Southwestern Energy
{{Short description|Energy Company}}
{{Infobox company
| name = Southwestern Energy Company
| logo = Southwestern Energy logo.jpg
| founded = {{Start date and age|1929}} (as Arkansas Western Gas Company)
| defunct = {{End date and age|2024|10|01}}
| fate = Merged into Expand Energy
| location = Spring, Texas, U.S.
| key_people = William J. Way,
(CEO & President)
Carl F. Giesler, Jr., CFO
| industry = Petroleum industry
| products = Natural gas
| production = 4.573 billion cubic feet of natural gas equivalent per day (2023)
| revenue = {{decrease}} {{US$|6.522 billion|link=yes}} (2023)
| net_income = {{decrease}} $1.557 billion (2023)
| assets = {{decrease}} $11.991 billion (2023)
| equity = {{increase}} $5.888 billion (2023)
| num_employees = 1,165 (2023)
| footnotes = {{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/7332/000000733224000009/swn-20231231.htm | title=Southwestern Energy Company 2023 Form 10-K Annual Report | publisher=U.S. Securities and Exchange Commission | date=February 22, 2024}}
}}
Southwestern Energy Company was a natural gas exploration and production company organized in Delaware and headquartered in Spring, Texas. In October 2024, the company merged into Expand Energy.
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.
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.
History
The 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.{{cite news | url=https://www.nytimes.com/1985/05/30/business/southwestern-link-set-with-mustang.html | title=Southwestern Link Set With Mustang | work=The New York Times | date=May 30, 1985 | url-access=subscription}}
In 2013, the company acquired assets in the Marcellus Shale from Chesapeake Energy for $93 million.{{cite press release | url=https://www.prnewswire.com/news-releases/southwestern-energy-announces-acquisition-of-marcellus-shale-properties-205211151.html | title=Southwestern Energy Announces Acquisition of Marcellus Shale Properties | publisher=PR Newswire | date=April 29, 2013}}
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.{{cite press release | url=https://www.prnewswire.com/news-releases/southwestern-energy-completes-acquisition-of-southwest-marcellus-and-utica-assets-300013371.html | title=Southwestern Energy Completes Acquisition Of Southwest Marcellus And Utica Assets | publisher=PR Newswire | date=December 22, 2014}}{{cite news | url=https://www.bizjournals.com/houston/morning_call/2014/12/southwestern-energy-closes-on-multibillion-deal.html | title=Southwestern Energy buys more interest in Marcellus and Utica after multibillion-dollar deal closes | first=Nora | last=Olabi | work=American City Business Journals | date=December 22, 2014 | url-access=subscription}}
In December 2018, the company sold its assets in the Fayetteville Shale for net proceeds of $1.65 billion.{{cite press release | url=https://www.businesswire.com/news/home/20181204005597/en/Southwestern-Energy-Completes-Transformational-Sale-Fayetteville-Shale | title=Southwestern Energy Completes Transformational Sale of Fayetteville Shale Business | publisher=Business Wire | date=December 4, 2018}}
In November 2021, the company acquired GEP Haynesville for $1.85 billion.{{Cite press release | url=https://www.businesswire.com/news/home/20211104005628/en/Southwestern-Energy-Announces-Agreement-to-Acquire-GEP-Haynesville | title=Southwestern Energy Announces Agreement to Acquire GEP Haynesville | publisher=Business Wire | date=November 4, 2021}}
In October 2024, the company merged into Expand Energy.{{Cite news | url=https://www.bizjournals.com/houston/news/2024/10/02/chesapeake-southwestern-deal-closes-expand-energy.html | title=Expand Energy begins trading after Chesapeake closes acquisition of Southwestern Energy | first=Olivia | last=Pulsinelli | work=American City Business Journals | date=October 2, 2024 | url-access=subscription}}{{Cite press release | url=https://www.globenewswire.com/news-release/2024/10/01/2956103/0/en/Chesapeake-Energy-and-Southwestern-Energy-Complete-Merger-and-Provide-Third-Quarter-Earnings-Conference-Call-Information-Company-Rebranded-as-Expand-Energy.html | title=Chesapeake Energy and Southwestern Energy Complete Merger and Provide Third Quarter Earnings Conference Call Information, Company Rebranded as Expand Energy | publisher=PR Newswire | date=October 1, 2024}}
Controversies
=Public opposition to hydraulic fracturing in New Brunswick, Canada=
{{See also|Shale gas in Canada}}
In 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.{{cite news | url=https://www.cbc.ca/news/canada/new-brunswick/fracking-firm-says-vandals-won-t-stop-it-1.1083750 | title=Fracking firm says vandals won't stop it | work=CBC News | date=July 26, 2011}}{{cite news | url=https://www.cbc.ca/news/canada/new-brunswick/seismic-testing-trucks-blocked-by-protesters-1.1014144 | title=Seismic testing trucks blocked by protesters | work=CBC News | date=August 10, 2011}}{{cite news | url=https://www.cbc.ca/news/canada/new-brunswick/in-depth-n-b-shale-gas-industry-1.1041598 | title=IN DEPTH: N.B. shale gas industry | work=CBC News | date=November 26, 2011}}{{cite news | url=https://www.cbc.ca/news/canada/new-brunswick/sussex-mayor-warns-shale-gas-ban-is-not-the-answer-1.1094683 | title=Sussex mayor warns shale gas ban is not the answer | work=CBC News | date=December 2, 2011}}{{cite news | url=https://www.cbc.ca/news/canada/new-brunswick/anti-shale-gas-protest-closes-highway-11-in-n-b-for-hours-1.2445188 | title=Anti-shale gas protest closes Highway 11 in N.B. for hours | work=CBC News | date=November 29, 2013}}{{cite news | url=https://www.cbc.ca/news/canada/new-brunswick/rcmp-protesters-withdraw-after-shale-gas-clash-in-rexton-1.2100703 | title=RCMP, protesters withdraw after shale gas clash in Rexton | work=CBC News | date=October 17, 2013}}