Expand Energy is buying its way out of the wellhead-only business. The company, already North America's largest natural gas producer, agreed on July 27, 2026 to pay $1.25 billion for Twin Eagle Holdings, N.A., LLC, the asset-backed gas marketing and optimization platform that Five Point Infrastructure has owned for about a dozen years. The deal adds a marketing and storage business to a company that has mostly just produced gas and sold it at the wellhead.

Deal structure and timeline

The price carries the usual working-capital adjustments, and Expand plans to fund it with cash on hand plus borrowings under its revolving credit facility. Closing is expected in the third quarter of 2026, subject to regulatory approval and other customary conditions. Once the deal closes, Twin Eagle becomes a wholly owned subsidiary of Expand, and its president and chief executive, Jeremy Davis, stays on along with other members of the Twin Eagle management team.

What Twin Eagle brings

Twin Eagle, founded in 2010, currently markets more than 5 billion cubic feet a day (Bcf/d) of natural gas, manages about 44 Bcf of storage capacity, and holds roughly 2 Bcf/d of firm transportation. Firm transportation is pipeline capacity a shipper has reserved and pays for whether it uses it or not, which guarantees the gas moves even when demand spikes. Twin Eagle serves more than 1,000 customers across the United States and Canada, built on what the company describes as recurring physical supply and delivery relationships. Combined, Expand and Twin Eagle will market about 14 Bcf/d, backed by roughly 9 Bcf/d of firm transportation and 49 Bcf of storage capacity, extending Expand's reach to approximately 90% of North American gas markets.

The financial case

Expand expects the deal to be accretive from the start, adding more than $200 million of annual EBITDA, with $150 million a year of synergies targeted by the end of 2028. The company also raised its target for incremental free cash flow from its marketing and commercial business to $750 million a year, up 50% from its previous goal.

Michael Wichterich, Expand's interim president and chief executive officer, said the deal gives Expand a "commercial and marketing advantage compared to peers," pairing its gas supply with direct access to customers. Davis, Twin Eagle's president and chief executive, said the combination pairs Expand's balance sheet and low-cost supply with "the talented team and marketing platform we have spent the past 16 years developing." David Capobianco, chief executive and managing partner of Five Point Infrastructure, said Twin Eagle had "generated exceptional returns for all stakeholders" under his firm's ownership. Five Point, based in Houston, manages about $7.2 billion in assets across its investment funds.

Who advised

PJT Partners advised Expand on the transaction, with White & Case as legal counsel and DrivePath Advisors handling communications. Lazard advised Twin Eagle, Latham & Watkins served as its lead legal counsel, and Kekst CNC handled communications for Five Point.