Current SWN Stock Info

Southwestern Energy Company (ticker: SWN) has brought in Clayton A. Carrell as its EVP and chief operating officer.

Effective today, Carrell is responsible for Southwestern’s operations and technical activities, which encompass approximately 875 Bcfe of production (2016) in northeast Appalachia, southwest Appalachia and the Fayetteville shale plays. Southwestern’s oil and gas properties total almost 1.5 million net acres.

Southwestern Energy Appoints COO

Source: Southwestern Energy

“We are excited to be adding another integral member of the leadership team as we execute our strategy and position the company for the future,” said Southwestern Energy’s President and CEO Bill Way, who joined the company himself as chief operating officer, responsible for E&P and midstream, beginning in 2011. From 2014 to 2016 Way served as Southwestern’s president and COO. He became CEO in 2016.

“Clay has vast operating and leadership experience from various engineering and management roles [and] a proven track record of delivering operational and technical excellence, and we are confident that he will further enhance Southwestern’s leading operating capabilities.  We identified Clay during a thorough search process and are looking forward to working with him as we continue to deliver value to our shareholders,” Way said.

Carrell joins Southwestern Energy from EP Energy (ticker: EPE), where he served as EVP and chief operating officer since 2012.  He joined El Paso Corporation in 2007, where he held various executive leadership roles and helped establish EP Energy as an independent company before being named COO.  Previously, Carrell was vice president, engineering and operations at Peoples Energy Production from February 2001 to March 2007, and at Burlington Resources and ARCO Oil and Gas Company from May 1988 to February 2001.

Carrell serves on the Industry Board of the Texas A&M Petroleum Engineering Department and is a member of the Society of Petroleum Engineers.

A high bar: SWN sets two drilling records in Q3

SWN set two drilling records in the third quarter. The first was on the John Hupp 3H in Brooke County, West Virginia, where 6,202 feet of lateral was drilled 100% in zone of a 15-foot target window, setting a new 24-hour drilling record. The second was on the William Rogers 405H well in Ohio County, West Virginia, which was drilled to a total depth of 13,927 feet in less than 10 days from rig release to rig release.

During the third quarter of 2017, Southwestern invested a total of approximately $320 million in its E&P business and participated in drilling 47 wells, completed 29 wells, and placed 37 wells to sales. For the nine months, Southwestern invested a total of approximately $921 million in the E&P business and participated in drilling 106 wells, completed 118 wells, and placed 130 wells to sales.

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