EXPAND ENERGY Corp (EXE)

Expand Energy Corporation is the largest independent natural gas producer in the U.S. by net daily production. It develops natural gas, oil and NGL, with a stated aim of expanding energy access. On October 1, 2024, it completed the Southwestern Merger. In 2025 it joined the S&P 500 index and returned approximately $865 million to shareholders through dividends and share repurchases. Since the merger it has reduced total debt by approximately $1.2 billion and upsized its 2025 Credit Facility capacity to $3.5 billion. Its strategy centers on responsible development of its resource plays, improving margins through operating efficiencies, marketing and financial discipline, and allocating capital to projects with the highest cash return.

The company operates in three areas: Haynesville (Haynesville and Bossier Shales in Louisiana and Texas), Northeast Appalachia (Marcellus Shale in Pennsylvania) and Southwest Appalachia (Marcellus and Utica Shales in Ohio and West Virginia). At December 31, 2025, it held working interests in about 6,600 gross (4,600 net) wells, substantially all productive natural gas wells, and operated about 99% of its daily production volumes. It also held overriding or royalty interests in about 3,300 additional wells. 2025 production totaled 2,622 Bcfe, mostly natural gas. Estimated proved reserves were 25,880 Bcfe, of which 18,576 Bcfe were proved developed. By volume, Northeast Appalachia accounted for 42% of reserves, Southwest Appalachia 35% and Haynesville 23%. Reserves were audited by Netherland, Sewell & Associates, Inc. The company held about 4.2 million gross (3.5 million net) acres. A marketing operation provides marketing, gathering, transportation and related services for the company and other interest owners in its operated wells. The company also operates drilling rigs and provides certain oilfield products and services, mainly to its own exploration and production operations through vertical integration.

Natural gas and NGL production is sold to purchasers under index or daily spot price contracts, and oil is sold under market-sensitive and spot contracts priced at a differential to NYMEX WTI. Aggregating volumes lets the company attract larger, more creditworthy customers. One purchaser accounted for 11% of 2025 revenues before hedging. The company has long-term gathering, processing and transportation contracts, and delivery commitments of about 7,800 Bcf of gas and 42 MMBbls of NGLs over the next 17 to 20 years. All operations are onshore in the United States.

Expand Energy competes with major integrated and other independent natural gas and oil companies, as well as pipeline marketing affiliates and other marketing companies. Some of these may have greater financial resources. It also faces indirect competition from alternative energy sources such as wind, solar and electric power. Its operations are subject to extensive federal, state, tribal and local regulation. Its principal executive offices are at 6100 North Western Avenue, Oklahoma City, Oklahoma.