NEW YORK - The chairman and chief executive of Southwestern Energy Co. received compensation valued at $7.1 million in 2008, a 35 percent increase from the previous year, according to an Associated Press analysis of a regulatory filing.

The Houston-based oil and gas company paid Harold M. Korell $675,000 in base salary, a 23 percent increase from the previous year. His bonus grew 14 percent to $454,750.

Korell, 64, also received a performance-based cash bonus of $3 million, up 27 percent from 2007.

Korell received various perks valued at $583,705, including $30,141 in contributions to a retirement plan, a car allowance of $7,380 and life insurance payments of $3,038.

Much of the increase in Korell's 2008 compensation was due to stock- and option-based awards valued at $2.4 million when they were granted, up 58 percent from similar awards received in 2007. That stock is now worth slightly less due to a drop in the share price.

The AP's calculations of total compensation include salary, bonus, performance-related incentives, perks, any above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. They may vary from totals listed in the summary compensation table in the company's proxy filed with the SEC.

According to an Southwestern Energy proxy filing, the compensation committee benchmarks its executive pay practices against a peer group of companies that includes Cabot Oil & Gas Corp., Chesapeake Energy Corp. and Forest Oil Corp.

In 2008, Southwestern Energy posted profit of $567.9 million, or $1.64 per share, compared with $221.2 million, or 64 cents per share, the year before. Revenue jumped to $1.49 billion from $870 million.

Shares fell 48 percent in 2008 to end the year at $28.97.

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