Spire Inc. agreed to sell its natural gas storage assets in Wyoming and Oklahoma to I Squared Capital for $650 million, a deal that shifts the company further toward regulated utility operations and away from non-core businesses.
The transaction is structured as $600 million in cash at closing and a $50 million deferred payment due in Spire’s fiscal 2027. The storage portfolio being sold includes two businesses: Spire Storage West in southwestern Wyoming and Spire Storage Salt Plains in north central Oklahoma.
Spire Storage West has up to 55 billion cubic feet of working gas capacity. Spire Storage Salt Plains is authorized for up to 17 billion cubic feet of working gas capacity. Together, the assets have served customers across the Midwest, Rockies, western U.S. and midcontinent markets.
The sale is expected to close in the second half of fiscal 2026, subject to regulatory approvals and antitrust review. Spire said the proceeds will partially fund its acquisition of the Piedmont Natural Gas Tennessee business, which closed on March 31, 2026.
Spire also laid out its earnings outlook after the deal. It reaffirmed fiscal 2026 adjusted EPS guidance of $5.25 to $5.45. That range had been affirmed in February and includes a full year of earnings from Spire Marketing and the storage assets, while excluding Spire Tennessee.
For fiscal 2027, Spire continues to expect adjusted EPS of $5.40 to $5.60. That forecast reflects the expected sale of both Spire Marketing and Spire Storage, while assuming a full year of earnings from Spire Tennessee.
Spire reiterated long-term adjusted EPS growth of 5% to 7%, using its original fiscal 2027 midpoint of $5.75 as the base. As a result of these announcements, the company's shares have moved 0.94% on the market, and are now trading at a price of $91.09. For the full picture, make sure to review SPIRE INC's 8-K report.
