Expand Energy to acquire Twin Eagle for $1.25B, creating integrated natural gas company

EXPAND ENERGY Corp

Acquisition price $1.25B from Five Point Infrastructure; expected close Q3 2026.
Twin Eagle markets >5 Bcf/d natural gas, manages 44 Bcf storage; pro forma combined ~14 Bcf/d marketed volume.
Deal immediately accretive; expected to contribute >$200M annual EBITDA, $150M/year synergies by end of 2028.
Expand raises incremental free cash flow target from marketing/commercial strategy to $750M/year (up 50%).
Key Twin Eagle management including CEO Jeremy Davis to continue post-close.

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