SEATTLE (Oil Monster): Spire Inc. has agreed to sell its natural gas storage business to I Squared Capital for $650 million, as part of a broader strategy to streamline operations and prioritize regulated utility activities. The transaction, covering storage facilities in Wyoming and Oklahoma, is expected to close in the second half of fiscal 2026.
The divested assets include Spire Storage West, with approximately 55 billion cubic feet (Bcf) of capacity, and Spire Storage Salt Plains, which adds another 17 Bcf. The move follows a recent agreement to offload its gas marketing unit to Boardwalk Pipelines for $215 million, reinforcing Spire’s shift toward more stable, regulated revenue streams.
Proceeds from these transactions will support Spire’s planned acquisition of Piedmont Natural Gas Tennessee, a deal expected to expand its customer base by over 200,000 and add roughly 3,800 miles of pipeline infrastructure.
The company maintains its fiscal 2026 earnings outlook at $5.25–$5.45 per share, while slightly lowering its 2027 forecast. Spire continues to target long-term earnings growth of 5–7%, supported by infrastructure investments and regulated utility expansion.
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