EXPAND ENERGY Corp

Listed Company

EXECIK 0000895126NasdaqLarge AcceleratedCrude Petroleum & Natural GasOklahomaFY ends Dec 31

Period

FY 2025

Revenue

$12.12B

Net Income

$1.82B

Total Assets

$28.29B

Equity

$18.58B

Shares Out

239.23M

Op. Cash Flow

$4.58B

Business

Expand Energy Corp is an independent energy company that focuses on the responsible development and production of natural gas, oil and natural gas liquids. It offers exploration and production activities, drilling and completion operations, marketing services, and vertically integrated oilfield services including operating drilling rigs and providing oilfield products and services. Its business is organized around core operating areas—Haynesville (Louisiana), Northeast Appalachia (Pennsylvania) and Southwest Appalachia (Ohio and West Virginia). The company sells production into U.S. markets via pipelines and index or spot contracts and secures long-term gathering, processing and transportation arrangements.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Gain (loss) on derivatives	550	−38	1,728	−2,680	−1,127
Gains (losses) on sales of assets	−65	14	946	300	12
Total revenues and other	12,124	4,235	8,721	11,743	5,549
Production	635	316	356	475	297
Gathering, processing and transportation	2,376	1,035	853	1,059	780
Severance and ad valorem taxes	193	97	167	242	158
Exploration	46	10	27	23	7
General and administrative	181	186	127	142	97
Separation and other termination costs	5	23	5	5	11
Depreciation, depletion and amortization	2,980	1,729	1,527	1,753	919
Impairments	37	0	0	0	1
Other operating expense, net	40	332	18	49	84
Total operating expenses	9,653	5,038	5,579	7,963	4,611
Income (loss) from operations	2,471	−803	3,142	3,780	938
Interest expense	−235	−123	−104	−160	—
Gains (losses) on purchases, exchanges or extinguishments of debt	4	−1	0	—	—
Other income, net	42	86	79	36	31
Total other income (expense)	−189	−38	−25	−129	−42
Income (loss) before income taxes	2,282	−841	3,117	3,651	896
Income tax expense (benefit)	463	−127	698	−1,285	−49
Net income (loss)	1,819	−714	2,419	4,936	945
Basic (in dollars per share)	7.67	−4.55	18.21	38.71	9.29
Diluted (in dollars per share)	7.57	−4.55	16.92	33.36	8.12
Basic (in shares)	237	157	133	126	102
Diluted (in shares)	240	157	143	146	116

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	616	317	1,079	130	905
Restricted cash	80	78	74	62	9
Accounts receivable, net	1,599	1,226	593	1,438	1,115
Derivative assets	264	84	637	34	5
Other current assets	357	292	226	215	69
Total current assets	2,916	1,997	2,609	2,698	2,103
Proved natural gas and oil properties	26,606	23,093	11,468	11,096	7,682
Unproved properties	5,478	5,897	1,806	2,022	1,530
Other property and equipment	509	654	497	500	495
Total property and equipment	32,593	29,644	13,771	13,618	9,707
Less: accumulated depreciation, depletion and amortization	−8,278	−5,362	−3,674	−2,431	−908
Property and equipment held for sale, net	40	0	—	0	3
Total property and equipment, net	24,355	24,282	10,097	11,187	8,802
Long-term derivative assets	47	1	74	47	0
Deferred income tax assets	168	589	933	1,351	0
Other long-term assets	801	1,025	663	185	104
Total assets	28,287	27,894	14,376	15,468	11,009
Accounts payable	753	777	425	603	308
Current maturities of long-term debt, net	0	389	0	—	0
Accrued interest	100	100	39	42	38
Derivative liabilities	3	71	3	432	899
Other current liabilities	2,045	1,786	847	1,627	1,202
Total current liabilities	2,901	3,123	1,314	2,704	2,447
Long-term debt, net	5,009	5,291	2,028	3,093	2,278
Long-term derivative liabilities	1	68	9	174	249
Asset retirement obligations, net of current portion	688	499	265	323	349
Long-term contract liabilities	975	1,227	0	—	—
Other long-term liabilities	135	121	31	50	15
Total liabilities	9,709	10,329	3,647	6,344	5,338
Contingencies and commitments (Note 5)	—	—	—	—	—
Common stock, $0.01 par value, 450,000,000 shares authorized: 239,249,874 and 231,769,886 shares issued	2	2	1	1	1
Additional paid-in capital	13,746	13,687	5,754	5,724	4,845
Retained earnings	4,830	3,876	4,974	3,399	825
Total stockholders' equity	18,578	17,565	10,729	9,124	5,671
Total liabilities and stockholders' equity	28,287	27,894	14,376	15,468	11,009

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income tax expense (benefit)	448	−123	428	−1,332	−49
Cash receipts on derivative settlements, net	189	947	354	−3,561	−1,142
Share-based compensation	46	38	33	22	9
Contract amortization	−203	−57	0	0	—
Other	70	35	18	45	46
Changes in assets and liabilities	−285	−315	275	−123	−37
Net cash provided by operating activities	4,575	1,565	2,380	4,125	1,809
Capital expenditures	−2,736	−1,557	−1,829	−1,823	−669
Property acquisitions	−195	0	0	—	—
Receipts of deferred consideration	116	166	0	0	—
Business combination, net	0	−459	0	−1,967	−194
Contributions to investments	−14	−75	−231	−18	0
Proceeds from divestitures of property and equipment	70	21	2,533	407	13
Net cash provided by (used in) investing activities	−2,759	−1,904	473	−3,401	−850
Proceeds from issuance of senior notes, net	0	747	0	0	0
Proceeds from warrant exercise	24	3	0	27	2
Debt issuance and other financing costs	−11	−11	0	−17	−3
Cash paid to repurchase and retire common stock	−100	0	−355	−1,073	0
Cash paid to purchase debt	−663	−767	0	0	0
Cash paid for common stock dividends	−765	−388	−487	−1,212	−119
Other	0	−3	0	0	−1
Net cash used in financing activities	−1,515	−419	−1,892	−1,446	−171
Net increase (decrease) in cash, cash equivalents and restricted cash	301	−758	961	−722	788

Filings

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