Southwestern Energy (NYSE: SWN) reported Q1 EPS of $0.10, $0.04 better than the analyst estimate of $0.06. Revenue for the quarter came in at $592 million versus the consensus estimate of $653.14 million.

• Completed semi-annual borrowing base redetermination and revolving credit facility commitment at $1.8 billion with no other changes in terms
• Repurchased $80 million in senior notes at an average 36% discount
• Received weighted average realized price (excluding transportation) of $2.56 per Mcfe, including $93 million settled hedging gains, a $0.47 per Mcfe benefit
• Reported total production of 201 Bcfe, including 1.7 Bcf per day of gas and 83 MBbls per day of liquids
• Reduced cost structure by a total of $60 million in 2020 across all expense categories, with additional savings measures in progress
• Responding to current commodity price and COVID-19 demand impact:
  • Second quarter total production expected to be largely unaffected, with a higher percentage of production from natural gas due to improved well performance and ethane rejection; minimal condensate curtailments expected
  • Full year capital investment currently expected to be $860 million, use of earmarked proceeds will not exceed $300 million

“Again this quarter, the Company delivered operational and financial performance that exceeded expectations. These results, combined with ample liquidity, a long debt maturity runway, rigorous capital discipline and proactive risk management, demonstrate a strong foundation to navigate today’s ever-changing environment. Given the Company’s operational agility and portfolio flexibility, we have shifted capital investment to high-rate, high-value natural gas as fundamentals indicate support for higher prices going forward,” said Bill Way, Southwestern Energy President and Chief Executive Officer.

“Clearly, current market conditions resulting from the COVID-19 pandemic can affect some of our operating and financial metrics. In response we are reducing capital, and we continue to find ways to mitigate the impacts. Throughout, we remain committed to protecting our balance sheet, returning to free cash flow and maximizing shareholder value,” continued Way.

For earnings history and earnings-related data on Southwestern Energy (SWN) click here.