Bill Way, the CEO and President of Southwestern Energy Company (NYSE:SWN), reported that they are extremely thrilled to discuss the latest achievements of company and some of the remarkable differentiating performance that their extremely highly talented teams across the nation have achieved throughout the portfolio.
Southwestern once again recorded stellar performance that the company saw back in February. The management achieved as anticipated, while investing within projected cash flow and for their fully funded capital plan. They continue to assess commodity prices and stayed committed to adjusting capital program to align with change in prices as the company moved into 2H2017 and beyond.
The CEO of Southwestern expressed that as they continue to demonstrate, they consider that focusing on the premium projects and investing within cash flow led in differentiating shareholder value. Manufacturing growth is a result of their strategies, and not a driver for them.
As they look forward, they consider that the growing demand and the lower than expected supply response that they are presently witnessing has been supported by the recent trend of robust weekly gas storage data has yet to be shown in the forward curve.
The capital being invested in latest gas driven industrial facilities and power plants, together with continuing prospects of augmented exports to Mexico and from LNG, are projected to increase demand by more than 10 billion cubic feet a day over the upcoming four years.
With the drop of numerous basins outside of Appalachia, increased drilling will require to be incentivized to fulfill this rising demand. One source of this required supply is anticipated to be related gas from the Permian. However, in this prevailing oil price environment, and with carryout solutions from the area being needed but being fully subscribed, they consider the supply will have to be supplemented by other areas of dry gas.