The company said it completed the Southwestern Merger on October 1, 2024 and issued approximately 95.7 million shares of common stock to Southwestern shareholders. The company said the total value of the issued shares was approximately $7.9 billion based on the closing price.

10-QQuarterly reportFiled Oct 29, 2024Period of report Sep 30, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said it completed the Southwestern Merger on October 1, 2024 and issued approximately 95.7 million shares of common stock to Southwestern shareholders. The company said the total value of the issued shares was approximately $7.9 billion based on the closing price.
The company said it received an investment grade rating of 'BBB-' from S&P on October 1, 2024 and from Fitch on October 2. The company said that as a result, certain restrictive covenants in its credit agreement were relaxed, and it must maintain a total indebtedness to capitalization ratio not to exceed 65%.
The company said that as of September 30, 2024, its liquidity was $3.5 billion, consisting of $1.0 billion in cash on hand and $2.5 billion of unused borrowing capacity under the Pre-IG Credit Facility. The company said there were no borrowings outstanding under that credit facility as of the same date.
The company said cash provided by operating activities was $1,183 million in the Current Period, down from $1,910 million in the Prior Period. The company cited lower prices for the natural gas it sold, a reduction in sales volumes, including those related to its Eagle Ford divestitures, and planned production curtailments and activity deferrals as factors.

Key figures

Quarter ended September 30, 2024

Revenue: $648M
Operating income: −$155M
Net income: −$114M
EPS: −$0.85

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Southwestern Merger Completed and Shares Issued

The company said it completed the Southwestern Merger on October 1, 2024 and issued approximately 95.7 million shares of common stock to Southwestern shareholders. The company said the total value of the issued shares was approximately $7.9 billion based on the closing price.

Source · Based on the MD&A text of the filing

Investment Grade Ratings and Changes to Credit Agreement

The company said it received an investment grade rating of 'BBB-' from S&P on October 1, 2024 and from Fitch on October 2. The company said that as a result, certain restrictive covenants in its credit agreement were relaxed, and it must maintain a total indebtedness to capitalization ratio not to exceed 65%.

Source · Based on the MD&A text of the filing

Quarter-End Liquidity and Credit Facility

The company said that as of September 30, 2024, its liquidity was $3.5 billion, consisting of $1.0 billion in cash on hand and $2.5 billion of unused borrowing capacity under the Pre-IG Credit Facility. The company said there were no borrowings outstanding under that credit facility as of the same date.

Source · Based on the MD&A text of the filing

Current Period Operating Cash Flow and Decline Factors

The company said cash provided by operating activities was $1,183 million in the Current Period, down from $1,910 million in the Prior Period. The company cited lower prices for the natural gas it sold, a reduction in sales volumes, including those related to its Eagle Ford divestitures, and planned production curtailments and activity deferrals as factors.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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