Southern Energy Navigates Tough 2023 Market

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.

For further insights into SOUTF stock, check out TipRanks’ Stock Analysis page.