Expand Energy to buy Twin Eagle for $1.25B, becoming North America's top gas marketer
What's the deal? Expand EnergyDealroom has a profile for this one. Try Dealroom → Corporation, North America's largest natural gas producer, has agreed to acquire Twin EagleDealroom has a profile for this one. Try Dealroom → Holdings, N.A., LLC for $1.25 billion from Five Point InfrastructureDealroom has a profile for this one. Try Dealroom →. The deal, structured as a merger, is expected to close in the third quarter of 2026, pending regulatory approvals.
What each side brings: Expand supplies the gas; Twin Eagle sells it. Founded in 2010, Twin Eagle is an asset-backed marketing and optimization platform that markets more than 5 billion cubic feet per day of natural gas and manages roughly 44 billion cubic feet of storage capacity.
The terms: Expand will fund the deal through cash on hand and borrowings under its revolving credit facility. It expects the transaction to add more than $200 million in annual EBITDA initially, plus $150 million per year in synergies by year-end 2028.
What's the endgame? Expand wants to own the full natural gas value chain — from production to customer. Buying Twin Eagle gives it a physical marketing arm reaching demand markets across the US and Canada, capturing margin it previously left to third parties.
Why now? "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," said Michael WichterichDealroom has a profile for this one. Try Dealroom →, Expand's interim president and chief executive officer.
For Five Point Infrastructure, the sale caps a roughly 12-year backing of Twin Eagle. "Twin Eagle has generated exceptional returns for all stakeholders," said David Capobianco, chief executive officer and managing partner of Five Point.
The signal: Producers are increasingly buying downstream to lock in demand as North American gas consumption grows. By pairing scale with a marketing platform, Expand is betting that controlling both ends of the chain delivers steadier returns than production alone.
Read more: GlobeNewswire
Image credit: Ken Lund
