SEC FORM 5

SEC Form 5

FORM 5

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

ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Form 3 Holdings Reported.

Form 4 Transactions Reported.

1. Name and Address of Reporting Person^*

KORELL HAROLD M

(Last)

(First)

(Middle)

SUITE 125

2350 N. SAM HOUSTON PARKWAY EAST

(Street)

HOUSTON

77032

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
SOUTHWESTERN ENERGY CO [ SWN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Executive Chairman

3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2009

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)	4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned at end of Issuer's Fiscal Year (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/20/2009		S4	25,000	D	$41.268	874,254	I	By Family Limited Partnership
Common Stock	09/15/2009		J⁽¹⁾	100,000	D	$0	1,317,076	D
Common Stock	09/15/2009		J⁽¹⁾	100,000	A	$0	100,000	I	by 2009 Family Limited Partnership
Common Stock	12/28/2009		G⁽²⁾	150,000	D	$0	1,156,748	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)	5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Options (Right to Buy)	$0.93						12/14/2001	12/14/2010	Common Stock	352,439		352,439	D
Stock Options (Right to Buy)	$1.205						12/20/2002	12/20/2011	Common Stock	187,014		187,014	D
Stock Options (Right to Buy)	$1.435						12/11/2003	12/11/2012	Common Stock	690,192		690,192	D
Stock Options (Right to Buy)	$2.645						12/10/2004	12/10/2013	Common Stock	451,598		451,598	D
Stock Options (Right to Buy)	$6.225						12/09/2005	12/09/2011	Common Stock	277,776		277,776	D
Stock Options (Right to Buy)	$17.745						12/08/2006	12/08/2012	Common Stock	116,286		116,286	D
Stock Options (Right to Buy)	$20.335						12/11/2007	12/11/2013	Common Stock	122,000		122,000	D
Stock Options (Right to Buy)	$27.18						12/13/2008	12/13/2014	Common Stock	78,980		78,980	D
Stock Options (Right to Buy)	$30.68						12/11/2009	12/11/2015	Common Stock	93,790		93,790	D
Stock Options (Right to Buy)	$40.73						12/10/2010	12/10/2016	Common Stock	3,960		3,960	D
Phantom Stock	⁽³⁾						⁽⁴⁾	⁽⁴⁾	Common Stock	51,996.456		51,996.456	D

Explanation of Responses:

1. On September 15, 2009, the reporting person transferred 100,000 shares of Southwestern Energy Company stock into a Family Limited Partnership (the "2009 FLP"). The reporting person controls the general partner of the FLP and therefore, has indirect beneficial ownership of the transferred shares.

2. On December 28, 2009, the reporting person gifted 150,000 shares of Southwestern Energy Company stock to the Harold and Patricia Korell Foundation.

3. Each share of phantom stock represents the right to receive the economic equivalent of one share of Southwestern Energy Company common stock.

4. Shares of phantom stock are payable in cash following termination of the reporting person's employment with Southwestern Energy Company. The reporting person may transfer his phantom stock account into an alternative investment account at any time.

	/s/ Melissa D. McCarty, Attorney-in-Fact for Mr. Korell	02/12/2010
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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