Southwestern Energy Company, Company Intelligence Report


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GlobalData

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Southwestern Energy Company, Company Intelligence Report

Summary

Southwestern Energy Company (Southwestern) is an independent energy company involved in upstream and midstream operations in North America. The companys major Exploration and Production (E&P) activities are located primarily in Texas, Pennsylvania, Arkansas, Oklahoma, New Mexico, and Louisiana. The company also generates revenue from its midstream services, including the transportation and marketing of natural gas and gas purchased from third parties. The companys headquarters are in the US.

Southwesterns exploration activities are located primarily in the Fayetteville Shale, Marcellus Shale, East Texas, Arkoma Basin, New Brunswick, and Lower Smackover Brown Dense (LSBD) areas, with major focus on the Fayetteville Shale. By the end of 2012, the company possessed about 3.1 MM net acres of undeveloped acreage in the Fayetteville Shale play. In 2011, the company worked on a number of cost reduction initiatives in the Fayetteville Shale

Scope

  • Key Highlights: This section provides detailed analysis on the companys overall oil and gas value chain, new projects, growth opportunities, new ventures, assets performance, geographical results of oil and gas operations. 
  • Goals and Strategies: This section provides the upcoming goals and strategies of the company. The section mainly goals and strategies followed by the company in order to meet its upcoming goals. 
  • SWOT: The reports SWOT section provides the internal strength, weakness, opportunities and threats of company to reflect its strategic positions in the market. 
  • Production and Development Overview: This section highlights the companys crude oil and natural gas production forecast from its legacy and upcoming assets by region and commodity mix for next five years. The report also covers the detailed information and analysis on the companys producing and development assets. 
  • Exploration: This section includes detailed explanation and analysis on the companys exploration assets resulted due to new discoveries, new drilling and other activities. 
  • M&A trends: This section mainly provides information and analysis on the companys recent assets transactions, joint ventures, acquisition, and divestment activities during the last one year. This section highlights the companys status as a buyer or seller during the analyzed period. 
  • Financial Forecast and Valuation: This section highlights the detailed financial statement forecast for next five years. With the financial statement forecast, this section also provides intrinsic value of the company by using Valuation method. 
  • Financial and Operational Metrics: This section covers the companys historical performance on several financial and operational parameters such as Production and Reserves, Reserves Replacement, Costs Incurred, Acreage, Wells, F&D Costs, Oil and Gas Revenue and Expenses etc.

Reasons to buy

  • The report will enhance the decision-making capability in a more rapid and time sensitive manner. It will allow you to 
  • Provide detailed analysis to those who are interested in knowing the companies existing and future business strategies.
  • Provide in-depth analysis on the companies E&P profiles along with the exploration and M&A updates. 
  • Provide valuable insights to those who are tracking oil and gas markets and wants to know the intrinsic value of the companies. 
  • Use the analysis for strategy and planning, M&A identifications, and competitor analysis.
Table of Content

1 Table of Contents
1 Table of Contents 3
1.1 List of Tables 5
1.2 List of Figures 6

2 Southwestern Energy Company, Overview 9

3 Southwestern Energy Company, Key Highlights 13
3.1 Focus on Marcellus Shale to Drive Future Growth 13
3.2 Continued Focus on the Development of the Fayetteville Shale to Drive Its Future Production 15
3.3 Development of New Ventures to Support Growth of Southwesterns Oil Production in the Long Run 16
3.4 Balanced Operational Performance Among Peers 17

4 Southwestern Energy Company, SWOT Analysis 19
4.1 Strengths 19
4.1.1 Strong and Solid Presence in Fayetteville Shale 19
4.1.2 Lowest Cost Structure 20
4.1.3 Strong Liquidity Position 21
4.2 Weaknesses 22
4.2.1 Comparatively Low Reserve Life Index 22
4.2.2 High Dependence upon Natural Gas 23
4.2.3 Less Geographically Diversified 23
4.3 Opportunities 24
4.3.1 New Projects to Drive Growth of Oil Production 24
4.4 Threats 24
4.4.1 Stricter Regulations in Unconventional Drilling May Affect Growth Plans 24

5 Southwestern Energy Company, Goals and Strategies 25
5.1 Maintaining Liquidity to Fund Capital Investments 25
5.2 Expansion of Upstream Portfolio Through Enhanced Development Activities 25
5.3 Maintenance of Optimum per Unit Costs 25

6 Southwestern Energy Company, Production Overview 28
6.1 Production Profile 28

7 Southwestern Energy Company Exploration and Development Overview 30
7.1 Fayetteville Shale 32
7.2 Marcellus Shale 33
7.3 New Ventures 34
7.3.1 Lower Smackover Brown Dense 34
7.3.2 Denver-Julesburg Basin 35
7.3.3 New Brunswick 36

8 Southwestern Energy Company, Capital Expenditure 37
8.1 Costs Incurred 38

9 Southwestern Energy Company, Acreage 40

10 Southwestern Energy Company, Mergers and Aquisitions Activity 42

11 Southwestern Resources Incorporated, Forecast Production and Financial Statements 43
11.1 Income Statement (20102017) 44
11.2 Balance Sheet (20102017) 45
11.3 Cash Flow Statement (20102017) 46

12 Southwestern Energy Company, Valuation 47
12.1 Net Asset Value 47

13 Southwestern Energy Company, Peer Comparison 48
13.1 Share Price Performance 48
13.2 Operational and Financial Performance 49
13.3 Key Financial and Operational Ratios 52

14 Southwestern Energy Company, Oil & Gas Exploration and Production Operations and Cost Analysis 55
14.1 Southwestern Energy Company Total Oil and Gas, Reserves and Production 55
14.1.1 Total Crude Oil and Natural Gas Production and Reserves Trend, 2008-2012 55
14.1.2 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2008-2012 57
14.1.3 Total Crude Oil and Natural Gas Reserve Changes, 2008-2012 59
14.2 Southwestern Energy Company Crude Oil/Liquids Production and Reserve 60
14.2.1 Crude Oil/Liquids Production and Reserve Trend, 2008-2012 60
14.2.2 Crude Oil Production and Reserves By Country/Region, 2008-2012 61
14.2.3 Crude Oil/Liquids Reserve Changes, 2008-2012 63
14.3 Southwestern Energy Company, Natural Gas Production and Reserve 64
14.3.1 Natural Gas Production and Reserve Trend, 2008-2012 64
14.3.2 Natural Gas Production and Reserves, By Country/Region, 2008-2012 65
14.3.3 Natural Gas Reserve Changes, 2008-2012 67
14.4 Southwestern Energy Company, Total Crude Oil and Natural Gas Reserves Life Index 68
14.4.1 Total Crude Oil and Natural Gas Reserves Life Index, 2008-2012 68
14.4.2 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2008-2012 69
14.5 Southwestern Energy Company, E&P Costs Trends 71
14.5.1 Upstream Capital Expenditure, 2008-2012 71
14.5.2 Acquisition Costs By Country/Region, 2008-2012 72
14.5.3 Exploration and Development Costs, By Country/Region, 2008-2012 73
14.6 Southwestern Energy Company, Oil and Gas Cost Per boe, $/boe 75
14.6.1 Oil and Gas Cost Per boe, $/boe, 2008-2012 75
14.6.2 Oil and Gas Cost Per boe, $/boe, By Country/Region, 2008-2012 77
14.7 Southwestern Energy Company, Reserve Replacement Ratio 80
14.7.1 Oil and Gas Production Replacement Ratio, 2008-2012 80
14.7.2 Oil and Gas Production Replacement Ratio, By Country/Region, 2008-2012 82
14.8 Southwestern Energy Company, Results of Oil & Gas Operations Trend 86
14.8.1 Oil and Gas Revenue and Expenses, 2008-2012 86
14.8.2 Oil and Gas Revenue and Expenses, By Country/Region, 2008-2012 87
14.9 Southwestern Energy Company, Oil and Gas Revenue and Expenses, Per boe 92
14.9.1 Oil and Gas Revenue and Expenses, By boe, 2008-2012 92
14.9.2 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2008-2012 93
14.10 Southwestern Energy Company, Oil and Gas Performance Metrics 97
14.11 Southwestern Energy Company, Land Holdings and Well Data 98
14.11.1 Gross and Net Developed and Undeveloped Acreage, 2008-2012 98
14.11.2 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2008-2012 99
14.12 Southwestern Energy Company, Well Statistics 102
14.12.1 Producible Oil and Gas Well, 2008-2012 102
14.12.2 Producible Oil and Gas Well, By Country/Region, 2008-2012 103
14.12.3 Exploration and Development Wells Drilled, 2008-2012 107
14.12.4 Exploration and Development Wells Drilled, By Country/Region, 2008-2012 108

15 Appendix 109
15.1 Abbreviations 109
15.2 Sources 110
15.3 Methodology 110
15.3.1 Coverage 110
15.3.2 Secondary Research 111
15.3.3 Primary Research 111
15.4 Contact Us 111
15.5 Disclaimer 111

Table 1: Marcellus Shale, Operational Parameters of Major Companies, Latest Reported 14
Table 2: Fayetteville Shale, Major Sector Players, Net Acres, Latest Reported 15
Table 3: Operations, Net Acres, 2012 17
Table 4: Southwestern Energy Company, Upstream Growth Profile, 20132017 29
Table 5: Southwestern Energy Company, Costs Incurred (US$ MM), 20102012 38
Table 6: Southwestern Energy Company, Reserve Replacement Ratio and Finding and Development Cost, 20102012 39
Table 7: Southwestern Energy Company, Key Transactions as a Buyer, 20042012 42
Table 8: Southwestern Energy Company, Key Transactions as a Seller, 20062012 42
Table 9: Southwestern Energy Company, Forecast Production, 20102017 43
Table 10: GlobalData, Price Forecasts, 20132017 43
Table 11: Southwestern Energy Company, Income Statement (US$ MM), 20102017 44
Table 12: Southwestern Energy Company, Balance Sheet (US$ MM), 20102017 45
Table 13: Southwestern Energy Company, Cash Flow Statement (US$ MM), 20102017 46
Table 14: Southwestern Resources Inc., Net Asset Value, 2012 47
Table 15: Southwestern Energy Company and Peers, Operational and Financial Performance, 2012 49
Table 16: Southwestern Energy Company and Peer Group Comparison, Financial Ratios, 2012 53
Table 17: Southwestern Energy Company, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2008-2012 56
Table 18: Southwestern Energy Company, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2008-2012 58
Table 19: Southwestern Energy Company, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2008-2012 59
Table 20: Southwestern Energy Company, Crude Oil Production and Reserves Metrics, MMbbl, 2008-2012 60
Table 21: Southwestern Energy Company, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2008-2012 62
Table 22: Southwestern Energy Company, Crude Oil Reserve Changes, MMbbl, 2008-2012 63
Table 23: Southwestern Energy Company, Natural Gas Production and Reserves Metrics, Bcf, 2008-2012 64
Table 24: Southwestern Energy Company, Natural Gas Production and Reserves, By Country/Region, Bcf, 2008-2012 66
Table 25: Southwestern Energy Company, Natural Gas Reserve Changes, Bcf, 2008-2012 67
Table 26: Southwestern Energy Company, Oil and Gas Reserves Life Index, Years, 2008-2012 68
Table 27: Southwestern Energy Company, Oil and Gas Reserves Life Index, By Country/Region, Years, 2008-2012 70
Table 28: Southwestern Energy Company, Upstream Capital Expenditure, $m, 2008-2012 71
Table 29: Southwestern Energy Company, Proved and Unproved Acquisition Costs, By Country/Region, $m, 2008-2012 73
Table 30: Southwestern Energy Company, Exploration and Development Costs, By Country/Region, $m, 2008-2012 74
Table 31: Southwestern Energy Company, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2008-2012 76
Table 32: Southwestern Energy Company, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, By Country/Region, 2008-2012 79
Table 33: Southwestern Energy Company, Oil and Gas Production Replacement Ratio, %, 2008-2012 81
Table 34: Southwestern Energy Company, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2008-2012 85
Table 35: Southwestern Energy Company, Revenue and Expenses, $m, 2008-2012 86
Table 36: Southwestern Energy Company, Revenue and Expenses, By Country/Region, $m, 2008-2012 91
Table 37: Southwestern Energy Company, Oil and Gas Revenue and Expenses, $/boe, 2008-2012 92
Table 38: Southwestern Energy Company, Oil and Gas Revenue and Expenses, $/boe, By Country/Region, 2008-2012 96
Table 39: Southwestern Energy Company, Oil and Gas Performance Metrics, 2008-2012 97
Table 40: Southwestern Energy Company, Land Holdings (Developed and Undeveloped Acreage), Acres, 2008-2012 98
Table 41: Southwestern Energy Company, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2008-2012 101
Table 42: Southwestern Energy Company, Producible Oil and Gas Wells, 2008-2012 102
Table 43: Southwestern Energy Company, Producible Oil and Gas Wells, By Country/Region, 2008-2012 106
Table 44: Southwestern Energy Company, Exploratory and Developed Wells, 2008-2012 107
Table 45: Southwestern Energy Company, Exploratory and Developed Wells, By Country/Region, 2008-2012 108
Figure 1: Southwestern Energy Company, Operational Map, 2012 9
Figure 2: Southwestern Energy Company, Performance Overview, 20092012 11
Figure 3: Southwestern Resources Incorporated, Share Performance, March 2012March 2013 12
Figure 4: Southwestern Energy Company, Operational Performance Among Peers, 2012 18
Figure 5: Southwestern Energy Company, Net Acres (Thousand Acres), Comparison with Companies in Fayetteville Shale, 2012 19
Figure 6: Southwestern Energy Company, Lifting Cost, Finding and Development Cost, Finding Cost per boe in Comparison with Peers, 2012 20
Figure 7: Southwestern Energy Company, Capex to CFO Ratio, 20092012 21
Figure 8: Southwestern Energy Company, Reserve Life Index in Comparison with Peer Group (Years), 20092012 22
Figure 9: Southwestern Energy Company, Contribution of Natural Gas in Total Reserves and Production (%), 20092012 23
Figure 10: Southwestern Energy Company and Peers, Three Year Finding Cost (US$ per boe), 20092012 26
Figure 11: Southwestern Energy Company and Peers, Three Year Lifting Cost (US$ per boe), 20092012 27
Figure 12: Southwestern Energy Company, Crude Oil and Natural Gas Production (mmboe), 20092017 29
Figure 13: Southwestern Energy Company, Net Productive and Dry Exploratory and Development Wells, 20092012 30
Figure 14: Southwestern Energy Company, Net Productive and Dry Exploratory and Development Wells, 20092012 31
Figure 15: Southwestern Energy Company, Fayetteville Shale, Operational Map, 2012 32
Figure 16: Southwestern Energy Company, Marcellus Shale, Operational Map, 2012 33
Figure 17: Southwestern Energy Company, LSBD Formation, Operational Map, 2012 34
Figure 18: Southwestern Energy Company, Denver-Julesburg Basin, Operational Map, 2012 35
Figure 19: Southwestern Energy Company, New Brunswick, Canada, Operational Map, 2012 36
Figure 20: Southwestern Energy Company, Capital Expenditure Classification (US$ MM), 20122013 37
Figure 21: Southwestern Energy Company, Costs Incurred (US$ MM), 20102012 38
Figure 22: Southwestern Energy Company, Reserve Replacement Ratio (%) and Finding & Development Cost (US$ MM), 20102012 39
Figure 23: Southwestern Energy Company Vs Peers, Total Net Acreage Comparison (Million Acres), 2012 40
Figure 24: Southwestern Energy Company, Net Developed and Undeveloped Acreage (Million Acres), 20092012 41
Figure 25: Southwestern Energy Company Vs Peer Group, Relative Share Price Performance Index, March 2012March 2013 48
Figure 26: Southwestern Energy Company and Peers, Finding and Development Costs and Reserve Additions, 2012 50
Figure 27: Southwestern Energy Company and Peer Group, Operational and Financial Parameters (US$ per boe), 2012 51
Figure 28: Southwestern Energy Company and Peers, Total Reserves and Production (mmboe), 2012 52
Figure 29: Southwestern Energy Company, Valuation Ratios, 2012 54
Figure 30: Southwestern Energy Company, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2008-2012 55
Figure 31: Southwestern Energy Company, Total Oil & Gas Reserves, End of Period, By Country/Region, MMboe, 2008-2012 57
Figure 32: Southwestern Energy Company, Total Oil & Gas Production, By Country/Region, MMboe, 2008-2012 57
Figure 33: Southwestern Energy Company, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2012 59
Figure 34: Southwestern Energy Company, Crude Oil Production and Reserves Metrics, MMbbl, 2008-2012 60
Figure 35: Southwestern Energy Company, Oil Reserves, End of Period, By Country/Region, MMbbls, 2008-2012 61
Figure 36: Southwestern Energy Company, Oil Production, By Country/Region, MMbbl, 2008-2012 61
Figure 37: Southwestern Energy Company, Crude Oil Reserve Changes, MMbbl, 2012 63
Figure 38: Southwestern Energy Company, Natural Gas Production and Reserves Metrics, Bcf, 2008-2012 64
Figure 39: Southwestern Energy Company, Gas Reserves, End of Period, By Country/Region, Bcf, 2008-2012 65
Figure 40: Southwestern Energy Company, Gas Production, By Country/Region, Bcf, 2008-2012 65
Figure 41: Southwestern Energy Company, Natural Gas Reserve Changes, Bcf, 2012 67
Figure 42: Southwestern Energy Company, Oil and Gas Reserves Life Index, Years, 2008-2012 68
Figure 43: Southwestern Energy Company, Gas Reserve Life Index, By Country/Region, Ratio, 2008-2012 69
Figure 44: Southwestern Energy Company, Oil & Gas Reserve Life Index, By Country/Region, Ratio, 2008-2012 69
Figure 45: Southwestern Energy Company, Oil Reserve Life Index, By Country/Region, Ratio, 2008-2012 70
Figure 46: Southwestern Energy Company, Upstream Capital Expenditure, $m, 2008-2012 71
Figure 47: Southwestern Energy Company, Proved Acquisition Costs, By Country/Region, $m, 2008-2012 72
Figure 48: Southwestern Energy Company, Unproved Acquisition Costs, By Country/Region, $m, 2008-2012 72
Figure 49: Southwestern Energy Company, Development Costs, By Country/Region, $m, 2008-2012 73
Figure 50: Southwestern Energy Company, Exploration Costs, By Country/Region, $m, 2008-2012 74
Figure 51: Southwestern Energy Company, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, $/boe, 2008-2012 75
Figure 52: Southwestern Energy Company, Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, $/boe, 2008-2012 77
Figure 53: Southwestern Energy Company, Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, $/Boe, 2008-2012 77
Figure 54: Southwestern Energy Company, Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, $/boe, 2008-2012 78
Figure 55: Southwestern Energy Company, Proved Reserves Acquisition Cost per boe, 3-Year Average, By Country/Region, $/Boe, 2008-2012 78
Figure 56: Southwestern Energy Company, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2008-2012 80
Figure 57: Southwestern Energy Company, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2008-2012 82
Figure 58: Southwestern Energy Company, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2008-2012 82
Figure 59: Southwestern Energy Company, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2008-2012 83
Figure 60: Southwestern Energy Company, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2008-2012 83
Figure 61: Southwestern Energy Company, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2008-2012 84
Figure 62: Southwestern Energy Company, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2008-2012 84
Figure 63: Southwestern Energy Company, Revenue and Expenses, $m, 2008-2012 86
Figure 64: Southwestern Energy Company, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, $m, 2008-2012 87
Figure 65: Southwestern Energy Company, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, $m, 2008-2012 87
Figure 66: Southwestern Energy Company, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, $m, 2008-2012 88
Figure 67: Southwestern Energy Company, Oil & Gas Revenue, By Country/Region, $m, 2008-2012 88
Figure 68: Southwestern Energy Company, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, $m, 2008-2012 89
Figure 69: Southwestern Energy Company, Production Costs, By Country/Region, $m, 2008-2012 89
Figure 70: Southwestern Energy Company, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, $m, 2008-2012 90
Figure 71: Southwestern Energy Company, Oil and Gas Revenue and Expenses, $/boe, 2008-2012 92
Figure 72: Southwestern Energy Company, Income Tax/(Benefit) per boe, By Country/Region, $/boe, 2008-2012 93
Figure 73: Southwestern Energy Company, Lifting Cost per boe, By Country/Region, $/boe, 2008-2012 93
Figure 74: Southwestern Energy Company, Annual Net Income per boe, By Country/Region, $/boe, 2008-2012 94
Figure 75: Southwestern Energy Company, Oil & Gas Revenue per boe, By Country/Region, $/boe, 2008-2012 94
Figure 76: Southwestern Energy Company, Total DD&A per boe, By Country/Region, $/boe, 2008-2012 95
Figure 77: Southwestern Energy Company, Total Revenue per boe, By Country/Region, $/boe, 2008-2012 95
Figure 78: Southwestern Energy Company, Oil and Gas Performance Metrics, 2008-2012 97
Figure 79: Southwestern Energy Company, Land Holdings (Developed and Undeveloped Acreage), Acres, 2008-2012 98
Figure 80: Southwestern Energy Company, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2008-2012 99
Figure 81: Southwestern Energy Company, Total Net Undeveloped Acreage, By Country/Region, Acres, 2008-2012 99
Figure 82: Southwestern Energy Company, Total Gross Developed Acreage, By Country/Region, Acres, 2008-2012 100
Figure 83: Southwestern Energy Company, Total Net Developed Acreage, By Country/Region, Acres, 2008-2012 100
Figure 84: Southwestern Energy Company, Producible Oil and Gas Wells, 2008-2012 102
Figure 85: Southwestern Energy Company, Gross Productive Gas Wells, By Country/Region, Number, 2008-2012 103
Figure 86: Southwestern Energy Company, Gross Productive Oil & Gas Wells, By Country/Region, Number, 2008-2012 103
Figure 87: Southwestern Energy Company, Gross Productive Oil Wells, By Country/Region, Number, 2008-2012 104
Figure 88: Southwestern Energy Company, Net/Gross Oil & Gas Ratio, By Country/Region, %, 2008-2012 104
Figure 89: Southwestern Energy Company, Net Productive Gas Wells, By Country/Region, Number, 2008-2012 105
Figure 90: Southwestern Energy Company, Net Productive Oil & Gas Wells, By Country/Region, Number, 2008-2012 105
Figure 91: Southwestern Energy Company, Net Productive Oil Wells, By Country/Region, Number, 2008-2012 106
Figure 92: Southwestern Energy Company, Exploratory and Developed Wells, 2008-2012 107