Spire Inc. Completes $215 Million Sale of Gas Marketing Business to Boardwalk Pipelines
St. Louis, MO – April 30, 2026 – Spire Inc. (NYSE: SR) has officially finalized the sale of its gas marketing business, Spire Marketing Inc., to Boardwalk Pipelines, LP for a substantial $215 million in cash, effective today. This strategic move is part of Spire's broader plan to concentrate on its core utility operations while enhancing its earnings stability and risk profile.
1. Transition of Employees and Clients
As part of the transition, employees and clients from Spire Marketing will be integrated into Boardwalk’s new business unit, Boardwalk Continuum Marketing, LLC. This seamless transition is expected to maintain the high standards of service that existing clients have come to expect from Spire Marketing.
2. Focus on Core Operations
Scott Doyle, president and CEO of Spire, expressed the significance of this transaction, stating, "The successful completion of this transaction represents an important step as Spire sharpens focus on core utility operations while improving our risk profile and enhancing long-term earnings visibility." He also extended gratitude towards the employees of Spire Marketing for their contributions to the company’s success.
3. Boardwalk’s Vision and Leadership
Scott Hallam, president and CEO of Boardwalk Pipelines, articulated the company’s commitment to strengthening its offerings in a complex energy landscape. "Our future will be defined not just by the assets we own, but by how effectively we connect supply to demand and deliver solutions our customers value," Hallam stated. The integration of Spire Marketing will bolster Boardwalk's capabilities in providing market-responsive services.
Pat Strange, who previously led Spire Marketing, will continue in a leadership role as president of Boardwalk Continuum Marketing, ensuring continuity of service for clients during this transition. Strange highlighted the importance of marketing and trading capabilities in today’s energy market and reassured customers that they would benefit from being part of a highly integrated natural gas platform.
4. Boardwalk Continuum Marketing’s Role
Boardwalk Continuum Marketing aims to be a key player in the North American natural gas market, focusing on the purchase and delivery of natural gas to various customers, including producers, midstream operators, and large industrial clients. With Boardwalk’s extensive storage and transportation network, the new entity is positioned to support customers across the entire natural gas value chain effectively.
5. Strategic Use of Sale Proceeds
The proceeds from the sale will partially fund Spire's recent acquisition of the Piedmont Natural Gas Tennessee business and will also be allocated for general corporate purposes. This strategic financial maneuver underscores Spire's commitment to strengthening its core utility services while pursuing growth opportunities in the energy sector.
6. Conclusion
As Spire Inc. moves forward with its refined focus on utility operations, the completion of the sale to Boardwalk Pipelines marks a significant milestone in its operational strategy. Both companies are poised for growth as they navigate the evolving energy landscape, with Spire enhancing its core competencies and Boardwalk expanding its service offerings through the addition of Spire Marketing’s capabilities.
For further information about Spire's operations and future initiatives, visit SpireEnergy.com.
