Southern Energy Corp. Reports Q3 2024 Results Amid Challenging Gas Prices

Southern Energy Corp., a natural gas producer in Mississippi, has released its third quarter 2024 financial results. The company reported petroleum and natural gas sales of $3.5 million, a 34% decrease compared to the previous year. Average production stood at 14,018 Mcfe/d, marking a 17% decline year over year.

Despite tough market conditions, the firm generated $0.6 million in adjusted funds flow from operations. Southern reported a net loss of $2.1 million, slightly less than the $2.4 million loss in Q3 2023. Average realized natural gas prices dropped to $2.40/Mcf from $2.83/Mcf last year.

Southern Energy is focusing on preserving its balance sheet. They monetized excess inventory for $3.4 million and reduced net debt by $1.4 million from Q2 2024. The company anticipates potential natural gas price improvements with increased demand and limited storage capacity.