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Southwestern Energy Company - Consensus Indicates Potential 18 7% Upside
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The natural gas storage report from the EIA for the week ending April 30th indicated that the amount of natural gas held in underground storage in the US rose by 60 billion cubic feet to 1,958 billion cubic feet by the end of the week, which left our gas supplies 345 billion cubic feet, or 15.0% below the 2,303 billion cubic feet that were in storage on April 30th of last year, and 61 billion cubic feet, or 3.0% below the five-year average of 2,019 billion cubic feet of natural gas that have been in storage as of the 30th of April in recent years..the 60 billion cubic feet that were added to US natural gas storage this week was more than the average forecast of a 51 billion cubic foot addition from an S&P Global Platts survey of analysts, but was well below the average addition of 81 billion cubic feet of natural gas that have typically been injected into natural gas storage during the same week over the past 5 years, as well as well below the 103 billion cubic feet added to natural
Operator
Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Southwestern Energy s First Quarter 2021 Earnings Call. [Operator Instructions] [Operator Instructions]
I would now like to turn the conference over to Brittany Raiford, Southwestern Energy s Director of Investor Relations. You may begin.
Brittany Raiford
Director of Investor Relations
Thank you, Andrea. Good morning, and welcome to Southwestern Energy s First Quarter 2021 Earnings Call. Joining me today are Bill Way, President and Chief Executive Officer; Clay Carrell, Chief Operating Officer; Michael Hancock, Interim Chief Financial Officer; and Jason Kurtz, Head of Marketing and Transportation. Before we get started, I d like to point out that many of the comments we make during this call are forward-looking statements that involve risks and uncertainties affecting outcomes. Many of these are beyond our control and are discussed in more detail in the risk factors in the Forward-Looki
Southwestern Drills First Ohio Utica Well after Montage Acquisition
Appalachian pure-play Southwestern Energy Co. plans to keep year/year production and spending flat in 2021 even as it assumes a larger asset base and entry into Ohio with its acquisition of Montage Resources Corp.
The exploration and production company laid out its vision for the year last week, joining peers in announcing a plan aimed at prioritizing free cash flow (FCF) generation, “disciplined investment” at maintenance levels and debt reduction.
“Our maintenance capital program will hold fourth quarter 2021 production flat with our fourth quarter 2020 level including the Montage assets,” said CEO Bill Way. “Due to our strategy, investments will be focused on the highest return projects at strip prices. And given the strength of our inventory, we expect to have activity in all of our core operating areas.”
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