Southwestern Energy (SWN) 30 Apr 212021 Q1 Earnings call transcript

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Southwestern Energy's First Quarter 2021 Earnings Call. Management will open up the call for a question-and-answer session following the prepared remarks. [Operator Instructions]. I would now like to turn the conference over to Brittany Raiford, Southwestern Energy's Director of Investor Relations.

begin. may You

Good Quarter Andrea. welcome Southwestern to Thank Earnings morning, Call. First XXXX Energy's you, and

Joining are Hancock, Clay Marketing Carrell, Officer; me Executive Jason and Chief Chief today and Operating Bill Transportation. Way, Officer; Head Michael Kurtz, Interim Financial and Chief of President Officer;

the forward-looking outcomes. Before get statements risks detail uncertainties affecting filings of that in of control like Forward-Looking Commission. and make are Securities these during out more that to in involve we we our point this discussed Many are and risk I'd many beyond the the started, in comments Statements annual our call are factors report with Exchange of section and quarterly and the

are developments some of results measures, update not and facilitate actual believe obligation differ under also may performance, refer guarantees to non-GAAP with periods. based we Although expectations They expressed future and the and We may to are comparisons no and financial we materially, them. across are periods help assumptions. on which reasonable

reconciliation Bill our now measures GAAP found be For any on can measure over use, in corresponding nearest to release call to the website. we I the turn our available will Way. earnings non-GAAP a

We appreciate I you, Brittany, and are joining good morning, that us today, well. Thank and all and you everyone. hope safe you of

costs, commodities well and guidance from performance are scale. as promised. million operating increasing returns-driven further XX% business increased benefit costs results. generated enterprise. debt Energy's and market our compared of realizations quarter performance is The business another results all financial all of and and delivered XXXX the improving in Post the leading efforts indicating dynamics our by our winter, lowered remaining to completions the made and optimize hedge and the flow financial strategy and first quarter the near storage increased driven materially disciplined. higher a while strong achievements, plan balances within February, of supply XXXX, while scale price broader weather free pursuing on delivering benefits first have experienced U.S. program, yet drilling for prices. our Southwestern focuses highlighting record-setting to the quarter. mild improved, paid consistently in financially X-year The on protecting creating to Except production demand. flow and relatively solid value, cash natural down $XX clearly for gas strength, cash delivered this opportunities maintenance this capital fundamentals in capture The gains for decreased are including gas across evident support export remain sustainable continuous total natural XX%, average, We We up

new of day. X have fact, has guidance XXXX strip nearly per highs compliance gas price to we our In WTI in LNG Bcf recently transportation per set exports with and also flow. these greater advantage propane. shaping the supply propane fundamentals to The low match ethane for better and value to free remains additional supportive cash storage increased landscape promising demand We topped per improving Opec-plus XX Mexico and demand take NGL increases over and improved to recovery. demand $X and levels February, market day, reached since capture of both global Bcf The barrel with positioned company

invest it's why think So SWN? in straightforward. very We

directed debt is strong leading a company ample liquidity balance As to meaningful a got with reduction. to runway. the sheet expected flow earlier, said I generate We've debt free maturity cash and

assets investing We return commodity expected top-quartile well in consistently acreage wells inventory with We're dry yield this the and projects operator a our Our condensate year. gas that cost-focused more Ohio have across X meet cost, capital assets across the Basin. we gas West expense hurdles. prolific rigorous allocation, flexibility Appalachia trillion and in profile, the a our feet discipline highest internal to our and are highest Virginia, from production in basin-leading X Pennsylvania, across offer acres realized categories. exercised all cubic diverse high-quality almost natural Tier reductions in and broad of These produce than XXX,XXX clean including liquids

Our differentiated operating drilling fleet capabilities by company-owned networks. extensive rigs, people, talented are operating highly frac consistently demonstrated and pipeline water our

Our GHG corporate achievements responsible recognized past governance low disclosure, and management access of today's all is ESG production markets. conservation transparent for and portfolio SWN, of use, for headlines standards. and is leading with Energy intensity, ESG methane emissions rightsized foundational are, premium in and fact, marketed leadership. through transportation also Southwestern to a including diverse land chemical water this, to Many And

scorecard we ESG-related office take a demonstrated than on continue of freshwater increase work. replaced the areas with and operations of our overall and environment. license, to into than and stakeholders where scorecard communities ESG example, to more social weighting we XX by Each We our to local we back operate to We've join gallons to our the replace date. freshwater For ourselves by compensation corporate standard committing the in importance more for of day, care our metrics. to intensity in of billion the to the employees, consume the strengthen methane to always adding higher we steps our our commitment

in to for through people provide comprehensive continue annual which efforts eighth we'll the the proposition years, our the live. responsibility corporate of and at impact company's report, we've progress the achievements. that Remaining our of As a right a value doing this things. and will the including our proud we're core right view a we'll publish is for meaningful our commitment actions year, to to efforts communities which And stakeholders, ESG work later make done

workforce of nurtured the fully engaged, diverse high-performing culture. success by inclusive alignment and Our a on depends our value-driven

for proof supporting see, shareholders. So as can proposition you there's plenty of SWN's value points

Now little like call discuss get achievements over in quarter. detail, I'd Clay to operating to some turn a the to the to more specific in

and good Bill, Thanks, morning.

cost technology, returns. enhance efficiencies leveraging and and well innovation operational to down capture execution drive to improve resources, demonstrate leading We continue untapped to well performance

building on executing on XXXX are on QX. costs production our and our levels with activity plan success, track in We

production delivered of XXX XX% guidance. X above from remaining production total Let per oil you XXX,XXX production, up quarter. making Gas represented NGLs of the or total slightly XX% of me barrels with give approximately at midpoint the day, the day. some Bcfe We and highlights Bcfe per

During the quarter, rigs, in in Pennsylvania, we X and Ohio X West in crews. averaged X X X drilling frac Virginia with

quarter As to lower in million trend QX, invested planned, the XXXX. and XX QX slightly capital $XXX third we before wells to declining and second similar in expect brought expenditures We of XX with length an in per the XX,XXX of at feet. foot average completed and expected in $XXX sales wells costs approximately Overall, quarter, lateral XX. sales on came drilled to as to

gone to lateral result teams, assets realize lengths returns XX% operational As vertical of as to our We reduction costs in deliver XX% remain as and second across track we execution length. to barrels our of are that over come average well our the In currently efficiencies XXX condensate and with laterals. and gas able guided. Appalachia, completed. lateral end an we day the portion the technology on the an well average have previously increase been of County, the well we impress. feet per day. of wells cubic with well of online as well quality the that and average at the Monroe drilling program last an brought X-well combination liquids-rich a the previously In track per our X in rate XX-day performance the to Tier a gas this dry we year, improved key cost play our X-well methodically integration successfully acreage Utica increase assets in quarter, Ohio, reduction we pad continue a in and guided success. of are online and super-rich we drilled feet longer days a XX,XXX and Further dry emphasizing The we $XXX-per-foot brought XX,XXX-foot In acreage initial well well to in first the XX averaging In to perform per provide the with production lateral expected condensate-rich per per online Innovation areas Appalachia, approximately average continue length quarter, of drilling basin. to per production. in that The acquisition. gas be has Southwest wells well, barrels continued day XX role of and the in XXX since first continues of million a the across deliver rate planned, well. and online is Lycoming both our pad to brought on Northeast being pad differentiated they The dry in County have

expect keep our advantage to excited utilizing over I Michael I'm integrated and per once Tier have X raising acreage, turn performance This from double-zipper culture. to on teams to now that day fleet going XX I'll $XXX,XXX the pads we that trend per operational and our outperformance highlights. this deliver believe we SWN-owned year. the see the it discuss design, competitive a well. saving approximately and completed bar and to vertically our financial assets more and again our comes We stages averaging the quarter, frac frac forward. continue X teams

you, Thank good Clay, and morning, everyone.

$XX our an reduction free million which Xx leverage ratio reduction decrease flow revolver made of X.Xx. We plan flow our $XXX As million. of EBITDA, of adjusted used cash we our million, cash Consistent coupled the This by lowered of EBITDA a progress for free on we growing quarter, billion will meaningful million. resulted goal. with net sustainable Bill to first resulting debt, outstanding our be this $XXX that generate with balance ratio. toward cash our the in and on reduced million earlier, path to a mentioned $XXX debt approximately commitment flow, to material our is of debt, to $X quarter, leverage in balance in reported In $XXX

through expect as towards further goal. move Xx we leverage and delever the We year our to progress

coverage spring revolving borrowing the redetermination, unchanged our During facility $X maintaining that base scheduled elected billion, our liquidity strong at asset were to exceed regularly commitments borrowing an and with base. continue credit

and per in were pricing price increased premium ago. including were transportation the Despite Our impact of year differentials our gas than the first to reported ahead quarter, our Mcfe locations. to $X.XX compared to hedges, realized our mild consensus, financial results quarterly a average primarily price, weather weighted due the of planned, nearly better

resulting discount consistent in the with to assumptions in years, our we ahead into guidance. realized seasonal gas NYMEX with an be full to quarter, impacts previous consistent $X.XX to our range, second differentials built $X.XX year Looking the to expect

when continue production our And the hedges, the to portfolio XX% over expect gas of Basin. basis throughout to transportation from in natural protected We from widening differentials year. combined with Appalachia our our benefit have we

supply improve, liquids driven the During continued and quarter, by prices demand supportive to fundamentals.

percentage of And results. quarter Looking strong. off sum the remarks. the good our oil to Andrea, realizations prices a start second further remain forward, That financial macro in year guidance continued the prepared we're and our the in improvement up, XXXX price concludes a To even differentials WTI we will and plan expect NGL financial another you open believe and of to ranges. even for is the with we with questions? strong WTI, line oil environment as to quarter our line Supported be by to NGL execution, please expected our with could foundation. our solidify solid it

Instructions]. come Rice. Meade question from Johnson [Operator our And first will of Charles

other? one that on your year? either I to leading forward Are direction kind a acreage the you beginning you seeing across are to mix wanted at the the the of you products or optionality question CapEx that's have contemplated on with anything prices you proceed or a to the the we guys going curve guys shift ask spot Or your position. of

of many investment Yes. pricing that terms our the of more longer both dry gas for able area will comparative is term in shifts. own those that little commodities-plus trends of got and says -- XX% complete point, be we the move mix see we we're the areas thus and for half wells. the and think in super-rich than in investment returns the just and X that that gas put watch set a put basis. changing. term our really model. nature now, super-rich strip to our across right that about short areas. those of areas We across based the our of integration, We at enterprise therefore, of in in is in good the returns, trends investment But in any news looking is of enterprise our the in other we that we dry And all I liquids this gas dry about rich economics gas and comparable investment but off continuously, and for can we to across all have The the put we've have And The as good news the make at wells. vertical also so drill

question, then could a And position, your a if position. Pennsylvania us inventory more -- drill I Upper? down it. call remaining give up I drill your that bit Got Northeast splits there? Can Marcellus guess, inventory your and as on my down little Pennsylvania Lower second how of sense between And you you

Charles. Sure,

lower the opportunities economic So XXX to environment in pushing right Marcellus consider now we somewhere core XXX the are that current locations. around

locations couple little the additional removed, inventory and from couple about we Montage the the year XXXX. that Upper set opportunity front more working looks beginning Utica that Castle, right do talked an that but going asset now have at testing is of Marcellus a further we're through. of We wells Marcellus And methodically hundred line kind of of Upper Northeast to in That's that's a were that the in Appalachia. came more then there's the in the interesting. pretty Flat We

The next Neal Truist Securities. from of question Dingmann comes

things. like flow cash free couple could goals. of well and and One, your your it you're A doing hit looks

that what, out. you once about into? you I'm aggressively been what leverage you of I I'm with to tip but some get think coming build Or has you wondering, only return, sort doing wondering not before comfortable the just would kind might just potentially just of would very how or levels shareholder the about the gate? that how think question is think even, side, out year-end. on of maybe you're the allocating something

Yes. Michael. -- No is this

a you the mentioned think that way sustainable, you is you we've think just is It's Xx right? to is first step I radar. the about to as of the on make that is not -- get your Xx want kind blip sure

at it the and comfortable plenty we'll you're then outlook, things. shareholders and right levels your sustainable look that are, trading there's that you do go So the variables view the of all that. to those types conversation of I that decision, that value at But right. as exactly optimal you what equity's them. Then your kind on get that the of at think at see table, we We'll is, those fundamentals, bond is what behind the look how Xx, go that. long-term get all Once we you're performed, time options want that into And point. that for to macro

That sense. makes a And details. lot of Great then follow-up. just one

maybe some like are well. -- others, all in holding might even I And thought like are or not wondering costs versus seems comment, just ask. product know, to able OFS, really I don't personnel your costs? just out you then be And shortages it but seeing on It I'm You it anything maybe other you but type of seem doesn't there? I any would

No.

bit a we we of are expect is to and a of I think expenditure sometime own rigs, still have. year and through that we of to major slight We trend ours we deflationary next uptick. drilling employees balance little see a going year, the expect to are that -- the and experience, own that SWN we're those our of all completions. operate people thrilled Reminder before

And as so organization of the well. and part the business they're frac a

space. insulated from And are we swings that cost in so

we control them of some job that really of from need stretching we've done rightsized requires horizon, vertical good don't to I sure expenditures integration. standpoint are terrific the a think Obviously, we're contracting make resources, and charges, expenditures having we they're a that group got procurement position in additional those there can. has to that expect a the up over do competent longer-term think our where major anything from business we pretty do. to I and But what and out

Yes.

the add through sand to that we chain our and benefit would is us. to Just be big also that group, of self-sourcing the do for that supply a

down. that cost kept you noticeable in your definitely them No,

comes of Howard question next Weil. The Scotia Holly from Stewart

off that I exceed I to think on the just pretty this free Maybe on you're our going guidance. cash point, I'll start flow expectations Bill, guide. mean handily here, at based

time to of need need? is and So just do comfort elevating gain guidance guess it level? sort Or what you see to I that that you

Yes. It's Michael.

at Obviously, way $XX we strengthened points business calibration for million the gives everyone, $XXX data kind you about the right, $XXX gave look it, conversation. think some then $X oil, prices with the I you oil at we and million to of and get $XXX than million. and $XX you more have gives

price daily. changed prices they So -- change

So obviously, upper be what you'd that. of strengthened then, But seen the it moves right. you're With on since around. end you've exactly

we continue move your to but as the right you're we'll watch with throughout thinking. that So year,

Okay.

then another one Okay. Michael, And maybe, for Great. you.

Just million cash onto flow XXs? the revolver in paid guess, down like forward you how free do revolver. about looks all XXXX, you that you it move additional with think the I that as $XXX balancing versus

Yes.

the I'd a I before. to just you want think They're right? we've take matter say, when XXs, with those looked of the flow, it's free So cash funded, at out.

those to And on had we've early. sometimes, take tried a luck before of lot and up haven't

So feel comfortable. very I we think

As the due for year, those that, we're end in do liquidity it. this we take to -- into take we time. you have out get year, of out the of we'll plenty If not don't next

at will this RBL on I coming the now then right be focus So think time. the and XX

was this mentioned And you in blast Okay. counts for Montage if And a maybe can't I were if many from could. of Flat recall well the our one Castle, the follow-up, more days. Clay, how that year. from said and sort you past I uppers

versus year an So in you there's upper for provide Flat well a just color can if on just count? this place any program Castle

our so just thought Castle straight don't the planned progress it. any trend on. progress in resource to this we but we there Sure. wells budget Flat was the is planned there our to there. continue we detailed There's the effort. new reserves have year, with EURs interesting there budget the was on The some studies continuing Upper team to that that wells, asset continuing And X in as watch to Marcellus upper The we're doing the

final production. stay somewhere a little been capital. when in year. last a wells we're Just flat year XX a comment we've bit reallocated But Northeast up to around is up flattish, It went we maintaining there

sprinkling Flat that And so a lower Marcellus the continuing from -- Castle. to in choose the and then we've progress quite of got the bit and upper mix to in

comes next Jayaram JPMorgan. from of Arun The question

Yes.

start me I was give on Let this if the you, Clay. some thoughts year. with wondering program could you Ohio us Utica

think per you're recoveries that XX, capital efficiency Northeast to I to What XX do planning just on kind X,XXX anticipate? compare there. And Southwest program? wells some assets in do you And here Up and Up? does of how SWN's type of thoughts

Sure.

talked we drilled So we've first our about there. pad

efficiency and from We the working consistently that this XX and Utica around keep legacy teams guided come those did using And applying in the the online and wells the from our that. to the the drilling that time that those incorporating SWN Our incremental that's also. And the modeled XX had those of we great that to job those get in. expect costs program improvements as we cycle reductions understanding Like come the going wells on down completing year. wells that effort been we've and learning existing how asset in and Utica. said, assets drilling now the Ohio We're XQ. with there a resource-to-reserves will all realizing And rigs, the benefit we the on into on keep keep bringing can we them. we've currently Utica bringing have of expected gone you over Utica to

additional nice So a benefit. that's

are improving rate similar to foot of we're of what these that gas we a to foot to Appalachia, that on they're high being deeper. But out which higher maybe cost, have keep the we've Northeast that at a been modeled well With seeing them Up have in because wells elevated expect going what our trend. doing, little dry $XXX with cost, bit them $XXX in got previous we is a Northeast cut little over operators of a efficiencies but and

Perhaps, helpful. Bill. That's Great. for one you,

beat have get has I and recently, You M&A wanted spoken missing there. folded not thoughts. to but company your little I a a really seamlessly, in Montage The about bit

in -- did privates As we was the year think themselves putting sale. bit seen we're Montage. about a and you publics in partnerships, around flow last more consolidation, a More speculation about guys hearing of public including terms up to news with recently, transacted, privates shale Pioneer year U.S. for big what more with the public we've for buying

your basin such natural you Appalachia what the on know I consolidation or at guys and the Haynesville? you're everything potentially thoughts the call looking on Basin, but get at look love front perhaps gas M&A to So within within would on as plays seeing other, your the thoughts it,

your Yes. I appreciate question.

acquisition As continue framework, talked in very you we to in before. as the accordance the I'll with our opportunity. our how Montage leads any off we've it and right by we to deal that ideas. that. But about That's a And believe study framework doing know, we for look as screen well-established And consolidation, at believe in right continue of use evidence we way.

of get to leverage of capabilities line when that's we'll those watch that in then forward make in think to and with We'll interest those that deal an market. opportunity We you and that done where we'll consolidation opportunity Until kind sense. for ideas makes right into competencies to sometime world way can in then, the we then consider that some something all come the the I core that. continue might how of bring and right And and you and watch think it. us we back shareholders, the our the identify

comes The from Umang of Sachs. Goldman Choudhary question next

or the assess follow considerations to your consolidation. Can what these macro comments you key you with when I are micro opportunities us again considerations? on the wanted up either on to remind respect with respect to

and But the and right in done the I shareholders. can right can synergies the a be just important. got sheet framework, of that when very it's includes all we've at, about obviously, issues we deal being Certainly, finding these, way, you evaluate mean to the I value spoke our like rigid Yes. on bring the way that are to going We're at metrics accretive balance major we sort accretive the of look metrics look that the those. matter of are sheet. shareholders. to deals each We're We're to balance going protect critical and and for that do going to study to things. watch the contribution to got sustainable objective kinds we've of to well those right that. of debt to any And Xx positions where to do again, future and get an a and

So progress to respect. going undo we're the that we've in any not made

believe you got nature I to complementary and returns existing macro, the we're to hedge are said strong value opportunities that again, that that the commitments we we we -- us ability they've the critical an think as look at business deliver differentiate some be to to the are to those assure we have can going got from an our we important deliver. of made The and that have that skills to operating perspective so delivered. we've that returns,

way deal. of assuring of kind own, right to the and meaning the execution So right done deal, that the right

we So that's look the primary at. drivers that

of if that could really was Is sustainable one me. you That a for yes, particular a price price? share gas you oil or Xx? define And And at helpful. do with How us? quick it leverage an

Yes.

doing right? it's what XXX, you not think sustainable see of with as you your you the necessarily I comfortable look think we're number. can that this have year forward type a But strip, feel And I XXX number. expectations it's with around strip definition-calculatable to forward,

the the it to really from want your But of that, to generate. I get softened think around you It's make revolves sure EBITDA to little on extent a your of cushion business a there what the you any bit, bit in kind you'd obviously had plan, side. is to uptick among. that plan blip commodity that a outlook

next Noel Brothers. Our of Tuohy Parks from comes question

components that bit a you're what could also through well out realize but $XXX-a-foot in on to walk Monroe County, But cost some of that I beyond are there? time. side. cycle the might you wondered, you you the touched of on completion improving improvement assuming I'm mentioned little be looking just that,

of facilities cost SWN chain combination in Yes, the of benefit drilling. drilling down our of we've assets. side, the then do shortening get the completions to cost wells, definitely. it's time work turn more facilities And in It's frame supply that driven the to the The to and complete spud lower how a the the and efficient benefit the just we're wells so going overall cost and like we on from prefab line. we legacy on

things So it's of that assets. combination all we've legacy on done our a the

Great. of And bit some Utica. Actually, a that little the about just environment. the turning to -- bit in a I let macro of you ask -- me

the can mentioned Utica of Montage or what did year the before with little recall, you're some also X pretty You that best the that looking apply Montage. you're for the with that legacy to in I And to learning assets Southwestern Utica. you you -- as

compete a to don't linchpin do that closer may Utica much I of to So improvement being bring could of there legacy know, that for capital? sense -- a is have you be able

Yes.

Ohio The arena. got Utica. opportunities of lab the Marcellus on We've learning resource side now how full and now. the into that mean of wells inventory drilling So with Lower we right in focus that's develop continuing the is right that opportunities we're about economic I'm significant in bring of continue to to benefiting cost always And of speaking general, that. talk I our we what

the inventory way bench keep that of is of none economics means. the this we deeper any imminent to by a It's just improving legacy So have. Utica

laterals. go be didn't drill test can great one from drilled We XX,XXX that well very And that their a up extending of knowledge, by they team's supported said. I our to believe, The I to these of but -- some success. just in how we brought concept XX,XXX to areas, and proving our feet was what disciplined There disciplined is newer lot laterals. and we long go can all success exactly think delivering a as ultra-long show methodical then in feet some analogy these timely of methodical approach the approach,

to The to when a no reservoir, position. we thing there's it's build extensive can continue to So the to and apply rush, learnings have learn a can means those great legacy, that live inventory we do. of out we ours, Marcellus in

the And next from Sachs. Blunden question will of Karl come Goldman

Joe Karl. for is Rokous This on

good XXXX far sheet in made balance your You so towards progress targets.

actually wondering below consider that goal going X revolver the to to would turns the on that balance you Just X? target significantly if if is bring

Yes.

on I think think of question, the first possible. the Xx, the I part that's yes,

when say the you more sheet times, sure You could to it things and even make you're want sustainable a bit for -- it's challenging, balance -- we I mean keeping when get strong. little controlling

you to that Xx, think to I to to earlier, bunch little is shareholders? second a considered. you a it was reassess, to combination mentioned think the I all part? on So it it see What to be as both? capital prudent I of start that Is a different prudent variables Is lower? of as return would get go

balance if to the actually bring on Just revolver X? the is to goal that

Oh, yes, yes, yes.

free debt be I -- view with paid should RBL flow. think I temporary as down the it's cash that's right. we mean that

aligned We're balance bit with and debt. there the seen and in it you've lot thinking. temporary and -- theirs out more extend make on people We're out long-term a we think notes a debt. knocking strengthening little focused of not quite I the with permanent that go that refinance sheet, them

And so on. focus us see what I think you'll that's

start the time to XXs. At follow-up, That think about I And the you appreciate on the do commentary just notes? then longer-dated makes for sense. what my

Yes.

when the went mean much are do now. of. to something they mean do, we stay work aware on could -- in even something markets out we When I were definitely, it where what there, August. it's I we think I options the debt we market are what improved watching go I that

something it's you So look at.

an too it balance do not kind you level, obviously associated refinancing and with appropriate things all think at look I the at of but costs activity. early that

about So definitely gives something we nice if to it's at and that something flexibility to thing But it keep do that us date maturity look could opportunistic. we up our with is it runway only the doing.

The comes Chandra Northland. Subash question from next of

possibly of for opportunity if how it just first or premium thoughts do you general ESG companies New were a on this paid see with have out your project gas I responsibly getting guys for bit of comment superior on in deal, Could as might And worked achievements. there? a Resources science maybe realizations. one still think emerging an you sourced out you was your a gas that Jersey the to

for certified future ESG, all few we positioning, years or its wells several a positions in methane our pilot chemical think first in several us our -- Well, whether with I intensity as GHG executed leading We've -- and a And coupled along our position ago. practices ESG transactions. other disclosures our well actually position us with agreements of candidate in that it's states.

as a have We speak. are number and a got number opportunities that certified, of working wells that we we're potential of we've

we'll that thing complete, for And continue and about on years, those when are talk believe ESG, it. It's to and been But so it. we we've can and doing we that's aligned it's just bit more our a the it's completely not new a right something do, view with practice.

that. Got it. on follow-up And a just

this there well? is in being Are a netback? you deals doing commercial these sort so done, So of premium get a advantage as

Jason. is This Yes.

yes, that's low think figure out in think so monetize is -- our that's emissions. to methane -- -- performance environmental-proven extremely the trying our I So I how to goal

that's So opportunity out a sales -- there. from goal perspective and an the that's of

to I remarks. our any to This back turn for would conference closing concludes Bill over like Way question-and-answer session. the

to thank joined and us you, who Thank today. you everybody

we a I filled as in start and think year to opportunities -- move we're a quite off the promising looks that great year ahead. of with

Thanks for great for questions, Thanks of a weekend. support your Take Southwestern for thanks your care. and call. Have being your the thanks for Energy. call. So on

the concludes Quarter Earnings Southwestern Energy's This XXXX Call. First

may You disconnect. now