Southwestern Energy (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.
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The Market Seems To Be In Tune With Southwestern Energy
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