Condensed Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2011

Condensed Consolidating Financial Information [Abstract]

Condensed Consolidating Statements of Operations

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
	Parent	Guarantors	Non-Guarantors	Eliminations	Consolidated
	(in thousands)
Year ended December 31, 2011:
Operating revenues	$                      0	$       2,803,385	$           411,998	$         (262,477)	$        2,952,906
Operating costs and expenses:
Gas purchases	0	710,487	0	(1,396)	709,091
Operating expenses	0	380,154	118,713	(257,923)	240,944
General and administrative expenses	0	141,499	19,700	(3,158)	158,041
Depreciation, depletion and amortization	0	665,615	38,896	0	704,511
Taxes, other than income taxes	0	53,950	11,568	0	65,518
Total operating costs and expenses	0	1,951,705	188,877	(262,477)	1,878,105
Operating income	0	851,680	223,121	0	1,074,801
Other income, net	0	306	(42)	0	264
Equity in earnings of subsidiaries	637,769	0	0	(637,769)	0
Interest expense	0	11,277	12,798	0	24,075
Income (loss) before income taxes	637,769	840,709	210,281	(637,769)	1,050,990
Provision for income taxes	0	332,795	80,426	0	413,221
Net income (loss)	637,769	507,914	129,855	(637,769)	637,769
Year ended December 31, 2010:
Operating revenues	$                      0	$       2,488,105	$           318,232	$         (195,674)	$        2,610,663
Operating costs and expenses:
Gas purchases	0	612,745	0	(1,584)	611,161
Operating expenses	0	293,713	91,164	(193,106)	191,771
General and administrative expenses	0	127,022	19,525	(984)	145,563
Depreciation, depletion and amortization	0	559,845	30,487	0	590,332
Taxes, other than income taxes	0	44,200	6,408	0	50,608
Total operating costs and expenses	0	1,637,525	147,584	(195,674)	1,589,435
Operating income	0	850,580	170,648	0	1,021,228
Other income, net	0	242	185	0	427
Equity in earnings of subsidiaries	604,118	0	0	(604,118)	0
Interest expense	0	10,777	15,386	0	26,163
Income (loss) before income taxes	604,118	840,045	155,447	(604,118)	995,492
Provision for income taxes	0	330,879	60,780	0	391,659
Net income (loss)	604,118	509,166	94,667	(604,118)	603,833
Less: Net loss attributable to noncontrolling interest	0	(285)	0	0	(285)
Net income (loss) attributable to Southwestern Energy	$           604,118	$           509,451	$              94,667	$         (604,118)	$            604,118
Year ended December 31, 2009:
Operating revenues	$                      0	$       2,071,746	$           207,672	$         (133,639)	$        2,145,779
Operating costs and expenses:
Gas purchases	0	483,922	0	(1,086)	482,836
Operating expenses	0	201,964	66,682	(132,105)	136,541
General and administrative expenses	0	109,870	13,196	(448)	122,618
Depreciation, depletion and amortization	0	472,757	20,901	0	493,658
Impairment of natural gas & oil properties	0	907,812	0	0	907,812
Taxes, other than income taxes	0	33,935	3,345	0	37,280
Total operating costs and expenses	0	2,210,260	104,124	(133,639)	2,180,745
Operating income (loss)	0	(138,514)	103,548	0	(34,966)
Other income, net	0	1,388	61	0	1,449
Equity in earnings of subsidiaries	(35,650)	0	0	35,650	0
Interest expense	0	12,760	5,878	0	18,638
Income (loss) before income taxes	(35,650)	(149,886)	97,731	35,650	(52,155)
Provision (benefit) for income taxes	0	(53,549)	37,186	0	(16,363)
Net income (loss)	(35,650)	(96,337)	60,545	35,650	(35,792)
Less: Net loss attributable to noncontrolling interest	0	(142)	0	0	(142)
Net income (loss) attributable to Southwestern Energy	$            (35,650)	$            (96,195)	$              60,545	$             35,650	$             (35,650)

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS
	Parent	Guarantors	Non- Guarantors	Eliminations	Consolidated
	(in thousands)
December 31, 2011:
ASSETS
Cash and cash equivalents	$         14,711	$                  0	$              916	$                0	$        15,627
Accounts receivable	2,914	309,038	29,963	0	341,915
Inventories	0	45,260	974	0	46,234
Other current assets	6,087	563,635	4,780	0	574,502
Total current assets	23,712	917,933	36,633	0	978,278
Intercompany receivables	2,053,132	53	23,517	(2,076,702)	0
Property and equipment	180,300	9,731,944	1,148,575	0	11,060,819
Less: Accumulated depreciation, depletion and amortization	57,254	4,220,205	137,880	0	4,415,339
	123,046	5,511,739	1,010,695	0	6,645,480
Investments in subsidiaries (equity method)	3,256,195	0	0	(3,256,195)	0
Other assets	28,641	227,152	23,346	0	279,139
Total assets	$    5,484,726	$    6,656,877	$    1,094,191	$  (5,332,897)	$   7,902,897
LIABILITIES AND EQUITY
Accounts and notes payable	$      206,541	$       332,710	$         37,276	$                0	$       576,527
Other current liabilities	4,712	301,170	2,504	0	308,386
Total current liabilities	211,253	633,880	39,780	0	884,913
Intercompany payables	0	1,628,750	447,952	(2,076,702)	0
Long-term debt	1,342,100	0	0	0	1,342,100
Deferred income taxes	(97,045)	1,442,576	241,267	0	1,586,798
Other liabilities	59,114	54,826	5,842	0	119,782
Total liabilities	1,515,422	3,760,032	734,841	(2,076,702)	3,933,593
Commitments and contingencies
Total equity	3,969,304	2,896,845	359,350	(3,256,195)	3,969,304
Total liabilities and equity	$    5,484,726	$    6,656,877	$     1,094,191	$  (5,332,897)	$    7,902,897
December 31, 2010:
ASSETS
Cash and cash equivalents	$           8,381	$           7,631	$                43	$                0	$         16,055
Accounts receivable	382	331,154	20,037	0	351,573
Inventories	0	34,263	835	0	35,098
Other current assets	5,015	171,060	2,092	0	178,167
Total current assets	13,778	544,108	23,007	0	580,893
Intercompany receivables	1,820,857	131	18,724	(1,839,712)	0
Investments	0	11,103	(11,102)	(1)	0
Property and equipment	124,823	7,871,279	984,783	0	8,980,885
Less: Accumulated depreciation, depletion and amortization	52,256	3,526,010	104,422	0	3,682,688
	72,567	4,345,269	880,361	0	5,298,197
Investments in subsidiaries (equity method)	2,253,871	0	0	(2,253,871)	0
Other assets	18,918	92,747	26,708	0	138,373
Total assets	$    4,179,991	$    4,993,358	$       937,698	$  (4,093,584)	$    6,017,463
LIABILITIES AND EQUITY
Accounts and notes payable	$       175,476	$       336,411	$         33,208	$                0	$       545,095
Other current liabilities	3,288	142,839	2,761	0	148,888
Total current liabilities	178,764	479,250	35,969	0	693,983
Intercompany payable	0	1,317,696	522,017	(1,839,713)	0
Long-term debt	1,093,000	0	0	0	1,093,000
Deferred income taxes	(98,206)	1,066,166	162,332	0	1,130,292
Other liabilities	41,557	89,986	3,769	0	135,312
Total liabilities	1,215,115	2,953,098	724,087	(1,839,713)	3,052,587
Commitments and contingencies
Total equity	2,964,876	2,040,260	213,611	(2,253,871)	2,964,876
Total liabilities and equity	$    4,179,991	$    4,993,358	$       937,698	$  (4,093,584)	$    6,017,463

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
	Parent	Guarantors	Non-Guarantors	Eliminations	Consolidated
	(in thousands)
Year ended December 31, 2011:
Net cash provided by operating activities	$      14,688	$ 1,482,853	$    242,276	$              0	$ 1,739,817
Investing activities:
Capital investments	(66,647)	(1,916,246)	(201,581)	0	(2,184,474)
Proceeds from sale of property and equipment	0	154,261	265	0	154,526
Transfers to restricted cash	(85,055)	0	0	0	(85,055)
Transfers from  restricted cash	85,055	0	0	0	85,055
Other	16,263	(43,961)	32,856	0	5,158
Net cash used in investing activities	(50,384)	(1,805,946)	(168,460)	0	(2,024,790)
Financing activities:
Intercompany activities	(242,277)	315,462	(73,185)	0	0
Payments on current portion of long-term debt	(1,200)	0	0	0	(1,200)
Payments on revolving long-term debt	(3,445,900)	0	0	0	(3,445,900)
Borrowings under revolving long-term debt	3,696,200	0	0	0	3,696,200
Other	35,203	0	0	0	35,203
Net cash provided by financing activities	42,026	315,462	(73,185)	0	284,303
Effect of exchange rate changes on cash	0	0	242	0	242
Increase (decrease) in cash and cash equivalents	6,330	(7,631)	873	0	(428)
Cash and cash equivalents at beginning of year	8,381	7,631	43	0	16,055
Cash and cash equivalents at end of year	$        14,711	$            0	$           916	$              0	$      15,627
Year ended December 31, 2010:
Net cash provided by operating activities	$      25,865	$ 1,368,248	$    248,472	$              0	$ 1,642,585
Investing activities:
Capital investments	(46,062)	(1,718,847)	(308,265)	0	(2,073,174)
Proceeds from sale of property and equipment	0	348,274	1,953	0	350,227
Transfers to restricted cash	(356,035)	0	0	0	(356,035)
Transfers from  restricted cash	356,035	0	0	0	356,035
Other	11,864	(22,719)	8,171	0	(2,684)
Net cash used in investing activities	(34,198)	(1,393,292)	(298,141)	0	(1,725,631)
Financing activities:
Intercompany activities	(76,904)	26,899	50,005	0	0
Payments on current portion of long-term debt	(1,200)	0	0	0	(1,200)
Payments on revolving long-term debt	(2,958,100)	0	0	0	(2,958,100)
Borrowings under revolving long-term debt	3,054,800	0	0	0	3,054,800
Other	(9,260)	0	0	0	(9,260)
Net cash provided by financing activities	9,336	26,899	50,005	0	86,240
Effect of exchange rate changes on cash	0	0	(323)	0	(323)
Increase in cash and cash equivalents	1,003	1,855	13	0	2,871
Cash and cash equivalents at beginning of year	7,378	5,776	30	0	13,184
Cash and cash equivalents at end of year	$        8,381	$         7,631	$             43	$              0	$      16,055
Year ended December 31, 2009:
Net cash provided by operating activities	$      58,212	$ 1,198,995	$    102,169	$              0	$ 1,359,376
Investing activities:
Capital investments	(17,075)	(1,517,990)	(245,100)	0	(1,780,165)
Proceeds from sale of property and equipment	0	763	55	0	818
Other	10,980	(29,238)	17,001	0	(1,257)
Net cash used in investing activities	(6,095)	(1,546,465)	(228,044)	0	(1,780,604)
Financing activities:
Intercompany activities	(478,843)	353,246	125,597	0	0
Payments on current portion of long-term debt	(61,200)	0	0	0	(61,200)
Payments on revolving long-term debt	(1,371,700)	0	0	0	(1,371,700)
Borrowings under revolving long-term debt	1,696,200	0	0	0	1,696,200
Other	(25,165)	0	0	0	(25,165)
Net cash provided by (used in) financing activities	(240,708)	353,246	125,597	0	238,135
Increase (decrease) in cash and cash equivalents	(188,591)	5,776	(278)	0	(183,093)
Cash and cash equivalents at beginning of year	195,969	0	308	0	196,277
Cash and cash equivalents at end of year	$        7,378	$         5,776	$             30	$              0	$      13,184