Investor Presentation...3 Cautionary Note to U.S. Investors The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves

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Investor PresentationNovember 2020

NYSE: SWN

www.swn.com

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Forward-Looking StatementsCertain statements and information herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “attempt,” “appears,” “forecast,” “outlook,” “estimate,” “project,” “potential,” “may,” “will,” “are likely,” “guidance,” “goal,” “model,” “target,” “budget” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Statements may be forward looking even in the absence of these particular words. Examples of forward-looking statements include, but are not limited to, statements regarding generation of free cash flow. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. The forward-looking statements contained in this document are largely based on our expectations for the future, which reflect certain estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions, operating trends, and other factors. Although we believe such estimates and assumptions tobe reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. As such, management’s assumptions about future events may prove to be inaccurate. For a more detailed description of the risks and uncertainties involved, see “Risk Factors” in our most recently filed Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other SEC filings. We do not intend to publicly update or revise any forward-lookingstatements as a result of new information, future events, changes in circumstances, or otherwise. These cautionary statementsqualify all forward-looking statements attributable to us, or persons acting on our behalf. Management cautions you that the forward looking statements contained herein are not guarantees of future performance, and we cannot assure you that such statements will be realized or that the events and circumstances they describe will occur. Factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements herein include, but are not limited to: the timing and extent of changes in market conditions and prices for natural gas, oil and natural gas liquids (“NGLs”), including regional basis differentials and the impact of reduced demand for our production and products in which our production is a component due to governmental and societal actions taken in response to the COVID-19 pandemic; our ability to fund our planned capital investments; a change in our credit rating, an increase in interest rates and any adverse impacts from the discontinuation of the London Interbank Offered Rate; the extent to which lower commodity prices impact our ability to service or refinance our existing debt; the impact of volatility in the financial markets or other global economic factors, including the impact of COVID-19; difficulties in appropriately allocating capital and resources among our strategic opportunities; the timing and extent of our success in discovering, developing, producing and estimating reserves; our ability to maintain leases that may expire if production is not established or profitably maintained; our ability to realize the expected benefits from the acquisition of Montage Resources Corporation (“Montage Acquisition”); costs in connection with the Montage Acquisition; integration of operations and resultssubsequent to the Montage Acquisition; our ability to transport our production to the most favorable markets or at all; the impact of government regulation, including changes in law, the ability to obtain and maintain permits, any increase in severance or similar taxes, and legislation or regulation relating to hydraulic fracturing, climate and over-the-counter derivatives; the impact of the adverse outcome of any material litigation against us or judicial decisions that affect us or our industry generally; the effects of weather; increased competition; the financial impact of accounting regulations and critical accounting policies; the comparativecost of alternative fuels; credit risk relating to the risk of loss as a result of non-performance by our counterparties; and any other factors listed in the reports we have filed and may file with the SEC that are incorporated by reference herein. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

Forward Looking Statements

[email protected]

Brittany Raiford832.796.7906

Bernadette Butler832.796.6079

Investor Relations Contacts

Investor Presentation

mailto:%[email protected]:%[email protected]

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Cautionary Note to U.S. InvestorsThe SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. We use the terms "resource" and “EUR” in this presentation that the SEC’s guidelines prohibit us from including in filings with the SEC. The quarterly reserves data included in this release are estimates we prepared that have not been audited by our independent reserve engineers. All such estimates are inherently more speculative than estimates of proved reserves and are subject to substantially greater risk of actually being realized. U.S. investors are urged to consider closely the oil and gas disclosures and associated risk factors in our Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and from the SWN website.

Use of Non-GAAP InformationThis presentation contains non-GAAP financial measures, such as adjusted net income, adjusted EBITDA and net cash flow, including certain key statistics and estimates. We report our financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”). However, management believes certain non-GAAP performance measures may provide users of this financial information additional meaningful comparisons between current results and the results of our peers and of prior periods. Please see the Appendix for definitions and reconciliations of the non-GAAP financial measures that are based on reconcilable historical information.

Forward Looking Statements


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Shareholder Returns Driven StrategyIncreasing resilience & relevance through people and innovation

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• Deliver free cash flow

• Maintain disciplined capital allocation

• Culture of vigilance for HSE and ESG

• Convert resource to reserves

• Drive growth through development of organic and/or acquired Tier 1 assets

• Invest in highly economic projects that strengthen corporate returns

• Stringent cost management

• Expand margins

• Hedge to reduce commodity risk

• Reduce debt levels

• Capitalize on strategic opportunities

• Prioritize transactions that deliver synergies and enhance returns

• Leverage track record of successful integration and execution

• Position SWN as a consolidator of choice

• Further enhance well performance; reduce base decline rate

• Leverage innovative technology

• Accelerate capital and operational efficiencies to drive down costs

• Optimize commercial and marketing agreements


CREATESUSTAINABLE VALUE

INCREASESCALE

PROGRESSBEST-IN-CLASS EXECUTION

PROTECTFINANCIAL STRENGTH

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Our Strategy in Action Consistently delivering results

Expected to generate $300 million in free cash flow in 2021(1); at-market, accretive acquisition strengthens key financial metrics

Continued low methane emissions; over 11 billion gallons of water returned to the environment; leading governance standards

Over $200 million of expense reductions in two years; delivered over $30 million in acquisition G&A synergies

Robust three-year hedging program expected to generate over $350 million in gains in 2020(2)

Third largest producer in Appalachia; largest condensate producer in basin

Converting 58 Tcfe of resource to proved reserves through technological and operational innovation and cost reductions

Greater than 40% reduction in well costs since 2018; single-well record achieved in 2020 $491 per lateral foot

Shifted activity in 2020, leveraged asset flexibility and operational agility to invest in highest return projects


1) Based on strip pricing as of September 25, 2020. 2) Based on year-to-date settlements and mark-to-market for remaining 2020 hedges as of September 30, 2020.

CreateSustainable Value

ProtectFinancial Strength

IncreaseScale

ProgressBest-in-class Execution

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Montage Acquisition Aligns with SWN Strategy Complementary, at-market acquisition

Maintains leading maturity runway, capital market proceeds used to call MR bonds

Improves cost structure; $30 million in immediate synergies

Enhancesmargin through

operational efficiencies

Strengthensfinancial metrics, including ROCE, CFPDAS, CFPS,

FCFPS and EPS(1)

1) Financial metrics include Return on Capital Employed, Cash Flow per Debt Adjusted Share, Cash Flow per Share, Free Cash Flow per Share and Earnings per Share.

CreateSustainable

Value

ProtectFinancial Strength

IncreaseScale

DriveBest-In-Class

Execution

Deliversexpected step change in free cash flow in 2021

No premium,all-stock transaction

Increases portfolio optionality; expands economic

inventory

Optimizes firm transportation to

improve realized prices

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SWN Overview

Net acres(1) ~786,000

Proved Reserves(1) 15.5 Tcfe

Resource Potential 58 Tcfe

Total Drilling Locations(1) ~5,150

Gross Producing Wells(1) 1,728

Q4 2020E Production(2)

- Natural Gas / NGL / Oil

~3 Bcfe/d79% / 17% / 4%

1) As of December 31, 2019. 2) Average production exit rate includes Montage Resources and SWN estimated

production for the full fourth quarter.

Northeast AppalachiaNet Acres: 208,894(1)

Proved Reserves: 4.9 Tcf(1)

100% gas

Southwest AppalachiaNet Acres: 577,293(1)

Proved Reserves: 10.6 Tcfe(1)

51% gas

7Investor Presentation

Southwestern Energy is a responsible natural gas and liquids producer with operations focused across 786,000 net acres in the Appalachia Basin

41% NGL 8% oil

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Portfolio OptionalityReturns driven capital allocation

Assets with diverse commodity profile competing for investment with rigorous internal hurdles

8Investor Presentation 8

• Natural gas remains the fundamental commodity in the portfolio• Robust inventory in differentiated liquids acreage, including 108,000 acres of highest condensate

yield in Appalachia• Operational and portfolio flexibility; ability to quickly deploy investment to highest return projects • Montage assets expand economic inventory and advance learning with proven, high return dry

gas Utica

Southwest AppalachiaRich Gas

Southwest AppalachiaSuper Rich

Gas

GreaterGas

GreaterLiquids

Northeast Appalachia

Dry Gas

9

$0 $0$207

$0

$2,000

$856$618

$440 $350

2020 2021 2022 2023 2024 2025 2026 2027 2028

Top Tier Balance Sheet & Liquidity

SWN Peer A Peer B Peer C Peer D Peer E

2020 2021 2022 2023 2024 Liquidity

SWN Debt Maturity Schedule ($MM)(1) Differentiated 5 Year Senior Note Maturity Profile(1,2)

1) As of close of business November 13, 2020. Includes repurchase of Montage Resources 2023 senior notes.2) Liquidity includes cash balance, letters of credit and amounts outstanding on credit facilities. Peers include AR, COG, CNX, EQT and RRC.

$0.2B$0.4B

$0.8B $0.8B$0.9B

Senior Notes Credit Facility

$1.6B


Ample liquidity

Peer leading maturity window

Free cash flow to

reduce debt

Goal of sustainable 2x leverage

Borrowings

$826


Relentless Cost ManagementContinuous cost focus and efficiencies

Driving top tier well costs lower

• Leading well costs across both dry gas and liquids-rich assets− Well cost reductions while optimizing well performance improving returns− Reductions driven by increased lateral lengths, completion design optimization and operational efficiencies

• Enhancing EBITDA by lowering costs− Driving efficiencies through reduced overhead, with G&A per Mcfe down 30% compared to 2019(3)

− Delivered over $30 million in G&A synergies

1) Includes all wells to sales fully burdened for all costs.2) Single well record in Northeast Appalachia, CLAT approximately 13,000 ft. 3) Based on the midpoint of guidance dated July 30, 2020.

+

Cost management more than a one-time event

(2)(1)

Wel

l Cos

ts /

Late

ral F

oot (

$) $122MILLION

G&A AND INTEREST SAVINGS IN 2019

$90MILLION

ADDITIONAL EXPENSE REDUCTIONS IN 2020

40% Reduction in two years

$664

$491

$0

$200

$400

$600

$800

$1,000

$1,200

2018 2019 Q3 2020 SWN Record

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• Increasing lateral lengths and collapsing cycle times• Efficient and flexible resulting in lower cost and improved well economics• Experienced and motivated SWN employee team, setting performance standards • Ability to adjust rapidly to changing market conditions• Operational excellence and innovation driving improved returns

Integrated Approach Delivering Competitive Advantage


Drilling TechnologyCompletions

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Leading Operational ExecutionIncreasing returns by reducing costs and accelerating cash flow

Footage Drilled (ft/day)(1)

1,178 1,3041,551

2,544

2018 2019 2020E SWNRecord

(3)

5.47.9

15.0


Completed Stages (stages/day)(2)

7,40710,014

19,733


Lateral Length (ft)27

20

11

1

63 3

1


Facilities Installation (days)59%Decrease

Southwest App

50%Decrease

Northeast App

35%Increase

32%Increase

62%Increase

7.0

12,000

1) Footage drilled is based on number of days from spud to rig release.2) Stages/day is pad average, calculated as: total stages on pad / days on pad.

3) Excludes some delineation wells.4) New record in Q3 2020.

Note: All percentage improvements compare 2020E to 2018.


(4)

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Corporate Responsibility Commitment to ESG is a core value of SWN

Continue industry leadershipon emissions performance

Returning fresh water to the environment through water

conservation

Aim for zero safety incidentsfor our workforce

Maximize positive impacts on the communities where we

operate

Diverse and experiencedBoard of Directors

Maintain best practices such as annual “say on pay” vote


EnvironmentalResponsible energy

developmentInvesting in human capital

and our communities

SocialDiversity of thought

and approach

Governance

Our Strategy

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Environmental StewardshipResponsible natural gas and liquids producer

SWN as a leader in air quality

85%lower

100% surveyed

10% reduction

0.01% flaring

85% lower

85% lower

Methane intensity substantially lower than ONE Future target

Operational and compressor facilities surveyed for potential leaks

GHG emissions reduced in 2019

Essentially no flaring of production

SWN as a leader in water conservation

11.9billion

4thyear

78%recycled

10 projects

85% lower

85% lower

Gallons of fresh water returned to the environment

Accomplishing fresh water neutrality for four years

Produced water recycled in operations

Major water conservation projects completed since 2014

NATURAL GAS INDUSTRY

Providing affordable, clean energy for a low emissions future

ReliableEnergySource

Clean Burning

LowCarbon

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Social Responsibility & Corporate Governance

to Learn more in our 2019 Corporate Responsibility report

Investing in our employees and contractors

Supporting the communities where we

work and live

Diversity of thought and approach on Board of

Directors

CLICK HERE

GIVEN TO STEM EDUCATION & SKILLED WORKFORCE

DEVELOPMENT SINCE 2008

TRUCK TRIPS ELIMINATED

44%are diverse (gender,nationality, ethnicity)

INDEPENDENCE

8 of 9 director nominees have been determined byour Board to be independent, under the standards

set forth in the SEC rules, the Corporate GovernanceRules of the NYSE and the Company’s corporate

governance policies.

“Another important pillar in our ESG strategy is to nurture and support a

culture where fully engaged and committed people can thrive.”

Bill Way, Southwestern Energy President and Chief Executive Officer

through the use of water pipelines since 2010

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Why Invest in SWN?Building long-term shareholder value

Investor Presentation 16

TIER 1 NATURAL GAS ASSET BASE786,000 acres of high-rate, high-value natural gas assets across Appalachia; natural gas accounts for 80% of total production

DISCIPLINED CAPITAL ALLOCATIONAsset flexibility with diverse commodity profile competing in capital program with rigorousinternal hurdles

Note: Free cash flow estimate at strip pricing as of September 25, 2020.

BASIN-LEADING LIQUIDS PRODUCTION Highest condensate yield acreage

FREE CASH FLOW $300 million of expected free cash flow at maintenance capital in 2021 reducing debt

RECOGNIZED ESG LEADERSHIPLow GHG intensity; recognized chemical disclosure and management; leading corporate governance standards

PROVEN MANAGEMENT TEAMHighly experienced, dynamic team focused on long-term value creation

COST-FOCUSED OPERATORTop quartile well costs; broad reductions acrossall expense categories

BALANCE SHEET STRENGTHAmple liquidity and leading debt maturity runway

OPERATIONAL EXCELLENCE & LOGISTICS MANAGEMENTSWN owned and operated drilling rigs and frac fleet; integrated piped water systems

LOW COST TRANSPORTATION PORTFOLIODelivering to premium markets

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Appendix

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Firm transportation portfolio delivers competitive advantage • Low cost with multiple extension options• Premium market delivery to City Gate

locations• Provides stability and diversity with multiple

outlets in greater Appalachia and Gulf Coast areas

• Incremental capacity available for additional firm sales

Northeast AppalachiaGas Takeaway

Differential to NYMEX

YearTotal Firm

Transportation (MMBtu/d)

Firm Sales (MMBtu/d)

Average Rate per MMBtu

Average Basis per MMBtu

2020 1,300,000 350,000 ($0.22) ($0.31)

Transportation (1) Location (2)

1) Committed volume and rate per MMBtu based on September 30, 2020 contracted takeaway and firm sales. Ability to release capacity or buy gas to fill excess transportation capacity. Pipelines include Millennium, Tennessee Gas Pipeline, Columbia Gas and Transco Pipeline.

2) Basis as of September 30, 2020. Includes transportation variable cost and excludes financial derivatives.

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2020: 71%Greater AppalachiaDominionTGP 219TGP 313TGP 300L MarcellusTransco Leidy

2020: 4%Gulf CoastFGT Z3

2020: 25%City GateAlgonquinTetco M3TGP Z6 SouthTransco Z5Transco Z6 NNY


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Delivering natural gas to highest value markets• Approximately 50% of gas delivered directly

to Gulf Coast to meet long-term LNG and industrial demand

• Incremental discounted capacity to Gulf Coast starting in 2021

Southwest AppalachiaGas Takeaway

1) Committed volume and rate per MMBtu based on November 12, 2020 contracted takeaway. Not all 2020 volume commitment will be used. Ability to release capacity or buy gas to fill excess transportation capacity. Guidance for natural gas differentials includes all commitment costs. Pipelines include TETCO, Columbia Gas, MXP, GXP, and Rover.

2) Basis as of September 30, 2020. Includes transportation variable cost and excludes financial derivatives.

2020: 45%Gulf CoastCGT MainlineFGT Z2Sonat LATransco Z3Trunkline Z1A

2020: 39%TCO - AppalachiaTCO Pool


Differential to NYMEX

YearTotal Firm

Transportation (MMBtu/d)

Firm Sales (MMBtu/d)

Average Rate per MMBtu

Average Basis per MMBtu

2020 1,225,000 50,000 ($0.60) ($0.30)

Transportation (1) Location (2)

2020: 8%Mid-WestANR ShelbyvilleTGT Lebanon

2020: 4%M2 - AppalachiaDominionTetco M2Nymex Related

2020: 4%CanadaDawn

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Ethane• Firm transportation capacity on ATEX

and Mariner West with access to Mariner East 1

• Flexibility to reject ethane to maximize value

C3+• Access to Cornerstone, Teppco, Mariner

East 2, rail and truck• Combination of direct and third-party

marketing to maximize value and mitigate risk


Canadian Petchem &

Diluent Markets

ATEX Capacity to Gulf Coast

East Coast Exports

Midwest Refineries

Northeast Markets

Rail

Truck to premium

local markets

Future Regional Ethane Demand

SWN Liquids Marketing Options

NGL Market Optionality Optimizing pricing with marketing optionality while maintaining flow reliability

NGL Barrel Composition

0% 25% 50% 75% 100%

60% Ethane 25% Propane

10% Butane 5% C5+

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Northeast Appalachia Dry Gas Well Performance

1) Based on wells spud and to sales in 2019.

SWN Drilled & Completed Dry Gas (Normalized to 10,000 ft lateral)

2019 2019(1) 2020E

Average lateral length 9,029 ft 9,097 ft 10,703 ft

Well cost $7.3 MM $6.9 MM $6.8 MM

Cost per lateral foot $809 $762 $634

EUR 17 Bcf 17 Bcf 20 Bcf

EUR per 1,000 ft 1.9 Bcf 1.9 Bcf 1.9 Bcf

F&D $0.43/Mcf $0.42/Mcf $0.34/Mcf


22

Southwest Appalachia Rich Gas Well Performance

1) All wells spud and to sales in 2019.

SWN Drilled & Completed Rich Gas (Normalized to 10,000 ft lateral)

2019(1) 2020E

Average lateral length 11,806 ft 13,702 ft

Well cost $9.8 MM $10.2 MM

Cost per lateral foot $830 $746

3-Phase EUR 47 Bcfe 48 Bcfe

EUR per 1,000 ft 3.9 Bcfe 3.5 Bcfe

Liquids 40% 44%

F&D $0.21/Mcfe $0.21/Mcfe

ProductionMix

42% 56%

2%GAS OILNGL


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Southwest Appalachia Super Rich Gas Well Performance

1) Based on wells spud and to sales in 2019.

SWN Drilled & Completed Super Rich Gas (Normalized to 10,000 ft lateral)

2019 2019(1) 2020E

Average lateral length 10,604 ft 11,250 ft 12,961 ft

Well cost $8.8 MM $8.8 MM $8.6 MM

Cost per lateral foot $833 $783 $662

3-Phase EUR 22 Bcfe 24 Bcfe 35 Bcfe

EUR per 1,000 ft 2.1 Bcfe 2.1 Bcfe 2.7 Bcfe

Liquids 60% 60% 59%

F&D $0.39/Mcfe $0.37/Mcfe $0.25/Mcfe

ProductionMix

45% 39%

16%GAS OILNGL


24

Hedge Position

Swaps 2-Way Collars 3-Way Collars

$2.47$2.45 x $2.75$2.16 x $2.65 x $2.97

$2.73$2.51 x $2.89$2.16 x $2.47 x $2.79

$2.76$2.52 x $2.90$2.15 x $2.47 x $2.79

99

57

27

3043

102

755765

726070

$93MMTotal

183

YTD2020

Q42020

Q12021

Q22021

Q32021

Settled derivative gain of $221MM(1)

Total

175Total

197Total

202

$93MMTotal

1,478

YTD2020

Q42020

Q12021

Q22021

Q32021

Settled derivative gain of $62MM

Total

1,354Total

1,317Total

1,391

$71.33$55.67 x $60.17$43.71 x $52.85 x $57.78

752322404

1,2644545

1,2086445

93046

415


$2.76$2.55 x $2.97$2.16 x $2.50 x $2.85Q4

2021 Total185 Q4

2021 Total1,275

85146

378

436676

Swaps 2-Way Collars 3-Way Collars

Natural Gas Bcf, $/MMBtu

1) Includes gains on basis swaps and swaps on natural gas storage.

Crude MBbls, $/Bbl

Note: Hedge position as of November 12, 2020, including positions that settled in October 2020.

$2.78$2.57 x $3.06$2.17 x $2.52 x $2.92

$48.50$37.50 x $45.50$22.50 x $31.25 x $45.00

$48.90$38.21 x $46.05$22.50 x $31.25 x $45.00

$50.41$37.50 x $45.50$41.16 x $51.03 x $56.55

$50.61$37.50 x $45.50$41.09 x $50.74 x $56.56

25

Hedge Position

Swaps 2-Way Collars

$8.62 ($0.21)

$7.14 ($0.17)$7.14 x $10.40 ($0.17 x $0.25)

$7.12 ($.017)$7.14 x $10.40 ($0.17 x $0.25)

$7.12 ($.017)$7.14 x $10.40 ($0.17 x $0.25)

2,629

1,547144

1,559146

1,392147

$93MMTotal

2,629

YTD2020

Q42020

Q12021

Q22021

Q32021


Total

1,691Total

1,705Total

1,539

$93MMTotal

1,649

YTD2020

Q42020

Q12021

Q22021

Q32021


Total

1,436Total

1,478Total

1,506

$22.94 ($0.55)$25.20 x $29.40 ($0.60 x $0.70)

$20.25 ($0.48)

$20.25 ($0.48)

$20.21 ($0.48)

1,55792

1,436

1,478

1,506


$20.15 ($0.48)$7.10 ($.017)$7.14 x $10.40 ($0.17 x $0.25)Q4

2021 Total1,538 Q4

2021 Total1,537

1,391147

1,537

Ethane MBbls, $/Bbl ($/gal) Propane MBbls, $/Bbl ($/gal)

Swaps 2-Way Collars

Note: Hedge position as of November 12, 2020, including positions that settled in October 2020.

26

Financial and Operational Summary

1) Net cash flow and adjusted EBITDA are non-GAAP financial measures. See explanations and reconciliations on pages 27 and 29, respectively. 2) Adjusted net income and adjusted diluted EPS are non-GAAP financial measures. See explanations and reconciliations on page 28.3) Includes the impact of derivatives.4) Excludes restructuring charges and other one-time items.


2020 2019 2019

Revenues 1,529$ 2,293$ 3,038$ Adjusted EBITDA (1) 466$ 707$ 973$ Adjusted Net Income (2) 102$ 229$ 328$ Net Cash Flow (1) 413$ 667$ 913$ Adjusted Diluted EPS (2) 0.18$ 0.42$ 0.61$

Production (Bcfe) 623 570 778 Realized Gas Price ($/Mcf) (3) 1.65$ 2.20$ 2.18$ Realized Oil Price ($/Bbl) (3) 44.97$ 49.74$ 49.56$ Realized NGL Price ($/Bbl) (3) 9.85$ 13.18$ 13.64$ Weighted Average Realized Price ($/Mcfe) (3) 1.86$ 2.41$ 2.42$

E&P MetricsLease Operating Expense ($/Mcfe) 0.93$ 0.92$ 0.92$ General and Administrative Expense ($/Mcfe) (4) 0.13$ 0.17$ 0.18$ Taxes, Other than Income ($/Mcfe) (4) 0.06$ 0.09$ 0.08$

9 Months Ended September 30, Year Ended December 31,

($ in millions, except per share amounts)

Note: All historical financials represent SWN standalone.

27

We define net cash flow as cash flow from operating activities adjusted for changes in operating assets and liabilities and restructuring charges. Management presents this measure because (i) management uses it as an indicator of an oil and gas exploration and production Company’s ability to internally fund exploration and development activities and to service or incur additional debt, (ii) changes in operating assets and liabilities relate to the timing of cash receipts and disbursements which the Company may not control and (iii) changes in operating assets and liabilities may not relate to the period in which the operating activities occurred. These adjusted amounts are not a measure of financial performance under GAAP.

Explanation and Reconciliation of Non-GAAPFinancial Measures: Net Cash Flow


2020 2019 2020 2019 2019

Net cash flow:Net cash provided by operating activities $ 153 $ 196 $ 407 $ 739 $ 964 Add back (deduct): Changes in operating assets and liabilities (21) (22) (9) (88) (69) Montage acquisition-related expenses 3 — 3 — — Restructuring charges — 4 12 9 11 Other one-time loss — 7 — 7 7 Net cash flow 135$ 185$ 413$ 667$ 913$

3 Months Ended September 30,

($ in millions)


($ in millions)

Year Ended December 31,

($ in millions)


28

Additional non-GAAP financial measures we may present from time to time are adjusted net income and adjusted diluted earnings per share attributable to Southwestern Energy stockholders, both of which exclude certain charges or amounts shown in the tables below. Management presents these measures because (i) they are consistent with the manner in which the Company’s performance is measured relative to the performance of its peers, (ii) these measures are more comparable to earnings estimates provided by securities analysts, and (iii) charges or amounts excluded cannot be reasonably estimated and guidance provided by the Company excludes information regarding these types of items. These adjusted amounts are not a measure of financial performance under GAAP.

Explanation and Reconciliation of Non-GAAPFinancial Measures: Adjusted Net Income

1) 2020 primarily relates to the recognition of a valuation allowance. 2019 primarily relates to the release of the valuation allowance. The Company expects its 2020 tax rate to be 23.5% before the impacts of any valuation allowance.


($ in millions) (per share) ($ in millions) (per share) ($ in millions) (per share) ($ in millions) (per share) ($ in millions) (per share)Net income (loss) (593)$ (1.04)$ 49$ 0.09$ (3,020)$ (5.48)$ 781$ 1.44$ 891$ 1.65$ Add back (deduct):

Montage acquisition-related expenses 3 0.01 — — 3 0.01 — — — —Impairments 361 0.63 2 0.00 2,495 4.50 8 0.01 16 0.03 Restructuring charges — — 4 0.01 12 0.02 9 0.02 11 0.02 Loss on sale of assets — — — — — — 3 0.00 2 0.00 (Gain) loss on unsettled derivatives 289 0.50 (12) (0.02) 272 0.50 (108) (0.20) (94) (0.17) Gain on early debt extinguishment — — (7) (0.01) (35) (0.06) (7) (0.01) (8) (0.01) Legal settlement charges 1 0.00 3 0.01 1 0.00 3 0.01 6 0.01 Non-cash pension settlement loss — — 1 0.00 — — 5 0.01 6 0.01 Other loss 1 0.00 7 0.01 — — 10 0.01 10 0.02 Adjustments due to discrete tax items (1) 139 0.24 1 0.00 1,020 1.84 (494) (0.91) (526) (0.97) Tax impact on adjustments (154) (0.26) (4) (0.01) (646) (1.15) 19 0.04 14 0.02

Adjusted net income 47$ 0.08$ 44$ 0.08$ 102$ 0.18$ 229$ 0.42$ 328$ 0.61$

Year Ended December 31,3 Months Ended September 30,2019 20192020

9 Months Ended September 30,2020 2019


29

EBITDA is defined as net income (loss) plus interest, income tax expense, depreciation, depletion and amortization. AdjustedEBITDA is defined as EBITDA less gains (losses) on sale of assets, gain on early extinguishment of debt and gains (losses) onunsettled derivatives plus non-cash stock-based compensation, restructuring charges, impairments and legal settlements. Southwestern has included information concerning EBITDA and Adjusted EBITDA because they are used by certain investors as a measure of the ability of a company to service or incur indebtedness and because it is a financial measure commonly usedin the energy industry. EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for net income, net cash provided by operating activities or other income or cash flow data prepared in accordance with GAAP or as a measure of the Company's profitability or liquidity. EBITDA and Adjusted EBITDA, as defined above, may not be comparable to similarlytitled measures of other companies. Net income (loss) is a financial measure calculated and presented in accordance with generally accepted accounting principles. The table below reconciles historical net income (loss) with historical Adjusted EBITDA.

Explanation and Reconciliation of Non-GAAPFinancial Measures: Adjusted EBITDA


Year Ended December 31,

2020 2019 2019

Net income (loss) (3,020)$ 781$ 891$ Add back (deduct): Interest expense 63 46 65 Provision (benefit) for income taxes 406 (401) (411) Depreciation, depletion and amortization 267 352 471 Montage acquisition-related expenses 3 — — Impairments 2,495 8 16 Restructuring charges 12 9 11 Loss on sale of assets — 3 2 (Gain) loss on unsettled derivatives 272 (108) (94) Gain on early extinguishment of debt (35) (7) (8) Legal settlement charges 1 3 6

Non-cash pension settlement loss — 5 6Other loss — 10 10 Stock based compensation expense 2 6 8

Adjusted EBITDA 466$ 707$ 973$


($ in millions) ($ in millions)


30

Net debt is defined as short-term debt plus long-term debt less cash and cash equivalents. Adjusted EBITDA is defined as net income (loss) plus interest, income tax expense (benefit), depreciation, depletion and amortization, expenses associated with the restructuring charges, impairments, legal settlements and gains (losses) on unsettled derivatives less gains (losses) on sale of assets and gains on early extinguishment of debt over the prior 12 month period. Southwestern has included information concerning Net debt / Adjusted EBITDA because it is used by certain investors as a measure of the ability of a company to service or incur indebtedness and because it is a financial measure commonly used in the energy industry. Net debt / Adjusted EBITDA should not be considered in isolation or as a substitute for net income, net cash provided by operating activities or other income or cash flow data prepared in accordance with generally accepted accounting principles or as a measure of the Company's profitability or liquidity. Net debt / Adjusted EBITDA, as defined above, may not be comparable to similarly titled measures of other companies. The table below reconciles historical Adjusted EBITDA with historical net income (loss).

Explanation and Reconciliation of Non-GAAPFinancial Measures: Net debt / Adj. EBITDA

1) Total debt does not include unamortized debt discount and issuance expense. 2) Total year amounts may not add due to rounding.3) 2019 includes amounts associated with Fayetteville prior to December 2018 divestiture.


Jun 30, Sep 30, Dec 31, Mar 31, Jun 30, Sep 30,2019 2019 2019 2020 2020 2020

Total debt (1) $ 2,342 $ 2,292 $ 2,262 $ 2,297 $ 2,457 $ 2,471 Subtract:

Cash and cash equivalents (155) (29) (5) (5) (10) (95)Net debt 2,187$ 2,263$ 2,257$ 2,292$ 2,447$ 2,376$

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

Net income (loss) 138$ 49$ 110$ (1,547)$ (880)$ (593)$ Add back (deduct): Interest expense 15 17 19 19 22 22 Provision (benefit) for income taxes 15 10 (10) 406 — — Depreciation, depletion and amortization(2) 115 125 119 113 84 70 Montage acquisition-related expenses — — — — — 3 Impairments 6 2 8 1,479 655 361 Restructuring charges 2 4 2 10 2 — (Gain) loss on sale of assets, net 3 — (1) — — — (Gain) loss on unsettled derivatives (118) (12) 14 (246) 229 289

Gain on early extinguishment of debt — (7) (1) (28) (7) —Legal settlement charges — 3 3 — — 1 Non-cash pension settlement loss 4 1 1 — — —Other (gain) loss 4 8 — (1) — 1 Stock based compensation 2 2 2 1 1 —

Adjusted EBITDA 186$ 202$ 266$ 206$ 106$ 154$

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020

Net debt 2,187$ 2,263$ 2,257$ 2,292$ 2,447$ 2,376$ Adjusted EBITDA 1,276$ 1,102$ 973$ 860$ 780$ 732$ Net debt/LTM Adjusted EBITDA 1.7x 2.0x 2.3x 2.7x 3.1x 3.2x

($ in millions)

Adjusted EBITDA(2)

($ in millions)

($ in millions)

Net Debt/LTM Adjusted EBITDA(3)


Slide Number 1Forward Looking StatementsForward Looking StatementsShareholder Returns Driven Strategy�Increasing resilience & relevance through people and innovationOur Strategy in Action �Consistently delivering resultsMontage Acquisition Aligns with SWN Strategy �Complementary, at-market acquisitionSWN OverviewPortfolio Optionality�Returns driven capital allocationTop Tier Balance Sheet & LiquiditySlide Number 10Integrated Approach Delivering Competitive AdvantageLeading Operational Execution�Increasing returns by reducing costs and accelerating cash flowCorporate Responsibility �Commitment to ESG is a core value of SWNEnvironmental Stewardship�Responsible natural gas and liquids producerSocial Responsibility & Corporate GovernanceWhy Invest in SWN?�Building long-term shareholder valueSlide Number 17Northeast Appalachia�Gas TakeawaySouthwest Appalachia�Gas TakeawayNGL Market Optionality �Optimizing pricing with marketing optionality while maintaining flow reliabilityNortheast Appalachia Dry Gas Well PerformanceSouthwest Appalachia Rich Gas Well PerformanceSouthwest Appalachia Super Rich Gas Well PerformanceHedge PositionHedge PositionFinancial and Operational SummaryExplanation and Reconciliation of Non-GAAP�Financial Measures: Net Cash FlowExplanation and Reconciliation of Non-GAAP�Financial Measures: Adjusted Net IncomeExplanation and Reconciliation of Non-GAAP�Financial Measures: Adjusted EBITDAExplanation and Reconciliation of Non-GAAP�Financial Measures: Net debt / Adj. EBITDA

Documents

Investor Presentation...3 Cautionary Note to U.S. Investors The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves