Southwestern Energy Announces Amended and Restated Credit Agreement

Southwestern Energy Company (NYSE: SWN) (the “Company” or “Southwestern”) today announced that it has entered into an Amended and Restated Credit Agreement, dated April 8, 2022 (the “Amended Credit Agreement”), which amends the Company’s Credit Agreement, dated April 26, 2018.

The Amended Credit Agreement, among other things:

• Extends maturity date of $3.5 billion reserve-based credit facility by three years to April 2027;
• Increases the borrowing base to $3.5 billion; the Company maintains elected commitments of $2.0 billion;
• Upon receipt of an investment grade rating from either S&P or Moody’s and the satisfaction of certain other conditions:
  - Permits the release of subsidiary guarantors and collateral
  - Substitutes borrowing base redetermination requirement with a PV9 coverage ratio covenant, consistent with standard “fall away” provisions
  - Replaces existing usage-based pricing grid with a more favorable ratings-based pricing grid

• Upon receipt of two investment grade ratings from S&P, Moody’s or Fitch:
  - Removes or relaxes certain negative covenants
  - Replaces all existing financial covenants with debt to capitalization financial covenant
  - Effectively results in a credit agreement and flexibility consistent with investment grade peers

“The transformation of SWN by complementing its premium Appalachia position with leading Tier 1 Haynesville acreage has enhanced scale, inventory depth, investment optionality, premium market access, and durable financial strength. We believe the disciplined execution of our strategy has resulted in materially expanded and more resilient free cash flow generation capacity as well as a lower enterprise risk profile that merit consideration for a return to investment grade. We are thankful for our longstanding banking relationships and believe that today’s amendments tangibly underscore our bank group’s recognition that our business and financial risk profile warrant a return to investment grade,” said Bill Way, Southwestern Energy President and Chief Executive Officer.

About Southwestern Energy

Southwestern Energy Company (NYSE: SWN) is a leading U.S. producer and marketer 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.