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Southwestern Finalizes Acquisition of Montage Resources
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Southwestern Energy Co. has completed the acquisition of Montage Resources.
The all-stock deal was valued at $857 million.
Southwestern CEO Bill Way commented: "This strategic transaction represents another deliberate step in our disciplined repositioning strategy. We strengthened our position as a premier producer in the Appalachia basin with an at-market, accretive acquisition that provides a step change in free cash flow. Starting today, we are delivering on our commitment of at least $30 million in synergies, and we look forward to unlocking additional value as the newly combined team brings innovation and demonstrated operational efficiencies to these high quality, complementary assets. We welcome the field operating team to Southwestern Energy and thank the entire Montage Resources organization for their hard work and dedication that led to this transaction."
Under the previously announced credit agreement amendment, the Company's borrowing base on its revolving credit facility has been increased to $2.0 billion.
As of the closing of the transaction, the Company's daily net production rate increases to over 3 Bcfe per day.
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