June 05, 2025 [NW Natural Holdings]- SiEnergy Operating, LLC (SiEnergy), a wholly owned subsidiary of Northwest Natural Holding Company (NYSE: NWN) (NW Natural Holdings), has completed the acquisition of 100% of the capital stock of Hughes Gas Resources, Inc. (Hughes) from EPCOR USA Inc. for $60 million.
Hughes serves approximately 6,900 connections in 12 communities northeast of Houston and is expected to have a rate base of approximately $46 million at the end of 2025.
With a similar business model as SiEnergy, Hughes has grown organically by providing infrastructure to residential and commercial developments in high-growth areas. Hughes further expands SiEnergy’s regulated gas utility business in Texas with a contracted customer backlog of approximately 11,000. The transaction is expected to be accretive in the first full year of operations.
“Hughes is a great fit for us and a logical step as we expand our Texas utilities,” said Justin B. Palfreyman, president and CEO of NW Natural Holdings. “I’m excited the team has completed this acquisition, which enhances the scale of SiEnergy and positions the Company for further growth.”
“I’m pleased to close this acquisition and begin serving additional customers in Texas,” said June Dively, president of SiEnergy. “Our gas utilities share a laser focus on providing safe, reliable service to benefit our customers and communities. I’m thrilled to welcome Hughes into our family and look forward to continued growth.”
After closing, Hughes is expected to be rebranded to Pines Holdings, Inc.
