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) May 15, 2002

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

               Arkansas             1 - 8246         71-0205415
      (State of incorporation     (Commission      (I.R.S. Employer
         or organization)          File Number)    Identification No.)

          2350 N. Sam Houston Pkwy. E., Suite 300, Houston, Texas 77032
          (Address of principal executive offices, including zip code)

                             (281) 618-4700
           (Registrant's telephone number, including area code)

                                 No Change
     (Former name, former address and former fiscal year; if changed
                            since last report)



Item 7.(c)

Exhibits                                                              Reference

        (99.1)   Press release dated May 15, 2002, announcing
the approval of an additional $10 million to its previous 2002
capital budget                                                         p. 3 - 4

Item 9.

Regulation FD Disclosures

        Southwestern  Energy Company is furnishing  under Item 9 of this Current
Report on Form 8-K the information included as exhibit 99.1 to this report.

Note:  The  information  in this report  (including  the  exhibit) is  furnished
pursuant  to Item 9 and shall not be deemed to be "filed"  for the  purposes  of
Section 18 of the  Securities  Exchange Act of 1934 or otherwise  subject to the
liabilities  of that section.  This report will not be deemed an admission as to
the  materiality  of any  information  in the  report  that  is  required  to be
disclosed solely by Regulation FD.


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, thereunto duly authorized.

                                               SOUTHWESTERN ENERGY COMPANY

DATE:   May 15, 2002                          BY:   /s/ GREG D. KERLEY
     ------------------                        ---------------------------
                                                     Greg D. Kerley
                                                 Executive Vice President
                                               and Chief Financial Officer

                                      - 2 -

Southwestern Energy Company                  2350 North Sam Houston Parkway East
                                             Suite 300
                                             Houston, Texas 77032
                                             (281) 618-4700  Fax: (281) 618-4818



      Houston,  Texas - May 15,  2002...Southwestern  Energy Company (NYSE: SWN)
announced today that its Board of Directors approved the addition of $10 million
to its  previous  2002  capital  budget,  with  the  increase  allocated  to the
Company's  oil and gas  exploration  and  production  (E&P)  segment.  With this
increase  Southwestern's  2002 E&P capital program now totals  approximately $71
million.  The  additional  capital  will be  invested  in the  Company's  infill
drilling program at its Overton Field in East Texas.

      "Our  previous  E&P capital plan was built on a  conservative  NYMEX price
deck of $2.25 natural gas and $18.00 oil. The lower  drilling  costs that we are
currently enjoying,  combined with significantly higher commodity prices for the
remainder of 2002,  have allowed us to accelerate  our drilling at Overton.  The
economics  of  these  wells  at  current  gas  prices  and  drilling  costs  add
significant value for our shareholders,  so increasing our activity here makes a
lot of sense," stated Harold M. Korell, President and Chief Executive Officer of

Southwestern Issues Additional Earnings Guidance for 2002
      With the recent  increase in natural gas prices,  the Company  updated its
outlook for 2002 with guidance on key financial information over a broader range
of  NYMEX  natural  gas  prices.  Southwestern's  full-year  2002  oil  and  gas
production target remains at 41.5 - 42.5 Bcfe,  unchanged from the guidance that
was issued on February 14, 2002. The following table and corresponding estimated
results  assumes  various  average NYMEX gas price  scenarios  with a $21.00 per
barrel WTI oil price, and includes current hedges in place:

    Gas Prices          Earnings          Cash Flow           EBITDA
------------------  ----------------  ------------------  ---------------
   $2.25 per Mcf       $10 Million       $76 Million         $97 Million

   $3.00 per Mcf       $15 Million       $85 Million        $106 Million

   $3.50 per Mcf       $19 Million       $91 Million        $112 Million

   $3.75 per Mcf       $21 Million       $95 Million        $116 Million


                                     - 3 -

      Southwestern  Energy  Company is  primarily  focused on natural gas and is
engaged  in oil and gas  exploration  and  production,  natural  gas  gathering,
transmission,   and  marketing,   and  natural  gas   distribution.   Additional
information  on the Company can be found on the Internet at  http://www.swn.com.

      All statements, other than historical financial information, may be deemed
to be  forward-looking  statements  within the  meaning  of  Section  27A of the
Securities Act of 1933, as amended,  and Section 21E of the Securities  Exchange
Act of  1934,  as  amended.  Although  the  Company  believes  the  expectations
expressed  in  such   forward-looking   statements   are  based  on   reasonable
assumptions, such statements are not guarantees of future performance and actual
results or developments may differ materially from those in the  forward-looking
statements.  Important  factors  that  could  cause  actual  results  to  differ
materially from those in the forward-looking  statements herein include, but are
not limited to, the timing and extent of changes in commodity prices for gas and
oil, the timing and extent of the Company's success in discovering,  developing,
producing,   and  estimating  reserves,   property  acquisition  or  divestiture
activities  that may  occur,  the  effects  of  weather  and  regulation  on the
Company's gas distribution segment,  increased  competition,  legal and economic
factors, governmental regulation, the financial impact of accounting regulations
for derivative instruments,  changing market conditions, the comparative cost of
alternative fuels,  conditions in capital markets and changes in interest rates,
availability of oil field services,  drilling rigs, and other equipment, as well
as various other factors beyond the Company's control. A discussion of these and
other factors  affecting the Company's  performance is included in the Company's
periodic reports filed with the Securities and Exchange Commission including its
Annual Report on Form 10-K for the year ended December 31, 2001.

Contacts:      Greg D. Kerley                       Brad D. Sylvester, CFA
               Executive Vice President             Manager, Investor Relations
               and Chief Financial Officer          (281) 618-4897
               (281) 618-4803

                                      # # #

                          Southwestern Energy Company
                          P.O. Box 1408
                          Fayetteville, AR 72702-1408

May 15, 2002

Securities and Exchange Commission
ATTN: Filing Desk, Stop 1-4
450 Fifth Street, N.W.
Washington, DC  20549-1004


Pursuant to regulations of the Securities and Exchange Commission, submitted
herewith for filing on behalf of Southwestern Energy Company is Form 8-K dated
May 15, 2002.

This filing is being effected by direct transmission to the Commission's EDGAR

Very truly yours,

Stan Wilson