EXPAND ENERGY Corp EXE
Expand Energy is the largest independent natural gas producer in the U.S., based on net daily production, and is focused on responsibly developing an abundant supply of natural gas, oil and NGL to expand energy access for all. Our operations are located in Louisiana and Texas in the Haynesville and Bossier Shales ("Haynesville"), in Pennsylvania in the Marcellus Shale ("Northeast Appalachia") and in West Virginia and Ohio in the Marcellus and Utica Shales ("Southwest Appalachia") and include working interests in approximately 6,600 gross natural gas and oil wells.
On October 1, 2024, we completed the Southwestern Merger, creating a premier energy company that we believe is underpinned by a leading natural gas portfolio adjacent to the highest demand markets, premium inventory, a resilient financial foundation and an investment grade balance sheet. We believe that we are uniquely positioned to deliver affordable, lower-carbon energy to meet growing domestic and international demand while creating sustainable value for stakeholders. Since completing our merger with Southwestern, we've continued to focus on strengthening our balance sheet by reducing total debt by approximately $1.2 billion and upsized our 2025 Credit Facility capacity to $3.5 billion. In 2025, we joined the S&P 500 index and returned approximately $865 million to shareholders through dividends and share repurchases.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.12B | $4.24B | $8.72B | $11.74B | — | $5.24B | $8.53B | $5.19B | $10.04B | $8.71B |
| SG&A | $181.0M | $186.0M | $127.0M | $142.0M | — | $267.0M | $315.0M | $335.0M | $333.0M | $322.0M |
| Total operating expenses | $9.65B | $5.04B | $5.58B | $7.96B | — | $13.94B | $8.56B | $9.65B | $10.18B | $11.96B |
| Operating income | $2.47B | -$803.0M | $3.14B | $3.78B | — | -$8.70B | -$31.0M | $382.0M | -$138.0M | -$3.26B |
| Interest expense | $235.0M | $123.0M | $104.0M | $160.0M | — | $331.0M | $651.0M | $633.0M | $601.0M | $528.0M |
| Pre-tax income | $2.28B | -$841.0M | $3.12B | $3.65B | — | -$9.77B | -$639.0M | $218.0M | -$500.0M | -$3.68B |
| Income tax | $463.0M | $127.0M | $698.0M | $1.28B | — | $57.0M | $331.0M | $10.0M | $2.0M | $190.0M |
| Net income | $1.82B | -$714.0M | $2.42B | $4.94B | $6.33B | -$9.73B | -$308.0M | $226.0M | -$505.0M | -$3.49B |
| EPS, basic | 7.67 | -4.55 | 18.21 | 38.71 | — | -998.26 | -49.97 | 29.26 | -139.32 | -5.26 |
| EPS, diluted | 7.57 | -4.55 | 16.92 | 33.36 | — | -998.26 | -49.97 | 29.26 | -139.32 | -5.26 |
| Shares, diluted (wtd. avg.) | $240.4M | $157.0M | $143.0M | $146.0M | — | $9.8M | $8.3M | $4.5M | $4.5M | $764.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $616.0M | $317.0M | $1.08B | $192.0M | $914.0M | $40.0M | $6.0M | $4.0M | $5.0M | $882.0M |
| Short-term investments | — | — | — | — | — | $0 | — | — | — | — |
| Receivables | $1.60B | $1.23B | $593.0M | $1.44B | $1.11B | $843.0M | $990.0M | $1.25B | $1.32B | $1.06B |
| Total current assets | $2.92B | $2.00B | $2.61B | $2.70B | $2.10B | $1.03B | $1.25B | $1.60B | $1.52B | $2.14B |
| Property, plant and equipment | $24.36B | $24.28B | $10.10B | $11.19B | $8.80B | $5.67B | $14.76B | $10.82B | $10.68B | $10.61B |
| Total assets | $28.29B | $27.89B | $14.38B | $15.47B | $11.01B | $6.81B | $16.19B | $12.73B | $12.43B | $13.03B |
| Accounts payable | $753.0M | $777.0M | $425.0M | $603.0M | $308.0M | $415.0M | $498.0M | $763.0M | $654.0M | $672.0M |
| Short-term debt | $0 | $389.0M | $0 | — | $0 | $0 | $385.0M | $381.0M | $52.0M | $503.0M |
| Total current liabilities | $2.90B | $3.12B | $1.31B | $2.70B | $2.45B | $1.58B | $2.39B | $2.89B | $2.36B | $3.65B |
| Long-term debt | $5.01B | $5.29B | $2.03B | $3.09B | $2.28B | $1.31B | $9.07B | $7.34B | $9.92B | $9.94B |
| Total liabilities | $9.71B | $10.33B | $3.65B | $6.34B | $5.34B | $3.23B | $11.79B | — | — | — |
| Retained earnings | $4.83B | $3.88B | $4.97B | $3.40B | $825.0M | $0 | -$14.22B | -$13.91B | -$16.52B | -$17.47B |
| Total equity | $18.58B | $17.57B | $10.73B | $9.12B | $5.67B | -$5.34B | $4.40B | $2.13B | $1.94B | -$1.20B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.58B | $1.56B | $2.38B | $4.12B | — | $1.16B | $1.62B | $1.73B | $475.0M | -$980.0M |
| Depreciation and amortisation | $2.98B | $1.73B | $1.53B | $1.75B | — | $1.10B | $2.26B | $1.74B | $1.70B | $1.70B |
| Stock-based compensation | $46.0M | $38.0M | $33.0M | $22.0M | — | $21.0M | $30.0M | $32.0M | $49.0M | $52.0M |
| Capital expenditure | $2.74B | $1.56B | $1.83B | $1.82B | — | $1.14B | — | — | — | $1.45B |
| Investing cash flow | -$2.76B | -$1.90B | $473.0M | -$3.40B | — | -$992.0M | -$2.48B | $455.0M | -$918.0M | $116.0M |
| Financing cash flow | -$1.51B | -$419.0M | -$1.89B | -$1.45B | — | $101.0M | $859.0M | -$2.19B | -$434.0M | $921.0M |
| Dividends paid | $765.0M | $388.0M | $487.0M | $1.21B | — | $0 | $0 | — | $0 | $0 |
| Buybacks | $100.0M | $0 | $355.0M | $1.07B | — | $0 | $7.0M | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-048155.
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