Responsibly sourced gas pioneer strengthens ESG leadership with first-of-its-kind, basin-wide commitment in partnership with Project Canary
Southwestern Energy (NYSE: SWN) (the “Company” or “Southwestern”) announced today that it executed an agreement to obtain independent responsibly sourced gas (RSG) certification through Project Canary’s stringent TrustWell™ standards and continuous emissions monitoring across its Appalachia basin operations.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210623005910/en/
Under the terms of the agreement, Southwestern will utilize Project Canary’s independent TrustWell™ analysis platform across its existing and future unconventional Appalachia wells. The agreement expands SWN’s existing relationship with Project Canary, which began in 2017, and, when completed, will increase SWN’s certified gross production to over 3 Bcf per day.
The certification process is set to begin in July 2021, with substantially all certifications expected to be complete by early 2022. Project Canary will also initiate the installation of its Canary X continuous emissions monitoring devices on all SWN’s pad locations throughout the Appalachia basin.
“Creating sustainable value through responsible energy development is a core value of SWN. We are proud to have been first-movers in ESG, including leading performance, disclosure and transparency. This includes emissions performance leadership through rigorous operational design standards and methane reduction initiatives, returning more freshwater to the environment than is used in our operations, and robust chemical disclosure management,” said Bill Way, Southwestern Energy President and Chief Executive Officer. “In 2017, we saw the potential for a differentiated market that values responsibly sourced gas, and today, we add another milestone by becoming the largest independent producer to certify and continuously monitor its entire base production. Natural gas is a clean, reliable and affordable source of energy and, as a leading producer of natural gas, we are proud to be a part of a lower carbon future.”
Southwestern Energy certified its first wells in 2017 and has since completed six separate RSG sales agreements. Southwestern has a proven track record of ESG performance including reporting the lowest GHG intensity among AXPC peers in the annual EHS survey, achieving a methane intensity that is 85% better than the target set by ONE Future, reporting five consecutive years of freshwater neutrality and returning over 14 billion gallons of freshwater to the environment.
Project Canary, a Denver-based B-Corp, is the leading provider of continuous emissions monitoring technology and responsibly sourced natural gas certification through its TrustWell™ operational analysis program. More than 600 unique data points within 24 operational categories, including 12 dynamic scores for continuous improvement, are included in a TrustWell™ analysis, making it the market’s most rigorous certification and ongoing monitoring process. Operators that earn top TrustWell™ rankings utilize the highest standards and practices across their operations.
“Southwestern Energy’s longstanding sustainability leadership has positioned the company for continued success. We are grateful to work with their entire team to further advance their most critical ESG goals through site-level certification and continuous monitoring data,” said Chris Romer, co-founder and CEO of Project Canary. “The differentiated market for RSG is expanding quickly and independent, third-party certification ensures that the demands of global end-users, with heightened sustainability demands, will be met and exceeded through the energy transition, where RSG will play a central role.”
This partnership marks more than three-dozen agreements Project Canary has entered into with companies across the energy value chain, reflecting the growing differentiated market demand for RSG.
About Southwestern Energy
Southwestern Energy Company (NYSE: SWN) is a leading U.S. producer of natural gas and natural gas liquids focused on responsibly developing large-scale energy assets in the nation’s most prolific shale gas basins. SWN’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its scale, financial strength and operational execution. For additional information, please visit www.swn.com and www.swn.com/responsibility.
About Project Canary
Project Canary, a Public Benefit Corporation based in Denver, Colorado, is a mission-driven entity accountable to a double bottom line of profit and the social good. Project Canary believes it is possible to create a financially successful, self-sustaining business that “does well and does good.” Project Canary’s goal is to mitigate climate change by helping the energy sector operate on a cleaner, more efficient, more sustainable basis through its TrustWell™ operational certification program and continuous emission monitoring services. Project Canary partners with the Colorado School of Mines Payne Institute to develop a collaborative environment for oil and gas companies and external parties to share best practices and insights garnered through continuous monitoring. To learn more, visit projectcanary.com.
Forward Looking Statement
Certain statements and information in this news release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act, as amended. The words “believe,” “expect,” “anticipate,” “plan,” "predict," “intend,” "seek," “foresee,” “should,” “would,” “could,” “attempt,” “appears,” “forecast,” “outlook,” “estimate,” “project,” “potential,” “may,” “will,” “likely,” “guidance,” “goal,” “model,” “target,” “budget” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Statements may be forward looking even in the absence of these particular words. Examples of forward-looking statements include, but are not limited to, statements regarding the proposed acquisition of Indigo Natural Resources LLC (the “Proposed Transaction”), expected synergies and other benefits from and costs in connection with the Proposed Transaction, estimated financial metrics giving effect to the Proposed Transaction, our financial position, business strategy, production, reserve growth and other plans and objectives for our future operations, and generation of free cash flow. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. The forward-looking statements contained in this document are largely based on our expectations for the future, which reflect certain estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions, operating trends, and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. As such, management’s assumptions about future events may prove to be inaccurate. For a more detailed description of the risks and uncertainties involved, see “Risk Factors” in our most recently filed Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other SEC filings. We do not intend to publicly update or revise any forward-looking statements as a result of new information, future events, changes in circumstances, or otherwise. These cautionary statements qualify all forward-looking statements attributable to us, or persons acting on our behalf. Management cautions you that the forward-looking statements contained herein are not guarantees of future performance, and we cannot assure you that such statements will be realized or that the events and circumstances they describe will occur. Factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements herein include, but are not limited to: the timing and extent of changes in market conditions and prices for natural gas, oil and natural gas liquids (“NGLs”), including regional basis differentials and the impact of reduced demand for our production and products in which our production is a component due to governmental and societal actions taken in response to COVID-19 or other public health crises and any related company or governmental policies and actions to protect the health and safety of individuals or governmental policies or actions to maintain the functioning of national or global economies and markets; our ability to fund our planned capital investments; a change in our credit rating, an increase in interest rates and any adverse impacts from the discontinuation of the London Interbank Offered Rate; the extent to which lower commodity prices impact our ability to service or refinance our existing debt; the impact of volatility in the financial markets or other global economic factors; difficulties in appropriately allocating capital and resources among our strategic opportunities; the timing and extent of our success in discovering, developing, producing and estimating reserves; our ability to maintain leases that may expire if production is not established or profitably maintained; our ability to realize the expected benefits from recent acquisitions or the Proposed Transaction; costs in connection with the Proposed Transaction; the consummation of or failure to consummate the Proposed Transaction and the timing thereof; costs in connection with the Proposed Transaction; integration of operations and results subsequent to the Proposed Transaction; our ability to transport our production to the most favorable markets or at all; the impact of government regulation, including changes in law, the ability to obtain and maintain permits, any increase in severance or similar taxes, and legislation or regulation relating to hydraulic fracturing, climate and over-the-counter derivatives; the impact of the adverse outcome of any material litigation against us or judicial decisions that affect us or our industry generally; the effects of weather; increased competition; the financial impact of accounting regulations and critical accounting policies; the comparative cost of alternative fuels; credit risk relating to the risk of loss as a result of non-performance by our counterparties; and any other factors listed in the reports we have filed and may file with the SEC that are incorporated by reference herein. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210623005910/en/
Southwestern Energy Contact
Director, Investor Relations
Project Canary Contact
Vice President, Growth and Policy