Appalachian pure-play Southwestern Energy Co. plans to keep year/year production and spending flat in 2021 even as it assumes a larger asset base and entry into Ohio with its acquisition of Montage Resources Corp.

The exploration and production company laid out its vision for the year last week, joining peers in announcing a plan aimed at prioritizing free cash flow (FCF) generation, “disciplined investment” at maintenance levels and debt reduction. 

“Our maintenance capital program will hold fourth quarter 2021 production flat with our fourth quarter 2020 level including the Montage assets,” said CEO Bill Way. “Due to our strategy, investments will be focused on the highest return projects at strip prices. And given the strength of our inventory, we expect to have...