Expand Energy to Buy Twin Eagle in $1.25B Deal to Bolster Nat Gas Platform
Expand Energy Corp. has agreed to acquire Twin Eagle Holdings, N.A., LLC for $1.25 billion, a move that will expand the company’s natural gas marketing and optimization capabilities while creating a more integrated energy platform across North America.
The transaction, expected to close in the third quarter of 2026, will be funded through a combination of cash on hand and borrowings under Expand Energy’s revolving credit facility.
The acquisition combines North America’s largest natural gas producer with one of the industry’s leading asset-backed natural gas marketing businesses, positioning the combined company to capture additional value across production, transportation, storage and marketing.
“By combining Expand’s scale, resource depth and financial strength with Twin Eagle’s marketing and optimization platform, we’ll capture additional margin across the natural gas value chain and deliver more durable shareholder returns,” said Michael Wichterich, interim president and chief executive officer of Expand Energy.
Twin Eagle markets more than 5 billion cubic feet per day (Bcf/d) of natural gas and manages approximately 44 Bcf of storage capacity and 2 Bcf/d of firm transportation, serving more than 1,000 customers across the U.S. and Canada.
Following the acquisition, the combined company will market approximately 14 Bcf/d of natural gas, supported by roughly 9 Bcf/d of firm transportation capacity and 49 Bcf of storage.
“This powerful combination pairs Expand’s financial strength and low-cost natural gas supply with the marketing platform we’ve built over the past 16 years,” said Jeremy Davis, president and chief executive officer of Twin Eagle.
Expand Energy said the acquisition is expected to increase annual incremental free cash flow from its marketing and commercial strategy to $750 million, a 50% increase from its previous target
PJT Partners is serving as exclusive financial advisor to Expand Energy. White & Case, LLP served as legal counsel and DrivePath Advisors served as communications advisor to Expand. Lazard is serving as financial advisor for Twin Eagle, Latham & Watkins LLP is serving as the lead legal counsel for Twin Eagle and Kekst CNC served as communications advisor to Five Point Infrastructure.
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