Company type | Public company |
---|---|
Industry | Petroleum industry |
Founded | 1929 | (as Arkansas Western Gas Company)
Headquarters | Spring, Texas, U.S. |
Key people | William J. Way, (CEO & President) Michael E. Hancock, CFO |
Products | Natural gas |
Production output | 3.397 billion cubic feet of natural gas equivalent per day (2021) |
Revenue | US$6.667 billion (2021) |
US$-25 million (2021) | |
Total assets | US$11.848 billion (2021) |
Total equity | US$2.547 billion (2021) |
Number of employees | 938 (2020) |
Website | www |
Footnotes /references [1] |
Southwestern Energy is a natural gas exploration and production company organized in Delaware and headquartered in Spring, Texas. [1] The company is ranked 893rd on the Fortune 500. [2]
The company's primary exploration and production activities are in the Appalachian Basin in Pennsylvania and West Virginia (73% of reserves) as well as the Haynesville Shale (27% of reserves). The company also controls 2,518,519 net undeveloped acres in New Brunswick, Canada, which are subject to an indefinite moratorium on hydraulic fracturing and cannot be developed at this time. [1]
As of December 31, 2021, the company had 21.148 trillion cubic feet of natural gas equivalent of estimated proved reserves, of which 68% was natural gas, 29% was natural gas liquids, and 3% was petroleum, and all of which was in the Appalachian Basin. [1]
The company traces 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. [3]
In 2013, the company acquired assets in the Marcellus Shale from Chesapeake Energy for $93 million. [4]
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. [5] [6]
In December 2018, the company sold its assets in the Fayetteville Shale for net proceeds of $1.65 billion. [7]
In January 2024, Chesapeake announced its intention to buy Southwestern in an all-stock deal valued at $7.4 billion. On completion, the combined company will bear a new name, with Chesapeake owning 60 percent of that company. [8]
In 2003, shale gas was discovered in New Brunswick, Canada. In March 2010, Southwestern successfully bid for 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. [9] [10] [11] [12] [13] [14] [1]
Ovintiv Inc. is an American independent petroleum company. The company was formed in 2020 through a restructuring of its Canadian predecessor, Encana. Ovintiv is incorporated in Delaware and headquartered in Denver, Colorado.
Chesapeake Energy Corporation is an American exploration and production company, headquartered in Oklahoma City.
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.
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.
Chief Oil & Gas is a company founded in Dallas, Texas in 1994 by Trevor Rees-Jones. Its primary holdings of natural gas were developed in the core areas of the Barnett Shale in Tarrant County, Denton County and Parker County. In 1999, new technology in horizontal drilling and hydraulic fracturing along with rising gas prices made the Barnett Shale, an unconventional resource for natural gas, more economical. Chief rapidly expanded its leasehold position and drilling and production program in the Barnett Shale to become the fields second largest producer there.
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.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
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.
Plains Exploration & Production was a petroleum and natural gas exploration company based in Houston, Texas. In May 2013, it was acquired by Freeport-McMoRan.
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.
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.
Shale gas is an unconventional natural gas produced from shale, a type of sedimentary rock. Shale gas has become an increasingly important source of natural gas in the United States over the past decade, and interest has spread to potential gas shales in Canada, Europe, Asia, and Australia. One analyst expects shale gas to supply as much as half the natural gas production in North America by 2020.
Range Resources Corporation is a natural gas exploration and production company headquartered in Fort Worth, Texas. It operates in the Marcellus Formation, where it is one of the largest land owners.
Fracking has become a contentious environmental and health issue with Tunisia and France banning the practice and a de facto moratorium in place in Quebec (Canada), and some of the states of the US.
The Marcellus natural gas trend is a large geographic area of prolific shale gas extraction from the Marcellus Shale or Marcellus Formation, of Devonian age, in the eastern United States. The shale play encompasses 104,000 square miles and stretches across Pennsylvania and West Virginia, and into eastern Ohio and western New York. In 2012, it was the largest source of natural gas in the United States, and production was still growing rapidly in 2013. The natural gas is trapped in low-permeability shale, and requires the well completion method of hydraulic fracturing to allow the gas to flow to the well bore. The surge in drilling activity in the Marcellus Shale since 2008 has generated both economic benefits and considerable controversy.
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.
CNX Resources Corporation is a natural gas company based in Pittsburgh with operations in the Appalachian Basin, primarily in the Marcellus Shale and Utica Shale in Pennsylvania, Ohio and West Virginia. It also develops coalbed methane properties in Virginia along with a methane capture and abatement program. The company also has extensive midstream operations and is one of the largest producers of natural gas in the United States.