If we track the life cycle of the shale plays as they unfold, what do they portend for U.S. production and the companies, investors and export markets that have come to rely on the shale story? Land rush, production rise, mature to sale, recycle and renew.

For an example, look to the trajectory of the Fayetteville in Arkansas, a dry-gas play that’s been in the news lately: Its discoverer and long-dominant player, Southwestern Energy Co., is exiting its entire upstream and midstream position there. For $1.865 billion cash and another $438 million of assumed debt, the buyer is Flywheel Energy LLC. The latter began as Valorem Energy LLC in early 2017 with backing from the Kayne Anderson Private Energy Income Fund. In August 2018, Kayne committed a second time to the management team with $700 million of equity in the form of Flywheel, based in Oklahoma City.

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