Southwestern Energy Co. Earnings Cheat Sheet: Revenue Up, Profit Up

S&P 500 (NYSE:SPY) component Southwestern Energy Co. (NYSE:SWN) reported net income above Wall Street’s expectations for the second quarter. Southwestern Energy Co. is an independent energy company, which through its subsidiaries, explores, develops and produces natural gas and crude oil.

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Southwestern Energy Earnings Cheat Sheet for the Second Quarter

Results: Net income for the independent oil and gas company rose to $167.5 million (48 cents per share) vs. $122.1 million (35 cents per share) in the same quarter a year earlier. This marks a rise of 37.2% from the year earlier quarter.

Revenue: Rose 29.7% to $765.2 million from the year earlier quarter.

Actual vs. Wall St. Expectations: SWN beat the mean analyst estimate of 43 cents per share. It beat the average revenue estimate of $709.2 million.

Quoting Management: “We had a great second quarter,” stated Steve Mueller, President and Chief Executive Officer of Southwestern Energy. “Our production continues to grow, primarily driven by our Fayetteville Shale operations. However, we are also beginning to see the impact of our Marcellus Shale activities on our production, as we placed several strong wells on-line during the quarter. Our current gross operated production from the Marcellus Shale is over 100 MMcf per day from 17 horizontal wells. Also in the second quarter, we closed the transaction we previously announced for the sale of our Haynesville and Middle Bossier properties in East Texas for approximately $108 million, before adjustments.”

Key Stats:

Revenue has risen the past four quarters. Revenue increased 1.2% to $676.3 million in the first quarter. The figure rose 7.4% in the fourth quarter of the last fiscal year from the year earlier and climbed 35.6% in the third quarter of the last fiscal year from the year-ago quarter.

Last quarter’s profit increase breaks a streak of two consecutive quarters of year-over-year profit decreases. In the first quarter, net income fell 20.5% while the figure dropped in the fourth quarter of the last fiscal year.

The company beat estimates last quarter after being in line with expectations in the first quarter with net income of 39 cents per share.

Competitors to Watch: Marathon Oil Corporation (NYSE:MRO), Williams Companies, Inc. (NYSE:WMB), Questar Corporation (NYSE:STR), Chevron Corporation (NYSE:CVX), Exxon Mobil Corporation (NYSE:XOM), EQT Corporation (NYSE:EQT), Hess Corp. (NYSE:HES), ConocoPhillips (NYSE:COP), Double Eagle Petroleum Co. (NASDAQ:DBLE), and Occidental Petroleum Corp. (NYSE:OXY).

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(Source: Xignite Financials)