Results
N E W S R E L E A S E
4Expand Energy Corporation Reports Third Quarter 2026 Results
SPRING, Texas – October 27, 2026 – Expand Energy Corporation (NASDAQ: EXE) ("Expand Energy" or the "Company") today reported third quarter 2026 financial and operating results.
Net cash provided by operating activities of $1,177 million, driven by operational performance and liquids revenue
Net income of $519 million, or $2.24 per fully diluted share; adjusted net income (1) of $338 million, or $1.46 per diluted share
Adjusted EBITDAX (1) of $1,229 million
Net production of 7.54 Bcfe/d (92% natural gas)
Completed the acquisition of Twin Eagle Holdings, N.A., LLC ("Twin Eagle") on September 16
Total debt of $4.6 billion as of quarter-end and leverage ratio (1) of 0.8x
Repurchased $305 million of common stock in the third quarter; year-to-date repurchases total approximately $900 million or 4% of shares outstanding
(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.
“With our diversified scale, investment-grade balance sheet and coast-to-coast customer access, Expand Energy is uniquely positioned to monetize the volatility we see in the gas market today, provide advantaged supply to premium markets and capitalize on the demand growth we expect in the future,” said President and Chief Executive Officer Danny Brown.
“Capturing value requires a talented team, disciplined capital allocation and operational excellence.
I look forward to working with this team to continue the momentum built and firmly establish Expand Energy as North America’s leading integrated gas company.”
Operations Update
Expand Energy operated an average of 11 rigs during the third quarter, drilling 46 wells and turning 59 wells in line, resulting in net production of approximately 7.54 Bcfe/d (92% natural gas), including 6.9 Bcf/d of natural gas, 17 MBbls/d of oil and 87 MBbls/d of natural gas liquids.
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.
2026 Capital and Operating Outlook
For the full year 2026, Expand Energy expects to run 11 – 12 rigs and has updated its capital investment guidance to approximately $3 billion.
Average daily production is expected to be approximately 7.45 – 7.55 Bcfe/d.
A detailed breakdown of the Company's 2026 annual capital and operating outlook can be found in the supplemental slides.
52026 Marketing and Commercial Update and Outlook
6Expand Energy has reported $150 million of marketing adjusted EBITDA (1) for the nine months ended September 30, 2026.
7During the fourth quarter, the Company expects $80 million of marketing EBITDA, reflecting the impact of the Twin Eagle acquisition (the "Twin Eagle Acquisition"), which closed in September 2026.
Shareholder Returns Update
Expand Energy expects to continue its returns-focused allocation of capital, including opportunistic share repurchases, while preserving balance sheet capacity to capitalize on attractive opportunities through the cycle.
3During the third quarter, the Company repurchased $305 million of common stock and has $1 billion of capacity for additional repurchases under its previously announced expanded authorization.
The Company plans to pay its quarterly base dividend of $0.575 per share on December 3, 2026 to shareholders of record at the close of business on November 12, 2026.
8Financial Statements, Non-GAAP Financial Measures and 2026 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.
1Additional detail on the Company’s 2026 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 2026 can be found on the Company’s website at www.expandenergy.com.
Expand Energy Corporation (NASDAQ: EXE) is North America’s leading integrated natural gas company reaching customers from coast-to-coast across the U.S. and Canada.
As the largest natural gas producer in the U.S., we are powered by innovative employees committed to expanding America’s energy reach to fuel a more affordable, reliable, lower carbon future.
Forward-looking and other statements in this news release regarding our environmental, social and other sustainability plans and goals are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the Securities and Exchange Commission (“SEC”).
In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.
Reduced demand for natural gas, oil and natural gas liquids (“NGLs”);
negative public perceptions of our industry;
competition in the natural gas and oil exploration and production industry;
the volatility of natural gas, oil and NGL prices, which are affected by general economic and business conditions, as well as increased demand for (and availability of) alternative fuels and electric vehicles;
risks from regional epidemics or pandemics and related economic turmoil, including supply chain constraints;
write-downs of our natural gas and oil asset carrying values due to low commodity prices;
significant capital expenditures are required to replace our reserves and conduct our business;
our ability to replace reserves and sustain production;
uncertainties inherent in estimating quantities of natural gas, oil and NGL reserves and projecting future rates of production and the amount and timing of development expenditures;
drilling and operating risks and resulting liabilities;
our ability to generate profits or achieve targeted results in drilling and well operations;
leasehold terms expiring before production can be established;
risks from our commodity price risk management activities;
uncertainties, risks and costs associated with natural gas and oil operations;
our need to secure adequate supplies of water for our drilling operations and to dispose of or recycle the water used;
pipeline and gathering system capacity constraints and transportation interruptions;
risks related to our plans to participate in the global LNG value chain;
terrorist activities and/or cyber-attacks adversely impacting our operations;
risks from failure to protect personal information and data and compliance with data privacy and security laws and regulations;
disruption of our business by natural or human causes beyond our control;
a deterioration in general economic, business or industry conditions;
the impact of inflation and commodity price volatility, including as a result of decisions made by OPEC+ and armed conflict between Russia and Ukraine, instability in the Middle East due to the potential broadening of the military conflict between the U.S. and Iran beyond the Strait of Hormuz, instability in Venezuela, changes in China-Taiwan relations, along with the effects of the current global economic environment, on our business, financial condition, employees, contractors, vendors and the global demand for natural gas and oil and on U.S. and global financial markets;
our inability to access the capital markets on favorable terms;
the limitations on our financial flexibility due to our level of indebtedness and restrictive covenants from our indebtedness;
challenges with employee recruitment and retention and an increasingly competitive labor market;
risks related to acquisitions or dispositions, or potential acquisitions or dispositions;
security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, or from breaches of information technology systems of third parties with whom we transact business;
our ability to achieve and maintain sustainability certifications, goals and commitments;
environmental and sustainability legislation and regulatory initiatives, including those addressing the impact of climate change or further regulating hydraulic fracturing, greenhouse gas emissions, flaring or water disposal;
federal and state tax proposals affecting our industry;
risks related to an annual limitation on the utilization of our tax attributes, which was triggered upon the completion of our merger with Southwestern Energy Company (“the Southwestern Merger”), as well as trading in our common stock, additional issuance of common stock, and certain other stock transactions, which could lead to an additional, potentially more restrictive, annual limitation;
the results, effects and benefits of the Twin Eagle Acquisition, future opportunities for the Company, other plans with respect to the Twin Eagle Acquisition, and the anticipated impact of the Twin Eagle Acquisition on the Company’s results of operations, financial position, growth opportunities and competitive position;
the integration of acquisitions, including the Twin Eagle Acquisition; and
2other factors that are described under Risk Factors in Item 1A of our 2025 Form 10-K, as updated by our Form 10-Qs and other filings with the SEC.
We urge you to carefully review and consider the disclosures in this news release and our filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business.
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