![SOUTHWESTERN ENERGY CO [SWN] reports quarterly net loss of $1.5 billion](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FSWN.png&w=1200&q=75)
SOUTHWESTERN ENERGY CO [SWN] has reported a net loss of $1.5 billion for quarter ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the quarter was $1.4 billion
Based in SPRING, Texas, SOUTHWESTERN ENERGY CO operates in the MINING sector.
In reviewing the Consolidated Statements of Operations for the quarter ended March 31, 2024, compared to the same period in 2023, significant changes were observed in various financial metrics. The figures have been converted into millions of USD for uniformity.
Operating revenues for the current quarter amounted to $1.417 billion, a decrease from the previous year's $2.118 billion. This decline can be attributed to lower revenues across Gas sales, Oil sales, NGL sales, Marketing, and Other sectors.
In terms of operating costs and expenses, total operating costs and expenses surged to $3.474 billion in the current period compared to $1.512 billion in the prior year. This increase was primarily driven by a substantial rise in Impairments, which reached $2.093 billion this quarter, whereas it was $0 in the same period last year.
Consequently, the operating income (loss) for the quarter showed a substantial loss of $2.057 billion, a sharp contrast to the operating income of $606 million in the corresponding period in 2023.
Interest expenses remained relatively stable with a slight decrease from $36 million in the previous year to $35 million in the current quarter. However, gains on derivatives witnessed a significant drop from $1.401 billion in 2023 to $126 million this quarter.
The net income (loss) for the quarter was a loss of $1.535 billion, in stark contrast to the net income of $1.939 billion reported in the prior year.
Regarding earnings per common share, both basic and diluted earnings per share plunged to a loss of $1.39 in the current quarter from $1.76 in the same period last year.
In conclusion, the company experienced a challenging quarter marked by significant losses across various segments, leading to a decline in overall financial performance compared to the same period in the previous year.
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