Southwestern Energy Investor Presentation
Disciplined Capital Allocation
Resilient free cash flow
1 generation from enterprise
maintenance capital investment
swn
Southwestern Energy®
Achieved Target Leverage Range
3.0x
1--
L--I
Target leverage range
2.5x
2.0x
1.3x
1.5x
1.0x
0.5x
0.0x
YE 2022
1.4x
Q2 2023
Achieved top end of 1.5x - 1.0x
2 leverage range and progress to
$3.5B $3.0B total debt target
-
Line of Sight to $3.5B - $3.0B Target Debt Levels
$ in Billions
6
5
Target debt range
4
3
Shareholder returns integral part of
long-term capital allocation strategy
3270
1
3 --
YE 2022
Net Debt
Q2 2023
Net Debt
Free Cash
Flow
Target
Net Debt
Capital allocation progressing to sustainable return of capital
Note: Leverage and net debt are non-GAAP measures. See explanations and reconciliations in the Appendix.
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