Southern Energy Corp. (SOUTF) has released an update.
Southern Energy Corp. reports a 5% increase in average natural gas production and a 57% decrease in annual petroleum and natural gas sales for 2023, largely due to plummeting natural gas prices. Despite a net loss exacerbated by a $38 million impairment charge, the company completed a strategic acquisition and drilled six net wells, contributing to a 21% increase in proved developed producing reserves. With the completion of a high-impact well and the monetization of swap contracts, Southern Energy is positioning itself for growth as it anticipates a recovery in natural gas prices later in the year.
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