EXE
Expand Energy Corporation106.58
-3.96-3.58%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
$0.20 uplift eyes $500M EBITDA
Q&A quantified the marketing push's prize at $0.20 higher realizations—roughly $500M EBITDA over 3-5 years—via premium markets like Gillis/Perryville, storage growth, and LCM deals, with Houston move adding urgency. Mike outlined a 6-9 month CEO search for a value-chain expert amid leadership change. Debt paydown trumps buybacks for now, balance sheet first in volatility. Joshua touted Haynesville's unmatched inventory, Gen 3 completions boosting productivity versus peers, and Western Haynesville appraisal. Ops resilient in Appalachia, iced in FERN storm. Management stressed disciplined execution; investors eye marketing traction.
Key Stats
Market Cap
25.38BP/E (TTM)
34.27Basic EPS (TTM)
3.11Dividend Yield
0.03%Recent Filings
10-K
FY2025 results
Expand Energy delivered FY2025 production of 2,622 Bcfe, up 91% y/y from 1,375 Bcfe, powered by the October 2024 Southwestern merger that doubled scale to 7,183 Mcfe/d average. Realized price jumped to $3.23/Mcfe from $2.16/Mcfe amid stronger gas markets, driving $8.5B revenue and $1.8B net income despite $2.98B DD&A. Q4 ramped Haynesville to 3 Bcf/d (95% y/y growth), Northeast Appalachia to 2.6 Bcf/d, with GP&T at $0.91/Mcfe (derived q/q steady). Completions hit 272 gross wells (11-rig average), converting 1,585 Bcfe PUDs for $658M; proved reserves swelled 25% to 25.9 Tcfe (PV-10 $19.4B). Debt fell to $5B with $3.5B credit facility ($4.1B liquidity), returning $865M via $765M dividends/$100M buybacks. FY2026 capex eyes $2.75-2.95B for 205-235 wells. Pipeline constraints threaten Haynesville takeaway.
8-K
Q4 cash flow surges 150%
Expand Energy crushed Q4 2025 with $956M operating cash flow—over 150% up year-over-year—and $1.4B Adjusted EBITDAX, while production hit 7.40 Bcfe/d, 15% higher. Full-year net income reached $1.82B; debt fell $660M. 2026 targets 7.5 Bcfe/d on $2.85B capex, prioritizing $1B+ debt cuts. Balance sheet flexes amid volatility.
8-K
CEO out, interim in; HQ to Houston
Expand Energy ousted CEO Nick Dell'Osso on February 6, 2026, appointing Chairman Michael Wichterich as Interim President and CEO effective immediately. Wichterich, a Permian veteran and prior Chesapeake interim leader, gets $125,000 monthly salary plus $3.6M in RSUs/PSUs. Plans relocate HQ to Houston mid-2026 to tap global gas markets, while reaffirming 2025 outlooks. Transition smooth, but permanent CEO search underway.
8-K
Strong Q3 results, guidance up
Expand Energy posted Q3 2025 net income of $547 million on 7.33 Bcfe/d production, up sharply from last year, with operating cash flow hitting $1,201 million. The company trimmed full-year capex guidance to $2.85 billion while boosting production outlook to 7.15 Bcfe/d, locked in a 15-year gas supply deal with Lake Charles Methanol starting 2030 at NYMEX premium, and snapped up 82,500 net acres in Haynesville and Appalachia. Balance sheet flexes with a $3.5 billion credit facility to 2030. Synergies ramp to $500 million in 2025.
10-Q
Q3 FY2025 results
Expand Energy's Q3 FY2025 results showcased robust topline momentum post-merger, with natural gas, oil, and NGL revenues surging 355% y/y to $1.85B on 7,333 MMcfe/d production, up 177% y/y, while marketing added $666M. Operating income flipped to $725M from a $155M loss y/y, driven by Haynesville (45% of revenue) and Appalachia gains, though gross margins held steady amid higher volumes. Diluted EPS hit $2.28, reconciling neatly to 239.9M shares with no anti-dilution flags. Cash from operations reached $3.62B YTD, funding $2.0B capex and $1.0B FCF (derived); liquidity stands strong at $4.1B with $613M cash and $3.5B revolver availability under the new 2030 facility, while total debt trimmed to $5.0B after repaying $436M notes. The October 2024 Southwestern merger closed via all-stock issuance worth $7.9B, adding $10.0B in proved properties. Yet commodity price swings remain a persistent drag.
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