From staff reports While still awaiting government approval of Southwestern Energy’s merger with Oklahoma City-based Chesapeake Energy, Southwestern recently revealed its second quarter earnings which included a net loss of $608 million or 55 cents a share.
The Texas-based company said its adjusted net income was $113 million or 10 cents a share and adjusted EBITDA was $413 million. It also generated $290 million net cash from its operating activities.
The $7.4 billion merger, a3nnounced in January, was expected by Chesapeake Energy to be completed in the second quarter. But Democratic lawmakers in Congress expressed skepticism about the merger, among other oil and gas acquisitions, and forced the Federal Trade Commission to ask for more detailed information. As a result, the expected-completion of the deal isn’t expected now until the second half of 2024.