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(Mark One)

☒ Quarterly Report pursuant to Section 13 or 15(d) of the Securities

For the quarterly period ended September 30, 2023

Or

☐ Transition Report pursuant to Section 13 or 15(d) of the Securities

For the transition period from ________ to ________

Commission file number: 001-08246

(Exact name of registrant as specified in its charter)

Delaware

71-0205415

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

(Address of principal executive offices)(Zip Code)

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, Par Value $0.01

SWN

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

Class						Outstanding as of October 31, 2023
Common Stock, Par Value $0.01						1,101,463,052

This Quarterly Report on Form 10-Q (“Quarterly Report”) includes certain statements that may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  All statements, other than statements of historical fact or present financial information, that address activities, outcomes and other matters that should or may occur in the future, including, without limitation, statements regarding the financial position, business strategy, production and reserve growth and other plans and objectives for our future operations, are forward-looking statements.  Although we believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance.  We have no obligation and make no undertaking to publicly update or revise any forward-looking statements, except as may be required by law.

Forward-looking statements include the items identified in the preceding paragraph, information concerning possible or assumed future results of operations and other statements in this Quarterly Report identified by words such as “anticipate,” “intend,” “plan,” “project,” “estimate,” “continue,” “potential,” “should,” “could,” “may,” “will,” “objective,” “guidance,” “outlook,” “effort,” “expect,” “believe,” “predict,” “budget,” “projection,” “goal,” “forecast,” “model,” “target” or similar words. Statements may be forward-looking even in the absence of these particular words.

You should not place undue reliance on forward-looking statements.  They are subject to known and unknown risks, uncertainties and other factors that may affect our operations, markets, products, services and prices and cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. In addition to any assumptions and other factors referred to specifically in connection with forward-looking statements, risks, uncertainties and factors that could cause our actual results to differ materially from those indicated in any forward-looking statement include, but are not limited to:

•the timing and extent of changes in market conditions and prices for natural gas, oil and natural gas liquids (“NGLs”) (including regional basis differentials) and the impact of reduced demand for our production and products in which our production is a component due to governmental and societal actions taken in response to a pandemic or other world health event;

•our ability to fund our planned capital investments;

•a change in our credit rating or adverse changes in interest rates;

•the extent to which lower commodity prices impact our ability to service or refinance our existing debt;

•the impact of volatility in the financial markets or other global economic factors, including any future development of the LNG market and the impact of a world health event or other disease outbreak;

•geopolitical and business conditions in key regions of the world;

•difficulties in appropriately allocating capital and resources among our strategic opportunities;

•the timing and extent of our success in discovering, developing, producing, replacing and estimating reserves;

•our ability to maintain leases that may expire if production is not established or profitably maintained;

•our ability to meet natural gas delivery commitments and to utilize or monetize our firm transportation commitments;

•our ability to realize the expected benefits from acquisitions, including the Indigo and GEPH Mergers (each as defined below);

•our ability to transport our production to the most favorable markets or at all;

•availability and costs of personnel and of products and services provided by third parties;

•the impact of government regulation, including changes in law, the ability to obtain and maintain permits, any increase in severance or similar taxes, and legislation or regulation relating to hydraulic fracturing or other drilling and completion techniques, climate and over-the-counter derivatives;

•our ability to achieve, reach or otherwise meet initiatives, plans, or ambitions with respect to environmental, social and governance matters;

•the impact of the adverse outcome of any material litigation against us or judicial decisions that affect us or our industry generally;

•the effects of weather or power outages;

•increased competition;

•inflation rates;

•the financial impact of accounting regulations and critical accounting policies;

•the comparative cost of alternative fuels;

•credit risk relating to the risk of loss as a result of non-performance by our counterparties, including as a result of financial or banking failures;

•our hedging strategy and results;

•our ability to obtain debt or equity financing on satisfactory terms; and

•any other factors listed in the reports we have filed and may file with the Securities and Exchange Commission (“SEC”).

Should one or more of the risks or uncertainties described above or elsewhere in this Quarterly Report occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. We specifically disclaim all responsibility to update publicly any information contained in a forward-looking statement or any forward-looking statement in its entirety and therefore disclaim any resulting liability for potentially related damages.

Reserve engineering is a process of estimating underground accumulations of natural gas, oil and NGLs that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and our development program. Accordingly, reserve estimates may differ significantly from the quantities of natural gas, oil and NGLs that are ultimately recovered.

All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

ITEM 1. FINANCIAL STATEMENTS

(Unaudited)

			For the three months ended September 30,												For the nine months ended September 30,
(in millions, except share/per share amounts)			2023						2022						2023						2022
Operating Revenues:
Gas sales			$	627					$	2,884					$	2,323					$	7,061
Oil sales			94						100						281						349
NGL sales			169						260						523						842
Marketing			553						1,298						1,707						3,371
Other			—						(1)						(4)						(1)
			1,443						4,541						4,830						11,622
Operating Costs and Expenses:
Marketing purchases			545						1,289						1,693						3,366
Operating expenses			444						423						1,280						1,206
General and administrative expenses			46						41						133						120
Merger-related expenses			—						—						—						27
Depreciation, depletion and amortization			338						298						979						861
Taxes, other than income taxes			63						76						189						198
			1,436						2,127						4,274						5,778
Operating Income			7						2,414						556						5,844
Interest Expense:
Interest on debt			61						77						184						218
Other interest charges			3						3						9						10
Interest capitalized			(28)						(30)						(87)						(89)
			36						50						106						139
Gain (Loss) on Derivatives			93						(1,903)						1,811						(6,709)
Loss on Early Extinguishment of Debt			—						—						(19)						(6)
Other Income (Loss), Net			2						—						1						(1)
Income (Loss) Before Income Taxes			66						461						2,243						(1,011)
Provision for Income Taxes:
Current			—						11						—						41
Deferred			21						—						28						—
			21						11						28						41
Net Income (Loss)			$	45					$	450					$	2,215					$	(1,052)
Earnings (Loss) Per Common Share:
Basic			$	0.04					$	0.41					$	2.01					$	(0.94)
Diluted			$	0.04					$	0.40					$	2.01					$	(0.94)
Weighted Average Common Shares Outstanding:
Basic			1,101,231,113						1,110,259,907						1,100,895,642						1,113,705,502
Diluted			1,104,027,634						1,112,522,861						1,102,867,675						1,113,705,502

(Unaudited)

			For the three months ended September 30,												For the nine months ended September 30,
(in millions)			2023						2022						2023						2022
Net income (loss)			$	45					$	450					$	2,215					$	(1,052)
Change in value of pension and other postretirement liabilities:
Amortization of prior service cost and net gain, including gain on settlements and curtailments included in net periodic pension cost (1)			—						—						1						—
Net actuarial loss incurred in period			—						—						(2)						—
Net tax loss attributable to pension termination			—						—						(14)						—
Total change in value of pension and postretirement liabilities			—						—						(15)						—
Comprehensive income (loss)			$	45					$	450					$	2,200					$	(1,052)

(1)Settlement adjustment was less than $1 million for the three and nine months ended September 30, 2022.

(Unaudited)

			September 30, 2023						December 31, 2022
ASSETS			(in millions)
Current assets:
Cash and cash equivalents			$	26					$	50
Accounts receivable, net			602						1,401
Derivative assets			336						145
Other current assets			78						68
Total current assets			1,042						1,664
Natural gas and oil properties, using the full cost method, including $2,140 million as of September 30, 2023 and $2,217 million as of December 31, 2022 excluded from amortization			37,349						35,763
Other			555						527
Less: Accumulated depreciation, depletion and amortization			(26,381)						(25,387)
Total property and equipment, net			11,523						10,903
Operating lease assets			163						177
Long-term derivative assets			153						72
Deferred tax assets			—						—
Other long-term assets			92						110
Total long-term assets			408						359
TOTAL ASSETS			$	12,973					$	12,926
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable			$	1,317					$	1,835
Taxes payable			135						136
Interest payable			26						86
Derivative liabilities			219						1,317
Current operating lease liabilities			44						42
Other current liabilities			17						65
Total current liabilities			1,758						3,481
Long-term debt			4,114						4,392
Long-term operating lease liabilities			116						133
Long-term derivative liabilities			186						378
Other long-term liabilities			262						218
Total long-term liabilities			4,678						5,121
Commitments and contingencies (Note 11)
Equity:
Common stock, $0.01 par value; 2,500,000,000 shares authorized; issued 1,163,077,745 shares as of September 30, 2023 and 1,161,545,588 shares as of December 31, 2022			12						12
Additional paid-in capital			7,185						7,172
Accumulated deficit			(324)						(2,539)
Accumulated other comprehensive income (loss)			(9)						6
Common stock in treasury, 61,614,693 shares as of September 30, 2023 and December 31, 2022			(327)						(327)
Total equity			6,537						4,324
TOTAL LIABILITIES AND EQUITY			$	12,973					$	12,926

(Unaudited)

			For the nine months ended September 30,
(in millions)			2023						2022
Cash Flows From Operating Activities:
Net income (loss)			$	2,215					$	(1,052)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization			979						861
Amortization of debt issuance costs			5						8
Deferred income taxes			28						—
(Gain) loss on derivatives, unsettled			(1,562)						2,524
Stock-based compensation			7						4
Loss on early extinguishment of debt			19						6
Other			3						2
Change in assets and liabilities:
Accounts receivable			799						(602)
Accounts payable			(362)						506
Taxes payable			(2)						28
Interest payable			(33)						(22)
Inventories			(15)						(8)
Other assets and liabilities			(42)						(59)
Net cash provided by operating activities			2,039						2,196
Cash Flows From Investing Activities:
Capital investments			(1,833)						(1,623)
Proceeds from sale of property and equipment			123						15
Net cash used in investing activities			(1,710)						(1,608)
Cash Flows From Financing Activities:
Payments on current portion of long-term debt			—						(205)
Payments on long-term debt			(437)						(71)
Payments on revolving credit facility			(3,044)						(10,341)
Borrowings under revolving credit facility			3,182						10,061
Change in bank drafts outstanding			(50)						62
Proceeds from exercise of common stock options			—						7
Purchase of treasury stock			—						(100)
Debt issuance/amendment costs			—						(14)
Cash paid for tax withholding			(4)						(4)
Net cash used in financing activities			(353)						(605)
Decrease in cash and cash equivalents			(24)						(17)
Cash and cash equivalents at beginning of year			50						28
Cash and cash equivalents at end of period			$	26					$	11