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Expand Energy Targets 14 Bcf/d Natural Gas Marketing Heft With Twin Eagle Buy
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Natural Gas Inteligence News Feed
Expand Energy agreed Monday to buy privately held natural gas marketer Twin Eagle Holdings for $1.25 billion, pairing the largest natural gas producer in North America with one of the continent’s top marketing platforms as it hunts growth beyond the drillbit.
Founded in 2010, Houston-based Twin Eagle markets more than 5 Bcf/d of natural gas and manages about 44 Bcf of storage capacity and roughly 2 Bcf/d of firm transportation.
The companies said the platform would give Expand access to about 90% of the US and Canadian natural gas market.
Twin Eagle would operate as a wholly owned subsidiary, with key managers, including CEO Jeremy Davis, staying on.
“We view this as a positive transaction that materially accelerates [Expand’s] evolution from one of the largest natural gas producers into a more fully integrated natural gas company,” Sorbara said.