Industry | Petroleum industry |
---|---|
Founded | 1929 | (as Arkansas Western Gas Company)
Defunct | October 1, 2024 |
Fate | Merged into Expand Energy |
Headquarters | Spring, Texas, U.S. |
Key people | William J. Way, (CEO & President) Carl F. Giesler, Jr., CFO |
Products | Natural gas |
Production output | 4.573 billion cubic feet of natural gas equivalent per day (2023) |
Revenue | US$6.522 billion (2023) |
$1.557 billion (2023) | |
Total assets | $11.991 billion (2023) |
Total equity | $5.888 billion (2023) |
Number of employees | 1,165 (2023) |
Footnotes /references [1] |
Southwestern Energy Company was a natural gas exploration and production company organized in Delaware and headquartered in Spring, Texas. [1] In October 2024, the company merged into Expand Energy.
The company's primary exploration and production activities were in the Appalachian Basin in Pennsylvania and West Virginia, as well as the Haynesville Shale. The company also controlled 2,518,519 net undeveloped acres in New Brunswick, Canada, subject to an indefinite moratorium on hydraulic fracturing. [1]
As of December 31, 2023, the company had 19.660 trillion cubic feet of natural gas equivalent of estimated proved reserves, of which 77% was natural gas, 20% was natural gas liquids, and 3% was petroleum. [1]
The company traced its roots to Arkansas Western Gas Company, which was established in July 1929 as a subsidiary of Southern Union Gas Company of Dallas.
In 1985, the company acquired Mustang Fuel for $200 million in stock. [2]
In 2013, the company acquired assets in the Marcellus Shale from Chesapeake Energy for $93 million. [3]
In December 2014, the company acquired 413,000 net acres in the Upper Devonian, Marcellus and Utica shales in West Virginia and Southwest Pennsylvania from Chesapeake Energy for $5.375 billion. [4] [5]
In December 2018, the company sold its assets in the Fayetteville Shale for net proceeds of $1.65 billion. [6]
In November 2021, the company acquired GEP Haynesville for $1.85 billion. [7]
In October 2024, the company merged into Expand Energy. [8] [9]
In 2003, shale gas was discovered in New Brunswick, Canada. The company received exclusive licenses from the Department of Energy and Resource Development to conduct an exploration program. However, after protests by local citizens, in 2015, the provincial government in New Brunswick imposed a moratorium on hydraulic fracturing, and in May 2016, the government announced that the moratorium would continue indefinitely. [10] [11] [12] [13] [14] [15]
Ovintiv Inc. is an American petroleum company based in Denver. The company was formed in 2020 through a restructuring of its Canadian predecessor, Encana.
Coterra Energy is a company engaged in hydrocarbon exploration organized in Delaware and based in Houston, Texas. The company has operations in the Permian Basin, Marcellus Shale, and the Anadarko Basin.
Expand Energy Corporation is a natural gas exploration and production company headquartered in Oklahoma City. It was previously known as Chesapeake Energy Corporation.
Anadarko Petroleum Corporation was a company engaged in hydrocarbon exploration. It was organized in Delaware and headquartered in two skyscrapers in The Woodlands, Texas: the Allison Tower and the Hackett Tower, both named after former CEOs of the company. In 2019, the company was acquired by Occidental Petroleum.
APA Corporation is the holding company for Apache Corporation, an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston. The company is ranked 431st on the Fortune 500.
EOG Resources, Inc. is an American energy company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in the Heritage Plaza building in Houston, Texas.
EQT Corporation is an American energy company engaged in hydrocarbon exploration and pipeline transport. It is headquartered in EQT Plaza in Pittsburgh, Pennsylvania.
XTO Energy Inc. is an American energy company and subsidiary of ExxonMobil principally operating in North America. Acquired by ExxonMobil in 2010 and based out of Spring, Texas, it is involved with the production, processing, transportation, and development of oil and natural gas resources. The company specializes in developing shale gas via unconventional means like hydraulic fracturing and horizontal drilling.
Noble Energy, Inc. was a company engaged in hydrocarbon exploration headquartered in Houston, Texas. In October 2020, the company was acquired by Chevron Corporation.
SandRidge Energy, Inc. is a company engaged in hydrocarbon exploration in the Mid-Continent region of the United States. It is organized in Delaware and headquartered in Oklahoma City, Oklahoma.
Rex Energy Corporation was a natural gas exploration and production company headquartered in State College, Pennsylvania. In 2018, the company was acquired by PennEnergy Resources.
Shale gas in the United States is an available source of unconventional natural gas. Led by new applications of hydraulic fracturing technology and horizontal drilling, development of new sources of shale gas has offset declines in production from conventional gas reservoirs, and has led to major increases in reserves of U.S. natural gas. Largely due to shale gas discoveries, estimated reserves of natural gas in the United States in 2008 were 35% higher than in 2006.
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The Utica Shale is a stratigraphical unit of Upper Ordovician age in the Appalachian Basin. It underlies much of the northeastern United States and adjacent parts of Canada.
Newfield Exploration Company was a petroleum, natural gas and natural gas liquids exploration and production company organized in Delaware and headquartered in Houston, Texas. In February 2019, the company was acquired by Encana.
The inclusion of unconventional shale gas with conventional gas reserves has caused a sharp increase in estimated recoverable natural gas in Canada. Until the 1990s success of hydraulic fracturing in the Barnett Shales of north Texas, shale gas was classed as "unconventional reserves" and was considered too expensive to recover. There are a number of prospective shale gas deposits in various stages of exploration and exploitation across the country, from British Columbia to Nova Scotia.
Cimarex Energy Co. was a company engaged in hydrocarbon exploration, particularly shale oil and gas drilling. It was organized in Delaware and headquartered in Denver, Colorado, with operations primarily in Texas, Oklahoma, and New Mexico.
GeoSouthern Energy Corporation is a petroleum and natural gas exploration and production company headquartered in The Woodlands, Texas.
American Energy Partners, LP, also known as AELP, was an American natural gas and oil company founded in April 2013 by Aubrey K. McClendon. The company managed affiliates responsible for natural shale gas and oil production and exploration in the United States, as well as management of assets, minerals, royalties and non-operated properties. It was headquartered in Oklahoma City, Oklahoma, and employed over 450 people as of August 2015. AELP announced on May 18, 2016, two months after McClendon's death, that it would end operations and close by the end of summer 2016.
Antero Resources Corporation is an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado. The company's reserves are entirely in the Appalachian Basin and are extracted using hydraulic fracturing.