Expand Energy to acquire gas marketer Twin Eagle for $1.25 billion

Expand Energy Corp. has agreed to purchase Twin Eagle Holdings NA, a gas marketing firm, for $1.25 billion from private equity owner Five Point Infrastructure. The deal, announced on July 27, 2026, will elevate Expand Energy into a leading natural gas marketer in North America, with operations spanning key U.S. and Canadian markets. The acquisition is slated to close in the third quarter of 2026. Expand Energy, formed in 2024 by the merger of Chesapeake Energy and Southwestern Energy, aims to strengthen its in-house trading and marketing capabilities to capture higher margins and reduce reliance on third-party intermediaries. The company has aggressively recruited gas traders from ExxonMobil Holdings Corp., including Expand’s executive vice president for marketing and commercial, Dan Turco, who joined from ExxonMobil last year. Expand Energy also raised its annual target for free cash flow from marketing and commercial activities by 50% to $750 million, citing growing U.S. gas demand driven by LNG exports, data centers, and power generation. The transaction will be financed through a mix of cash reserves and borrowings under its revolving credit facility. Analysts noted the $1.25 billion price tag is elevated for trading and marketing businesses, which typically trade at lower valuation multiples, but acknowledged the strategic fit for Expand Energy’s long-term growth. In the first quarter of 2026, Expand Energy reported $91 million in net earnings from its marketing operations, boosted by surging gas prices during a major winter storm.