Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2012

Dec. 31, 2011

Condensed Consolidating Financial Information [Abstract]

Condensed Consolidating Statements of Operations

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS
(Unaudited)
	Parent	Guarantors	Non-Guarantors	Eliminations	Consolidated
	(in thousands)
Three months ended March 31, 2012:
Operating revenues	$                0	$       614,445	$        113,125	$       (71,101)	$       656,469
Operating costs and expenses:
Gas purchases – midstream services	0	146,903	0	(227)	146,676
Operating expenses	0	103,056	27,981	(70,079)	60,958
General and administrative expenses	0	41,708	7,913	(795)	48,826
Depreciation, depletion and amortization	0	182,837	10,790	0	193,627
Taxes, other than income taxes	0	16,998	3,424	0	20,422
Total operating costs and expenses	0	491,502	50,108	(71,101)	470,509
Operating income	0	122,943	63,017	0	185,960
Other income (loss), net	0	(174)	(26)	0	(200)
Equity in earnings of subsidiaries	107,704	0	0	(107,704)	0
Interest expense	0	3,755	3,583	0	7,338
Income (loss) before income taxes	107,704	119,014	59,408	(107,704)	178,422
Provision for income taxes	0	46,892	23,826	0	70,718
Net income (loss) attributable to Southwestern Energy	107,704	72,122	35,582	(107,704)	107,704
Other comprehensive income	254	65,835	481	0	66,570
Comprehensive income (loss)	$       107,958	$       137,957	$         36,063	$     (107,704)	$       174,274
Three months ended March 31, 2011:
Operating revenues	$                0	$       641,843	$         93,658	$       (59,166)	$       676,335
Operating costs and expenses:
Gas purchases – midstream services	0	170,582	0	(352)	170,230
Operating expenses	0	86,852	27,984	(58,038)	56,798
General and administrative expenses	0	32,044	5,849	(776)	37,117
Depreciation, depletion and amortization	0	154,401	9,046	0	163,447
Taxes, other than income taxes	0	13,907	2,185	0	16,092
Total operating costs and expenses	0	457,786	45,064	(59,166)	443,684
Operating income	0	184,057	48,594	0	232,651
Other income (loss), net	0	345	29	0	374
Equity in earnings of subsidiaries	136,609	0	0	(136,609)	0
Interest expense	0	3,645	3,791	0	7,436
Income (loss) before income taxes	136,609	180,757	44,832	(136,609)	225,589
Provision for income taxes	0	71,362	17,618	0	88,980
Net income (loss) attributable to Southwestern Energy	$       136,609	$       109,395	$         27,214	$     (136,609)	$       136,609
Other comprehensive income	197	(24,992)	262	0	(24,533)
Comprehensive income (loss)	136,806	84,403	27,476	(136,609)	112,076

Condensed Consolidating Balance Sheets

CONDENSED CONSOLIDATING BALANCE SHEETS
(Unaudited)
	Parent	Guarantors	Non- Guarantors	Eliminations	Consolidated
	(in thousands)
March 31, 2012:
ASSETS
Cash and cash equivalents	$      205,415	$           489	$             263	$                0	$      206,167
Accounts receivable	2,940	260,402	35,974	0	299,316
Inventories	0	36,408	915	0	37,323
Other current assets	4,703	679,271	1,627	0	685,601
Total current assets	213,058	976,570	38,779	0	1,228,407
Intercompany receivables	2,068,919	41	22,329	(2,091,289)	0
Property and equipment	194,097	10,271,762	1,178,095	0	11,643,954
Less: Accumulated depreciation, depletion and amortization	61,540	4,405,113	151,229	0	4,617,882
	132,557	5,866,649	1,026,866	0	7,026,072
Investments in subsidiaries (equity method)	3,433,064	0	0	(3,433,064)	0
Other assets	36,212	240,120	23,350	0	299,682
Total assets	$    5,883,810	$    7,083,380	$    1,111,324	$  (5,524,353)	$    8,554,161
LIABILITIES AND EQUITY
Accounts and notes payable	$       96,277	$     430,906	$         48,857	$                0	$       576,040
Other current liabilities	13,033	370,224	1,347	0	384,604
Total current liabilities	109,310	801,130	50,204	0	960,644
Intercompany payables	0	1,728,162	363,127	(2,091,289)	0
Long-term debt	1,669,380	0	0	0	1,669,380
Deferred income taxes	(96,880)	1,492,017	265,147	0	1,660,284
Other liabilities	50,241	56,198	5,655	0	112,094
Total liabilities	1,732,051	4,077,507	684,133	(2,091,289)	4,402,402
Commitments and contingencies
Total equity	4,151,759	3,005,873	427,191	(3,433,064)	4,151,759
Total liabilities and equity	$    5,883,810	$    7,083,380	$    1,111,324	$  (5,524,353)	$   8,554,161

CONDENSED CONSOLIDATING BALANCE SHEETS
(Unaudited)
	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

Condensed Consolidating Statements of Cash Flows

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(Unaudited)
	Parent	Guarantors	Non-Guarantors	Eliminations	Consolidated
	(in thousands)
Three months ended March 31, 2012:
Net cash provided by (used in) operating activities	$       (66,501)	$       428,743	$        82,421	$                0	$       444,663
Investing activities:
Capital investments	(15,673)	(502,036)	(39,922)	0	(557,631)
Proceeds from sale of property and equipment	0	651	0	0	651
Other	4,085	(9,440)	(7,125)	0	1,770
Net cash used in investing activities	(11,588)	(510,825)	(32,797)	0	(555,210)
Financing activities:
Intercompany activities	(32,324)	82,571	(50,247)	0	0
Payments on revolving long-term debt	(1,271,300)	0	0	0	(1,271,300)
Borrowings under revolving long-term debt	599,800	0	0	0	599,800
Proceeds from issuance of long-term debt	998,780	0	0	0	998,780
Other items	(26,163)	0	0	0	(26,163)
Net cash provided by (used in) financing activities	268,793	82,571	(50,247)	0	301,117
Effect of exchange rate changes on cash	0	0	(30)	0	(30)
Increase (decrease) in cash and cash equivalents	190,704	489	(653)	0	190,540
Cash and cash equivalents at beginning of year	14,711	0	916	0	15,627
Cash and cash equivalents at end of period	$       205,415	$           489	$             263	$                0	$       206,167
Three months ended March 31, 2011:
Net cash provided by (used in) operating activities	$       (26,284)	$       359,234	$         63,529	$                0	$       396,479
Investing activities:
Capital investments	(15,533)	(469,341)	(41,265)	0	(526,139)
Proceeds from sale of property and equipment	0	11,056	0	0	11,056
Other	3,574	(6,100)	2,151	0	(375)
Net cash used in investing activities	(11,959)	(464,385)	(39,114)	0	(515,458)
Financing activities:
Intercompany activities	(75,684)	99,515	(23,831)	0	0
Payments on revolving long-term debt	(782,800)	0	0	0	(782,800)
Borrowings under revolving long-term debt	892,700	0	0	0	892,700
Other items	10,389	0	0	0	10,389
Net cash provided by (used in) financing activities	44,605	99,515	(23,831)	0	120,289
Effect of exchange rate changes on cash	0	0	22	0	22
Increase (decrease) in cash and cash equivalents	6,362	(5,636)	606	0	1,332
Cash and cash equivalents at beginning of year	8,381	7,631	43	0	16,055
Cash and cash equivalents at end of period	$         14,743	$           1,995	$              649	$                0	$         17,387