(Cover)
Southwestern Energy

January 2010 Update

NYSE: SWN

The left side of this slide contains a picture of a flock of birds in flight. One bird is leaving the flock in a positive direction to the right.  The caption above reads "Our Way."  The company's formula is located on the middle right of the picture.  The top-right corner of this slide contains the company logo.

Southwestern Energy Company is an integrated natural gas company whose wholly-owned subsidiaries are engaged in natural gas and oil exploration and production and natural gas gathering and marketing.

Greg D. Kerley
Executive Vice President and Chief Financial Officer

Brad D. Sylvester, CFA
Vice President, Investor Relations

All statements, other than historical financial information, may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements that address activities, outcomes and other matters that should or may occur in the future, including, without limitation, statements regarding the financial position, business strategy, production and reserve growth and other plans and objectives for Southwestern Energy Company's (the company) future operations, are forward-looking statements. Although the company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. The company has no obligation and makes no undertaking to publicly update or revise any forward-looking statements. You should not place undue reliance on forward-looking statements. They are subject to known and unknown risks, uncertainties and other factors that may affect the company’s operations, markets, products, services and prices and cause its actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In addition to any assumptions and other factors referred to specifically in connection with forward-looking statements, risks, uncertainties and factors that could cause the company’s actual results to differ materially from those indicated in any forward-looking statement include, but are not limited to: the timing and extent of changes in market conditions and prices for natural gas and oil (including regional basis differentials); the company’s ability to transport its production to the most favorable markets or at all; the timing and extent of the company’s success in discovering, developing, producing and estimating reserves; the economic viability of, and the company’s success in drilling, the company’s large acreage position in the Fayetteville Shale play, overall as well as relative to other productive shale gas plays; the company’s ability to fund the company’s planned capital investments; the company’s ability to determine the most effective and economic fracture stimulation for the Fayetteville Shale formation; the impact of federal, state and local government regulation, including any increase in severance taxes; the costs and availability of oil field personnel services and drilling supplies, raw materials, and equipment and services; the company’s future property acquisition or divestiture activities; increased competition; the financial impact of accounting regulations and critical accounting policies; the comparative cost of alternative fuels; conditions in capital markets, changes in interest rates and the ability of the company’s lenders to provide it with funds as agreed; credit risk relating to the risk of loss as a result of non-performance by the company’s counterparties and any other factors listed in the reports the company has filed and may file with the Securities and Exchange Commission (SEC). For additional information with respect to certain of these and other factors, see the reports filed by the company with the SEC. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The SEC has generally permitted oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use the terms “estimated ultimate recovery,” “EUR,” “probable,” “possible,” and “non-proven” reserves, reserve “potential” or “upside” or other descriptions of volumes of reserves potentially recoverable through additional drilling or recovery techniques that the SEC’s guidelines may prohibit us from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of being actually realized by the company.

The contents of this presentation are current as of January 6, 2010.

(Slide 3)
About Southwestern

* Focused on domestic exploration and production of natural gas.
	* 2,185 Bcfe of reserves; ~100% natural gas; 11.2 R/P at year-end 2008.
* E&P strategy built on organic growth through the drillbit.
	* Over 80% of planned E&P capital allocated to drilling in 2009.
* Track record of adding significant reserves at low costs.
	* From 2004 through 2008, we've averaged production growth of 38%, reserve growth of 36%, 459% reserve replacement, and F&D cost of $1.94 per Mcfe.
* Proven management team has increased Southwestern's market capitalization from $187 million at year-end 1998 to over $16 billion today.
* Strategy built on the Formula:
	The Right People doing the Right Things, wisely investing the cash flow from the underlying Assets will create Value+.

Note that the information contained on this slide constitutes a "Forward-Looking Statement".

Note that the information contained on this slide constitutes a "Forward-Looking Statement".

This slide contains bar charts for the periods ended December 31.

Note that the information contained on this slide constitutes a "Forward-Looking Statement".

(Slide 6)
Areas of Operations

This slide contains a map of Arkansas, Louisiana, Oklahoma, Texas and Pennsylvania with shadings to denote the Conventional Arkoma Basin, the East Texas region, the Fayetteville Shale and the Marcellus Shale.

Note that the information contained on this slide constitutes a "Forward-Looking Statement".

This slide contains a bar chart of company capital investments, summarized as follows:

This slide also contains a pie chart of the company's preliminary planned 2010 capital investments by area of operation, summarized as follows:

Note that the information contained on this slide constitutes a "Forward-Looking Statement".

This slide contains a map of several counties in East Texas and Louisiana and certain well production data.  The company's Overton and Angelina River Trend acreage positions and the DVN Well are highlighted.  The James Lime Horizontals, the Haynesville Horizontals, the Haynesville Shale Prospective Area and the East Texas Salt Basin are also denoted on the map.  The city of Tyler, Texas, is displayed as a reference point.

Sources: Southwestern Energy Company, RBC Capital Markets

Note that the information contained on this slide constitutes a "Forward-Looking Statement".

This slide contains a map of several counties in Pennsylvania and New York and certain well production data.  The company's acreage positions are highlighted.  The locations of the company's four test wells are shown on the map: Greenzweig (2 wells), Range Trust and Price.  Lines trace the Dominion, Tennessee Gas, Millennium and Stagecoach transmission pipelines.

Other test wells and areas are located on the map with their respective production data:

Note that the information contained on this slide constitutes a "Forward-Looking Statement".

This slide contains a map of the Fayetteville Shale Focus Area in Arkansas.  Existing pilot areas and portions of the conventional fairway are indicated. 753,600 net acres and 125,400 net acres HBP are outlined on the map.  The Ranger Anticline, Chattanooga Test and Moorefield Prospective Area are also denoted.  Lines trace the Ozark, Centerpoint, NGPL, MRT and TETCO transmission pipelines. A line also traces the Boardwalk Fayetteville Lateral (Phase 1) transmission pipeline in-service at 12/24/2008.

Notes:    Data as of September 30, 2009.

                Well data excludes 24 wells which were sold in May 2008.

Note that the information contained on this slide constitutes a "Forward-Looking Statement".

Note: Data as of September 30, 2009.

(1)    The significant increase in the average initial production rate for the fourth quarter of 2008 and the subsequent decrease for the first quarter of 2009 primarily reflected the impact of the delay in the Boardwalk Pipeline.  Wells that were placed on production in January and February of 2009 had average initial production rates of 2,806 Mcf per day and 2,749 Mcf per day, respectively, while wells placed on production during March 2009 had average initial production rates of 3,353 Mcf per day.

Note that the information contained on this slide constitutes a "Forward-Looking Statement".

The graph contained in this slide provides average daily production data through September 30, 2009, for the company's horizontal wells drilled in the Fayetteville Shale.  This graph displays three composite curves, one showing the SW/XL normalized production from all the company's horizontal wells excluding mechanical issues, another showing the SW normalized production from the company's horizontal wells with laterals greater than 3,000 feet excluding mechanical issues, and a third showing the SW normalized production from the company's horizontal wells with laterals greater than 4,000 feet excluding mechanical issues. The production data is compared to 3.0 Bcf, 2.5 Bcf, and 2.0 Bcf typecurves from the company's reservoir simulation shale gas model.  Well counts and respective days of production are also displayed, as follows:

Note that the information contained on this slide constitutes a "Forward-Looking Statement".

This slide contains a line graph displaying gross production in MMcf/d for the Fayetteville Shale from January 2006 to October 24, 2009. Gross operated production of approx. 1,230 MMcf/d as of October 24, 2009.  2008 Fayetteville Shale F&D cost of $1.21/Mcf.  Periods of production affected by pipeline curtailment issues are denoted.

This slide contains a map of several counties in Arkansas where the company's Fayetteville Shale Focus Area is located.  These counties include Johnson, Pope, Van Buren, Cleburne, Logan, Yell, Conway, Faulkner and White.  Lines trace DeSoto Gathering Lines and the Ozark, Centerpoint, Boardwalk, NGPL, MRT and TETCO transmission pipelines.  Compression facilities are also indicated on the map.

Note:  Map as of September 30, 2009.

(1) EBITDA is a non-GAAP financial measure.  See explanation and reconciliation of EBITDA on page 29.

Note that the information contained on this slide constitutes a "Forward-Looking Statement".

* Production target of 400-410 Bcfe in 2010 (estimated growth of ~36%).

Note that the information contained on this slide constitutes a "Forward-Looking Statement".

Note that the information contained on this slide constitutes a "Forward-Looking Statement".

This slide contains a bar chart detailing gas hedges in place by quarter for year 2009, year 2010 and year 2011.  A summary of these gas hedges is as follows:

This slide contains a bar graph that compares SWN to its competitors in terms of Lifting Cost per Mcfe of production (3 year average).

This slide also contains a bar graph comparing SWN to its competitors in terms of Drillbit F&D Cost per Mcfe (3 year average).

This slide displays U.S. dry gas production versus U.S. gas consumption in Bcf from 1975 to present. Net imports for the same period are also given.  U.S. gas consumption and production rising in recent years.

This line graph shows U.S. electricity consumption in billion kilowatt-hours per month from 1990 to present.

This line graph denotes the number of rigs drilling for gas and the gas price in dollars per MMBtu through the period 2000 to present.

This line graph compares the prices of Henry Hub natural gas and WTI crude oil in $/MMBtu and $/Bbl, respectively, for the period 1994 to present.

We report our financial results in accordance with accounting principles generally accepted in the United States of America ("GAAP").  However, management believes certain non-GAAP performance measures may provide users of this financial information additional meaningful comparisons between current results and the results of our peers and of prior periods.  One such non-GAAP financial measure is net cash flow.  Management presents this measure because (i) it is accepted as an indicator of an oil and gas exploration and production company's ability to internally fund exploration and development activities and to service or incur additional debt, (ii) changes in operating assets and liabilities relate to the timing of cash receipts and disbursements which the company may not control and (iii) changes in operating assets and liabilities may not relate to the period in which the operating activities occurred.  These adjusted amounts are not a measure of financial performance under GAAP.

Note that the information contained on this slide constitutes a "Forward-Looking Statement".

Additional non-GAAP financial measures we may present from time to time are net income attributable to Southwestern Energy and diluted earnings per share attributable to Southwestern Energy stockholders, both of which exclude certain charges or amounts.  Management presents these measures because (i) they are consistent with the manner in which the Company's performance is measured relative to the performance of its peers, (ii) these measures are more comparable to earnings estimates provided by securities analysts, and (iii) charges or amounts excluded cannot be reasonably estimated and guidance provided by the Company excludes information regarding these types of items.  These adjusted amounts are not a measure of financial performance under GAAP.

The table below reconciles forecasted adjusted net income with GAAP net income for 2009, assuming various NYMEX price scenarios and the corresponding estimated impact on the company's results for 2009, including current hedges in place:

Note that the information contained on this slide constitutes a "Forward-Looking Statement".

EBITDA is defined as net income plus interest, income tax expense, depreciation, depletion and amortization. Southwestern has included information concerning EBITDA because it is used by certain investors as a measure of the ability of a company to service or incur indebtedness and because it is a financial measure commonly used in the energy industry.  EBITDA should not be considered in isolation or as a substitute for net income, net cash provided by operating activities or other income or cash flow data prepared in accordance with generally accepted accounting principles or as a measure of the company's profitability or liquidity. EBITDA as defined above may not be comparable to similarly titled measures of other companies. Net income is a financial measure calculated and presented in accordance with generally accepted accounting principles. The table below reconciles historical EBITDA with historical net income.

The table below reconciles forecasted EBITDA with forecasted net income for 2009 and 2010, assuming various NYMEX price scenarios and the corresponding estimated impact on the company's results for 2009 and 2010, including current hedges in place:

Note that the information contained on this slide constitutes a "Forward-Looking Statement".