Sterne Agee Maintains Neutral on Southwestern Energy

Sterne Agee remains Neutral-rated on Southwestern Energy

as the company sheds light on 2012 capital program. Sterne Agee says, "Southwestern will operate one less Fayetteville rig this year, which should save $100 million but impact production by 9 Bcf. The company also plans to trim another $100 million from the prior $2.3 billion budget. As a result we are reducing 2012 production estimates from 581 Bcfe (high end of previous guidance) to 565 Bcfe, and reducing 2013 from 657 Bcfe to 646 Bcfe." SWN closed at $33.50 a share yesterday.