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Changed Risks for SOUTHWESTERN ENERGY CO (SWNC)

Our business depends on access to natural gas, oil and NGL transportation systems and facilities

Any significant reduction in our borrowing base under our revolving credit facility as a result of periodic borrowing base redeterminations or otherwise may negatively impact our ability to fund our operations, and we may not have sufficient funds to repay borrowings under our revolving credit facility if required as a result of a borrowing base redetermination

entered into long-term gathering and transportation contracts and

Certain of our undeveloped assets are subject to leases that will expire over the next several years unless production is established on units containing the acreage

nificant capital investment is required to replace our reserves and conduct our business

Further regulations relating to and interpretations of the recently enacted Tax Cuts and Jobs Act may have a material impact on our financial condition and results of operations

Natural gas and oil drilling and producing and transportation operations can be hazardous and may expose us to liabilities

Our producing properties are concentrated in the Appalachian Basin, making us vulnerable to risks associated with operating in limited geographic areas

we are not able to replace reserves, our production levels and thus our revenues and profits may decline

A downgrade in our credit rating could negatively impact our cost of and ability to access capital and our liquidity

current and future levels of indebtedness may adversely affect our results and limit our growth

M 1B UNRESOLVED STAFF COMMENTS

ural gas, oil and NGL prices greatly affect our revenues and thus profits, liquidity, growth, ability to repay our debt and the value of our assets

proved natural gas, oil and NGL reserves are estimates that include uncertainties  Any material changes to these uncertainties or underlying assumptions could cause the quantities and net present value of our reserves to be overstated or understated

, our service providers and our customers

are subject to complex federal, state and local laws and regulations that could adversely affect the cost, manner or feasibility of conducting our operations or expose us to significant liabilities

made significant investments in oilfield service businesses, including our drilling rigs, water infrastructure and pressure pumping equipment, to lower costs and secure inputs for our operations and transportation for our production  If our development and production activities are curtailed or disrupted, we may not recover our investment in these activities, which could adversely impact our results of operations  In addition, our continued expansion of these operations may adversely impact our relationships with third-party providers

Judicial decisions can affect our rights and obligations