S&P puts Southwestern Energy on positive watch

S&P said it placed its BB- ratings on Southwestern Energy Co. on CreditWatch with positive implications.

The placement follows Southwestern announcing it plans to acquire Indigo Natural Resource LLC for about $2.7 billion, the agency said.

“We could raise the ratings by up to two notches if the acquisition closes as expected,” S&P said in a press release.

The acquisition increases Southwestern's geographic diversity by providing another core natural gas play in the Haynesville Shale, boosting pro forma reserves to 15 trillion cubic feet as of year-end 2020 and production to about 4.1 billion cubic feet equivalent per day, the agency noted.

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