Southwestern Energy Completes Transformational Sale of Fayetteville Shale Business
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Southwestern Energy Company has completed the sale of its Fayetteville assets to Flywheel Energy, LLC, a private company backed by Kayne Private Energy Income Funds.
The sale of the company’s Fayetteville exploration, production and midstream assets for $1.865 billion in cash resulted in net proceeds of $1.65 billion.
“This strategic transaction represents a further significant step in the transformation of the company. We’re now better positioned to leverage our leading technical and operating capabilities to drive greater value from our highly attractive and significant asset base in Appalachia, pay down debt and create even greater financial flexibility. I am truly excited about the future of the company,” said Bill Way, president and CEO of Southwestern Energy.
As a result of the transaction, the company is further strengthening its balance sheet and is positioned to capture greater returns from its top tier, 500,000 acre assets in the Appalachia basin.
About Southwestern Energy Company
Southwestern Energy Company is an independent energy company whose wholly-owned subsidiaries are engaged in natural gas, natural gas liquids and oil exploration, development, production, gathering and marketing.
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