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Southwestern Energy extends credit agreement, provides financial update

Southwestern Energy Co. extended the maturity date of its $2.0 billion credit facility by one year and executed $50 million worth of senior note repurchases during the third quarter, the oil and gas producer said in an Oct. 9 financial update.

During a semi-annual redetermination, Southwestern and its lenders amended the credit agreement to extend the maturity of the facility to April 26, 2024, from April 26, 2023, according to an Oct. 9 SEC filing. The borrowing base remains unchanged.

The company repurchased senior notes due 2025 and 2027 during the third quarter using funds from sales of its noncore and nonproducing assets. The company would have no significant maturities until 2025.

Southwestern, which engages in oil, gas and NGL exploration and production, also made additional commodity hedging positions in the third quarter, including 186 Bcf of gas for 2020 and 99 Bcf for 2021.

JPMorgan Chase Bank NA served as administrative agent for the lenders associated with the credit agreement.