Southwestern

Southwestern Energy Co. President Bill Way has been named CEO and joined the board of directors. Way joined Southwestern in October 2011 as executive vice president and COO. As part of the company’s succession planning, he was promoted to president in December 2014 (see Shale Daily, April 24, 2015). Prior to joining the company, he was senior vice president, Americas of BG Group plc with responsibility for exploration and production, midstream and liquefied natural gas operations in the United States, Trinidad and Tobago, Chile, Bolivia, Canada and Argentina. Previously, Way held various senior leadership and technical positions at ConocoPhillips. He is a graduate of Texas A&M University with a degree in industrial engineering and has an MBA from The Massachusetts Institute of Technology. Departing CEO Steven Mueller will continue to serve as a director and as nonexecutive chairman of the board until he retires at the May stockholder meeting.

Southwestern Energy Co. has idled its Fayetteville Shale drilling program for the remainder of 2015.

Houston-based natural gas producer Southwestern Energy Corp. has laid off 102 people, mostly from its Fayetteville Shale operations in Arkansas, because of commodity prices, a spokeswoman said Friday.

Houston-based Southwestern Energy Co. made headway securing more natural gas transportation out of the Appalachian Basin during the second quarter and has boosted its 2015 production guidance with strong gains in the onshore.

Southwestern Energy Co. set a new record for production in 2014 of 768 Bcfe, 17% higher than in 2013, lifted by its growing momentum in the expanded Appalachian Basin enterprise.

After a recent buying spree to strengthen its position in the Appalachian Basin and gain entry to the region’s liquids-rich window, Southwestern Energy Co. won’t slow down next year, with plans to spend on its latest acquisitions and ramp-up production steadily.

The Fayetteville Shale delivered its highest quarterly production results ever for Southwestern Energy Co. in the third quarter, but double-digit growth from the expanding Marcellus Shale portfolio clearly grabbed the spotlight.

Chesapeake Energy Corp. on Thursday agreed to sell a wide swath of its dry natural gas-heavy assets in southern Pennsylvania and northern West Virginia to Southwestern Energy Co. for $5.375 billion, a sale that has been anticipated for months.

Nearly 10 years on and after 3 Tcf of cumulative operated production, the Fayetteville Shale is still setting records for the play’s pioneer, Southwestern Energy Co. Meanwhile, Marcellus Shale activity last year drove overall company production to record levels.