Not neutral at all. This is good news as long as the get a good price (~$1 billion). This company needs to reduce debt in a big way. Now, there probably is at least one negative to take away from this. The company has still shown no progress on the Permian acreage sale front. Could it be that they are selling the Panhandle because the Permian sale was going much like their proposed Eagle Ford JV? I think they are probably unrelated, but I don't like the lack of progress on the Permian front. One thing we do know is that McDonald as CEO is debt averse; which is a good thing. This company needs to get under a 2 times debt to cash flow ratio and stay there.
FST will still have very good Haynesville assets giving them good optionality. Their Cotton Valley prospects are okay. The Eagle Ford is fringy, but the economics do work. I don't know anything about their Permian prospects nor do I care to. They need to sell out and get more focused as a company. I personally really liked the Panhandle assets, but what I like much better is a clean balance sheet.