Southwestern Energy Co.’s shares surged +4.8% in pre-market trading on Tuesday, following news of the energy company’s deal to sell its Fayetteville Shale E&P and related assets for $1.87 billion in cash to Flywheel Energy LLC. The deal is expected to close in December.
What’s more, Southwestern announced that it will spend upto $200 million in share buybacks and invest up to $600 million to develop its Appalachia assets. It also mentioned a conditional tender offer for up to $900 million of debt.