Southwestern Energy (NYSE: SWN) reported Q2 EPS of $0.00, $0.03 better than the analyst estimate of ($0.03). Revenue for the quarter came in at $410 million versus the consensus estimate of $560.84 million.

• Broad-based cost elimination with full year expense savings totaling $90 million, up $30 million since last quarter;
• Achieved record single-well cost of $505 per lateral foot; expect to average $650 per foot in the second half of the year;
• Revised annual capital guidance to $860 million – $915 million, lowering high end of range;
• Shallowed annual base decline to 23%;
• Delivered total production of 201 Bcfe; including 1.7 Bcf per day of gas and 79 MBbls per day of liquids;
• Realized $120 million in cash settlements from the hedging program across all commodities, a $0.60 per Mcfe benefit; reported weighted average realized price (excluding transportation) of $2.05 per Mcfe including derivatives; and
• Repurchased $27 million senior notes at a 24% discount; year-to-date senior note repurchases total $107 million at a 33% discount.

“Southwestern Energy again underscored its strength and resilience during the second quarter. We mitigated many of the far-reaching impacts of COVID-19 on the industry with operational agility and commercial flexibility to achieve results at or above our commitments. These actions support our return to a self-funded capital program in 2021,” said Bill Way, Southwestern Energy President and Chief Executive Officer.

“We delivered comprehensive cost reductions, improved our base decline and lowered well costs, all ahead of expectations. This progress, along with our dynamic hedge portfolio and returns-focused capital allocation practice, solidly moves us forward on our path to deliver sustainable long-term value,” continued Way.

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