HG Energy Rel Val Snapshot: EXE to Acquire Twin Eagle & 2Q Results; 2Q26 Recaps (BHI, DINO, OVV, SLB); Recent & Upcoming Earnings

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HG Energy Rel Val Snapshot: EXE to Acquire Twin Eagle & 2Q Results; 2Q26 Recaps (BHI, DINO, OVV, SLB); Recent & Upcoming Earnings

J P M O R G A N North America Credit Research

29 July 2026

HG Energy Rel Val Snapshot

EXE to Acquire Twin Eagle & 2Q Results; 2Q26 Recaps

(BHI, DINO, OVV, SLB); Recent & Upcoming Earnings

EXE to Acquire Twin Eagle: On July 27, EXE announced it has entered into an North America Corporate Credit -

agreement to acquire Twin Eagle, a private asset-backed natural gas marketing and Energy (IG)

optimization business, from Five Point Infrastructure for $1.25bn. The deal is Matthew Anavy, CFA AC

expected to close in 3Q26. EXE will fund the deal with cash on hand plus revolver (1-212) 834-3568

borrowings, with management noting on the 2Q call that EXE can absorb Twin Eagle matthew.a.anavy@jpmorgan.com

within existing facilities while preserving balance-sheet and shareholder-return Amanda Fischer

flexibility. Twin Eagle currently markets over 5 Bcf/d of natural gas and manages ~44 (1-212) 834-2641

Bcf of storage capacity and 2 Bcf/d of firm transportation, serving over 1,000 amanda.fischer@jpmchase.com

J.P. Morgan Securities LLC

customers across the US and Canada. The combined company will have ~14 Bcf/d of

marketed volume, backed by ~9 Bcf/d of firm transportation and 49 Bcf of storage.

Management expects the deal to add ~$200mm of EBITDA in year 1, growing to ~

$350mm/yr as synergies build, and to lift the incremental marketing free cash flow

target to $750mm.

• EXE 2Q26 Results – Remain N: EXE delivered a solid quarter, with a slight

EBITDAX beat on reaffirmed production and capex guidance. Debt declined

materially in the quarter, as previously disclosed with 1Q results, positioning

the company to shift its focus to growing shareholder returns.