TWIN EAGLE acquired by EXPAND ENERGY

Expand Energy agreed on 27 July 2026 to acquire Twin Eagle Holdings, a privately held North American natural gas marketer, from energy investment firm Five Point Infrastructure, in a transaction valued at $1.3B. Expand Energy, an independent natural gas producer, will pay with cash on hand and borrowings under its revolving credit facility. The buyer expects the combined marketing and commercial strategy to add $750m a year of incremental free cash flow, 50% above its previous target. Michael Wichterich, interim president and chief executive of Expand Energy, said the deal speeds its shift into an integrated natural gas company with direct customer access. Jeremy Davis, president and chief executive of Twin Eagle, said the pairing joins Expand Energy's lower-cost supply with the marketing platform his team has built over 16 years. The purchase price is subject to customary adjustments, including for working capital, and the transaction is expected to close in the third quarter of 2026, subject to customary closing conditions and required regulatory approvals.