Southern Energy Corp. Announces Financial Outcomes and Operating Highlights for Q4 and Full Year 2023

Southern Energy Corp., a producer of natural gas and light oil in Mississippi, reported its financial and operational results for the fourth quarter and the full year ended December 31, 2023. During Q4, the company achieved an average production of 16,755 Mcfe/d and 16,305 Mcfe/d for the year, marking increases from the prior year. Nevertheless, petroleum and natural gas sales experienced significant declines of 48% in Q4 and 57% annually, primarily due to lower natural gas prices.

In 2023, Southern Energy faced a considerable net loss of $39.6 million in Q4 and $46.8 million for the year, attributed largely to a one-time non-cash impairment charge. On a per-share basis, the net loss equaled $0.26 in Q4 and $0.33 over the full year. Operating highlights for 2023 include the strategic acquisition of assets in Gwinville, which bolstered the company’s production capabilities, and the successful drilling of six net wells at this location.

Despite market challenges, Southern Energy managed to bolster its reserve numbers significantly, with Proved Developed Producing (PDP) reserves rising by 21%, and Probable reserves seeing a 16% increase from the previous year. The year-end reserve report underscores the firm's capacity for continued operation and growth in its sector.