Expand Energy Corporation
- Open
- 99.79
- Day high
- 100.11
- Day low
- 99.05
- Prev close
- 99.98
- Volume
- 2.0M
- Mkt cap
- $23.0B
- P/E (TTM)
- 8.5
- EPS (TTM)
- $11.68
- P/B
- 1.2
- P/S
- 1.7
- Yield
- 2.32%
- Per share
- $2.30
- ▲Insiders net buying $368K over the last 3 months (3 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions accumulating (13F)
Expand Energy Corporation (EXE) is a Energy company listed on NASDAQ. The stock is up 3% over the past year. Over the trailing 3 months, insiders filed 3 open-market buys and 0 sales (SEC Form 4). Drillr has 1 published research article covering EXE.
Expand Energy Corporation (EXE) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
EXE earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 7, 2026 | $1.13 | $1.33 | +17.7% | $3.0B | -2.9% |
| May 8, 2026 | $3.69 | $3.83 | +3.8% | $4.4B | +24.6% |
| Feb 27, 2026 | $1.89 | $2.00 | +5.8% | $3.0B | +16.6% |
| Oct 28, 2025 | $0.90 | $0.97 | +8.0% | $3.0B | +9.3% |
| Jul 29, 2025 | $1.14 | $1.10 | -3.5% | $3.7B | +44.9% |
| Feb 26, 2025 | $0.52 | $0.55 | +5.8% | $2.0B | +1.5% |
| Apr 30, 2024 | $0.59 | $0.18 | -69.1% | $1.1B | -18.5% |
| Feb 21, 2024 | $0.71 | $4.02 | +464.6% | $1.8B | +8.9% |
| Oct 31, 2023 | $0.57 | $0.49 | -14.0% | $1.5B | +3.0% |
| Aug 1, 2023 | $0.40 | $2.73 | +587.1% | $1.4B | -10.2% |
| May 2, 2023 | $1.70 | $9.60 | +464.7% | $3.0B | +113.3% |
| Feb 22, 2023 | $2.93 | $24.46 | +734.8% | $3.1B | +90.5% |
EXE insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 15, 2026 | Wichterich Michaeldirector, officer: Interim President and CEO | Buy | 1,000 | $88.90 |
| Jun 8, 2026 | Konar Shameekdirector | Grant | 2,331 | $96.53 |
| Jun 8, 2026 | Kehr Catherine Adirector | Grant | 2,331 | $96.53 |
| Jun 8, 2026 | Steck Briandirector | Grant | 2,746 | $96.53 |
| Jun 8, 2026 | Duncan Timothy S.director | Grant | 2,331 | $96.53 |
| Jun 8, 2026 | Duster Benjamindirector | Grant | 2,331 | $96.53 |
| Jun 8, 2026 | Emerson Sarah A.director | Grant | 2,331 | $96.53 |
| Jun 8, 2026 | Gallagher Matthewdirector | Grant | 2,331 | $96.53 |
| Jun 8, 2026 | JOHNSON S P IVdirector | Grant | 2,331 | $96.53 |
| Jun 4, 2026 | Wichterich Michaeldirector, officer: Interim President and CEO | Buy | 1,000 | $93.36 |
| Jun 4, 2026 | Teunissen Marcelofficer: EVP & CFO | Buy | 2,000 | $92.88 |
| May 7, 2026 | Teunissen Marcelofficer: EVP & CFO | Buy | 2,000 | $96.43 |
| Apr 6, 2026 | Teunissen Marcelofficer: EVP & CFO | Grant | 6,001 | — |
| Apr 6, 2026 | Teunissen Marcelofficer: EVP & CFO | Grant | 5,144 | — |
| Mar 16, 2026 | Lacy Christopher Wofficer: EVP - GENERAL COUNSEL | Tax | 820 | $107.02 |
Source: EXE SEC Form 4 filings, latest Jun 15, 2026. For informational purposes only — not investment advice.
See the full EXE insider & 13F page →Expand Energy Corporation company profile
Overview
Expand Energy Corporation (NYSE:EXE) is a leading independent natural gas exploration and production company operating in the United States. The company was formed through the merger of Chesapeake Energy Corporation and Southwestern Energy Company, which closed in 2024. Originally founded as Chesapeake Energy in 1989 and based in Oklahoma City, Oklahoma, the company has grown to become one of the largest natural gas producers in the country. Following its emergence from bankruptcy in 2021 and subsequent merger, Expand Energy now operates as a consolidated entity focused on developing unconventional natural gas resources across premier shale formations in the United States.
Business
Expand Energy operates in the upstream oil and gas industry, specifically focusing on the exploration, development, and production of natural gas from unconventional shale formations. The company's business centers on extracting natural gas from underground rock formations using advanced drilling and hydraulic fracturing techniques. The company's operations are concentrated in two primary geographic regions that represent some of the most prolific natural gas basins in North America. The Marcellus Shale operations are located in the northern Appalachian Basin in Pennsylvania, while the Haynesville/Bossier Shales are situated in northwestern Louisiana. These shale formations contain vast reserves of natural gas trapped within low-permeability rock that requires specialized horizontal drilling and hydraulic fracturing (fracking) to extract economically. Natural gas extraction from shale formations involves drilling horizontal wells that can extend several miles underground, followed by hydraulic fracturing to create pathways for gas to flow to the surface. The company owns interests in approximately 5,000 natural gas wells across its portfolio, making it one of the largest unconventional natural gas producers in the United States. The company's production capacity currently stands at approximately 7.1 billion cubic feet equivalent (Bcfe) per day, with plans to grow to 7.5 Bcfe per day by 2026. The Haynesville region contributes significant production volumes, while the Marcellus operations have demonstrated substantial improvements in drilling efficiency and cost reduction. Both regions benefit from proximity to major pipeline infrastructure and growing demand centers, including liquefied natural gas (LNG) export facilities along the Gulf Coast.
Revenue model
Expand Energy generates revenue primarily through the sale of natural gas, natural gas liquids, and oil extracted from its wells. The company operates under a traditional upstream oil and gas business model where it sells produced hydrocarbons at prevailing market prices to various buyers including utilities, industrial customers, and marketing intermediaries. The company's revenue is directly tied to commodity prices, which can be highly volatile. Natural gas prices are influenced by factors including weather patterns, storage levels, domestic demand from power generation and industrial uses, and growing international demand through LNG exports. The company employs hedging strategies to manage price risk, using financial instruments to lock in prices for portions of its production. Several factors can significantly impact the company's profitability margins. Positive margin drivers include growing domestic demand from data centers and power generation, increasing LNG export capacity that provides access to international markets, and operational efficiencies achieved through the recent merger synergies. The company expects to realize $500 million in annual synergies by 2026, which should improve cost structure and margins. Negative margin pressures come from commodity price volatility, increased competition from associated gas production from oil-focused regions, potential cost inflation for drilling services and equipment, and regulatory changes affecting drilling operations. The company maintains flexibility to curtail production during periods of weak pricing, currently keeping approximately 200 million cubic feet per day of productive capacity offline. The company's customers include utility companies for power generation, industrial users requiring natural gas as feedstock, and increasingly, LNG export facilities that ship gas to international markets. This diversified customer base helps reduce concentration risk, though the company remains exposed to overall natural gas market dynamics.
Competitive moat
Expand Energy's competitive moat is moderately strong, built primarily on its large-scale, low-cost resource base in premier shale formations. The company's primary competitive advantages include its massive acreage position in the Marcellus and Haynesville shales, which are among the lowest-cost natural gas production regions in North America. The scale of operations provides significant cost advantages through operational efficiencies, better service provider negotiations, and the ability to optimize drilling and completion techniques across thousands of wells. The company's geographic positioning near major demand centers and export infrastructure creates locational advantages. Its Haynesville assets are particularly well-positioned relative to Gulf Coast LNG export facilities, while Marcellus production benefits from proximity to Northeast population centers with high power demand. The recent merger with Southwestern Energy has strengthened the moat by creating operational synergies, enhanced financial capacity, and improved market position. The combined entity now has greater scale to weather commodity price cycles and invest in technology improvements. However, the moat faces several competitive challenges. The natural gas industry is highly competitive with relatively low barriers to entry for new drilling locations. Associated gas production from oil-focused regions like the Permian Basin creates pricing pressure and supply competition. Additionally, the commodity nature of natural gas means the company is largely a price taker in most markets. Potential disruption risks include the long-term energy transition toward renewable sources, though natural gas is expected to play a critical role as a transition fuel and backup power source for intermittent renewables. Regulatory changes affecting drilling operations or pipeline infrastructure could also impact the competitive position. The company's moat is therefore best characterized as moderate - strong operationally and geographically, but limited by commodity market dynamics.
Risks & safety
The company presents a moderate margin of safety with mixed financial health indicators. • Liquidity concerns: Current ratio of 0.59 indicates potential short-term liquidity pressure, with current liabilities ($3.6B) significantly exceeding current assets ($2.1B) • Cash position: $349 million in cash provides limited cushion relative to operational scale • Debt levels: Net debt around $4.5 billion with plans to reduce to below this level by end of 2025; investment-grade credit rating achieved • Cash generation: Strong operating cash flow of $1.1 billion in Q1 2025 and positive free cash flow of $533 million demonstrates operational cash generation capability • Valuation metrics: EV/EBITDA of 14.3x appears reasonable for the sector, though elevated from historical levels • Commodity exposure: Significant exposure to volatile natural gas prices creates earnings volatility risk • Capital intensity: High capital requirements for drilling and development activities ($2.7 billion annual capex) require consistent cash generation • Operational flexibility: Ability to curtail production during weak pricing provides some downside protection
Recent development
Over the past few years, Expand Energy has undergone significant strategic transformation through its merger with Southwestern Energy, which closed in 2024. This combination created one of the largest independent natural gas producers in the United States and has been the company's primary strategic focus. The merger has enabled substantial operational improvements, with the company raising its annual synergy target from $400 million to $500 million by 2026. These synergies are being realized through operational efficiencies, cost reductions, and elimination of duplicate corporate functions. The company has successfully achieved a 20% improvement in Haynesville drilling performance and significant cost reductions in areas such as saltwater disposal. Capital allocation strategy has evolved to emphasize shareholder returns while maintaining operational flexibility. The company has implemented an enhanced capital return framework that prioritizes a base dividend of $500 million annually, debt reduction, and opportunistic share buybacks or variable dividends. The company targets returning 75% of excess free cash flow to shareholders. Market positioning initiatives include expanding the marketing and commercial capabilities with the hiring of a new EVP of Marketing & Commercial. The company is actively pursuing opportunities in domestic gas optimization and exploring long-term commercial relationships in power generation, industrial applications, and LNG export markets. Operational flexibility has become a key strategic theme, with the company maintaining the ability to curtail or expand production based on market conditions. Currently, approximately 200 million cubic feet per day of productive capacity remains curtailed, providing upside optionality when market conditions improve. The company has also strengthened its financial profile, achieving investment-grade credit ratings from all agencies and joining the S&P 500 index, which reflects its enhanced scale and financial stability following the merger.
EXE company profile · for informational purposes only — not investment advice.
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