Expand Energy Corporation, the largest natural gas producer in North America, announced that it has entered into a definitive merger agreement to acquire Twin Eagle Holdings, N.A., LLC, a leading private asset-backed natural gas marketing and optimization business, for $1.25 billion from Five Point Infrastructure.
The transaction is subject to typical purchase price adjustments, including working capital, and is expected to close in the third quarter of 2026, pending customary closing conditions and required regulatory approvals. The Company expects to fund the transaction through a combination of cash on hand and borrowings under its revolving credit facility.
Combination creates a fully integrated natural gas platform
The transaction unites Expand’s industry-leading supply and financial strength with Twin Eagle’s premier physical marketing platform, creating a fully integrated natural gas company positioned to capture value across the entire chain in key U.S. and Canadian markets. Twin Eagle’s earnings are primarily supported by recurring physical supply and delivery relationships, asset-backed portfolio optimization, and experienced commercial, logistics and operating capabilities, consistently delivering earnings growth across a wide range of market conditions.
“This transaction accelerates Expand’s evolution into a leading integrated natural gas company with a commercial and marketing advantage compared to peers,” said Michael Wichterich, Expand Energy’s Interim President and Chief Executive Officer. “We’re already North America’s largest natural gas producer, and now we’ll be its leading gas marketer, with direct access to customers and structural demand growth. 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.”
Founded in 2010, Twin Eagle has established itself as one of the leading independent natural gas and power marketers in North America. Its business spans wholesale marketing, asset management, structuring and analytics, logistics and market intelligence.
“This is an exciting day for Twin Eagle, our employees and our customers,” said Jeremy Davis, Twin Eagle’s President and Chief Executive Officer. “This powerful combination pairs Expand’s enviable financial position and large, lower-cost natural gas supply with the talented team and marketing platform we have spent the past 16 years developing. We thank Five Point Infrastructure for their partnership and vision over the last dozen years. Together, with our new partner, we can create additional value in ways neither company could have accomplished on its own.”
“We saw a tremendous opportunity to partner with Twin Eagle management to expand its platform and capitalize on the growing demand for North American gas,” said David Capobianco, CEO and Managing Partner of Five Point Infrastructure. “Twin Eagle has generated exceptional returns for all stakeholders, while solidifying its standing as one of the leading independent asset-backed natural gas marketing and optimization platforms. We wish Jeremy and the team all the best as they move forward in partnership with Expand.”
Combined portfolio to reach 14 Bcf/d of marketed volume
Today, Twin Eagle markets more than 5 billion cubic feet per day (Bcf/d) of natural gas and manages roughly 44 Bcf of storage capacity and approximately 2 Bcf/d of firm transportation. It serves more than 1,000 customers across a diversified footprint spanning the U.S. and Canada. On a pro forma basis, the combined portfolio will have approximately 14 Bcf/d of marketed volume supported by roughly 9 Bcf/d of firm transportation and 49 Bcf of storage capacity.
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The combination does more than add scale, it will enhance how Expand creates value by:
- Accelerating the Company’s Marketing and Commercial strategy. The Company now expects to deliver $750 million per year of incremental free cash flow from its marketing and commercial strategy. This is an increase of 50% from its previous target, reflecting the value of the new integrated platform and the repeatable earnings of Twin Eagle.
- Expanding customer and market reach to capture greater value from every molecule. The acquisition will broaden access to premium demand centers across the U.S. and Canada, reaching approximately 90% of the natural gas market. The combined production, transportation and storage capacity will enable the Company offer additional reliability and flexibility to respond to customers’ needs and provide optimization opportunities.
- Leveraging scale and financial strength. Expand’s diversified portfolio and financial strength will elevate Twin Eagle’s asset-backed natural gas marketing and optimization business, enabling the combined business to extend contract terms, attract additional high-quality customers, and reach high-value markets.
- Adding experienced team with highly successful track record. Since its inception, Twin Eagle has consistently grown cash flows by leveraging its natural gas market expertise and effective risk management. Following the close of the merger, Twin Eagle will become a wholly-owned subsidiary of Expand, with key members of Twin Eagle’s management, including Jeremy Davis, continuing with the Company after closing.
