Expand Energy buys Twin Eagle for $1.25B

Expand Energy Corp., North America's largest natural gas producer, agreed to acquire privately held natural gas marketer Twin Eagle Holdings NA LLC from private equity firm Five Point Infrastructure for $1.25 billion. The deal, expected to close in the third quarter of 2026, will make Expand a leading integrated gas company, significantly bolstering its marketing and commercial sales capabilities. Twin Eagle currently markets over 5 billion cubic feet of natural gas per day and manages about 44 billion cubic feet of storage capacity; post-acquisition, the combined entity would market about 14 billion cubic feet per day and reach approximately 90% of the U.S. and Canadian natural gas market. Expand plans to fund the acquisition through cash on hand and borrowings under its revolving credit facility. The company raised its target for annual incremental free cash flow from marketing and commercial strategy by 50% to $750 million. Key Twin Eagle management, including CEO Jeremy Davis, will remain. Analysts view the deal as a good strategic fit but note the price is at the higher end. Expand has been building its in-house trading team, recruiting from ExxonMobil, including executive Dan Turco.