Expand Energy Corporation (NASDAQ:EXE) ("Expand" or the "Company"), the largest natural gas producer in North America, announced today that it has entered into a definitive merger agreement to acquire Twin Eagle Holdings, N.A., LLC ("Twin Eagle"), a leading private asset-backed natural gas marketing and optimization business, for $1.25 billion from Five Point Infrastructure. The transaction is subject to typical purchase price adjustments, including working capital, and is expected to close in the third quarter of 2026, pending customary closing conditions and required regulatory approvals. The Company expects to fund the transaction through a combination of cash on hand and borrowings under its revolving credit facility.

The transaction unites Expand’s industry-leading supply and financial strength with Twin Eagle’s premier physical marketing platform, creating a fully integrated natural gas company positioned to capture value across the entire chain in key U.S. and Canadian markets. Twin Eagle’s earnings are primarily supported by recurring physical supply and delivery relationships, asset-backed portfolio optimization, and experienced commercial, logistics and operating capabilities, consistently delivering earnings growth across a wide range of market conditions.