Stock Rating: Southwestern Energy Co.

[Pages:13]EQUITY RESEARCH COMPANY UPDATE

March 2, 2012

Stock Rating:

PERFORM

12-18 mo. Price Target SWN - NASDAQ

NA $33.70

3-5 Yr. EPS Gr. Rate 52-Wk Range Shares Outstanding Float Market Capitalization Avg. Daily Trading Volume Dividend/Div Yield Fiscal Year Ends Book Value 2012E ROE LT Debt Preferred Common Equity Convertible Available

NA $49.25-$28.37

349.0M 339.1M $11,762.8M 6,142,832 NA/NM

Dec $11.42

8.5% $1,342.1M

NA $3,696M

No

EPS Diluted Q1 Q2 Q3 Q4 Year Mult.

2010A

0.49 0.35 0.46 0.43 1.73 19.5x

2011A

0.39 0.48 0.50 0.45 1.82 18.5x

2012E

0.33 0.31 0.32 0.34 1.29 26.1x

Prior (E)

0.31 0.32 0.33 0.35 1.31 25.7x

2013E

0.34 0.36 0.39 0.45 1.54 21.9x

ENERGY/OIL & GAS

Southwestern Energy Co.

Low Natural Gas Prices Dim Earnings Outlook

SUMMARY

SWN is a pure play on US onshore gas. It has grown its production and reserves by more than 20% annually over the last 10 years, while its share price gained more than 35% annually. The Fayetteville Shale gas play in Arkansas is SWN's key asset, accounting for the bulk of its production, reserves, CAPEX, earnings and operating cash flow. SWN is rapidly expanding its presence in the Marcellus Shale gas play in Pennsylvania, and is testing its large acreage in New Brunswick, Canada, Brown Dense in Arkansas/Louisiana and D-J Basin in Eastern Colorado. The sharp drop in natural gas prices has forced spending cuts and increased borrowing to close the expected free cash flow deficit this year and next.

KEY POINTS

s 4Q11 Earnings. Net income was $158.5M, or $0.45/sh, slightly below consensus of $0.47, up 6% from a year ago but down 10% sequentially. Higher production was offset by lower gas prices of 7% and 6%, respectively. Unit costs averaged $2.54/mcfe, down 1% from 4Q10, but up 2% sequentially.

s Production. Averaged 1.45 Bcfed, up 18% from 4Q10 and 3% sequentially, and at the high end of guidance of 1.4-1.45 Bcfed. Fayetteville made up 87% of total production, averaging 1.27 Bcfed, up 18% YoY and 4% sequentially. Marcellus averaged 88 mmcfd, up from 9 mmcfd a year ago and 10% sequentially, and 6% of total.

s Operations. SWN placed 142 Fayetteville wells on production in 4Q11, boosting gross production to 1.95 Bcfd, from 1.9 Bcfd in 3Q. In the Marcellus, SWN has participated in 45 wells, 18 producing in Bradford County and 27 in Susquehanna County.

s Guidance. SWN lowered 2012E CAPEX to $2.1B, from $2.34B, primarily in the Fayetteville and New Ventures due to lower gas prices. Accordingly, 2012 production guidance was cut by 10 Bcfe, to 560-570 Bcfe (13% growth). This includes production of 465-470 Bcfe in the Fayetteville, also down 10 Bcfe.

s Proved Reserves. Grew 956 Bcfe, to 5.9 Tcfe, 100% gas and 55% developed. This included additions of 1.46 Tcfe through the drill bit and upward revisions of 33.7 Tcfe for a reserve replacement ratio of 299% and an average F&D cost of $1.31/mcf. Reserves were 87% Fayetteville, 6% Marcellus, and 7% Other.

Fadel Gheit 212-667-7405

fadel.gheit@

Robert Du Boff, CFA 212 667-8148

Robert.DuBoff@

Stock Price Performance

Company Description

1 Year Price History for SWN

Southwestern Energy Company is an

independent energy company engaged in

56

natural gas and crude exploration, development and production onshore North America. Its

48 primary producing area is the Fayetteville Shale

40

in Arkansas. It also has properties in Oklahoma, Texas and Pennsylvania.

32

Q1

Q2

Q3

24 Q1

2011

2012 Created by BlueMatrix

Oppenheimer & Co. Inc. does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. See "Important Disclosures and Certifications" section at the end of this report for important disclosures, including potential conflicts of interest. See "Price Target Calculation" and "Key Risks to Price Target" sections at the end of this report, where applicable.

Oppenheimer & Co. Inc. 85 Broad Street, New York, NY 10004 Tel: 800-221-5588 Fax: 212-667-8229

Southwestern Energy Co. 2

Earnings

2011 was a record year for SWN with production of 1.37 bcfed, up 24%, earnings of $637.9 million, or $1.82/share, up 5%, and operating cash flow of $1,751 million, up 11%. 4Q11 earnings were $158.5 million, or $0.45/sh, slightly below consensus of $0.47/sh, up 6% from 4Q10, but down 10% sequentially.

Table 1: Segment Earnings ($ mm, except share data)

% of

4Q11/

4Q11 Total

4Q10 3Q11

Oil & gas sales

538.3

72%

12%

-3%

Marketing & gathering

205.9

28%

8%

-3%

Total revenue

744.1

100%

11%

-3%

2011 2,089 864 2,953

2011/ 2010

12% 16% 13%

Total costs and expenses Total interest expense Income tax expense

Net Income

480.3 4.8

100.5 158.5

16% -30%

0% 6%

2% -15% -12%

-9%

1,878.1 24.1

413.1 637.9

18% -8% 5% 6%

EPS Diluted

$0.45

Source: Company data & Oppenheimer & Co. Inc. estimates.

6% -10% $1.82

5%

Production

Full year production of 1.37 bcfed was 87% from the Fayetteville and was essentially all natural gas. Marcellus Shale production surged from 1 Bcf in 2010 to 23 Bcf in 2011, but Ark-La-Tex production declined by 26% from 54 Bcf in 2010 to 40 Bcf in 2011.

Table 2: Production Profile

4Q11

Oil (mbd)

0.2

Gas (mmcfd)

1,447.8

Total (mmcfed)

1,449.0

Source: Company data & Oppenheimer & Co. Inc. estimates.

% of Total 0.1% 99.9% 100%

4Q11/

4Q10 3Q11

-47%

-25%

18%

3%

18%

3%

2011 0.3

1,368.2 1,369.8

2011/ 2010

-43% 24% 24%

Fayetteville Shale

SWN spud 580 operated wells in the play in 2011 and placed a record 560 operated wells on production, which boosted gross production from operated wells by 19% to 1.9 Bcfd, from 1.6 Bcfd. Drilling efficiency improved significantly with drilling times down to eight days at $2.8 million/ well with an average horizontal length of more than 4,800 feet. SWN drilled 104 wells in less than five days and placed 73 of these wells on production last year. IP rates averaged 3.6 mmcf/d in 4Q11, compared with 3.4 mmcf/d in 2011 and 3.3 mmcf/d in 2010. SWN added 1.2 Tcf of new reserves at F&D cost of $1.13/mcf, ending the year with 5.1 Tcf, up 17%.

Marcellus Shale

SWN spud 70 wells to date, including 67 horizontal wells and three vertical wells, and put 23 wells on production. Production exit rate was 133 mcf/d and was limited by deliverability constraints. The cost of drilling and completing SWN-operated horizontal wells averaged $6.4 million for 4,000 feet horizontal lateral lengths and 12 frac stages, while the EUR averaged 7.5 Bcf for the undeveloped wells and 8.6 Bcf for proved developed wells in 2011. SWN does not yet have any operated wells put on production in Susquehanna County and the first producing well is expected in the middle of March. In Bradford County, the EUR of SWN wells ranges from 5 Bcf to 15 Bcf with same pad range of 6-12 Bcf. SWN added 327 Bcf of new reserves from the play at an average F&D cost of $1.02/mcf, and now has 342 Bcf.

Southwestern Energy Co.

New Ventures

SWN had 3.6 million net undeveloped acres at the end of 2011, including 2.5 million acres in New Brunswick, Canada, and 1.1 million acres in the United States.

New Brunswick. SWN has invested $24 million in New Brunswick through December 31, 2011, and acquired 248 miles of 2-D seismic and plans to acquire 130 additional miles of 2-D seismic and drill two wells in 4Q12.

Lower Smackover Brown Dense. SWN holds 520,000 acres at an average cost of $375/acre in this play in Southern Arkansas and Northern Louisiana. It drilled its first well in Columbia County, Arkansas with vertical depth of 9,369 feet and a horizontal lateral length of 3,600 feet which was completed in 11 frack stages, and core analysis indicated this section to have the lowest permeability in the formation. The well is producing from 8 of the 11 frack stages and produced for 20 days of the planned 20-30 day clean-up period. Oil production began on the eighth day with the highest 24-hour rates 103 b/d of oil and 200 mc/d of gas and 1 mbd of water, of which 45% was recovered to date. SWN drilled its second well in Claiborne Parish, Louisiana, to a total depth of 10,863 feet in February 2012 with a 6,536-foot horizontal lateral which is being completed. Drilling was faster and rock quality was better. SWN is currently drilling its third well in Union Parish, Louisiana.

D-J Basin. SWN plans to drill wells targeting oil plays in its 238,000 net acres in the D-J Basin in Eastern Colorado, which range in vertical depths from 8,000 to 10,500 feet and are within the oil window. Its primary Atoka-Marmaton objectives are alternating low permeability, 20-100 foot thick carbonates separated by 10-75 foot thick with 2%-27% organic-rich carbonate content. The play thickness is in the 300-750 foot range. SWN lease acquisition costs averaged $176/acre with 85% average revenue interest and 5-year terms, with 3-year extensions. There is currently no production in the area, but drilling tests indicate both rich gas and high quality light crude oil.

The closest oil production to SWN acreage is 65 miles to the southeast from the Great Plains Field, discovered in 2009, from 12 wells that produced almost 1 mmbbl of 36 gravity API oil from conventional carbonate porosity zones. SWN is awaiting approval to drill its first well in Adams County in 2Q12, targeting the lower Pennsylvanian Morrow Formation with vertical depth of 9,500 feet and a 2,000 foot lateral in a Marmaton objective. It also plans to drill another 9,500 foot vertical well to the south to test the Morrow Formation. Depending on the results, SWN could ramp up its drilling activity sharply in this area in the next several years.

SWN drilled vertical wells in the Great Plains Field in the Pennsylvanian section. The reason for drilling vertically is because there is over a 2,000 foot section of potential rock interval with 300-700 feet of potential pay. The field produced 247 mmb of oil in 20 months with an IP of 1,500 b/d in the first 24 hours and a 30-day average of 634 b/d. There are 96 wells in the immediate area in Southeastern Colorado that have produced from this section, which is in the southern part of Colorado and the north end of SWN acreage is on the edge of what would be the Niobrara play, but it doesn't have Niobrara sections on its acreage.

Reserves

Year-end proved reserves increased by 19% to a record 5.9 Tcf, with approximately 45% proved undeveloped. SWN replaced 299% of its 2011 production at an average finding and developing (F&D) cost of $1.31/mcfe including revisions. This low F&D cost plus low cash costs of $1.27/mcfe provide SWN with one of the lowest cost structures in the industry.

Guidance

SWN is preparing for low natural gas prices throughout this year, and possibly for next year, and will adjust its capital spending accordingly. As a result, it has trimmed its 2012 budget to $2.1 billion from $2.3 billion. The cuts were primarily in the Fayetteville, which will likely reduce production by 10 Bcf, or 2% from the midpoint of the previous guidance. The company expects 2012 gas production to be up

3

Southwestern Energy Co.

13%.

Hedges

SWN has 266 Bcf, or 47%, of its 2012 projected natural gas production hedged with an average floor price of $5.16/mcf. SWN believes its hedge position and cash flow from its Midstream gathering business provides protection on 65% of its expected cash flow in 2012.

Low Cost Structure

SWN has one of the lowest cost structures in the industry, with cash operating costs of $1.27/mcf in 2011, including LOE, G&A, interest and taxes. Its lease operating expenses were $0.84/mcf, compared with $0.83/mcf in 2010, mainly due to increased gathering costs in the Fayetteville Shale play. G&A expenses declined 10% to $0.27/mcf in 2011 due to increased production. Sales taxes were flat at $0.11/mcf and the full cost pool amortization rate to $1.30/mcf declined from $1.34/mcf due to low F&D costs and the sale oil and gas properties in East Texas. Unit profit averaged $0.92/mcf in 4Q11, down 14% from the year-ago period and 16% sequentially, mainly due to lower realized natural gas prices. For the year, profit averaged $1.02/mcf, down 19% from 2010.

Midstream Services

Operating income was $248 million in 2012, up 29% from 2010, and EBITDA was $285 million. The increase was mainly due to higher gathering revenues on increased Fayetteville and Marcellus production as well as higher gas marketing margins. The Midstream segment now gathers 2.1 Bcf/d of natural gas through 1,800 miles of gathering lines in the Fayetteville Shale play, compared to 1.8 Bcf/d in 2010. Low drilling activity in response to weak natural gas prices is likely to reduce third-party gas going into its midstream assets from 180 mcf to mmcf/d during the year.

Financial Condition

The cash balance at the end of 2011 was $15.6 million, debt was $1.3 billion and net debt ratio was 25%, down from 27% at the end of 2010. Operating cash flow was $1.75 million, which partially funded $2.2 billion CAPEX, resulting in $456 million negative free cash flow.

Table 5: Financials ($ in mm, except share data)

4Q11

Cash Balance

15.6

Total Debt

1,342

Equity

3,969

Debt Ratio

25.3%

Operating Cash Flow

449

CAPEX

650

Free Cash Flow

(167)

Source: Company data & Oppenheimer & Co. Inc. estimates.

4Q11/

4Q10 3Q11

-3%

18%

23%

6%

34%

10%

-6%

-3%

15%

-4%

11%

38%

-13% 5495%

2011 NA

1,342 3,969 25.3% 1,751 2,207 (456)

2011/ 2010

NA 23% 34% -6% 11%

4% -16%

Outlook

Our financial projections are based on company guidance regarding production volumes, costs and expenses, effective income tax rates and capital expenditures. Realized oil and gas prices are based on NYMEX futures, adjusted for the company's locational and quality differentials and updated for hedges. We expect SWN total production average 1.55 bcfed this year and 1.79 bcfed next year, up 13% and 16%, respectively. NYMEX prices are expected to average $107.01/b for WTI crude oil, up 13% and $2.77/mcf for Henry Hub natural gas, down 32%. In 2013, we expect WTI to be $105.68/b, down just 1%, with gas prices to average $3.59/mcf, up 30%. We expect realized prices, including hedging, to average $3.65/mcf this year and $3.71/mcf next year.

4

Southwestern Energy Co.

Capital spending is expected to be $2.1 billion this year, down 4% from last year, and $2.3 billion next year, up 7% sequentially. We expect net income of $453 million, or $1.29/share this year, down 29% from last year, mainly due to much lower realized natural gas prices, and $540 million, or $1.54/share next year, up 19%. We expect operating cash flow of $1.56 billion, or $4.46/share this year, down 11%, and $1.82 billion, or $5.21/share next year, up 17%. We expect SWN to have a free cash flow deficit of $560 million this year and $451 million next year, which will be funded through a combination of additional debt and proceeds from asset sales.

Relative Valuation

SWN shares are trading at higher P/E and P/CF multiples than the averages for the large E&P stocks in our energy universe, based on 2102 consensus estimates. Net debt ratio is above the peer average and return on average capital employed is slightly higher. SWN is the only company in the group that does not pay dividend. The implied reserve value (IRV) of $40.25/boe, using oil to gas conversion ratio of 15 to 1, instead of the 6 to 1 ratio, based on energy equivalent, is the highest in the group and 36% above the peer average of around $29.50/boe.

Stock Performance

SWN stock gained 4% this year, compared with gains of 11% for the peer average and 9% for the S&P 500. The shares are currently trading 32% off their 12-month high and 17% above their lows, compared with 18% and 46% for the peer average. The S&P is slightly below its 12-month high and 27% above the low. SWN was the best performing stock in the sector in the last 10-year period and has outperformed both the peer average and S&P 500 in the last 5- and 10-year periods.

5

Southwestern Energy Co.

Southwestern Peer Rankings

$ mm

$1,800

Exhibit 1: 4Q11 Adjusted Net Income

$1,600

$1,400

$1,200

$1,000

$800

$600

$400

$200

$0

($200) OXY APA DVN MRO APC HES CHK EOG MUR NBL SWN ($400)

Upstream Other Source: Company data and Oppenheimer & Co. Inc. estimates.

mboed

Exhibit 2: 4Q11 Production

800 700 600 500 400 300 200 100

0 APA OXY APC DVN CHK EOG MRO HES SWN NBL MUR

Liquids Gas Source: Company data and Oppenheimer & Co. Inc. estimates.

$80.00

Exhibit 3: 4Q11 Average Realized Prices

$70.00

$60.00

$50.00

$/boe

$40.00

$30.00

$20.00

$10.00

$0.00

HES MUR MRO OXY APA

APC EOG NBL

DVN CHK SWN

Source: Company data and Oppenheimer & Co. Inc. estimates.

$25.00

Exhibit 4: 4Q11 E&P Unit Profit

$20.00

$15.00

$/boe

$10.00

$5.00

$0.00 OXY APA MRO HES MUR DVN NBL CHK EOG APC SWN

Source: Company data and Oppenheimer & Co. Inc. estimates.

12,000

Exhibit 5: 2012E CAPEX

10,000

8,000

$ mm

6,000

4,000

2,000

0 APA OXY CHK EOG APC HES DVN MRO MUR NBL SWN

Source: Company data and Oppenheimer & Co. Inc. estimates.

Exhibit 6: 2012E CAPEX/Operating Cash Flow

200%

150%

100%

50%

0% APC OXY MRO APA HES DVN NBL MUR SWN EOG CHK

Source: Company data and Oppenheimer & Co. Inc. estimates.

6

Southwestern Energy Co.

Exhibit 7: Net Debt Ratio

50% 40% 30% 20% 10%

0% -10% -20%

MUR OXY MRO DVN SWN APA HES EOG NBL APC CHK Source: Company data, FactSet and Oppenheimer & Co. Inc. estimates.

$ bn

Exhibit 8: Market Capitalization

80

60

40

20

0 OXY APC APA EOG DVN MRO HES NBL CHK MUR SWN

Source: Company data, FactSet and Oppenheimer & Co. Inc. estimates.

Exhibit 9: 2012 P/E

25 20 15 10

5 0

APA MRO HES MUR DVN OXY CHK NBL SWN EOG APC Source: Company data, FactSet and Oppenheimer & Co. Inc. estimates.

Exhibit 10: 2012 P/CF

8 7 6 5 4 3 2 1 0

APA HES CHK MRO MUR DVN APC EOG NBL SWN OXY Source: Company data, FactSet and Oppenheimer & Co. Inc. estimates.

$/bbl

Exhibit 11: Implied Reserve Value

$45.00 $40.00 $35.00 $30.00 $25.00 $20.00 $15.00 $10.00

$5.00 $0.00

CHK MRO HES DVN MUR OXY APA APC NBL EOG SWN

Source: Company data, FactSet and Oppenheimer & Co. Inc. estimates.

Exhibit 12: Dividend Yield

2.5%

2.0%

1.5%

1.0%

0.5%

0.0% OXY MRO MUR CHK DVN NBL APA

Source: Company data, FactSet and Oppenheimer & Co. Inc. estimates.

HES

EOG

APC

SWN

7

Southwestern Energy Co.

Southwestern Energy

Financial and Operating Model

Revenues ($mm): Gas sales Gas marketing Oil sales Gas gathering Other Total Revenue Expenses ($mm): Gas purchases - midstream services Gas distribution Operating expenses G&A DD&A Impairments Taxes, other than income taxes Total Costs and Expenses

Operating Income (Loss)

Total Interest Expenses Other Income Gain on asset sales Pretax Income Income Taxes Net Income (Loss) Basic Diluted Common shares out (diluted): EBITDA EBITDA per share Cash Flow Cash Flow per share (CAPEX) (Share Repurchase)/Issuance Sales/(Acquistions) (Dividends) Free cash flow Natural Gas (mmcfd) Oil (mbd) Total production (mmcfed) Benchmark Prices WTI ($/b) Henry Hub ($/mcf) Realization Gas price (including hedges) Average oil price per Bbl Realized price ($/mcfe)

2010

1,856 616 13 123

2 2,611

611 0

192 146 590

0 51 1,589

1,021

26 0 0 995 392 604 $1.75 $1.73 349 1,586 $4.54 1,574 $4.51 (2,120) 0 0 0 (542) 1,106 0 1,109

$79.38 $4.39

$4.65 $76.84 $4.67

1Q11

2Q11

467

524

171

201

3

3

35

37

0

0

676

765

170

200

0

0

57

55

37

40

163

172

0

0

16

16

1,239

483

233

283

7 0 0 226 89 137 $0.39 $0.39 350 389 $1.11 389 $1.11 (531) 3 11 0 (128) 1,277 0 1,279

6 0 0 276 109 167 $0.48 $0.48 350 448 $1.28 448 $1.28 (556) 1 110 0 3 1,347 0 1,349

$94.08 $4.14

$94.08 $4.14

$4.12 $92.11 $4.14

$4.30 $100.32

$4.32

3Q11

552 177

2 37 0 767

175 0 64 36

179 0 18

472

296

6 0 0 290 115 175 $0.50 $0.50 350 469 $1.34 466 $1.33 (470) 1 0 0 (3) 1,399 0 1,400

$94.08 $4.14

$4.30 $88.35 $4.31

4Q11

537 165

2 42 (1) 744

164 0 65 45

190 0 16

480

264

5 0 0 259 100 159 $0.46 $0.45 350 449 $1.28 449 $1.28 (650) 2 33 0 (167) 1,448 0 1,449

$94.08 $4.14

$4.04 $96.49 $4.05

2011

2,080 714

9 150 (1) 2,953

709 0

241 158 705

0 66 1,878

1,075

24 0 0 1,051 413 638 $1.84 $1.82 350 1,756 $5.02 1,751 $5.00 (2,207) 0 0 0 (456) 1,368 0 1,370

$95.02 $4.07

$4.19 $94.08 $4.20

1Q12E 2Q12E 3Q12E 4Q12E

2012E

1Q13E 2Q13E 3Q13E 4Q13E

2013E

484

491

520

564

2,059

572

587

613

651

2,423

149

151

160

173

633

176

180

188

200

745

2

2

2

2

8

2

3

3

3

11

38

35

37

39

148

40

41

42

44

167

0

0

0

0

0

0

0

0

0

0

672

679

719

778

2,847

790

811

847

898

3,345

147

149

158

172

627

174

178

187

198

737

0

0

0

0

0

0

0

0

0

0

70

75

82

90

316

94

96

99

102

391

46

49

52

56

203

58

57

61

60

237

188

198

212

229

827

232

235

238

242

947

0

0

0

0

0

0

0

0

0

0

23

23

24

25

96

27

27

28

29

111

474

494

528

572

2,069

585

594

613

631

2,423

197

184

190

206

778

206

216

233

267

922

7 0 0 190 75 115 $0.33 $0.33 350 378 $1.08 375 $1.07 (528) 0 0 0 (153) 1,460 0 1,461

7 0 0 177 70 107 $0.31 $0.31 350 375 $1.07 372 $1.06 (528) 0 0 0 (156) 1,504 0 1,505

7 0 0 184 73 111 $0.32 $0.32 350 395 $1.13 392 $1.12 (533) 0 0 0 (141) 1,558 0 1,560

7 0 0 199 79 120 $0.35 $0.34 350 428 $1.22 424 $1.21 (535) 0 0 0 (111) 1,646 0 1,647

28 0 0 750 297 453 $1.30 $1.29 350 1,577 $4.51 1,562 $4.46 (2,122) 0 0 0 (560) 1,546 0 1,548

7 0 0 199 79 120 $0.35 $0.34 350 430 $1.23 426 $1.22 (555) 0 0 0 (129) 1,733 0 1,734

7 0 0 210 83 127 $0.36 $0.36 350 445 $1.27 440 $1.26 (555) 0 0 0 (115) 1,765 0 1,767

7 0 0 226 90 137 $0.39 $0.39 350 465 $1.33 460 $1.31 (580) 0 0 0 (120) 1,798 0 1,800

7 0 0 260 103 157 $0.45 $0.45 350 501 $1.43 496 $1.42 (585) 0 0 0 (89) 1,852 0 1,854

28 0 0 894 354 540 $1.55 $1.54 350 1,841 $5.26 1,824 $5.21 (2,275) 0 0 0 (451) 1,787 0 1,789

$103.48 $2.61

$107.97 $2.59

$108.55 $2.80

$108.05 $3.09

$107.01 $2.77

$107.64 $3.49

$106.59 $3.49

$105.18 $3.59

$103.31 $3.77

$105.68 $3.59

$3.64 $98.31 $3.65

$3.59 $102.57

$3.60

$3.63 $103.12

$3.64

$3.72 $102.65

$3.74

$3.65 $101.76

$3.66

$3.67 $102.26

$3.68

$3.65 $101.26

$3.67

$3.71 $99.92 $3.72

$3.82 $98.14 $3.83

$3.71 $100.30

$3.73

Balance Sheet Items Cash and Equivalents Total Assets LT debt Equity

2010 -

$1,093 $2,965

1Q11 $1,203 $3,085

2Q11 $1,215 $3,306

3Q11 $1,271 $3,609

4Q11 $1,342 $3,969

2011 $1,342 $3,969

1Q12E $1,342 $3,969

2Q12E $1,342 $3,969

3Q12E $1,342 $3,969

4Q12E $1,342 $3,969

2012E $1,342 $3,969

1Q13E $1,342 $3,969

2Q13E $1,342 $3,969

3Q13E $1,342 $3,969

4Q13E $1,342 $3,969

2013E $1,342 $3,969

Key Items & Ratios

Debt ratio

27%

Net Debt Ratio

27%

Book Value

$8.58

Source: Company data and Oppenheimer & Co. Inc. estimates.

28% 28% $8.90

27% 27% $9.52

26% 26% $10.39

25% 25% $11.42

25% 25% $11.43

25% 25% $11.42

25% 25% $11.42

25% 25% $11.42

25% 25% $11.42

25% 25% $11.42

25% 25% $11.42

25% 25% $11.42

25% 25% $11.42

25% 25% $11.42

25% 25% $11.42

8

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