https://www.miningweekly.com
Energy|Gas|Operations
Energy|Gas|Operations
energy|gas|operations

Southwestern Energy completes $1.87bn Fayetteville shale sale

4th December 2018

By: Creamer Media Reporter

     

Font size: - +

NYSE-listed natural gas firm Southwestern Energy has completed the sale of its Fayetteville shale assets to Flywheel Energy, a private company backed by Kayne Private Energy Income Funds, for $1.865-billion in cash.

The company will focus its efforts on its natural gas assets in Appalachia, where it owns 500 000 acres.

The proceeds of the sale will be used to retire senior notes of $900-million, retire the outstanding balance under the company’s revolving credit facility, repurchase stock up to the remainder of the company’s $200-million stock buyback programme and invest in Appalachia assets over the next two years, subject to market conditions. Proceeds will be held in cash and cash equivalents until applied.

In July, BHP Billiton sold its Fayetteville assets for about $300-million to Merit Energy as part of its exit from US shale properties.

Southwestern Energy noted that its fourth quarter production guidance would be impacted by a reduction of about 19-billion cubic feet, resulting from the sale of the Fayetteville operations.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.081 0.117s - 108pq - 2rq
Subscribe Now