BY Fraser Tennant
Growing its marketing business across North America, independent natural gas producer Expand Energy has acquired privately held natural gas marketer Twin Eagle Holdings from energy investment firm Five Point Infrastructure in a transaction valued at $1.25bn.
Expand Energy – the largest natural gas producer in North America – will fund the transaction through a combination of cash on hand and borrowings under its revolving credit facility.
Combining Expand Energy’s industry-leading supply and financial strength with Twin Eagle’s premier physical marketing platform creates a fully integrated natural gas company positioned to capture value across the entire chain in key US and Canadian markets.
In addition to scale, the transaction is expected to provide Expand Energy with $750m per year of incremental free cash flow from its marketing and commercial strategy – an increase of 50 percent from its previous target.
“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, interim president and chief executive of Expand Energy. “We are already North America’s largest natural gas producer, and now we will be its leading gas marketer, with direct access to customers and structural demand growth.”
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 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,” said Jeremy Davis, president and chief executive of Twin Eagle. “Together, with our new partner, we can create additional value in ways neither company could have accomplished on its own.”
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.
Mr Wichterich concluded: “By combining Expand’s scale, resource depth and financial strength with Twin Eagle’s marketing and optimisation platform, we will capture additional margin across the natural gas value chain and deliver more durable shareholder returns.”
News: Expand Energy to beef up gas marketing business with $1.25 billion Twin Eagle deal