Southwestern Energy (NYSE:SWN) has emerged as one of the top natural gas E&P companies in the U.S., with large positions in both the Fayetteville and Marcellus regions. Southwestern has managed to lower its costs through significant integration, including company-owned rigs and midstream assets, but the company is looking at a significant slowdown in balance sheet-adjusted production growth (a major driver of value). Today's valuation looks pretty fair and reasonable, suggesting that upside is not surprisingly tied to better natural gas prices and/or positive exploration results in New Ventures acreage.
One Of The Major Fayetteville Players
Southwestern has invested around $16 billion into the Fayetteville over the past decade and that investment has produced results - over 900,000 net...
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