Building on the weekly gains, in the last trading session the stock price of Southwestern Energy Company (NYSE:SWN) gained more than 3% to close the day at $5.52. The gains came at a share volume of 15.193 million compared to average share volume of 16.51 million. After the recent gain, the market cap of firm now stands at $2.81 billion.
Earlier in the month, Southwestern Energy reported its operating and financial results for the quarter closed June 30, 2017, along with other developments. Net income came at $224 million and adjusted net income was $40 million; improved considerably from a net loss of $620 million and an adjusted net loss of $34 million in Q2 2016.
Net cash offered by operating activities stood at $266 million while net cash flow was $250 million, up 264% and 119%, correspondingly, compared to Q2 2016. Total net production was 222 Bcfe, a jump of around 9% versus the first quarter of 2017 irrespective of third-party gathering operational concerns that are projected to be resolved in 2017.
Southwestern added around 140 MMcf per day of new company takeaway volume to the portfolio in Northeast Appalachia at a mean cost of $0.10 per Mcf. The company successfully completed and drilled an extended lateral well of more than 12,000 lateral ft. in Bradford County, offering a preliminary manufacturing rate of more than 37 MMcf per day, further showcasing the enhanced economics of longer laterals that will be aimed throughout the portfolio.
It recorded impressive productivity from the first firm-drilled Utica well, with more than 2 Bcf of cumulative manufacturing and a flat current producing pace of more than 15 MMcf per day with existing casing pressure of around 6,100 psi. Southwestern Energy further advanced learning of Moorefield acreage and closed remaining $251 million of its due 2018 bonds, leaving just $40 million in near-term debt.