Southwestern Energy Company (NYSE: SWN) today released its 10th
annual Corporate Responsibility report. The comprehensive report,
titled “ONE. Team. Focus. Future.”, highlights the Company’s
approach to sustainable value creation through its integrated
business and sustainability strategies.
“As One Team with one focus, Southwestern Energy is continuously
striving for one bright future as we create economic value and
achieve our sustainability goals to benefit all SWN stakeholders,”
said Bill Way, Southwestern Energy President and Chief Executive
Officer.
“We’re excited to share our tenth annual Corporate
Responsibility report, highlighting our single-minded focus on
sustainable value creation. Our commitment to sustainability
extends beyond our operations, as we strive to meet the intertwined
global challenges of delivering a lower-carbon future while
securing the growing global demand for reliable, cleaner energy,”
continued Way.
Key report initiatives and highlights are as follows:
- Achieved 20% methane intensity reduction in 2022 compared to
2021
- Reduced by 17% Scope 1 greenhouse gas (GHG) emissions intensity
in 2022 compared to 2021 baseline; demonstrates progress toward
long-term goal to reduce Scope 1 GHG intensity and absolute
emissions 50% by 2035, consistent with a path to achieve net-zero
emissions by 2050
- Achieved 2022 goal of certifying 100% of wells as
low-emissions, responsibly produced gas
- Achieved and sustained fresh water neutral operations for the
seventh consecutive year; cumulative 17.1 billion gallons of fresh
water have been returned to the environment through conservation
projects
- 100% participation by senior management in 16-hour Diversity
and Inclusion training programs; remaining employees are expected
to complete in 2023
- Published EEO-1 data; 32% of new hires in 2022 were ethnically
or gender diverse
- Sustained strong safety culture and performance; reported 0.37
employee and contractor Total Recordable Incident Rate (TRIR) in
2022, a 5% improvement compared to 2021
- 15% of executive and employee annual incentive compensation
linked to ESG metrics, including safety, spills and emissions
- 44% of board members are diverse (two women, one Native
American, one French national); in June 2023, added a new director
of Indian descent, which increased the diversity of the board to
50%
The report – which aligns with the Global Reporting Initiative
(GRI) Standards requirements and is in accordance with the GRI
Standards at the Core level and is also guided by the
Sustainability Accounting Standards Board’s (SASB) standards for
Oil and Gas Exploration and Production, the Task Force on
Climate-related Financial Disclosures (TCFD) and several other
reporting frameworks and scorecards relevant for the industry – is
available at www.swncrreport.com.
About Southwestern Energy
Southwestern Energy Company (NYSE: SWN) is a leading U.S.
producer and marketer of natural gas and natural gas liquids
focused on responsibly developing large-scale energy assets in the
nation’s most prolific shale gas basins. SWN’s returns-driven
strategy strives to create sustainable value for its stakeholders
by leveraging its scale, financial strength and operational
execution. For additional information, please visit www.swn.com and
www.swncrreport.com.
Forward Looking Statement
This news release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Exchange Act of 1934, as amended.
These statements are based on current expectations. The words
“anticipate,” “intend,” “plan,” “project,” “estimate,” “continue,”
“potential,” “should,” “could,” “may,” “will,” “objective,”
“guidance,” “outlook,” “effort,” “expect,” “believe,” “predict,”
“budget,” “projection,” “goal,” “forecast,” “model,” “target”,
“seek”, “strive,” “would,” “approximate,” and similar words are
intended to identify forward-looking statements. Statements may be
forward looking even in the absence of these particular words.
Examples of forward-looking statements include, but are not
limited to, the expectations of plans, business strategies,
objectives and growth and anticipated financial and operational
performance, including guidance regarding our strategy to develop
reserves, drilling plans and programs (including the number of rigs
and frac crews to be used), estimated reserves and inventory
duration, projected production and sales volume and growth rates,
projected commodity prices, basis and average differential, impact
of commodity prices on our business, projected average well costs,
generation of free cash flow, our return of capital strategy,
including the amount and timing of any redemptions, repayments or
repurchases of our common stock, outstanding debt securities or
other debt instruments, leverage targets, our ability to maintain
or improve our credit ratings, our ability to achieve our debt
reduction plan, leverage levels and financial profile, our hedging
strategy, our environmental, social and governance (ESG)
initiatives and our ability to achieve anticipated results of such
initiatives, expected benefits from acquisitions, potential
acquisitions, divestitures, potential divestitures and strategic
transactions, the timing thereof and our ability to achieve the
intended operational, financial and strategic benefits of any such
transactions or other initiatives. 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. All forward-looking statements speak only as of the date of
this news release. The estimates and assumptions upon which
forward-looking statements are based are inherently uncertain and
involve a number of risks that are beyond our control. Although we
believe the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance, and we cannot assure you that
such statements will be realized or that the events and
circumstances they describe will occur. Therefore, you should not
place undue reliance on any of the forward-looking statements
contained herein.
Factors that could cause our actual results to differ materially
from those indicated in any forward-looking statement are subject
to all of the risks and uncertainties incident to the exploration
for and the development, production, gathering and sale of natural
gas, NGLs and oil, most of which are difficult to predict and many
of which are beyond our control. These risks include, but are not
limited to, commodity price volatility, inflation, the costs and
results of drilling and operations, lack of availability of
drilling and production equipment and services, the ability to add
proved reserves in the future, environmental risks, drilling and
other operating risks, legislative and regulatory changes, the
uncertainty inherent in estimating natural gas and oil reserves and
in projecting future rates of production, the quality of technical
data, cash flow and access to capital, the timing of development
expenditures, a change in our credit rating, an increase in
interest rates, our ability to achieve our debt reduction plan, our
ability to increase commitments under our revolving credit
facility, our hedging and other financial contracts, our ability to
maintain leases that may expire if production is not established or
profitably maintained, our ability to transport our production to
the most favorable markets or at all, any increase in severance or
similar taxes, 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, 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, impacts of world health
events, including the COVID-19 pandemic, cybersecurity risks,
geopolitical and business conditions in key regions of the world,
our ability to realize the expected benefits from acquisitions,
divestitures, and strategic transactions, our ability to achieve
our GHG emission reduction goals and the costs associated
therewith, and any other factors described or referenced under Item
7. “Management's Discussion and Analysis of Financial Condition and
Results of Operations” and under Item 1A. “Risk Factors” of our
Annual Report on Form 10-K for the year ended December 31,
2022.
We have no obligation and make no undertaking to publicly update
or revise any forward-looking statements, except as required by
applicable law. All written and oral forward-looking statements
attributable to us are expressly qualified in their entirety by
this cautionary statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20230906610813/en/
Investor Contact Brittany Raiford Director, Investor
Relations (832) 796-7906 brittany_raiford@swn.com
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