UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C. 20549 
 


 
FORM 8-K
 


 
CURRENT REPORT 
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 
 
Date of report (Date of earliest event
reported): February 26, 2007 
 


 
SOUTHWESTERN ENERGY COMPANY
(Exact name of registrant as specified in its
charter) 
 


 
Delaware 
(State or other jurisdiction of incorporation)

 


  
    
    
    
  
    1-08246
     
    71-0205415
  
    (Commission File Number)
     
    (IRS
      Employer Identification No.)
 


  
    
    
    
  
    
      
2350 N. Sam Houston Pkwy. E., Suite 125,
      
Houston, Texas
     
    77032
  
    (Address of principal executive offices)
     
    (Zip
      Code)
 
(281) 618-4700 
(Registrant's telephone number, including area
code) 
 
Not Applicable 
(Former name or former address, if changed
since last report) 
 


 
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions: 
 
       o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

       o Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 
       o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) 
       o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) 
 





 
SECTION 5 - Corporate Governance and Management
 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.



(e)  On February 26, 2007, the Compensation Committee of the Board of Directors of Southwestern Energy Company (the “Company”) approved cash bonuses for fiscal year 2006 for our Named Executive Officers based on (i) previously disclosed performance measures (inclusive of the Committee’s discretionary awards) under the Company’s Incentive Compensation Plan (the “ICP”) and (ii) the Compensation Committee’s recognition of the significant and successful efforts of management in building a solid foundation for the future growth and profitability of the Company and in achieving record levels of production, reserves and cashflow, in each case as set forth in the table below.  Except as noted, all of the awards under the ICP were made at the target award level for the Named Executive Officers.

 

  
  

  

  
	(i)
  
  
	(ii)
  
  
  

  
   
   
  
	2006 Total
   
  
	Supplemental
   
   
   

  
  

  

  
	ICP Award
  

  
	Awards
  

  
	Total
  


   
   
   
   
   
   
   
   
   

  

  
	Harold Korell,
President & Chief Executive Officer
  

  
	$700,000
  

  
	$280,000
  

  
	$980,000
  


   
   
   
   
   
   
   
   
   

  

  
	Greg Kerley,
Executive Vice President & Chief
	
Financial Officer
  

  
	310,000
  

  
	90,000
  

  
	400,000
  


   
   
   
   
   
   
   
   
   

  
  
	Richard Lane,
Executive Vice President and
	President,
	
SEECO, Inc. and Southwestern Energy
	
Production Company (1)
  
  
	310,000
  
  
	90,000
  
  
	400,000
  

   
   
   
   
   
   
   
   
   

  

  
	Mark Boling,
Executive Vice President & General
	
Counsel
  

  
	206,250
  

  
	58,750
  

  
	265,000
  

	
   
   
   
   
   
   
   
   
   
	

   
  
	Gene Hammons,
President, Southwestern Midstream
	
Services Company (1)
   
  
	182,784
   (2)
  
	7,216
   
  
	190,000
   

   
  

  

  

   
   
   
   
   

  

  
	Alan Stewart,
President, Arkansas Western Gas
	
Company (1)
  

  
	100,000
  
(3)
  
	-
  

  
	100,000
  




 
(1) SEECO, Inc.,
Southwestern Energy Production Company, Southwestern Midstream Services Company
and Arkansas Western Gas Company are wholly-owned subsidiaries of the Company.
 
(2) ICP award was
above the target level but below the maximum level.
 
(3) ICP award was
below the target award level.
 



SIGNATURES 
 
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned hereunto duly authorized.

 


  
    
    
    
    
    
  
     
     
    SOUTHWESTERN ENERGY COMPANY
  
    
    
    
  
    
      
Dated: March 1, 2007
     
    
      
By:
     
    
      
/s/ GREG D.
      KERLEY
      

    
  
     
     
    
      
Name:
     
    
      
Greg D. Kerley
  
     
     
    
      
Title:
     
    
      
Executive Vice President
and
  
     
     
     
     
    
      
Chief Financial
  Officer