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Southwestern Energy | May 2013 Investor Presentation | Steve Mueller | Page 21 of 11 | November 21, 2024

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SWN is One of the Lowest Cost Operators $3.00 $3.50 $4.00 $4.50 Lifting Cost per Mcfe of Production (3 year average) $1.00 $1.50 $2.00 $2.50 $0.00 $0.50 COG RRC UPL SWN NBL CHK FST SM EOG APC DVN XEC PXD APA NFX SD MUR OXY MRO DNR $5 00 $5.50 SWN Finding & Development Cost Mf $2 50 $3.00 $3.50 $4.00 $4.50 $5.00 per Mcfe (3 year average) $0 00 $0.50 $1.00 $1.50 $2.00 $2.50 20 Source: Public filings Note: All data as of December 31, 2010, 2011 and 2012. APC - Anadarko Petroleum, APA - Apache, COG - Cabot Oil & Gas, CHK - Chesapeake Energy, XEC - Cimarex Energy, DNR - Denbury Resources, DVN - Devon Energy, EOG - EOG Resources, FST - Forest Oil, MRO - Marathon Oil, MUR - Murphy Oil, NFX - Newfield Exploration, NBL - Noble Energy, OXY - Occidental Petroleum, PXD - Pioneer Natural Resources, RRC - Range Resources, SD - Sandridge Energy, SM - SM Energy, SWN - Southwestern Energy, UPL - Ultra Petroleum. Lifting Cost per Mcfe defined as lease operating expenses plus production taxes divided by production. F&D Cost per Mcfe defined as the three-year sum of costs incurred in natural gas and oil exploration and development divided by the three-year sum of reserve additions from extensions and discoveries, improved recovery, and purchases (excludes reserve revisions). $0.00 RRC UPL COG SWN NBL CHK APC SM PXD XEC SD DNR EOG FST DVN NFX OXY APA MUR MRO SWN