Southwestern Energy Co (SWN) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

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SOUTHWESTERN ENERGY ANNOUNCES RECORD

2012 FINANCIAL AND OPERATING RESULTS

Houston, Texas – February 20, 2013...Southwestern Energy Company (NYSE: SWN) today announced its financial and operating results for the fourth quarter and the year ended December 31, 2012. Calendar year 2012 highlights include:

“Southwestern Energy’s storyline in 2012 was ‘Success in a low gas price environment,’ not ‘Survival hoping for a better product prices,’” remarked Steve Mueller, President and Chief Executive Officer of Southwestern Energy. “We grew production by 13%, set records both for highest average initial producing rates and lowest well costs in the Fayetteville Shale and ramped our Marcellus production dramatically. During 2012, we also posted the second highest cash flow in the company’s history, along with record gathered gas volumes that translated to record cash flows in our Midstream business.”

“I am especially excited about the way we eliminated some of our operating costs. We didn’t just reduce costs. A team made up of several disciplines found ways to eliminate the need for two of our three salt water disposal facilities in the Fayetteville Shale. Working with agencies in Arkansas, our staff developed new methods to creatively and effectively reuse the water leading to less road use, less water to dispose of and significant long term cost savings.”

“Our approach in 2013 maintains the sharp focus on innovation both in our operating areas and our exploration projects. Good economic decisions remain imperative, along with staying disciplined and improving the efficiency and safety in our operations. I am very proud of what our employees have accomplished in 2012 and I am very excited about what our team can do in 2013. It looks to be one of the most exciting years in Southwestern Energy’s history.”

Fourth Quarter of 2012 Financial Results

For the fourth quarter of 2012, Southwestern reported a net loss of $355.6 million, or $1.02 per diluted share. This included a $849.3 million non-cash ceiling test impairment ($510.4 million net of taxes) of the company’s natural gas and oil properties resulting from lower natural gas prices. The net loss also included a non-cash unrealized loss of