Expand Energy to Acquire Twin Eagle in $1.25 Billion Natural Gas Marketing Deal

Expand Energy will acquire natural gas marketer Twin Eagle for $1.25 billion, expanding its marketing, transportation and storage capabilities across key U.S. and Canadian gas markets.

(P&GJ) — Expand Energy has agreed to acquire natural gas marketing and optimization company Twin Eagle Holdings for $1.25 billion, a move that expands the producer's commercial, transportation and storage capabilities across North America.

The transaction, expected to close in the third quarter of 2026 pending regulatory approvals and customary closing conditions, will be funded through a combination of cash on hand and borrowings under the company's revolving credit facility.

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Twin Eagle markets more than 5 billion cubic feet (Bcf) per day of natural gas and manages approximately 44 Bcf of storage capacity along with about 2 billion cubic feet per day of firm transportation. Following the acquisition, the combined company expects to market approximately 14 billion cubic feet per day of natural gas, supported by roughly 9 billion cubic feet per day of firm transportation capacity and 49 Bcf of storage.

Expand said the acquisition will strengthen its ability to market natural gas directly to customers throughout the United States and Canada while increasing access to key demand centers and improving portfolio optimization.

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Expand Energy Interim President and CEO Michael Wichterich said the acquisition expands the company's commercial capabilities beyond production.

"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," Wichterich said.

The company said the acquisition is expected to contribute more than $200 million in annual EBITDA initially and generate approximately $150 million in annual synergies by the end of 2028. Expand also raised its projected incremental annual free cash flow from its marketing and commercial strategy to $750 million, up 50% from its previous target.

Following the close of the transaction, Twin Eagle will operate as a wholly owned subsidiary of Expand Energy, with members of Twin Eagle's management team expected to remain with the company.