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Southwestern Energy Co
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2022 Guidance Presentation
| William Way | Page 1 of 11 |
April 28, 2025
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"2022 Guidance Presentation"
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1 2022 Guidance As of August 4, 2022 PRODUCTION Q3 TOTAL YEAR Gas Production (Bcf) 378 – 390 1,510 – 1,535 Liquids (% of production) 11.5% – 12.0% ~12.0% Total (Bcfe) 429 – 444 1,715 – 1,745 Total (Bcfe/day) ~4.7 ~4.7 CAPITAL (in millions) Appalachia ~45% Haynesville ~55% Total D&C capital (includes land) $1,875 – $1,950 Other $25 – $35 Capitalized interest and expense $200 – $215 Total capital investments $2,100 – $2,200 PRICING Natural gas discount to NYMEX including transportation (1) $0.60 – $0.70 per Mcf $0.50 – $0.60 per Mcf Oil discount to West Texas Intermediate (WTI) including transportation $7.00 – $9.00 per Bbl $7.00 – $9.00 per Bbl Natural gas liquids realization as a % of WTI including transportation 30% – 36% 32% – 40% EXPENSES Lease operating expenses $0.95 – $0.99 per Mcfe General & administrative expense $0.07 – $0.11 per Mcfe Taxes, other than income taxes $0.14 – $0.18 per Mcfe Income tax rate (2) 24.1% 1) Includes impact of transportation costs and expected $0.06 – $0.08 per Mcf gain in Q3 2022 and $0.04 – $0.06 per Mcf gain for full year 2022 from financial basis hedges. 2) Expect to pay $25 – $75 million cash taxes in 2022. GROSS OPERATED WELL COUNT Drilled Completed Wells To Sales Ending DUC Inventory Appalachia 70 – 75 70 – 75 60 – 65 25 – 30 Haynesville 60 – 65 65 – 70 70 – 75 18 – 23 Total Well Count 130 – 140 135 – 145 130 – 140 43 – 53