US independent Southwestern Energy has agreed a $1.9 billion deal to sell its large position in the Fayetteville shale play in Arkansas to private equity-backed Flywheel Energy as it looks to focus on its assets in the Appalachia basin, where it will boost spending, writes Julia Martinez.
Southwestern said that in addition to paying $1.865 billion for the asset package, Flywheel, which is backed by Los Angeles-based Kayne Anderson Capital Advisors, will assume $438 million of future contract liabilities.
