EXPAND ENERGY Corp (EXE)

Expand Energy Corporation, headquartered in Oklahoma City, Oklahoma, is the largest independent natural gas producer in the United States by net daily production, focused on the responsible development of natural gas, oil, and NGL resources. The company operates in three core areas: the Haynesville and Bossier Shales in Louisiana and Texas, the Marcellus Shale in Northeast Appalachia (Pennsylvania), and the Marcellus and Utica Shales in Southwest Appalachia (West Virginia and Ohio), holding working interests in approximately 6,600 gross wells (4,600 net) and operating roughly 99% of its daily production volumes. The company was significantly reshaped by the October 1, 2024 merger with Southwestern Energy (the "Southwestern Merger"), which created a larger, more diversified natural gas portfolio positioned near high-demand markets, alongside a resilient, investment-grade balance sheet.

Since the merger, Expand Energy has reduced total debt by approximately $1.2 billion, expanded its 2025 credit facility to $3.5 billion, joined the S&P 500 index, and returned approximately $865 million to shareholders via dividends and share repurchases in 2025. As of December 31, 2025, total proved reserves stood at 25,880 Bcfe (comprising natural gas, oil, and NGLs), with an estimated future net revenue of $37.0 billion and a PV-10 value of $19.4 billion; proved undeveloped reserves grew to 7,304 Bcfe from 3,842 Bcfe in the prior year, driven largely by upward revisions from improved economics on new well locations. Reserve estimates are prepared internally by the company's Corporate Reserves Department and audited by third-party engineering firm Netherland, Sewell & Associates.

The company also holds approximately 4.2 million net acres of developed and undeveloped leasehold across its operating areas and maintains long-term delivery commitments of about 7,800 Bcf of gas and 42 MMBbls of NGLs over the next 20 and 17 years, respectively. Beyond exploration and production, Expand Energy operates marketing functions that handle commodity sales, transportation, and contract administration, and it vertically integrates certain oilfield services, including drilling rigs, primarily to support its own E&P operations. The company sells natural gas and NGLs primarily through index-based or spot price contracts, and oil through market-sensitive contracts tied to NYMEX WTI pricing, with customer concentration varying by year (one purchaser accounted for 11% of 2025 revenue).

Expand Energy competes with major integrated and independent oil and gas companies as well as alternative energy sources, and its operations are subject to extensive federal, state, tribal, and local environmental, health, safety, and industry-specific regulations.