Southwestern Energy Investor Presentation
Shareholder Value Proposition
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Southwestern Energy®
Constructive Long-term Macro Outlook
Well positioned to supply growing natural gas demand, particularly along Gulf Coast and LNG corridor
15 Years of Core Inventory in Two Premier Natural Gas Basins
Complementary inventory set across both Appalachia and Haynesville and commodity windows within Appalachia
Prioritizing Financial Strength by Responding to Lower Prices
Long-term debt target range of $3.5B - $3.0B and investment grade remain key strategic priorities
✓ Enterprise Focus to Continue to Improve Capital Efficiency
Leveraging progress in 2022 and large-scale development expertise to drive further efficiencies in Haynesville
✓ Lowered Enterprise Cost Structure and Strengthened Balance Sheet
Company is markedly more resilient to navigate commodity price volatility
Capital Allocation Progressing to Sustainable Return of Capital
Prioritizing return of capital to shareholders once debt target met; timing commodity price dependent
✓ Attractive Valuation
Constructive long-term outlook and value proposition unchanged despite near-term pullback in prices
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