Market Summary
USD6.10-0.01
Delayedas of 21 Sep 2023, 01:08 pm-0.16%
SWN Stock Price
SWN RSI Chart
SWN Valuation
SWN Price/Sales (Trailing)
SWN Profitability
SWN Fundamentals
SWN Revenue
SWN Earnings
Price Action
52 Week Range
4.577.48
(Low)(High)
Last 7 days
-8.3%
Last 30 days
-8.8%
Last 90 days
11.1%
Trailing 12 Months
-15.4%
SWN Financial Health
SWN Investor Care
Historical Charts for Stock Metrics
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Net sales
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Latest Insider Trading transactions for SWN
Filter Transactions| Datesorted ascending | Name | Buy/Sell | $ Value | Avg. Price | # Shares | Title |
|---|---|---|---|---|---|---|
2023-06-01 | Konar Shameek | acquired | - | - | 40,778 | - |
2023-05-18 | KERLEY GREGORY D | acquired | - | - | 36,901 | - |
2023-05-18 | MARSHALL JON A | acquired | - | - | 36,901 | - |
2023-05-18 | Kehr Catherine A | acquired | - | - | 36,901 | - |
2023-05-18 | JOHNSON S P IV | acquired | - | - | 36,901 | - |
2023-03-11 | Huggins Andrew T | sold (taxes) | -21,992 | 4.94 | -4,452 | svp and division head |
2023-03-11 | Huggins Andrew T | acquired | - | - | 11,312 | svp and division head |
2023-02-27 | Giesler Carl Fredrick | acquired | 8,345 | 5.68 | 1,469 | executive vice president & cfo |
2023-02-27 | Cutright Derek W | acquired | 8,837 | 6.67 | 1,325 | svp and division head |
2023-02-26 | Dyson William Q | sold (taxes) | -88,426 | 5.56 | -15,904 | svp - operations services |
Which funds bought or sold SWN recently?
View All Details| Datesorted ascending | Fund Name | Type | % Chg | $ Change | $ Held | % Portfolio |
|---|---|---|---|---|---|---|
2023-09-12 | Farther Finance Advisors, LLC | added | 15.79 | 782 | 2,777 | -% |
2023-08-24 | Alberta Investment Management Corp | reduced | -50.98 | -472,975 | 678,445 | 0.01% |
2023-08-23 | Stonebridge Capital Advisors LLC | sold off | -100 | -4,000 | - | -% |
2023-08-23 | WOLVERINE TRADING, LLC | reduced | -64.15 | -550,422 | 428,578 | -% |
2023-08-21 | CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | added | 12.67 | 2,108,280 | 8,058,180 | 0.01% |
2023-08-21 | BOKF, NA | unchanged | - | 3,030 | 18,030 | -% |
2023-08-21 | OSAIC HOLDINGS, INC. | reduced | -78.45 | -1,517,200 | 529,688 | -% |
2023-08-21 | TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY | reduced | -5.63 | 163,000 | 1,366,000 | 0.01% |
2023-08-17 | Orion Portfolio Solutions, LLC | added | 19.51 | 25,752 | 84,747 | -% |
2023-08-16 | CreativeOne Wealth, LLC | added | 144 | 196,000 | 298,000 | 0.01% |
Latest Funds Activity
Calls
Puts
Net Call Options
No. of Funds
Schedule 13G FIlings of Southwestern Energy
| Date Filed | Name of Filer | Percent of Class | No. of Shares | Form Type | |
|---|---|---|---|---|---|
| Mar 10, 2023 | fmr llc | - | 0 | SC 13G/A | |
| Feb 09, 2023 | fmr llc | - | 0 | SC 13G/A | |
| Feb 09, 2023 | vanguard group inc | 10.56% | 116,543,599 | SC 13G/A | |
| Jan 25, 2023 | blackrock inc. | 8.9% | 98,553,877 | SC 13G/A | |
| Feb 10, 2022 | vanguard group inc | 11.71% | 118,811,297 | SC 13G/A | |
| Feb 10, 2022 | state street corp | 4.54% | 46,051,748 | SC 13G/A | |
| Feb 09, 2022 | fmr llc | - | 0 | SC 13G/A | |
| Feb 08, 2022 | dimensional fund advisors lp | 1.4% | 14,547,649 | SC 13G/A | |
| Feb 07, 2022 | blackrock inc. | 15.3% | 155,044,357 | SC 13G/A | |
| Feb 16, 2021 | dimensional fund advisors lp | 5.3% | 35,415,485 | SC 13G/A |
Recent SEC filings of Southwestern Energy
View All Filings| Date Filed | Form Type | Document | |
|---|---|---|---|
| Aug 03, 2023 | 8-K | Current Report | |
| Aug 03, 2023 | 10-Q | Quarterly Report | |
| Jun 23, 2023 | 11-K | Employee Benefit Details |
Peers (Alternatives to Southwestern Energy)
View All Peers In Detail| Name | Mkt Capsorted ascending | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|
| LARGE-CAP | ||||||||
APA | - | 8.8B | -5.97% | 4.87% | - | - | -19.24% | -60.57% |
EOG | 72.8B | 25.9B | -3.74% | 5.53% | 8.36 | 2.81 | 16.80% | 52.54% |
OXY | 60.4B | 31.8B | 0.82% | 0.45% | 4.68 | 1.64 | -6.68% | -38.20% |
PXD | 53.5B | 20.3B | -3.59% | -1.28% | 9.25 | 2.63 | -14.26% | -6.45% |
FANG | 27.4B | 8.3B | 2.99% | 18.50% | 7.84 | 3.3 | -8.75% | -9.74% |
DVN | - | 16.8B | -4.56% | -23.52% | - | - | -8.28% | -9.23% |
| MID-CAP | ||||||||
OVV | 12.6B | 13.4B | -4.38% | -6.21% | 3.77 | 0.94 | 15.65% | 37.73% |
RRC | 7.3B | 4.5B | -6.03% | 1.77% | 4.28 | 1.63 | 15.35% | 216.30% |
MTDR | 6.9B | 2.8B | -5.75% | 4.91% | 7.4 | 2.49 | 1.90% | -11.66% |
KOS | 3.3B | 1.6B | -2.74% | 18.33% | 15.22 | 2 | -20.41% | 13.75% |
CRK | 3.0B | 2.9B | -11.84% | -43.65% | 3.08 | 1.03 | 9.57% | 185.64% |
CPE | 2.3B | 2.7B | 2.49% | 0.08% | 2.51 | 0.88 | 12.93% | 24.18% |
OAS | - | 4.0B | - | - | - | - | 72.02% | 99.37% |
| SMALL-CAP | ||||||||
PARR | 2.0B | 7.3B | -3.87% | 99.88% | 3.27 | 0.28 | 21.02% | 508.09% |
LPI | 805.4M | 1.5B | -8.19% | -35.44% | 1.28 | 0.42 | -22.98% | 63.46% |
Southwestern Energy News
Returns for SWN
Cumulative Returns on SWN
-16.5%
10-Year Cumulative Returns
-11.8%
7-Year Cumulative Returns
1.2%
5-Year Cumulative Returns
35.6%
3-Year Cumulative Returns
Risks for SWN
What is the probability of a big loss on SWN?
100%
Probability that Southwestern Energy stock will be more than 20% underwater in next one year
86.5%
Probability that Southwestern Energy stock will be more than 30% underwater in next one year.
51.1%
Probability that Southwestern Energy stock will be more than 40% underwater in next one year.
*Calculated based on probability distribution of losses observed in actual data in the last 5 years.
How does SWN drawdown profile look like?
Y-axis is the maximum loss one would have experienced if Southwestern Energy was unfortunately bought at previous high price.
Drawdowns
Financials for Southwestern Energy
Income Statement (Last 12 Months)(In Millions)
| Income Statement (Last 12 Months) | (In Millions) | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2023Q2 | 2023Q1 | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 | 2021Q3 | 2021Q2 | 2021Q1 | 2020Q4 | 2020Q3 | 2020Q2 | 2020Q1 | 2019Q4 | 2019Q3 | 2019Q2 | 2019Q1 | 2018Q4 | 2018Q3 | 2018Q2 |
| Revenue | -20.2% | 11,308 | 14,177 | 15,002 | 14,569 | 11,626 | 8,538 | 6,667 | 4,499 | 3,428 | 2,788 | 2,308 | 2,274 | 2,383 | 2,640 | 3,038 | 3,468 | 3,783 | 3,932 | 3,862 | 3,496 | 3,282 |
| Costs and Expenses | -9.1% | 6,835 | 7,516 | 7,648 | 7,320 | 6,155 | 4,905 | 4,032 | 3,513 | 3,459 | 3,868 | 5,179 | 4,837 | 4,594 | 4,073 | 2,768 | 2,910 | 3,130 | 3,177 | 3,065 | 2,884 | 2,626 |
| S&GA Expenses | 3.5% | 178 | 172 | 170 | 154 | 145 | 144 | 138 | 136 | 135 | 133 | 121 | 136 | 147 | 155 | 166 | 163 | 172 | 191 | 209 | 228 | 239 |
| EBITDA | -100.0% | - | 7,913 | 3,258 | 2,603 | 109 | -1,905 | 657 | -1,927 | -743 | -1,038 | -2,254 | -2,046 | -1,344 | -281 | 1,016 | - | - | - | - | - | - |
| EBITDA Margin | -100.0% | - | 0.56* | 0.22* | 0.18* | 0.01* | -0.22* | 0.10* | -0.43* | -0.22* | -0.37* | -0.98* | -0.90* | -0.56* | -0.11* | 0.33* | - | - | - | - | - | - |
| Interest Expenses | -7.8% | 165 | 179 | 184 | 180 | 164 | 146 | 136 | 126 | 114 | 106 | 94.00 | 82.00 | 77.00 | 70.00 | 65.00 | 270 | 224 | 177 | 124 | -62.00 | -2.00 |
| Earnings Before Taxes | -14.9% | 5,549 | 6,522 | 1,900 | 1,350 | -968 | -2,776 | -25.00 | -2,477 | -1,213 | -1,484 | -2,705 | -2,514 | -1,862 | -829 | 480 | 688 | 600 | 498 | 538 | 485 | 577 |
| EBT Margin | -100.0% | - | 0.46* | 0.13* | 0.09* | -0.10* | -0.33* | 0.00* | -0.55* | -0.35* | -0.53* | -1.17* | -1.11* | -0.78* | -0.31* | 0.16* | - | - | - | - | - | - |
| Net Income | -14.6% | 5,521 | 6,463 | 1,849 | 1,309 | -998 | -2,780 | -25.00 | -2,478 | -1,214 | -1,485 | -3,112 | -2,910 | -2,268 | -1,250 | 891 | 1,088 | 1,010 | 923 | 534 | 561 | 667 |
| Net Income Margin | -100.0% | - | 0.46* | 0.12* | 0.09* | -0.11* | -0.33* | 0.00* | -0.55* | -0.35* | -0.53* | -1.35* | -1.28* | -0.95* | -0.47* | 0.29* | - | - | - | - | - | - |
| Free Cashflow | -100.0% | - | 3,319 | 3,154 | 2,729 | 2,145 | 1,988 | 1,363 | 951 | 891 | -7,361 | -7,548 | -7,444 | -7,401 | -7,394 | -7,112 | - | - | - | - | - | - |
Balance Sheet(In Millions)
| Balance Sheet | (In Millions) | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2023Q2 | 2023Q1 | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 | 2021Q3 | 2021Q2 | 2021Q1 | 2020Q4 | 2020Q3 | 2020Q2 | 2020Q1 | 2019Q4 | 2019Q3 | 2019Q2 | 2019Q1 | 2018Q4 | 2018Q3 | 2018Q2 |
| Assets | 0.5% | 13,001 | 12,937 | 12,926 | 13,104 | 12,932 | 11,847 | 11,848 | 9,241 | 5,394 | 5,247 | 5,160 | 4,157 | 4,555 | 5,275 | 6,717 | 6,598 | 6,545 | 6,446 | 5,797 | 7,058 | 7,042 |
| Current Assets | -6.6% | 1,120 | 1,199 | 1,664 | 2,002 | 2,004 | 1,238 | 1,413 | 902 | 593 | 602 | 671 | 613 | 770 | 972 | 679 | 633 | 764 | 887 | 956 | 615 | 567 |
| Cash Equivalents | 733.3% | 25.00 | 3.00 | 50.00 | 11.00 | 50.00 | 21.00 | 28.00 | 12.00 | 2.00 | 4.00 | 13.00 | 95.00 | 10.00 | 5.00 | 5.00 | 29.00 | 155 | 366 | 201 | 9.00 | 37.00 |
| Net PPE | 1.3% | 11,405 | 11,258 | 10,903 | 10,740 | 10,514 | 10,215 | 9,938 | 8,002 | 4,446 | 4,284 | 4,111 | 3,222 | 3,426 | 3,916 | 5,267 | 5,199 | 5,099 | 4,871 | 4,656 | 5,469 | 6,233 |
| Current Liabilities | -11.8% | 1,910 | 2,166 | 3,481 | 5,451 | 5,294 | 5,670 | 3,052 | 4,162 | 1,944 | 1,370 | 1,012 | 869 | 875 | 914 | 848 | 880 | 912 | 943 | 846 | 892 | 858 |
| LT Debt, Current | - | - | - | - | 5.00 | 5.00 | 5.00 | 206 | 201 | 207 | 207 | - | - | - | - | - | 52.00 | 52.00 | 52.00 | - | - | - |
| LT Debt, Non Current | 2.6% | 4,036 | 3,935 | 4,392 | 4,855 | 5,081 | 4,895 | 5,201 | 4,036 | 2,814 | 2,812 | 3,150 | 2,450 | 2,440 | 2,279 | 2,242 | 2,219 | 2,267 | 2,267 | 2,318 | 3,572 | 3,570 |
| Shareholder's Equity | 3.8% | 6,489 | 6,254 | 4,324 | 1,414 | 1,043 | -119 | 2,547 | - | - | 586 | 497 | 384 | 823 | 1,701 | 3,246 | 3,135 | 3,082 | 2,937 | 2,362 | 2,205 | 2,250 |
| Retained Earnings | 38.5% | -369 | -600 | -2,539 | -5,440 | -5,890 | -7,063 | -4,388 | -6,749 | -4,892 | -4,283 | -4,363 | -4,271 | -3,678 | -2,798 | -1,251 | -1,361 | -1,410 | -1,548 | -2,142 | -2,449 | -2,420 |
| Additional Paid-In Capital | 0.1% | 7,182 | 7,178 | 7,172 | 7,169 | 7,168 | 7,159 | 7,150 | 6,688 | 5,104 | 5,102 | 5,093 | 4,882 | 4,730 | 4,728 | 4,726 | 4,723 | 4,720 | 4,717 | 4,715 | 4,714 | 4,709 |
| Accumulated Depreciation | 1.3% | 26,039 | 25,704 | 25,387 | 25,068 | 24,770 | 24,482 | 24,202 | 23,987 | 23,846 | 23,741 | 23,673 | 23,247 | 22,825 | 22,095 | 20,503 | 20,383 | 20,279 | 20,162 | 20,049 | 19,928 | 20,276 |
| Shares Outstanding | 0.1% | 1,101 | 1,100 | - | 1,110 | 1,116 | 1,115 | - | 787 | 677 | 675 | - | 572 | 541 | 540 | - | 539 | 539 | 540 | - | 581 | 581 |
Cashflow (Last 12 Months)(In Millions)
| Cashflow (Last 12 Months) | (In Millions) | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2023Q2 | 2023Q1 | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 | 2021Q3 | 2021Q2 | 2021Q1 | 2020Q4 | 2020Q3 | 2020Q2 | 2020Q1 | 2019Q4 | 2019Q3 | 2019Q2 | 2019Q1 | 2018Q4 | 2018Q3 | 2018Q2 |
| Cashflow From Operations | -0.1% | 3,317 | 3,319 | 3,154 | 2,729 | 2,145 | 1,988 | 1,363 | 951 | 891 | 715 | 528 | 632 | 675 | 682 | 964 | 991 | 1,102 | 1,301 | 1,223 | 1,279 | 1,183 |
| Share Based Compensation | 50.0% | 6.00 | 4.00 | 4.00 | 4.00 | 3.00 | 3.00 | 2.00 | 3.00 | 3.00 | 2.00 | 3.00 | 4.00 | 6.00 | 7.00 | 8.00 | 8.00 | 9.00 | 12.00 | 14.00 | 17.00 | 21.00 |
| Cashflow From Investing | 2.5% | -2,157 | -2,213 | -2,043 | -3,150 | -3,161 | -2,877 | -2,604 | -1,245 | -903 | -880 | -881 | -908 | -955 | -1,015 | -1,045 | 519 | 474 | 395 | 359 | -1,326 | -1,321 |
| Cashflow From Financing | -5.4% | -1,185 | -1,124 | -1,089 | 420 | 1,064 | 906 | 1,256 | 211 | 4.00 | 164 | 361 | 342 | 135 | -28.00 | -115 | -1,490 | -1,458 | -2,288 | -2,297 | -933 | -936 |
| Buy Backs | - | 210 | - | 125 | 160 | - | - | - | - | - | - | - | - | - | - | 21.00 | 176 | 201 | 201 | 180 | 33.00 | - |
SWN Income Statement
2023-06-30CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
| Operating Revenues: | ||||
| Total operating revenues | $ 1,269 | $ 4,138 | $ 3,387 | $ 7,081 |
| Operating Costs and Expenses: | ||||
| Operating expenses | 418 | 402 | 836 | 783 |
| General and administrative expenses | 41 | 35 | 87 | 79 |
| Merger-related expenses | 0 | 2 | 0 | 27 |
| Depreciation, depletion and amortization | 328 | 288 | 641 | 563 |
| Taxes, other than income taxes | 58 | 65 | 126 | 122 |
| Total operating costs and expense | 1,326 | 2,007 | 2,838 | 3,651 |
| Operating Income (Loss) | (57) | 2,131 | 549 | 3,430 |
| Interest Expense: | ||||
| Interest on debt | 60 | 73 | 123 | 141 |
| Other interest charges | 3 | 4 | 6 | 7 |
| Interest capitalized | (29) | (29) | (59) | (59) |
| Total interest expense | 34 | 48 | 70 | 89 |
| Gain (Loss) on Derivatives | 317 | (879) | 1,718 | (4,806) |
| Loss on Early Extinguishment of Debt | 0 | (4) | (19) | (6) |
| Other Loss, Net | 0 | (1) | (1) | (1) |
| Income (Loss) Before Income Taxes | 226 | 1,199 | 2,177 | (1,472) |
| Provision (Benefit) for Income Taxes: | ||||
| Current | 0 | 26 | 0 | 30 |
| Deferred | (5) | 0 | 7 | 0 |
| Total provision (benefit) from income taxes | (5) | 26 | 7 | 30 |
| Net Income (Loss) | $ 231 | $ 1,173 | $ 2,170 | $ (1,502) |
| Earnings (Loss) Per Common Share: | ||||
| Basic (in dollars per share) | $ 0.21 | $ 1.05 | $ 1.97 | $ (1.35) |
| Diluted (in dollars per share) | $ 0.21 | $ 1.05 | $ 1.97 | $ (1.35) |
| Weighted Average Common Shares Outstanding: | ||||
| Basic (in shares) | 1,101,167,082 | 1,116,175,758 | 1,100,725,127 | 1,115,456,855 |
| Diluted (in shares) | 1,102,724,782 | 1,118,244,778 | 1,102,487,313 | 1,115,456,855 |
| Gas sales | ||||
| Operating Revenues: | ||||
| Total operating revenues | $ 551 | $ 2,485 | $ 1,696 | $ 4,177 |
| Oil sales | ||||
| Operating Revenues: | ||||
| Total operating revenues | 92 | 138 | 187 | 249 |
| NGL sales | ||||
| Operating Revenues: | ||||
| Total operating revenues | 153 | 310 | 354 | 582 |
| Marketing | ||||
| Operating Revenues: | ||||
| Total operating revenues | 475 | 1,207 | 1,154 | 2,073 |
| Other | ||||
| Operating Revenues: | ||||
| Total operating revenues | (2) | (2) | (4) | 0 |
| Marketing purchases | ||||
| Operating Costs and Expenses: | ||||
| Marketing purchases | $ 481 | $ 1,215 | $ 1,148 | $ 2,077 |
SWN Balance Sheet
2023-06-30CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $ 25 | $ 50 |
| Accounts receivable, net | 598 | 1,401 |
| Derivative assets | 423 | 145 |
| Other current assets | 74 | 68 |
| Total current assets | 1,120 | 1,664 |
| Natural gas and oil properties, using the full cost method, including $2,163 million as of June 30, 2023 and $2,217 million as of December 31, 2022 excluded from amortization | 36,899 | 35,763 |
| Other | 545 | 527 |
| Less: Accumulated depreciation, depletion and amortization | (26,039) | (25,387) |
| Total property and equipment, net | 11,405 | 10,903 |
| Operating lease assets | 168 | 177 |
| Long-term derivative assets | 205 | 72 |
| Deferred tax assets | 0 | 0 |
| Other long-term assets | 103 | 110 |
| Total long-term assets | 476 | 359 |
| TOTAL ASSETS | 13,001 | 12,926 |
| Current liabilities: | ||
| Accounts payable | 1,381 | 1,835 |
| Taxes payable | 116 | 136 |
| Interest payable | 77 | 86 |
| Derivative liabilities | 270 | 1,317 |
| Current operating lease liabilities | 44 | 42 |
| Other current liabilities | 22 | 65 |
| Total current liabilities | 1,910 | 3,481 |
| Long-term debt | 4,036 | 4,392 |
| Long-term operating lease liabilities | 121 | 133 |
| Long-term derivative liabilities | 205 | 378 |
| Other long-term liabilities | 240 | 218 |
| Total long-term liabilities | 4,602 | 5,121 |
| Commitments and contingencies (Note 11) | ||
| Equity: | ||
| Common stock, $0.01 par value; 2,500,000,000 shares authorized; issued 1,163,077,745 shares as of June 30, 2023 and 1,161,545,588 shares as of December 31, 2022 | 12 | 12 |
| Additional paid-in capital | 7,182 | 7,172 |
| Accumulated deficit | (369) | (2,539) |
| Accumulated other comprehensive income (loss) | (9) | 6 |
| Common stock in treasury, 61,614,693 shares as of June 30, 2023 and December 31, 2022 | (327) | (327) |
| Total equity | 6,489 | 4,324 |
| TOTAL LIABILITIES AND EQUITY | $ 13,001 | $ 12,926 |
Southwestern Energy Company, an independent energy company, engages in the exploration, development, and production of natural gas, oil, and natural gas liquids (NGLs) in the United States. It operates through two segments, Exploration and Production, and Marketing. The company focuses on the development of unconventional natural gas and oil reservoirs located in Pennsylvania, West Virginia, Ohio, and Louisiana. As of December 31, 2021, it had approximately 768,050 net acres in Appalachia; a total of 1,527 wells on production; and approximately proved natural gas, oil, and NGLs reserves comprise 21,148 billion cubic feet of natural gas equivalent (Bcfe). It also engages in the marketing and transportation of natural gas, oil, and NGLs. The company serves LNG exporters, energy companies, utilities, and industrial purchasers of natural gas. Southwestern Energy Company was incorporated in 1929 and is headquartered in Spring, Texas.