Expand Energy to acquire Twin Eagle for $1.25 billion to boost gas marketing

Expand Energy announced on Monday its acquisition of Twin Eagle Holdings, a privately owned natural gas marketer, from Five Point Infrastructure for $1.25 billion. This transaction is designed to bolster Expand Energy’s marketing operations throughout North America.

As domestic demand for natural gas continues to climb, energy producers are actively investing in marketing and logistical services. This trend allows companies to boost profit margins and maintain better oversight of their distribution networks to end consumers.

Established in 2010, Twin Eagle operates as an independent marketer of natural gas and electricity, offering services in wholesale marketing, logistics, asset management, and market analytics.

Upon closing, Twin Eagle will function as a wholly owned subsidiary of Expand Energy. The current leadership team at Twin Eagle, including CEO Jeremy Davis, will remain in their roles to guide the business.

Following the acquisition, Expand Energy projects its marketing and commercial operations will generate $750 million in annual incremental free cash flow, representing a 50% increase over its prior guidance.

Twin Eagle currently manages approximately 44 billion cubic feet of gas storage capacity and markets over 5 billion cubic feet of natural gas daily. Once integrated, the combined entity will market roughly 14 billion cubic feet of natural gas per day.

The joint operations will provide access to major demand centers, reaching approximately 90% of the natural gas markets in the United States and Canada.

The transaction is projected to close during the third quarter of 2026. Expand Energy intends to finance the purchase using existing cash reserves alongside draws from its revolving credit facility.