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Southwestern Energy To Buy Back Up To $1 Bln Shares Through 2023 End

Southwestern Energy Co. (SWN) announced Tuesday that its Board of Directors authorized a share repurchase program for up to $1 billion through the end of 2023.

Based on current strip prices and market conditions, the company expects to be able to execute on the full amount of the program.

The company also expects to achieve its target leverage ratio range by the end of 2022 and target $3.5 billion to $3.0 billion debt range by the end of 2023.

The shares may be repurchased from time to time in open market transactions, through block trades, in privately negotiated transactions, through derivative transactions or by other means in accordance with federal securities laws.

Bill Way, Southwestern Energy President and Chief Executive Officer, said, "The increased free cash flow generation capability of our repositioned business, successful Haynesville integration and operational execution, improvement in commodity prices and fundamental outlook provide a clearer line of sight to achieving our target leverage ratio and debt ranges while returning capital to our shareholders."

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