Southwestern Energy’s (SWN) second-quarter net income fell 80% year-over-year as the E&P continued to cut back on operations and focus on strengthening its balance sheet and debt reduction.
Southwestern said during the earnings call it had directed the $123 million it received in net proceeds from its sale of Utica assets toward debt reduction. Total debt as of June 30 was $4.05 billion, down from $5.12 billion at the same time in 2022.
US companies are barreling towards a $1.8 trillion wall of maturing corporate debt
US firms are barreling towards a giant wall of corporate debt...
US firms are barreling towards a giant wall of corporate debt that's about to mature over the next few years, Goldman Sachs strategists said this week.
The investment bank estimated that $790 billion of corporate debt was set to mature in 2024, followed by $1.07 trillion of debt maturing in 2025. That amounts to $1.8 trillion of debt reaching maturity within the next two years, in addition to another $230 billion that will reach maturity by the end of this year, Goldman strategists said.
The wave of debt that will need to be refinanced could spell trouble for companies, as interest rates have been raised aggressively by the Fed over the last year. The Fed funds rate is now targeted between 5.25%-5.5%, the highest range since 2001.
Earthstone Energy Inc. is marketing an Eagle Ford asset as the E&P sheds non-core properties and prioritizes investment in the Permian Basin.
The Woodlands, Texas-based Earthstoneis offering to sell production and acreage in northeast Karnes County, Texas, and in southern Gonzales County, Texas, according to marketing materials.
Earthstone has retained Opportune Partners LLC as the exclusive financial adviser for the sales process.
Warburg Pincus Unloads Remaining Earthstone Energy Shares
Private equity firm Warburg Pincus LLC sold...
Private equity firm Warburg Pincus LLC sold its remaining 12.9 million shares of Earthstone Energy Inc.’s Class Acommon stock, increasing Earthstone’s stock float by approximately 25%, according to a press release this week.
Warburghas sold its entire position of approximately 26.4 million shares of Class A Common stockin less than one calendar year.
Earthstone Energyis an independent energy company focused on the acquisition, development, and operations of oil and natural gas assets in the Permian Basin.
