WASHINGTON (dpa-AFX) - Southwestern Energy Co. (SWN) reported a fourth-quarter net loss of $355.6 million, or $1.02 per share, compared to net income of $158.5 million, or $0.45 per share, for the prior year period.
The latest-quarter results included a $849.3 million non-cash ceiling test impairment of the company's natural gas and oil properties resulting from lower natural gas prices. The net loss also included a non-cash unrealized loss of $2.6 million on derivative contracts.
Excluding these non-cash items, Southwestern reported net income for the fourth quarter of 2012 of $156.4 million, or $0.44 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.44 per share for the quarter. Analysts' estimates typically exclude special items.
Operating Revenues for the quarter rose to $773.00 million from $744.15 million in the prior year quarter. Six analysts had consensus revenue estimate of $712.60 million for the quarter.
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