Credit Suisse 24 th Annual Energy Summit Bill Way, President and CEO NYSE: SWN
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1 Credit Suisse 24 th Annual Energy Summit Bill Way, President and CEO NYSE: SWN
2 Forward-Looking Statements This presentation contains forward-looking statements. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as anticipate, intend, plan, project, estimate, continue, potential, should, could, may, will, objective, guidance, outlook, effort, expect, believe, predict, budget, projection, goal, forecast, target or similar words. Statements may be forward looking even in the absence of these particular words. Where, in any forward-looking statement, the Company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, there can be no assurance that such expectation or belief will result or be achieved. The actual results of operations can and will be affected by a variety of risks and other matters including, but not limited to, changes in commodity prices (including geographic basis differentials); changes in expected levels of natural gas and oil reserves or production; operating hazards, drilling risks, unsuccessful exploratory activities; natural disasters; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; international monetary conditions; the risks related to the discontinuation of LIBOR and/or other reference rates that may be introduced following the transition, including increased expenses and litigation and the effectiveness of interest rate hedge strategies; unexpected cost increases; potential liability for remedial actions under existing or future environmental regulations; failure or delay in obtaining necessary regulatory approvals; potential liability resulting from pending or future litigation; and general domestic and international economic and political conditions; the impact of a prolonged federal, state or local government shutdown and threats not to increase the federal government s debt limit; as well as changes in tax, environmental and other laws, including court rulings, applicable to our business. Other factors that could cause actual results to differ materially from those described in the forward-looking statements include other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, Southwestern Energy Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Cautionary Note to U.S. Investors The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. We use the terms "resource" and EUR in this presentation that the SEC s guidelines prohibit us from including in filings with the SEC. The quarterly reserves data included in this release are estimates we prepared that have not been audited by our independent reserve engineers. All such estimates are inherently more speculative than estimates of proved reserves and are subject to substantially greater risk of actually being realized. U.S. investors are urged to consider closely the oil and gas disclosures and associated risk factors in our Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and from the SWN website. This presentation contains non-gaap financial measures, such as adjusted net income, adjusted EBITDA and net cash flow, including certain key statistics and estimates. We report our financial results in accordance with accounting principles generally accepted in the United States of America ( GAAP ). However, management believes certain non-gaap performance measures may provide users of this financial information additional meaningful comparisons between current results and the results of our peers and of prior periods. Please see the Appendix for definitions and reconciliations of the non-gaap financial measures that are based on reconcilable historical information. The contents of this presentation are updated as of September 30, 2018 unless otherwise indicated. 1
3 What Defines SWN Premier quality, large scale assets Increasing capital efficiency and margin expansion Rigorous financial discipline and value focused capital allocation Our People - Leading technology, operating and commercial capabilities Appalachia-focused, high margin gas and liquids assets Contiguous operated acreage positions offer high degree of operational control and flexibility Strategically positioned gas and liquids transportation portfolio Over 1,000+ producing wells Delivering lower well costs through ultra-long laterals, water infrastructure, strategic sourcing, collapsing cycle times Value capture across gas and liquids value chain Optimization of gathering, processing and transportation agreements Structural cost reductions Strong and flexible balance sheet; ~$2B liquidity Goal of sustainable net debt/ebitda of 2x Returns driven capital allocation Dynamic portfolio management Active rolling 3-year hedging program Reservoir management; enhancing well productivity and economics Vertical integration providing competitive advantages Data analytics improving well completions Core value based culture supporting leading safety performance and environmental stewardship 2
4 Refocused, Reengineered, Reenergized Transitioning back to free cash flow Returns-focused capital discipline Monetized future Fayetteville cash flow Reduced debt by $2.1 billion Initiated $200 million share repurchase Annual cost savings over $150 million Committed to achieving sustainable 2X net debt/ebitda Northeast Appalachia 100% gas (2) 191,226 Net Acres (3) YE17 Proved Reserves 4.1 Tcf 19E Net Production (2) 1,300 Mmcf/d Portion of proceeds focused on EBITDA growth through higher-return liquids projects Doing more with less, driving further cost efficiencies and performance improvements Expect to return to free cash flow by end of 2020 (1) (1) Assumes strip pricing at time of guidance issued February 5, 2019, current year at $2.85 per MMBtu NYMEX Henry Hub and $50 per barrel WTI (2) Commodity assumptions based on midpoint of production guidance issued February 5, 2019 (3) Net acres as of September 30, 2018 Southwest Appalachia 45% gas, 46% NGL, 9% oil (2) 290,291 Net Acres (3) YE17 Proved Reserves 7.0 Tcfe 19E Net Production (2) 833 Mmcfe/d 3
5 2019 Guidance Diversifying commodity mix, growing liquids portfolio Southwest Appalachia liquids production increasing to 75,600 barrels per day (1), 20% higher Northeast Appalachia production held flat with maintenance capital of $280 - $310 million Fully funded, flexible capital program Appalachia 74% NE Appalachia 60% Gas 78% 2019E Capital $1.08B - $1.18B Other 8% 2019E Production Bcfe 2019E Production by Commodity CI&E 18% SW Appalachia 40% Oil 4% NGLs 18% (1) The Company issued annual guidance on February 5, All figures assume midpoint of guidance. 4
6 Revenue ($MM) Production (Bbl/d) Leveraging Upside to Liquids Premier liquids-rich acreage Third largest liquids producer in Appalachia Highest condensate yield in Appalachia $600 $500 NGL and Condensate Growth 215% 92% Revenue (1) Production 80,000 70,000 60,000 Condensate estimated to be 12,200 (1) barrels per day in 2019 $400 $300 50,000 40, average NGL rate expected to be 63,400 (1) barrels per day $200 $100 30,000 20,000 10,000 Liquids revenue growth increasing over 200% $ E 2019E (2) Production Revenue (3) - (1) The Company issued guidance February 5, This rate reflects the midpoint of production guidance. (2) The Company updated its production guidance in August This graphic reflects 9 months of actuals, midpoint of fourth quarter production and price differential guidance and assumes $60 per barrel oil price. (3) The Company issued guidance February 5, The graphic reflects the midpoint of production and differential guidance and $50 per barrel oil price. 5
7 Driving Well Costs Down Decreasing well costs by 25% to an average $875/ft Longer laterals, direct sand sourcing, water project and vertical integration Increasing average lateral lengths on wells to sales by 35% to over 10,000 ft Latest successfully drilled ultra-long lateral is 16,272 ft Continue testing ultra-long laterals to economic and technical limit Reducing drilling and completions capital while increasing drilled footage by 30% $1,130 Well Cost Comparison ($ per lateral foot) $ E Longer Laterals Completion Design Water and Vertical Integration Sand Sourcing 2019E 6
8 Vertical Integration Competitive advantages increase capital efficiency Strategic and economic benefit Provides improved operating efficiency and flexibility Mitigates service cost inflation Own, operate rigs and other services Progressing water infrastructure project in Southwest Appalachia Expected to generate savings of $500K/well Improves logistics and reduces trucking traffic and costs 7
9 Southwest Appalachia Core position in premier play targeting stacked pays Drive value creation through enhanced performance 2019 development plan focused on high value liquids-rich inventory Build on operational excellence and enhance well completion efficiency Company operated water infrastructure delivering savings Incorporating data analytics in completion designs to further improve well performance Expanding economic drilling inventory Appraising liquids-rich Upper Devonian Progressing Utica/Upper Point Pleasant (UPP) delineation program (1) Previously identified as Rich Gas, containing natural gas liquids and condensate (2) Previously identified as Lean Gas, containing natural gas liquids Super Rich Gas (1) Rich Gas (2) Dry Gas Operated production as of September 2018 Gross gas 522 MMcf/d Gross liquids 110 MBbls/d Net gas 327 MMcf/d Net liquids 69 MBbls/d 8
10 Northeast Appalachia Delivering value now and in the future Drive value creation through enhanced performance Free cash flow positive asset Enhanced completions efficiency includes increased stages per day, tighter stage spacing and optimized flowback methods Expanded gathering capacity across Tioga and Susquehanna assets Pursue future growth and expand economic drilling inventory Expanding core drilling locations in Tioga area Appraisal of stacked pay opportunities Operated production as of September 2018 Gross - 1,534 MMcf/d Net - 1,261 MMcf/d 9
11 Marketing and Transportation Expertise Integrated long-term planning and deep market knowledge guided strategic decisions Northeast Appalachia early mover on acquiring transportation at low cost with access to premium markets Southwest Appalachia strategically acquired right-sized transportation Leveraging gas expertise for growing liquids portfolio Proactively contracted gathering, processing and fractionation capacity Transition to direct sales of NGLs Proactively managing capacity optimization Proven track record of flow assurance and market access through diversified transportation portfolio Regional Demand (Shell Cracker) Appalachia Liquids Marketing Options Midwest Refineries ATEX capacity to Gulf Coast SWN Indirect Access SWN Access Future Regional Demand Growth Canadian Petrochemical Markets Appalachia Liquids Truck to premium local markets Northeast Markets East Coast Exports Rail 10
12 Strong and Flexible Balance Sheet Net Debt / Adjusted EBITDA Debt Maturity Schedule ($MM) 4.5x 2,000 1,500 Sr Notes Wtd Avg YTM: 6.6 years (1) Sr Notes Wtd Avg Interest: 6.7% (1) Sr Notes outstanding: $2.5B (1) 2.8x 1.9x 2.0x 1, No significant maturities until Q Pro Forma without Fayetteville (1) Target Bonds Revolver - Capacity Continuous net debt/ebitda improvement Goal of 2X sustainable net debt/ebitda Reduced debt by 2.1 billion in 2018 Interest expense reduced by ~$80 million annually Improved liquidity $2 billion bank revolver, 2023 maturity BB/Ba2 credit ratings No significant bond maturities until 2025 (1) Based on 8-K filed on December 4, 2018, including pro forma financials 11
13 An Industry Leader in Corporate Responsibility Freshwater neutral since December 2016 Reviewed 100% of chemicals used for operations since 2016 Gold Certification by IES (Independent Energy Standards) Founding member of consortium Targeting a less than 1% emission rate across natural gas industry API Voluntary Methane Reduction Program Advancing Technology to Reduce Methane Emissions Company-wide Leak Detection and Repair (LDAR) Programs Participating in scientific studies Facilitating new technology $2.3 million charitable contributions 4,056 employee volunteer hours Supporting STEM education Contractor safe driver training Logistics Eliminated truck deliveries through pipeline transport of water 12
14 Building for Tomorrow Continue converting existing resource to reserves Enhancing economics by continuously improving operational, technical and commercial results Advance de-risking of Upper Devonian, Upper Marcellus and Utica acreage Identify long-term accretive opportunities Building long-term shareholder value 13
15 Value Focused Dynamic and disciplined capital allocation Focused on high-return liquids Transition back to free cash flow neutral by end of 2020 Strong and flexible balance sheet Improving capital efficiency and operational execution Diversified commodity risk: gas, NGLs, oil Recognized environmental stewardship 14
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