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Southwestern Energy Company (SWN) investor relations material
Southwestern Energy Company Q4 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record 4Q24 net production of 6.41 Bcfe/d, Adjusted EBITDAX of $964 million, and completed the Southwestern merger, becoming the largest domestic natural gas producer.
Accelerated 2025 synergy capture to $400 million, targeting $500 million annual synergies by YE26.
Debuted $750 million investment grade bond issuance in 4Q24, achieving a record spread for energy rising stars.
Enhanced capital returns framework with $1 billion share repurchase authorization, $2.30/share base dividend, and $500 million net debt reduction planned for 2025.
Focused on capital efficiency, market connectivity, and operational flexibility to respond to volatile energy demand.
Financial highlights
4Q24 net income (GAAP) was $(399) million; FY24 net income $(714) million, impacted by merger and non-cash items.
4Q24 Adjusted EBITDAX was $964 million; FY24 Adjusted EBITDAX $2,195 million.
4Q24 Adjusted Free Cash Flow was $73 million; FY24 Adjusted Free Cash Flow $202 million.
Year-end 2024 net debt was $5.37 billion, with a target of under $4.5 billion by YE25.
4Q24 revenues were $2.0 billion; FY24 revenues $4.24 billion.
Outlook and guidance
2025 production guidance: 7,000–7,200 MMcfe/d (7.1 Bcf/d), with $2.7 billion base capex and up to $300 million for productive capacity.
Expect to exit 2025 at 7.2 Bcfe/d, with productive capacity investment enabling 7.5 Bcfe/d in 2026 if market conditions warrant.
2025 plan includes $500 million net debt reduction and $2.30/share base dividend.
Capital allocation guided by a rolling 2–3 year market outlook, with mid-cycle Henry Hub price assumptions of $3.5–$4/Mcf.
2025 Adjusted EBITDAX sensitivity: $4.8 billion at $3.00/mcf, up to $6.4 billion at $4.00/mcf gas price.
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