Earnings summaries and quarterly performance for EXPAND ENERGY.
Executive leadership at EXPAND ENERGY.
Nick Dell’Osso
Detailed
President and Chief Executive Officer
CEO
BR
Brittany Raiford
Detailed
Vice President, Interim Chief Financial Officer and Treasurer
CL
Chris Lacy
Detailed
Executive Vice President, General Counsel and Corporate Secretary
JV
Joshua Viets
Detailed
Executive Vice President, Chief Operations Officer
Board of directors at EXPAND ENERGY.
BD
Benjamin Duster IV
Detailed
Director
BS
Brian Steck
Detailed
Director
CK
Catherine Kehr
Detailed
Director
CJ
Chip Johnson
Detailed
Director
JG
John Gass
Detailed
Director
MG
Matthew Gallagher
Detailed
Lead Independent Director
MW
Michael Wichterich
Detailed
Chairman of the Board
SE
Sarah Emerson
Detailed
Director
SK
Shameek Konar
Detailed
Director
TD
Timothy Duncan
Detailed
Director
Research analysts who have asked questions during EXPAND ENERGY earnings calls.
John Freeman
Raymond James Financial
4 questions for EXE
Also covers: APA, AR, CRGY +9 more
Kevin MacCurdy
Pickering Energy Partners
4 questions for EXE
Also covers: AR, CHRD, CNX +13 more
Neil Mehta
Goldman Sachs
4 questions for EXE
Also covers: AESI, APA, AR +36 more
Scott Hanold
RBC Capital Markets
4 questions for EXE
Also covers: APA, CHRD, CIVI +13 more
Zach Parham
JPMorgan Chase & Co.
4 questions for EXE
Also covers: CIVI, CNX, CRC +7 more
DM
Devin Mcdermott
Morgan Stanley
3 questions for EXE
Also covers: COP, CVX, EQT +3 more
DL
Doug Leggate
Wolfe Research
3 questions for EXE
Also covers: APA, AR, BP +21 more
JS
Josh Silverstein
UBS Group
3 questions for EXE
Also covers: CIVI, CRC, CVX +4 more
PD
Paul Diamond
Citigroup
3 questions for EXE
Also covers: AR, CHRD, CRK +9 more
PJ
Phillips Johnston
Capital One Securities, Inc.
3 questions for EXE
Also covers: CHRD, COP, CRC +8 more
Betty Jiang
Barclays
1 question for EXE
Also covers: APA, AR, BKV +14 more
CM
Charles Meade
Johnson Rice & Company L.L.C.
1 question for EXE
Also covers: APA, BRY, COP +17 more
DD
David Deckelbaum
TD Cowen
1 question for EXE
Also covers: ALB, ALTM, APA +17 more
DL
Douglas Leggate
Wolfe Research
1 question for EXE
Also covers: APA, COP, CVX +5 more
JE
John Ennis
Texas Capital
1 question for EXE
Also covers: EQT
Matthew Portillo
Tudor, Pickering, Holt & Co.
1 question for EXE
Also covers: CTRA, DVN, MRO +1 more
Recent press releases and 8-K filings for EXE.
Expand Energy Discusses Natural Gas Outlook and Strategy at Goldman Sachs Conference
EXE
Guidance Update
New Projects/Investments
- Expand Energy (EXE) maintains a constructive outlook on natural gas macro, anticipating volatility but also opportunities, with mid-cycle price expectations of $3.50-$4 for 2026 and 2027.
- The company was surprised by the significant U.S. natural gas production growth in 2025, particularly from Haynesville, and questions its sustainability at current price levels, noting the marginal break-even for growth is above $3.50.
- EXE employs a "Hedge-to-Wedge" strategy, hedging for an eight-quarter period using collars and swaps to protect capital and reduce cash flow volatility.
- Expand Energy's capital allocation is stable between Marcellus and Haynesville, with a focus on optimizing cash flow at mid-cycle prices and developing the Western Haynesville as a new, high-cost but strategically advantageous area.
- The company believes the traditional Haynesville can only grow a few more Bcf/d, and future demand growth will necessitate activating higher-cost assets, potentially requiring $4-$4.50 to incentivize supply.
Jan 6, 2026, 2:40 PM
Expand Energy (EXE) Discusses Natural Gas Outlook and Strategy
EXE
Guidance Update
New Projects/Investments
M&A
- Expand Energy (EXE) maintains a constructive outlook on the natural gas macro for 2026 and 2027, anticipating volatility with opportunities and positioning its portfolio with low-cost assets and strong inventory.
- The company employs a "Hedge-to-wedge" strategy, hedging eight quarters forward to manage near-term price risk and protect capital, particularly when the forward curve exceeds its mid-cycle price expectation of $3.50-$4.
- Expand's capital allocation is stable between the Marcellus and Haynesville, aiming for 7.5 Bcf/day total production optimized for $3.50-$4 mid-cycle prices. The company is also developing the Western Haynesville, having acquired inventory at under $1 million per location.
- While U.S. natural gas production, led by Haynesville, saw significant growth in the past year, the sustainability of this growth at current price levels is questioned, with the marginal break-even for growth estimated above $3.50.
- Expand believes the traditional Haynesville core can add a few more Bcf/day, but significant future supply growth to meet demand will require activating higher-cost assets, potentially needing $4-$4.50.
Jan 6, 2026, 2:40 PM
Expand Energy Discusses Natural Gas Strategy and Market Outlook
EXE
Guidance Update
New Projects/Investments
M&A
- Expand Energy's CEO, Nick Dell'Osso, maintains a constructive macro outlook for natural gas, expecting volatility but with opportunities, and notes the 2026 and 2027 forward strip aligns with their mid-cycle price expectations of $3.50-$4.
- The company utilizes a "Hedge-to-wedge" strategy, hedging for an eight-quarter period with collars and swaps to protect capital and manage near-term price risk, aiming to reduce cash flow volatility.
- Expand Energy's capital allocation between Marcellus and Haynesville is stable, designed to optimize cash flow at $3.50-$4 mid-cycle prices.
- The company is developing the Western Haynesville, having acquired acreage at a cost well under $1 million per location, significantly below other Haynesville transactions, and plans to leverage its experience to be a cost leader in this high-cost area.
- Dell'Osso believes the traditional Haynesville cannot fully meet the projected 18 Bcf/d of additional U.S. gas demand over the next few years, suggesting that $4-$4.50 prices will be necessary to activate higher-cost assets to meet this demand.
Jan 6, 2026, 2:40 PM
Expand Energy Discusses Natural Gas Outlook, Capital Allocation, and Operational Efficiencies
EXE
Guidance Update
New Projects/Investments
- Expand Energy maintains a constructive outlook on the natural gas macro, expecting 4 BCF/day of incremental LNG demand from 2025 to 2026, with the Golden Pass facility anticipated to start up in February.
- The company is prioritizing balance sheet strength, targeting at least $1 billion in net debt reduction for 2026, following a $1 billion reduction in the current year, with an aim to achieve negative net debt to enable future share buybacks.
- For 2026, Expand Energy provides soft guidance of 7.5 BCF/day production with a reduced capital budget of $2.85 billion, down from an initial $3 billion.
- Operational efficiencies in the Haynesville have led to an increased synergy target of $600 million per annum by year two and a 15% reduction in overall well cost compared to 2024, despite increased proppant intensity.
- The company has secured a low-cost entry into a new East Texas asset (Western Haynesville), acquiring 75,000 acres for less than $180 million, which offers future growth options and access to new consumer markets.
Nov 20, 2025, 5:00 PM
Expand Energy Discusses Macro Outlook, Capital Allocation, and Operational Efficiencies
EXE
Guidance Update
New Projects/Investments
- Expand Energy maintains a constructive natural gas macro outlook, anticipating 4 BCF a day of incremental LNG demand year-over-year from 2025 to 2026, with the Golden Pass facility expected to start up around February.
- The company prioritizes balance sheet strength, targeting at least $1 billion in net debt reduction for 2026, aiming for negative net debt to enable future share buybacks during bearish cycles.
- Operational efficiencies in the Haynesville have led to an increased synergy target of $600 million per annum by year two post-merger and a $150 million reduction in the current year's capital budget. The 2026 production target of 7.5 BCF a day is now achievable for $2.85 billion, down from an initial $3 billion.
- Expand Energy acquired 75,000 acres in the Western Haynesville for less than $180 million, viewing it as a low-cost growth option with access to new consumer markets.
- The company is actively pursuing a marketing strategy to achieve higher prices, facilitate new demand (e.g., the Lake Charles Methanol deal), and reduce cash flow volatility, expecting 11 BCF a day of incremental demand growth in Louisiana/East Texas by 2030.
Nov 20, 2025, 5:00 PM
Expand Energy Discusses 2026 Outlook, Debt Reduction, and Growth Initiatives
EXE
Guidance Update
New Projects/Investments
Revenue Acceleration/Inflection
- Expand Energy is prioritizing a strong balance sheet, targeting at least $1 billion in net debt reduction for 2026, aiming for negative net debt to enhance flexibility through market cycles.
- The company has increased its synergy target from the Southwestern merger to $600 million per annum by year two, predominantly from Haynesville efficiencies, leading to a 25% reduction in well cost since 2023.
- For 2026, Expand Energy projects 7.5 BCF/day in production with a capital budget of $2.85 billion, a reduction from the initial $3 billion estimate, which now includes appraisal capital for its new East Texas asset.
- Expand Energy acquired 75,000 acres in East Texas for less than $180 million, viewing it as a low-cost entry with potential for 200 wells at approximately $800,000 per location, significantly lower than recent Haynesville transactions.
- The company is actively pursuing marketing strategies to achieve higher product prices, facilitate new demand (e.g., Lake Charles Methanol deal), and reduce cash flow volatility, anticipating 11 BCF/day of incremental demand growth in the Louisiana and East Texas region by 2030.
Nov 20, 2025, 5:00 PM
EXE Reports Strong Q3 2025 Results, Reduces FY25 Capex, and Enhances Capital Returns
EXE
Earnings
Guidance Update
Dividends
- EXE reported strong financial performance for Q3 2025, with approximately $1.1 billion in Adjusted EBITDAX and $426 million in Free Cash Flow.
- The company further reduced its FY25 capital expenditure guidance by ~$75 million, with the total FY25E Capex now projected between $2,775 million and $2,925 million.
- EXE achieved approximately $1.2 billion in gross debt reduction over the last 12 months and upsized its credit facility to $3.5 billion, extending its maturity to 2030. Net Debt as of September 30, 2025, was $4,412 million.
- A 15-year Sales and Purchase Agreement (SPA) was signed with Lake Charles Methanol, positioning EXE as the sole natural gas supplier for a new facility starting around 2030. The company also outlined an enhanced capital returns framework, including an annual base dividend of $2.30/share and allocating $1 billion to net debt reduction.
Oct 29, 2025, 1:00 PM
Expand Energy Reports Strong Q3 2025 Results with Significant Cost Reductions and Updated Guidance
EXE
Earnings
Guidance Update
Share Buyback
- Expand Energy reported substantial cost reductions and efficiency gains in Q3 2025, with well costs decreasing by greater than 25% since the merger and year-to-date costs being 30% lower than peers.
- The company has updated its 2025 guidance, now expecting to spend $150 million less while delivering 50 million cubic feet per day more production compared to its initial guidance.
- For 2026, Expand Energy anticipates delivering 7.5 BCF per day of production with capital expenditures similar to 2025, estimated at $2.8 billion to $2.9 billion.
- Since the merger, Expand Energy has eliminated $1.2 billion in gross debt and returned nearly $850 million to shareholders.
- Breakeven costs have improved, with the Hanzo asset's annual free cash flow breakeven now below $3, representing an improvement of over $0.15 since pre-merger 2024.
Oct 29, 2025, 1:00 PM
Expand Energy Reports Strong Q3 2025 Performance, Exceeds Synergy Targets, and Updates 2025/2026 Guidance
EXE
Guidance Update
New Projects/Investments
Earnings
- Expand Energy reported significant efficiency gains in Q3 2025, reducing well costs by over 25% and achieving year-to-date costs 30% lower than peers, leading to 50% more synergies than original targets.
- The company strengthened its financial position by eliminating $1.2 billion in gross debt and returning nearly $850 million to shareholders.
- For 2025, Expand Energy now expects to spend $150 million less while delivering 50 million cubic feet per day more production compared to initial guidance.
- Looking to 2026, the company is prepared to deliver 7.5 bcf/d of production with approximately the same capital expenditure as 2025 (estimated $2.8 billion-$2.9 billion), reflecting sustained efficiency improvements.
- Breakevens for the Hanzo asset average less than $2.75, and the company-wide breakeven is now well below $3, an improvement of over $0.15 since pre-merger 2024. Expand Energy also announced a long-term supply agreement with Lake Charles Methanol at a premium to NYMEX, demonstrating its evolving marketing strategy.
Oct 29, 2025, 1:00 PM
Expand Energy Corporation Reports Strong Q3 2025 Results and Updates Guidance
EXE
Earnings
Guidance Update
New Projects/Investments
- Expand Energy Corporation reported net income of $547 million and net cash provided by operating activities of $1,201 million for the third quarter of 2025.
- The company updated its full-year 2025 guidance, reducing the midpoint of capital expenditures by $75 million to $2.85 billion and increasing the midpoint of production guidance by 50 MMcfe/d to 7.15 Bcfe/d.
- Strategic developments include signing a 15-year SPA with Lake Charles Methanol to serve as the sole gas supplier starting around 2030, and acquiring approximately 82,500 net acres of value-accretive leasehold across Western Haynesville and Southwest Appalachia in the second half of 2025.
- Expand Energy enhanced its liquidity by upsizing its credit facility to $3.5 billion, extending its maturity to 2030, and expects to allocate $500 million to net debt paydown during the second half of 2025.
Oct 28, 2025, 8:02 PM
Quarterly earnings call transcripts for EXPAND ENERGY.
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