, 2015, the company had approximately 270,335 net acres in Northeast Appalachia under which the Marcellus Shale is present (168,753 net undeveloped acres and 101,582 net developed acres held by production). The company had spud or acquired 553 operated wells, 424 of which were on production and 542 of which are horizontal wells. The company’s reserves in Northeast Appalachia included 873 billion cubic feet of natural gas (Bcf) in 2015, which included reserve additions of 340 Bcf, 1,383 Bcf of net upward revisions due to well performance, net downward price revisions of 2,315 Bcf and acquisitions of 79 Bcf, offset by production of 360 Bcf. Of the 89 horizontal
southwestern energy co (SWN:New York)
10000 Energy Drive
Spring, TX 77389
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