Southwestern Energy Co. swung to a loss as it posted a $1.5
billion pretax impairment charge and prices fell for oil, gas and
natural-gas liquids.
The company also increased its production guidance for the year,
while lowering its capital budget.
Southwestern said production rose 30% in the second quarter.
Southwestern said its "low cost structure and our unique
portfolio" has helped the company withstand a challenging time for
the energy sector.
For the quarter ended June 30, Southwestern posted a net loss of
$815 million, or $2.13 a share, compared with a profit of $207
million, or 59 cents a share, a year ago. Excluding items, it
reported a loss of two cents a share.
Revenue fell 26% to $764 million.
Analysts polled by Thomson Reuters projected earnings of six
cents a share on revenue of $789.6 million.
Southwestern's capital expenditure guidance for the year is now
$1.875 billion, compared with its February projection of $2.015
billion.
The company's larger operations include activity in the
Northeast Appalachia, Southwest Appalachia and Fayetteville Shale
areas.
Write to Josh Beckerman at josh.beckerman@wsj.com
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