Spire to Sell Wyoming and Oklahoma Gas Storage for $650M to I Squared
Spire agreed to sell its Wyoming and Oklahoma natural gas storage assets to I Squared Capital for $650m, with $600m cash at closing and $50m deferred into fiscal 2027. Proceeds will partially fund the Piedmont Tennessee acquisition and sharpen focus on regulated utility operations.
1. Transaction Details
Spire and I Squared have entered into an agreement for I Squared Capital to acquire Spire’s natural gas storage assets in Wyoming and Oklahoma for a total of $650 million, consisting of $600 million in cash at closing and a $50 million fixed deferred payment in fiscal 2027. The deal is expected to close in the second half of Spire’s fiscal 2026, subject to customary closing conditions and antitrust clearance.
2. Strategic Rationale
Spire will use transaction proceeds to partially fund its recently closed Piedmont Natural Gas Tennessee acquisition and to streamline operations around its core regulated natural gas utility business. The sale is designed to enhance Spire’s risk profile and support its long-term adjusted EPS growth target of 5–7%.
3. Asset Profile
Spire Storage West in southwestern Wyoming offers up to 55 Bcf of working gas capacity for western U.S. customers, while Spire Storage Salt Plains in north-central Oklahoma provides up to 17 Bcf and connects to Southern Star Pipeline and Oklahoma Gas Transmission, serving Midcontinent and Midwestern markets.