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Report highlights SWN’s leading approach to ESG performance, risk management and sustainable value creation
SPRING, Texas, November 16, 2021--(BUSINESS WIRE)--Southwestern Energy Company (NYSE: SWN) (the "Company" or "Southwestern") today released its 8th annual corporate responsibility report. The report highlights the Company’s core values of Environmental, Social and Governance ("ESG") and health and safety ("HSE") underlying its comprehensive approach to sustainable value creation from responsible natural gas development. The report can be accessed at www.swn.com/responsibility. Key report highlights include:
Methane intensity 73% lower than 2025 ONE Future target;
GHG intensity in top quartile among AXPC peers;
Fifth consecutive year of fresh water neutrality, returning 14.3 billion gallons of fresh water to the environment in communities where we work and live;
Removed 1.3 million truck loads from roads since 2015 due to integrated water management systems;
Company record safety performance with Total Recordable Incident Rate of 0.36 for employees and contractors;
Over 30,000 hours of HSE employee training;
Broadened diversity and inclusion initiatives, including a women’s development program, partnerships with diversity-focused organizations and leadership education and awareness sessions;
Average women’s salary 104% of average men’s salary;
44% of board members are diverse (gender, nationality or ethnicity);
Expanded disclosures in line with GRI, TCFD and SASB reporting frameworks;
Increased weighting of ESG-related compensation metrics to 15% of annual bonus;
Commitment to obtain independent responsibly sourced gas (RSG) certification and continuous emissions monitoring across its Appalachia basin operations; and
Announced expected ESG-related investment of $15 to $20 million in 2022.
"The release of our 8th annual Corporate Responsibility report underscores the importance of ESG and HSE as core values of Southwestern Energy. Our approach to ESG aligns with our strategic intent to be the preferred investment vehicle for institutional investors looking to gain exposure to responsible natural gas development," said Bill Way, Southwestern Energy President and Chief Executive Officer.
"SWN is continuously building on existing programs and practices, such as fresh water neutrality, responsibly sourced gas and our ONE Team HSE culture. The Company remains committed to investing in projects to pursue further reduction of emissions, assessing long-term emission goals and further progressing diversity and inclusion initiatives. We’re confident these actions will strengthen our leading position in the development of natural gas which is foundational to a low-carbon future," continued Way.
About Southwestern Energy
Southwestern Energy Company (NYSE: SWN) is a leading U.S. producer of natural gas and natural gas liquids focused on responsibly developing large-scale energy assets in the nation’s most prolific shale gas basins. SWN’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its scale, financial strength and operational execution. For additional information, please visit www.swn.com and www.swn.com/responsibility.
Forward Looking Statement
Certain statements and information in this news release may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act, as amended. The words "believe," "expect," "anticipate," "plan," "predict," "intend," "seek," "foresee," "should," "would," "could," "attempt," "appears," "forecast," "outlook," "estimate," "project," "potential," "may," "will," "likely," "guidance," "goal," "model," "target," "budget" and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Statements may be forward looking even in the absence of these particular words. Examples of forward-looking statements include, but are not limited to our financial position, business strategy, production, reserve growth and other plans and objectives for our future operations, and generation of free cash flow. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. The forward-looking statements contained in this document are largely based on our expectations for the future, which reflect certain estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions, operating trends, and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. As such, management’s assumptions about future events may prove to be inaccurate. For a more detailed description of the risks and uncertainties involved, see "Risk Factors" in our most recently filed Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other SEC filings. We do not intend to publicly update or revise any forward-looking statements as a result of new information, future events, changes in circumstances, or otherwise. These cautionary statements qualify all forward-looking statements attributable to us, or persons acting on our behalf. Management cautions you that the forward-looking statements contained herein are not guarantees of future performance, and we cannot assure you that such statements will be realized or that the events and circumstances they describe will occur. Factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements herein include, but are not limited to: the timing and extent of changes in market conditions and prices for natural gas, oil and natural gas liquids ("NGLs"), including regional basis differentials and the impact of reduced demand for our production and products in which our production is a component due to governmental and societal actions taken in response to COVID-19 or other public health crises and any related company or governmental policies and actions to protect the health and safety of individuals or governmental policies or actions to maintain the functioning of national or global economies and markets; our ability to fund our planned capital investments; a change in our credit rating, an increase in interest rates and any adverse impacts from the discontinuation of the London Interbank Offered Rate; the extent to which lower commodity prices impact our ability to service or refinance our existing debt; the impact of volatility in the financial markets or other global economic factors; difficulties in appropriately allocating capital and resources among our strategic opportunities; the timing and extent of our success in discovering, developing, producing and estimating reserves; our ability to maintain leases that may expire if production is not established or profitably maintained; our ability to transport our production to the most favorable markets or at all; the impact of government regulation, including changes in law, the ability to obtain and maintain permits, any increase in severance or similar taxes, and legislation or regulation relating to hydraulic fracturing, climate and over-the-counter derivatives; the impact of the adverse outcome of any material litigation against us or judicial decisions that affect us or our industry generally; the effects of weather; increased competition; the financial impact of accounting regulations and critical accounting policies; the comparative cost of alternative fuels; credit risk relating to the risk of loss as a result of non-performance by our counterparties; and any other factors listed in the reports we have filed and may file with the SEC that are incorporated by reference herein. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
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Director, Investor Relations