October 28, 2025
OKLAHOMA CITY, Oct. 28, 2025 (GLOBE NEWSWIRE) — Expand Energy Corporation (NASDAQ: EXE) (“Expand Energy” or the “Company”) today reported third quarter 2025 financial and operating results.
Net cash provided by operating activities of $1,201 million
Net income of $547 million, or $2.28 per fully diluted share; adjusted net income(1) of $234 million, or $0.97 per diluted share
Adjusted EBITDAX(1) of $1,082 million
Produced ~7.33 Bcfe/d net (92% natural gas)
Reduced midpoint of full year 2025 capital expenditures guidance by $75 million to $2.85 billion, increased midpoint of full year 2025 production guidance by 50 MMcfe/d to 7.15 Bcfe/d
Signed 15-year SPA with Lake Charles Methanol to serve as sole gas supplier with start date in ~2030 and pricing premium to NYMEX; expect FID in 2026
Acquired ~82,500 net acres of value-accretive leasehold across Western Haynesville and Southwest Appalachia in second half of 2025
Upsized credit facility to $3.5 billion, providing enhanced liquidity and extending maturity to 2030
(1) Definitions of non-GAAP financial measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are included at the end of this release.
“Expand is answering the world’s call for more affordable, reliable, lower carbon energy. In one short year, we have significantly scaled and strengthened our business and are well positioned to access and safely deliver natural gas into new and growing power, industrial and LNG markets,” said Nick Dell’Osso, Expand Energy’s President and Chief Executive Officer. “We continue to deliver leading capital efficiency in each of our operating areas demonstrating our ability to increase returns on investment across our diverse portfolio. Importantly, as illustrated by our Lake Charles Methanol SPA, we are capitalizing on our strengths to focus not simply on value protection, but critically, on value creation. We are using our unique global scale to expand the value of each molecule, in the U.S. and abroad.”
Operations Update
Expand Energy operated an average of 11 rigs during the third quarter, drilling 41 wells and turning 57 wells in line, resulting in net production of approximately 7.33 Bcfe/d (92% natural gas). A detailed breakdown of third quarter production, capital expenditures and activity can be found in the supplemental slides which have been posted at https://investors.expandenergy.com/events-presentations.
2025 Synergy, Capital and Operating Outlook
Given the significant operational efficiency gains recognized through the Company’s integration efforts, Expand Energy is on track to capture approximately $500 million in annual synergies in 2025. The Company anticipates ultimately achieving $600 million in annual synergies by year end 2026.
Full year 2025 net production is expected to be 7.15 Bcfe/d, approximately 50 MMcfe/d higher than the prior production mid-point. Expand Energy reduced its full year capital investment expectations by approximately $75 million to $2.85 billion, inclusive of approximately $250 million to build productive capacity by exiting 2025 with approximately 12 rigs. Should market conditions warrant, this incremental capital investment positions the Company to efficiently grow production to approximately 7.5 Bcfe/d in 2026.
Expand Energy acquired ~7,500 acres of undeveloped Core Marcellus for $57 million during the third quarter, adding approximately 425,000 lateral feet for the equivalent of greater than 40 near-term development locations in Southwest Appalachia. Additionally, the Company has established a 75,000+ net-acre position in Western Haynesville through targeted leasing and an undeveloped leasehold acquisition, including cash consideration of approximately $117 million in the second half of 2025 and approximately $29 million of capital carry expected to be incurred over the next two years. Including the carry, total land spend to date in the Western Haynesville is approximately $178 million and has the potential to yield more than 200 locations.
A detailed breakdown of 2025 annual synergy, capital, and operating outlook can be found in the supplemental slides.
Shareholder Returns Update
Expand Energy expects to allocate $500 million to net debt paydown during the second half of 2025 to further strengthen its balance sheet and to create more balance sheet capacity at cycle lows. The Company plans to pay its quarterly base dividend of $0.575 per share on December 4, 2025 to shareholders of record at the close of business on November 13, 2025.
Conference Call Information
A conference call to discuss Expand Energy’s third quarter 2025 financial and operating results and 2025 outlook has been scheduled for 9 a.m. EDT on October 29, 2025. Participants can access the live webcast at https://edge.media-server.com/mmc/p/zvf6gidw/. Participants who would like to ask a question, can register at https://register-conf.media-server.com/register/BI243c1d6afdcd4bf89aff1f85c2c3ed71, and will receive the dial-in info and a unique PIN to join the call. Links to the conference call will be provided at https://investors.expandenergy.com/. A replay will be available on the website following the call.
Financial Statements, Non-GAAP Financial Measures and 2025 Guidance and Outlook Projections
This news release contains the non-GAAP financial measures described below in the section titled “Non-GAAP Financial Measures.” Reconciliations of each non-GAAP financial measure used in this news release to the most directly comparable GAAP financial measure are provided below. Additional detail on the Company’s 2025 third quarter financial and operational results, along with non-GAAP measures that adjust for items typically excluded by securities analysts, are available on the Company’s website. Non-GAAP measures should not be considered as an alternative to, or more meaningful than, GAAP measures. Management’s guidance for 2025 can be found on the Company’s website at www.expandenergy.com.
Expand Energy Corporation (NASDAQ: EXE) is North America’s largest natural gas producer, powered by dedicated and innovative employees focused on expanding the value of natural gas by connecting global scale to growing markets. Expand Energy’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its advantaged portfolio, financial strength and operational excellence. Expand Energy is committed to expanding America’s energy reach to fuel a more affordable, reliable, lower carbon future.