Southwestern Energy Posts Loss In Q2 - Quick Facts

(RTTNews) - Southwestern Energy Company (SWN) reported a net loss attributable to common stock of $815 million, or $2.13 per share for the second quarter of 2015. Adjusted net loss attributable to common stock was $9 million, or $0.02 per share, excluding a non-cash ceiling test impairment of natural gas and oil properties and certain other items. For the second quarter of prior year, Southwestern reported net income attributable to common stock of $207 million, or $0.59 per share.

On average, 35 analysts polled by Thomson Reuters expected the company to report profit per share of $0.06 for the quarter. Analysts' estimates typically exclude special items.

Operating revenues were $764 million, compared to $1.04 billion, a year ago. Analysts expected revenue of $789.62 million for the quarter. Gas, oil and NGL production totaled 245 Bcfe in the second quarter of 2015, up 30% from 189 Bcfe in the second quarter of 2014.

Southwestern Energy has adjusted its capital investments planned for 2015. The company currently expects its total capital investments for the full year of 2015, excluding the $615 million of acquisition costs and post-closing adjustments for the Appalachia transactions that closed in December 2014 and January 2015, to be approximately $1.9 billion, down from its prior estimate in February 2015 of $2.0 billion.

Southwestern Energy has also updated its production guidance for 2015, including the impacts of the reduced capital investment program. The revised total gas and oil production guidance for 2015 of 973 to 982 Bcfe is an increase of approximately 27% over the company's 2014 gas and oil production.