SOUTHWESTERN ENERGY COMPANY
Contact: Christina Fowler
501.548.6873 (o) or 501.428.0844 (c)
christina_fowler@swn.com
Company invested in long-term growth fueled by innovation
CONWAY, Ark., Oct. 1, 2014 - Arkansas Governor Mike Beebe will join Southwestern Energy Company (NYSE: SWN) employees on Oct. 1 in Conway to celebrate the company's 10 year anniversary in the Fayetteville Shale play. Southwestern Energy is credited with being the first to discover the economic viability of the play and produce its natural gas. Since drilling its first successful well in 2004, SWN has produced more than 3.6 trillion cubic feet (Tcf) of natural gas from the Fayetteville Shale in north central Arkansas - 486 billion cubic feet (Bcf) in 2013 alone.
"This is certainly a milestone in the development of the play, and I'm proud of our role in its discovery and production," said SWN President and CEO Steve Mueller. "Our work in the Fayetteville Shale play has helped make us a stronger company and put the state on the map as a major contributor to the country's energy supply." Mueller says as advancements in technology continue to be made, SWN and other companies are able to drill in less time and focus on opportunities to exceed production expectations.
In addition to the anniversary of the Fayetteville Shale, SWN is also marking five years in
Pennsylvania's Marcellus Shale this month.
Arkansas is one of 31 states currently producing natural gas, and since SWN began production a decade ago in the Fayetteville Shale, it has become the fourth largest producer of natural gas in the lower 48 states. The company remains the largest producer of natural gas in the Fayetteville Shale with
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approximately 1,500 employees focused on the development of the company's 905,684 net acres. SWN has invested more than $10 billion in the project since 2004. That investment includes drilling and equipment for more than 3,500 wells by the end of 2013.
The Fayetteville Shale play has made significant contributions to the state's economy over the last 10 years. With more than $1 billion paid to SWN royalty owners in the Fayetteville Shale since 2004, the industry continues to generate jobs for Arkansans and revenue for the state. From 2008-2011, the industry generated more than $109 million in property tax revenues and nearly $2 billion in state and local taxes from permit fees and severance, property, income, sales and other taxes. Jobs in the state increased during that time from 14,500 to 22,500. It's estimated that nearly 30,000 jobs are supported by the natural gas industry in Arkansas today.
According to IHS, a global information provider, unconventional oil and gas activity contributed value- added economic activity of nearly $4 billion in Arkansas in 2012. They forecast that this contribution will grow to nearly $7 billion by 2035. As for labor income, the average annual wage in Arkansas in
2012 was $46,700, while the average wage of direct jobs in unconventional oil and gas activity was significantly higher at $83,800, providing a solid quality of life for state residents employed by the industry.
While the majority of the company's Arkansas-based employees operate out of its Conway office, it
also has facilities in Russellville, Judsonia, Damascus, North Little Rock and Cleveland that support the Fayetteville Shale as well as compressed natural gas filling stations in Conway and Damascus that are open to the public. Additionally, SWN has an office in Ozark that oversees its Arkoma Basin operations where production has taken place since 1943.
Outside of its positive economic implications, companies like SWN have put a strong emphasis on building partnerships that benefit local communities. In 2013, SWN contributed $1.8 million to communities. The company's contributions, both financially and through volunteer hours, focus on education, environment, disaster relief, community vitality, and health and nutrition. Long-term partnerships include the Southwestern Energy Arkansas State Science and Engineering Fair, Junior Achievement of Arkansas and the petroleum technology program at the University of Arkansas
Community College at Morrilton.
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And through its ECH2O program, the company has partnered with The Nature Conservancy in Arkansas to fund the river restoration of the Archey Fork near Clinton. The company has also committed that for each gallon of fresh water it uses in its operations; it will replenish or offset an equivalent amount through conservation and innovation.
Currently the fourth largest producer of natural gas in the continental United States, Southwestern Energy Company is a growing independent energy company primarily engaged in natural gas and crude oil exploration, development and production. Additional information can be found on the company's website, www.swn.com.
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