While waiting for final FTC approval of its merger with Chesapeake Energy, Southwestern Energy plans a second quarter release of its earnings report on August 1. Investors await news whether the firm’s $4 billion debt grew in the past quarter.
The company does not intend to hold a cconference call or webcast to discuss the results “Due to the pending merger with Chesapeake Energy Corporation.”
Leaders of both firms had originally expected final approval from the Federal Trade Commission in the first half of the year. But in April, the FTC asked for more details of the merger, leading to expected final approval sometime in the second half of 2024.
Shareholders of Southwestern and Chesapeake voted earlier in the quarter to approve the merger.
Just a few months ago, Southwestern reported a $1.5 billion net loss in the first quarter, explaining it had $496 million in net cash from operating activities and $131 million in adjusted net income along with $472 million in adulted EBITDA. The $1.5 billion loss compared to a loss of $1.9 billion in the first quarter of 2023. At the end of March, according to the first quarter report, Southwestern had a total debt of $4 billion. It also had $270 million in borrowings under its revolving credit facility and no outstanding letters of credit.
It also managed to place 18 wells to sales including 6 in Appalachia and 12 in Haynesville—regions that will make Chesapeake one of the largest gas production companies in the nation.