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Southwestern Energy Co. announced additional natural gas derivatives implemented by the Company and GEP Haynesville, LLC to support the repayment of the borrowings contemplated by the Company to help finance its pending acquisition of GEP.
The incremental positions are sufficient to cover at least 80% of the expected 2022 to 2024 production from the acquired properties.
CEO Bill Way said: "Protecting financial strength is one of the core pillars of our strategy. With these incremental and acquisition-specific hedge positions executed at favorable prices, we have locked in sufficient cash flow to repay acquisition debt in a timely manner, which aligns with our stated goal to reduce our total debt to a target range of $3.0 billion to $3.5 billion."
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