Expand Energy announced on 27 July a definitive agreement to acquire Twin Eagle Holdings, an asset-backed natural gas marketing and optimisation business, for $1.25bn from Five Point Infrastructure.
Why Expand Energy Corporation is buying Twin Eagle Holdings, N.A., LLC
Interim chief executive Michael Wichterich said the deal would make Expand North America's leading gas marketer as well as its largest producer. The combined portfolio will market about 14 Bcf a day, backed by around 9 Bcf a day of firm transport and 49 Bcf of storage, reaching about 90% of the gas market. Expand raised its target for incremental free cash flow from marketing by 50% to $750m a year.
“This transaction accelerates Expand's evolution into a leading integrated natural gas company with a commercial and marketing advantage compared to peers”
Deal terms and financing
The price is subject to working capital and other adjustments and was funded with cash on hand and revolver borrowings. Twin Eagle chief executive Jeremy Davis and key managers are staying on.
Regulatory approvals and timing
Expand completed the acquisition on 16 September 2026.
Market context
Founded in 2010, Twin Eagle serves more than 1,000 customers in the US and Canada and was backed by Five Point Infrastructure for about 12 years.
