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Southwestern Acquires GEP Haynesville

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Southwestern Energy Company announced that it has entered into a definitive agreement with the third largest private Haynesville producer – GEP Haynesville, LLC under which it will acquire GEP for approximately $1.85 billion.

The transaction is expected to close by year-end 2021, subject to customary closing conditions.

“This strategic move positions Southwestern as the largest producer in the Haynesville and enhances our leading presence in the top two premier natural gas basins in the US.

“The company’s increased scale from both a reserves and production perspective are expected to deliver higher margins, enhanced economic returns and improved per-share cash flow metrics.

“The transaction adds significant high-return locations to our development inventory while expanding access to premium Gulf Coast markets,” said Bill Way, Southwestern Energy president and CEO.

Way continued: “This transaction reflects the company’s strict adherence to our rigorous acquisition framework and will build on our leading execution in the integration and development of large-scale assets. The financing and hedging strategy for the deal aligns with our commitment to financial strength and disciplined enterprise risk management.

“Combined with our other strategic actions, this transaction further expands the sustainable value being generated for our shareholders.”

Once the transaction is closed, Southwestern will produce approximately 4.7 Bcfe per day. Within Southwestern’s balanced portfolio, approximately 65 percent of its daily natural gas production will be marketed to growing demand centers along the Gulf Coast, positioning the company to efficiently capture natural gas price improvement and expand margins

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