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

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * KERLEY GREGORY D   2. Issuer Name and Ticker or Trading Symbol SOUTHWESTERN ENERGY CO [SWN] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Executive Vice President & CFO (Last) (First) (Middle) SUITE 125, 2350 N. SAM HOUSTON PARKWAY EAST 3. Date of Earliest Transaction (Month/Day/Year) 07/10/2008 (Street) HOUSTON, TX 77032 4. If Amendment, Date 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 (City) (State) (Zip) 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 Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 07/10/2008   M   16,064 (2) A $ 6.23 1,414,902 (1) D   Common Stock 07/10/2008   M   4 (3) A $ 1.43 1,414,906 D   Common Stock 07/10/2008   J(4)   80.3412 A $ 40.079 24,954.8334 (5) I By 401(k) Plan

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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 Underlying Securities (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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Options (Right to Buy)

$ 6.225

07/10/2008

M

16,064

12/09/2005

12/09/2011

Common Stock

16,064

$ 0

102,656 (2)

D

Stock Options (Right to Buy)

$ 1.435

07/10/2008

M

4

12/11/2003

12/11/2012

Common Stock

4

$ 0

152,076 (3)

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
KERLEY GREGORY D SUITE 125 2350 N. SAM HOUSTON PARKWAY EAST HOUSTON, TX 77032			Executive Vice President & CFO

Signatures

/s/ Melissa D. McCarty, Attorney-in-fact for Gregory D. Kerley		07/11/2008
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	On March 25, 2008, the common stock of Southwestern Energy Company split 2-for-1, resulting in an increase of 699,419 shares of common stock directly held by the reporting person.
(2)	This option was previously reported as covering 59,360 stock options at an exercise price of $12.45 per share, but was adjusted to reflect the 2-for-1 stock split on March 25, 2008.
(3)	This option was previously reported as covering 76,040 stock options at an exercise price of $2.865 per share, but was adjusted to reflect the 2-for-1 stock split on March 25, 2008.
(4)	Purchased through the Company's 401(k) plan from February 29, 2008, thru July 10, 2008. The information in this report is based on a plan statement dated July 10, 2008.
(5)	On March 25, 2008, the common stock of Southwestern Energy Company split 2-for-1, resulting in an increase of 12,437.2461 shares of common stock indirectly held by the reporting person in the Company's 401(k) Plan.

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