Expand Energy Corporation Reports Fourth Quarter and Full-Year 2024 Results, Issues 2025 Outlook
Expand Energy (NASDAQ:EXE) reported its Q4 and full-year 2024 results, posting a net loss of $399 million ($1.72 per share) despite adjusted net income of $131 million ($0.55 per share). The company generated $382 million in operating cash flow and achieved production of 6.41 Bcfe/d (91% natural gas).
Key highlights include a debut $750 million Investment Grade issuance and increased synergy capture target of ~$400 million for 2025. The company maintains its quarterly base dividend of $0.575 per share and projects 2025 production of ~7.1 Bcfe/d with a $2.7 billion capital investment.
For 2025, Expand Energy plans to operate ~12 rigs, with an additional $300 million investment to increase productive capacity. The company aims to grow production from a year-end 2025 exit rate of 7.2 Bcfe/d to approximately 7.5 Bcfe/d in 2026, market conditions permitting.
Expand Energy (NASDAQ:EXE) ha riportato i risultati del quarto trimestre e dell'intero anno 2024, registrando una perdita netta di 399 milioni di dollari (1,72 dollari per azione) nonostante un reddito netto rettificato di 131 milioni di dollari (0,55 dollari per azione). L'azienda ha generato 382 milioni di dollari in flusso di cassa operativo e ha raggiunto una produzione di 6,41 Bcfe/d (91% gas naturale).
I punti salienti includono un'emissione di debito Investment Grade da 750 milioni di dollari e un obiettivo di sinergia aumentato di circa 400 milioni di dollari per il 2025. L'azienda mantiene il suo dividendo base trimestrale di 0,575 dollari per azione e prevede una produzione di circa 7,1 Bcfe/d per il 2025 con un investimento di capitale di 2,7 miliardi di dollari.
Per il 2025, Expand Energy prevede di operare circa 12 impianti, con un ulteriore investimento di 300 milioni di dollari per aumentare la capacità produttiva. L'azienda mira a far crescere la produzione da un tasso di uscita di fine 2025 di 7,2 Bcfe/d a circa 7,5 Bcfe/d nel 2026, a condizione che le condizioni di mercato lo consentano.
Expand Energy (NASDAQ:EXE) informó sus resultados del cuarto trimestre y del año completo 2024, registrando una pérdida neta de 399 millones de dólares (1,72 dólares por acción) a pesar de un ingreso neto ajustado de 131 millones de dólares (0,55 dólares por acción). La compañía generó 382 millones de dólares en flujo de efectivo operativo y logró una producción de 6,41 Bcfe/d (91% gas natural).
Los aspectos destacados incluyen una emisión de grado de inversión de 750 millones de dólares y un objetivo de captura de sinergias aumentado de aproximadamente 400 millones de dólares para 2025. La empresa mantiene su dividendo base trimestral de 0,575 dólares por acción y proyecta una producción de aproximadamente 7,1 Bcfe/d para 2025 con una inversión de capital de 2,7 mil millones de dólares.
Para 2025, Expand Energy planea operar aproximadamente 12 plataformas, con una inversión adicional de 300 millones de dólares para aumentar la capacidad productiva. La empresa tiene como objetivo aumentar la producción desde una tasa de salida de fin de 2025 de 7,2 Bcfe/d a aproximadamente 7,5 Bcfe/d en 2026, siempre que las condiciones del mercado lo permitan.
Expand Energy (NASDAQ:EXE)는 2024년 4분기 및 연간 실적을 발표하며 3억 9,900만 달러(주당 1.72달러)의 순손실을 기록했지만 조정된 순이익은 1억 3,100만 달러(주당 0.55달러)를 기록했습니다. 이 회사는 3억 8,200만 달러의 운영 현금 흐름을 창출하고 6.41 Bcfe/d(91% 천연가스)의 생산을 달성했습니다.
주요 하이라이트로는 7억 5천만 달러의 투자 등급 발행이 처음으로 이루어졌고, 2025년을 위한 시너지 캡처 목표가 약 4억 달러로 증가했습니다. 회사는 주당 0.575달러의 분기 기본 배당금을 유지하며, 2025년 생산량은 약 7.1 Bcfe/d로, 27억 달러의 자본 투자를 예상하고 있습니다.
2025년을 위해 Expand Energy는 약 12개의 시추 장비를 운영할 계획이며, 생산 능력을 증가시키기 위해 추가로 3억 달러를 투자할 예정입니다. 이 회사는 2025년 말 7.2 Bcfe/d의 출구 비율에서 2026년에는 약 7.5 Bcfe/d로 생산을 증가시키는 것을 목표로 하고 있습니다. 단, 시장 상황이 허락할 경우에 한합니다.
Expand Energy (NASDAQ:EXE) a annoncé ses résultats du quatrième trimestre et de l'année 2024, affichant une perte nette de 399 millions de dollars (1,72 dollar par action) malgré un revenu net ajusté de 131 millions de dollars (0,55 dollar par action). L'entreprise a généré 382 millions de dollars de flux de trésorerie opérationnel et a atteint une production de 6,41 Bcfe/d (91 % de gaz naturel).
Les points forts incluent une première émission de 750 millions de dollars de catégorie Investment Grade et un objectif de capture de synergies augmenté d'environ 400 millions de dollars pour 2025. L'entreprise maintient son dividende de base trimestriel de 0,575 dollar par action et prévoit une production de 7,1 Bcfe/d pour 2025 avec un investissement en capital de 2,7 milliards de dollars.
Pour 2025, Expand Energy prévoit d'exploiter environ 12 plates-formes, avec un investissement supplémentaire de 300 millions de dollars pour augmenter sa capacité de production. L'entreprise vise à augmenter sa production d'un taux de sortie de 7,2 Bcfe/d à la fin de 2025 à environ 7,5 Bcfe/d en 2026, sous réserve des conditions du marché.
Expand Energy (NASDAQ:EXE) hat seine Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht und einen Nettoverlust von 399 Millionen Dollar (1,72 Dollar pro Aktie) verzeichnet, trotz eines bereinigten Nettogewinns von 131 Millionen Dollar (0,55 Dollar pro Aktie). Das Unternehmen generierte 382 Millionen Dollar an operativem Cashflow und erreichte eine Produktion von 6,41 Bcfe/d (91% Erdgas).
Zu den wichtigsten Highlights gehören eine erstmalige Emission von 750 Millionen Dollar in Investment-Grade-Anleihen und ein erhöhtes Synergieziel von etwa 400 Millionen Dollar für 2025. Das Unternehmen hält an seiner vierteljährlichen Basisdividende von 0,575 Dollar pro Aktie fest und prognostiziert für 2025 eine Produktion von etwa 7,1 Bcfe/d mit einer Kapitalinvestition von 2,7 Milliarden Dollar.
Für 2025 plant Expand Energy, etwa 12 Bohranlagen zu betreiben, mit einer zusätzlichen Investition von 300 Millionen Dollar zur Erhöhung der Produktionskapazität. Das Unternehmen strebt an, die Produktion von einem Ausgangswert von 7,2 Bcfe/d Ende 2025 auf etwa 7,5 Bcfe/d im Jahr 2026 zu steigern, sofern die Marktbedingungen dies zulassen.
- Strong operating cash flow of $382 million in Q4
- Successful $750M Investment Grade issuance
- Increased synergy capture target to $400M for 2025
- Maintained consistent quarterly dividend of $0.575/share
- Production growth plan from 6.41 to 7.1 Bcfe/d
- Q4 net loss of $399 million ($1.72 per share)
- Significant capital expenditure requirement of $3B for 2025
Insights
Expand Energy's Q4 2024 results reveal a company strategically balancing current financial discipline with future growth potential in a challenging natural gas market. The $399 million net loss primarily reflects non-cash adjustments, while the adjusted net income of $131 million ($0.55/share) and $964 million in adjusted EBITDAX demonstrate underlying operational strength. Their 6.41 Bcfe/d production maintains their position as America's largest natural gas producer.
The company's $750 million Investment Grade issuance with record-setting spreads indicates strong market confidence in their financial trajectory despite current natural gas price headwinds. This improved debt profile provides enhanced financial flexibility at a critical time.
Most notably, Expand Energy is accelerating synergy capture from their Southwestern merger, increasing their 2025 target by $175 million to approximately $400 million. This acceleration suggests integration is proceeding better than initially projected and will meaningfully lower their breakeven costs sooner than expected.
Their 2025 capital strategy reveals sophisticated optionality planning. By investing $2.7 billion for base production while allocating $300 million for additional productive capacity, management is creating a production lever they can pull quickly if market conditions improve. This approach allows them to maintain current returns while positioning for rapid response to potential price increases without overcommitting capital in an uncertain market.
The company's commitment to their $0.575 quarterly dividend (16 consecutive quarters) while simultaneously targeting $500 million in debt reduction demonstrates a balanced approach to shareholder returns and balance sheet strength. This discipline is particularly important given natural gas price volatility and their need to maintain financial flexibility.
Expand Energy's strategic positioning focuses on being the lowest-cost, most efficient domestic natural gas producer with premium market access - a important advantage as the industry faces continuing price pressures and evolving demand dynamics for cleaner fuels.
Expand Energy's Q4 results and 2025 outlook reveal a sophisticated market strategy designed for the challenging natural gas environment. The $399 million net loss versus $131 million adjusted income primarily reflects non-cash valuation adjustments - a common occurrence in commodity businesses but highlighting the underlying price pressures facing all natural gas producers.
Their operational approach demonstrates a highly calculated response to market uncertainty. Rather than choosing between aggressive growth or retrenchment, they've created a two-tier capital program that maintains base production while building latent capacity. This $300 million incremental investment creates a valuable real option - essentially purchasing the right but not the obligation to grow production by 300 MMcfe/d if prices improve. This optionality strategy carries minimal holding costs while providing meaningful upside exposure.
The accelerated synergy capture ($400 million in 2025, up from previous projections) represents the most immediate value driver. These synergies are primarily derived from reduced G&A, optimized gathering and processing contracts, and enhanced operational efficiencies from their Southwestern merger. By lowering their structural breakeven costs, Expand Energy strengthens their competitive position regardless of natural gas price movements.
Their financial strategy prioritizes balance sheet resilience while maintaining shareholder returns. The $500 million debt reduction target and successful Investment Grade issuance improve their financial flexibility precisely when many competitors are facing heightened balance sheet pressures. Maintaining their $0.575 quarterly dividend (representing approximately a 2.2% yield) signals confidence in their free cash flow generation even in a challenging price environment.
The company's positioning as America's largest natural gas producer provides distinct advantages as the market evolves. Their scale creates operational leverage, improves midstream negotiating power, and provides premium access to emerging demand centers, particularly Gulf Coast LNG facilities and gas-fired power generation. This market connectivity will become increasingly valuable as regional basis differentials widen due to infrastructure constraints.
Expand Energy's strategy reflects a nuanced understanding of natural gas market dynamics - maintaining resilience through the current cyclical trough while creating embedded catalysts for when fundamentals improve.
OKLAHOMA CITY, Feb. 26, 2025 (GLOBE NEWSWIRE) -- Expand Energy Corporation (NASDAQ:EXE) (“Expand Energy” or the “Company”) today reported fourth quarter and full-year 2024 financial and operating results and issued its 2025 outlook.
Fourth Quarter Highlights
- Net cash provided by operating activities of
$382 million - Net loss of
$399 million , or$1.72 per fully diluted share; adjusted net income(1) of$131 million , or$0.55 per share - Adjusted EBITDAX(1) of
$964 million - Produced approximately 6.41 Bcfe/d net (
91% natural gas) - Debut
$750 million Investment Grade issuance, setting record spread for energy rising star (+132 bps to 10-year Treasury)
2025 Outlook
- Increasing expected synergy capture to ~
$400 million in 2025, with the total target of$500 million in annual synergies expected to be achieved by year end 2026 - Quarterly base dividend of
$0.57 5 per common share to be paid in March 2025, 16th straight quarter paying a dividend - Expected to produce ~7.1 Bcfe/d for ~
$2.7 billion of capital and deploy$300 million of incremental capital to create an additional ~300 MMcfe/d of productive capacity in 2026
(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 news release.
“The global need for reliable, affordable, lower carbon energy has never been greater. Our strong fourth quarter results and 2025 outlook clearly demonstrate, as the nation’s largest gas producer, we are ready to answer the call and expand opportunity for consumers and investors alike,” said Nick Dell’Osso, Expand Energy’s President and Chief Executive Officer. “The powerful combination of our attractive, market-connected portfolio, peer-leading returns program, and resilient financial foundation is distinctly unique among domestic natural gas producers. Our focus on integration and operational execution continues to deliver, allowing us to capture
Operations Update
In the fourth quarter, Expand Energy operated an average of twelve rigs to drill 44 wells and turned 41 wells in line, resulting in net production of approximately 6.41 Bcfe per day (
2025 Annual Synergy, Capital and Operating Outlook
In 2025, Expand Energy expects to run ~12 rigs and invest approximately
Expand Energy is increasing its 2025 expected annual synergy target by
A detailed breakdown of 2025 annual synergy, capital, and operating outlook can be found in supplemental slides which have been posted at https://investors.expandenergy.com/events-presentations.
Shareholder Returns Update
Expand Energy enhanced its capital return framework in 2024 to more efficiently return cash to shareholders and reduce net debt. The company plans to pay its quarterly base dividend of
Conference Call Information
A conference call to discuss Expand Energy's fourth quarter and full-year 2024 financial and operating results and 2025 outlook has been scheduled for 9 a.m. EDT on February 27, 2025. Participants can access the live webcast at https://edge.media-server.com/mmc/p/jwd532c5/. Participants who would like to ask a question, can register at https://register.vevent.com/register/BIada59e18f58249708a9b9b311a92efae, and will receive the dial-in info and a unique PIN to join the call. Links to the conference call will be provided at https://investors.expandenergy.com/. A replay will be available on the website following the call.
Financial Statements, Non-GAAP Financial Measures and 2025 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. Additional detail on the company’s 2024 fourth quarter and full-year 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 2025 can be found on the company’s website at www.expandenergy.com.
Expand Energy Corporation (NASDAQ: EXE) is the largest independent natural gas producer in the United States, powered by dedicated and innovative employees focused on disrupting the industry’s traditional cost and market delivery model to responsibly develop assets in the nation’s most prolific natural gas basins. Expand Energy’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its scale, financial strength and operational execution. Expand Energy is committed to expanding America’s energy reach to fuel a more affordable, reliable, lower carbon future.
Forward-Looking Statements
This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include our current expectations or forecasts of future events, including matters relating to armed conflict and instability in Europe and the Middle East, along with the effects of the current global economic environment, and the impact of each on our business, financial condition, results of operations and cash flows, actions by, or disputes among or between, members of OPEC+ and other foreign oil-exporting countries, market factors, market prices, our ability to meet debt service requirements, our ability to continue to pay cash dividends, our ability to capture synergies, the amount and timing of any cash dividends and our ESG initiatives. 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. Forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as "aim", "predict", "should", "expect," “could,” “may,” "anticipate," "intend," "plan," “ability,” "believe," "seek," "see," "will," "would," “estimate,” “forecast,” "target," “guidance,” “outlook,” “opportunity” or “strategy.” The absence of such words or expressions does not necessarily mean the statements are not forward-looking.
Although we believe the expectations and forecasts reflected in our forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include:
- Reduce demand for natural gas, oil, and natural gas liquids;
- 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 and instability in Europe and the Middle East, 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 retention and increasingly competitive labor market
- risks related to acquisitions or dispositions, or potential acquisitions or dispositions; risks related to loss of management personnel, other key employees, customers, suppliers, vendors, landlords, joint venture partners and other business partners as a result of the merger with Southwestern Energy Company ("Southwestern"); the risk that problems may arise in successfully integrating the businesses of the companies, which may result in the combined company not operating as effectively and efficiently as expected; and the risk that the combined company may be unable to achieve synergies or other anticipated benefits of the Southwestern merger or it may take longer than expected to achieve those synergies or benefits;
- 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 ESG certifications, goals and commitments;
- environmental and ESG legislation and regulatory initiatives, including those addressing the impact of climate change or further regulating hydraulic fracturing, methane 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 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; and
- other factors that are described under Risk Factors in Item 1A of Part I of our Annual Report on Form 10-K filed with the SEC.
We caution you not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of the filing date, and we undertake no obligation and have no intention to update any forward-looking statement, except as required by law. 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.
All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
| CONSOLIDATED BALANCE SHEETS (unaudited) | ||||||||
| ($ in millions, except per share data) | December 31, 2024 | December 31, 2023 | ||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 317 | $ | 1,079 | ||||
| Restricted cash | 78 | 74 | ||||||
| Accounts receivable, net | 1,226 | 593 | ||||||
| Derivative assets | 84 | 637 | ||||||
| Other current assets | 292 | 226 | ||||||
| Total current assets | 1,997 | 2,609 | ||||||
| Property and equipment: | ||||||||
| Natural gas and oil properties, successful efforts method | ||||||||
| Proved natural gas and oil properties | 23,093 | 11,468 | ||||||
| Unproved properties | 5,897 | 1,806 | ||||||
| Other property and equipment | 654 | 497 | ||||||
| Total property and equipment | 29,644 | 13,771 | ||||||
| Less: accumulated depreciation, depletion and amortization | (5,362 | ) | (3,674 | ) | ||||
| Total property and equipment, net | 24,282 | 10,097 | ||||||
| Long-term derivative assets | 1 | 74 | ||||||
| Deferred income tax assets | 589 | 933 | ||||||
| Other long-term assets | 1,025 | 663 | ||||||
| Total assets | $ | 27,894 | $ | 14,376 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 777 | $ | 425 | ||||
| Current maturities of long-term debt, net | 389 | — | ||||||
| Accrued interest | 100 | 39 | ||||||
| Derivative liabilities | 71 | 3 | ||||||
| Other current liabilities | 1,786 | 847 | ||||||
| Total current liabilities | 3,123 | 1,314 | ||||||
| Long-term debt, net | 5,291 | 2,028 | ||||||
| Long-term derivative liabilities | 68 | 9 | ||||||
| Asset retirement obligations, net of current portion | 499 | 265 | ||||||
| Long-term contract liabilities | 1,227 | — | ||||||
| Other long-term liabilities | 121 | 31 | ||||||
| Total liabilities | 10,329 | 3,647 | ||||||
| Contingencies and commitments | ||||||||
| Stockholders' equity: | ||||||||
| Common stock, | 2 | 1 | ||||||
| Additional paid-in capital | 13,687 | 5,754 | ||||||
| Retained earnings | 3,876 | 4,974 | ||||||
| Total stockholders' equity | 17,565 | 10,729 | ||||||
| Total liabilities and stockholders' equity | $ | 27,894 | $ | 14,376 | ||||
| CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| ($ in millions, except per share data) | ||||||||||||||||
| Revenues and other: | ||||||||||||||||
| Natural gas, oil and NGL | $ | 1,595 | $ | 763 | $ | 2,969 | $ | 3,547 | ||||||||
| Marketing | 649 | 513 | 1,290 | 2,500 | ||||||||||||
| Natural gas, oil and NGL derivatives | (245 | ) | 533 | (38 | ) | 1,728 | ||||||||||
| Gains on sales of assets | 2 | 139 | 14 | 946 | ||||||||||||
| Total revenues and other | 2,001 | 1,948 | 4,235 | 8,721 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Production | 158 | 63 | 316 | 356 | ||||||||||||
| Gathering, processing and transportation | 556 | 190 | 1,035 | 853 | ||||||||||||
| Severance and ad valorem taxes | 39 | 31 | 97 | 167 | ||||||||||||
| Exploration | 3 | 8 | 10 | 27 | ||||||||||||
| Marketing | 654 | 514 | 1,310 | 2,499 | ||||||||||||
| General and administrative | 53 | 32 | 186 | 127 | ||||||||||||
| Separation and other termination costs | — | 2 | 23 | 5 | ||||||||||||
| Depreciation, depletion and amortization | 647 | 379 | 1,729 | 1,527 | ||||||||||||
| Other operating expense, net | 277 | 3 | 332 | 18 | ||||||||||||
| Total operating expenses | 2,387 | 1,222 | 5,038 | 5,579 | ||||||||||||
| Income (loss) from operations | (386 | ) | 726 | (803 | ) | 3,142 | ||||||||||
| Other income (expense): | ||||||||||||||||
| Interest expense | (64 | ) | (22 | ) | (123 | ) | (104 | ) | ||||||||
| Gains (losses) on purchases, exchanges or extinguishments of debt | 1 | — | (1 | ) | — | |||||||||||
| Other income, net | 28 | 31 | 86 | 79 | ||||||||||||
| Total other income (expense) | (35 | ) | 9 | (38 | ) | (25 | ) | |||||||||
| Income (loss) before income taxes | (421 | ) | 735 | (841 | ) | 3,117 | ||||||||||
| Income tax expense (benefit) | (22 | ) | 166 | (127 | ) | 698 | ||||||||||
| Net income (loss) | $ | (399 | ) | $ | 569 | $ | (714 | ) | $ | 2,419 | ||||||
| Earnings (loss) per common share: | ||||||||||||||||
| Basic | $ | (1.72 | ) | $ | 4.34 | $ | (4.55 | ) | $ | 18.21 | ||||||
| Diluted | $ | (1.72 | ) | $ | 4.02 | $ | (4.55 | ) | $ | 16.92 | ||||||
| Weighted average common shares outstanding (in thousands): | ||||||||||||||||
| Basic | 231,539 | 130,999 | 156,989 | 132,840 | ||||||||||||
| Diluted | 231,539 | 141,491 | 156,989 | 142,976 | ||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| ($ in millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Cash flows from operating activities: | ||||||||||||||||
| Net income (loss) | $ | (399 | ) | $ | 569 | $ | (714 | ) | $ | 2,419 | ||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||
| Depreciation, depletion and amortization | 647 | 379 | 1,729 | 1,527 | ||||||||||||
| Deferred income tax expense (benefit) | (18 | ) | 109 | (123 | ) | 428 | ||||||||||
| Derivative (gains) losses, net | 245 | (533 | ) | 38 | (1,728 | ) | ||||||||||
| Cash receipts on derivative settlements, net | 252 | 187 | 947 | 354 | ||||||||||||
| Share-based compensation | 9 | 8 | 38 | 33 | ||||||||||||
| Gains on sales of assets | (2 | ) | (139 | ) | (14 | ) | (946 | ) | ||||||||
| Contract amortization | (57 | ) | — | (57 | ) | — | ||||||||||
| (Gains) losses on purchases, exchanges or extinguishments of debt | (1 | ) | — | 1 | — | |||||||||||
| Other | 51 | (17 | ) | 35 | 18 | |||||||||||
| Changes in assets and liabilities | (345 | ) | (93 | ) | (315 | ) | 275 | |||||||||
| Net cash provided by operating activities | 382 | 470 | 1,565 | 2,380 | ||||||||||||
| Cash flows from investing activities: | ||||||||||||||||
| Capital expenditures | (536 | ) | (379 | ) | (1,557 | ) | (1,829 | ) | ||||||||
| Receipts of deferred consideration | 50 | — | 166 | — | ||||||||||||
| Business combination, net | (459 | ) | — | (459 | ) | — | ||||||||||
| Contributions to investments | (4 | ) | (82 | ) | (75 | ) | (231 | ) | ||||||||
| Proceeds from divestitures of property and equipment | 4 | 566 | 21 | 2,533 | ||||||||||||
| Net cash provided by (used in) investing activities | (945 | ) | 105 | (1,904 | ) | 473 | ||||||||||
| Cash flows from financing activities: | ||||||||||||||||
| Proceeds from Credit Facility | 20 | — | 20 | 1,125 | ||||||||||||
| Payments on Credit Facility | (20 | ) | — | (20 | ) | (2,175 | ) | |||||||||
| Proceeds from issuance of senior notes, net | 747 | — | 747 | — | ||||||||||||
| Funds held for transition services | — | (91 | ) | — | — | |||||||||||
| Proceeds from warrant exercise | 2 | — | 3 | — | ||||||||||||
| Debt issuance and other financing costs | (7 | ) | — | (11 | ) | — | ||||||||||
| Cash paid to repurchase and retire common stock | — | (42 | ) | — | (355 | ) | ||||||||||
| Cash paid to purchase debt | (767 | ) | — | (767 | ) | — | ||||||||||
| Cash paid for common stock dividends | (134 | ) | (75 | ) | (388 | ) | (487 | ) | ||||||||
| Other | (3 | ) | — | (3 | ) | — | ||||||||||
| Net cash used in financing activities | (162 | ) | (208 | ) | (419 | ) | (1,892 | ) | ||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (725 | ) | 367 | (758 | ) | 961 | ||||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 1,120 | 786 | 1,153 | 192 | ||||||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 395 | $ | 1,153 | $ | 395 | $ | 1,153 | ||||||||
| Cash and cash equivalents | $ | 317 | $ | 1,079 | $ | 317 | $ | 1,079 | ||||||||
| Restricted cash | 78 | 74 | 78 | 74 | ||||||||||||
| Total cash, cash equivalents and restricted cash | $ | 395 | $ | 1,153 | $ | 395 | $ | 1,153 | ||||||||
| NATURAL GAS, OIL AND NGL PRODUCTION AND AVERAGE SALES PRICES (unaudited) | ||||||||||||||||
| Three Months Ended December 31, 2024 | ||||||||||||||||
| Natural Gas | Oil | NGL | Total | |||||||||||||
| MMcf per day | $/Mcf | MBbl per day | $/Bbl | MBbl per day | $/Bbl | MMcfe per day | $/Mcfe | |||||||||
| Haynesville | 2,338 | 2.57 | — | — | — | — | 2,338 | 2.57 | ||||||||
| Northeast Appalachia | 2,425 | 2.34 | — | — | — | — | 2,425 | 2.34 | ||||||||
| Southwest Appalachia | 1,067 | 2.42 | 12 | 60.41 | 85 | 27.44 | 1,649 | 3.42 | ||||||||
| Total | 5,830 | 2.45 | 12 | 60.41 | 85 | 27.44 | 6,412 | 2.70 | ||||||||
| Average NYMEX Price | 2.79 | 70.27 | ||||||||||||||
| Average Realized Price (including realized derivatives) | 2.91 | 61.28 | 26.90 | 3.11 | ||||||||||||
| Three Months Ended December 31, 2023 | ||||||||||||||||
| Natural Gas | Oil | NGL | Total | |||||||||||||
| MMcf per day | $/Mcf | MBbl per day | $/Bbl | MBbl per day | $/Bbl | MMcfe per day | $/Mcfe | |||||||||
| Haynesville | 1,497 | 2.41 | — | — | — | — | 1,497 | 2.41 | ||||||||
| Northeast Appalachia | 1,801 | 2.15 | — | — | — | — | 1,801 | 2.15 | ||||||||
| Eagle Ford | 52 | 2.42 | 6 | 82.49 | 7 | 25.67 | 129 | 6.30 | ||||||||
| Total | 3,350 | 2.27 | 6 | 82.49 | 7 | 25.67 | 3,427 | 2.42 | ||||||||
| Average NYMEX Price | 2.88 | 78.35 | ||||||||||||||
| Average Realized Price (including realized derivatives) | 2.87 | 82.49 | 25.67 | 3.01 | ||||||||||||
| Year Ended December 31, 2024 | ||||||||||||||||
| Natural Gas | Oil | NGL | Total | |||||||||||||
| MMcf per day | $/Mcf | MBbl per day | $/Bbl | MBbl per day | $/Bbl | MMcfe per day | $/Mcfe | |||||||||
| Haynesville | 1,532 | 2.14 | — | — | — | — | 1,532 | 2.14 | ||||||||
| Northeast Appalachia | 1,809 | 1.88 | — | — | — | — | 1,809 | 1.88 | ||||||||
| Southwest Appalachia | 270 | 2.42 | 3 | 60.41 | 21 | 27.44 | 417 | 3.42 | ||||||||
| Total | 3,611 | 2.03 | 3 | 60.41 | 21 | 27.44 | 3,758 | 2.16 | ||||||||
| Average NYMEX Price | 2.27 | 75.72 | ||||||||||||||
| Average Realized Price (including realized derivatives) | 2.75 | 61.04 | 26.91 | 2.84 | ||||||||||||
| Year Ended December 31, 2023 | ||||||||||||||||
| Natural Gas | Oil | NGL | Total | |||||||||||||
| MMcf per day | $/Mcf | MBbl per day | $/Bbl | MBbl per day | $/Bbl | MMcfe per day | $/Mcfe | |||||||||
| Haynesville | 1,551 | 2.30 | — | — | — | — | 1,551 | 2.30 | ||||||||
| Northeast Appalachia | 1,834 | 2.22 | — | — | — | — | 1,834 | 2.22 | ||||||||
| Eagle Ford | 85 | 2.25 | 21 | 77.80 | 10 | 25.62 | 274 | 7.64 | ||||||||
| Total | 3,470 | 2.25 | 21 | 77.80 | 10 | 25.62 | 3,659 | 2.66 | ||||||||
| Average NYMEX Price | 2.74 | 77.63 | ||||||||||||||
| Average Realized Price (including realized derivatives) | 2.64 | 72.89 | 25.62 | 2.99 | ||||||||||||
| CAPITAL EXPENDITURES ACCRUED (unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| ($ in millions) | ||||||||||||||||
| Drilling and completion capital expenditures: | ||||||||||||||||
| Haynesville | $ | 300 | $ | 187 | $ | 777 | $ | 891 | ||||||||
| Northeast Appalachia | 97 | 119 | 377 | 443 | ||||||||||||
| Southwest Appalachia | 103 | — | 103 | — | ||||||||||||
| Eagle Ford | — | — | — | 222 | ||||||||||||
| Total drilling and completion capital expenditures | 500 | 306 | 1,257 | 1,556 | ||||||||||||
| Non-drilling and completion - field | 51 | 50 | 157 | 150 | ||||||||||||
| Non-drilling and completion - corporate | 42 | 20 | 115 | 76 | ||||||||||||
| Total capital expenditures | $ | 593 | $ | 376 | $ | 1,529 | $ | 1,782 | ||||||||
| NON-GAAP FINANCIAL MEASURES | |
As a supplement to the financial results prepared in accordance with U.S. GAAP, Expand Energy’s quarterly earnings releases contain certain financial measures that are not prepared or presented in accordance with U.S. GAAP. These non-GAAP financial measures include Adjusted Net Income, Adjusted Diluted Earnings Per Common Share, Adjusted EBITDAX, Free Cash Flow, Adjusted Free Cash Flow and Net Debt. A reconciliation of each financial measure to its most directly comparable GAAP financial measure is included in the tables below. Management believes these adjusted financial measures are a meaningful adjunct to earnings and cash flows calculated in accordance with GAAP because (a) management uses these financial measures to evaluate the company’s trends and performance, (b) these financial measures are comparable to estimates provided by securities analysts, and (c) items excluded generally are one-time items or items whose timing or amount cannot be reasonably estimated. Accordingly, any guidance provided by the company generally excludes information regarding these types of items.
Expand Energy's definitions of each non-GAAP measure presented herein are provided below. Because not all companies or securities analysts use identical calculations, Expand Energy’s non-GAAP measures may not be comparable to similarly titled measures of other companies or securities analysts.
Adjusted Net Income: Adjusted Net Income is defined as net income (loss) adjusted to exclude unrealized (gains) losses on natural gas and oil derivatives, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results, less a tax effect using applicable rates. Expand Energy believes that Adjusted Net Income facilitates comparisons of the company's period-over-period performance, by excluding the impact of items that, in the opinion of management, do not reflect Expand Energy's core operating performance. Adjusted Net Income should not be considered an alternative to, or more meaningful than, net income (loss) as presented in accordance with GAAP.
Adjusted Diluted Earnings Per Common Share: Adjusted Diluted Earnings Per Common Share is defined as diluted earnings (loss) per common share adjusted to exclude the per diluted share amounts attributed to unrealized (gains) losses on natural gas and oil derivatives, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results, less a tax effect using applicable rates. Expand Energy believes that Adjusted Diluted Earnings Per Common Share facilitates comparisons of the company's period-over-period performance, by excluding the impact of items that, in the opinion of management, do not reflect Expand Energy's core operating performance. Adjusted Diluted Earnings Per Common Share should not be considered an alternative to, or more meaningful than, earnings (loss) per common share as presented in accordance with GAAP.
Adjusted EBITDAX: Adjusted EBITDAX is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation, depletion and amortization expense, exploration expense, unrealized (gains) losses on natural gas and oil derivatives, separation and other termination costs, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results. Adjusted EBITDAX is presented as it provides investors an indication of the company's ability to internally fund exploration and development activities and service or incur debt. Adjusted EBITDAX should not be considered an alternative to, or more meaningful than, net income (loss) as presented in accordance with GAAP.
Free Cash Flow: Free Cash Flow is defined as net cash provided by operating activities less cash capital expenditures. Free Cash Flow is a liquidity measure that provides investors additional information regarding the company's ability to service or incur debt and return cash to shareholders. Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP.
Adjusted Free Cash Flow: Adjusted Free Cash Flow is defined as net cash provided by operating activities less cash capital expenditures and cash contributions to investments, adjusted to exclude certain items management believes affect the comparability of operating results. Adjusted Free Cash Flow is a liquidity measure that provides investors additional information regarding the company's ability to service or incur debt and return cash to shareholders and is used to determine Expand Energy's payout of enhanced returns framework. Adjusted Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP.
Net Debt: Net Debt is defined as GAAP total debt excluding premiums, discounts, and deferred issuance costs less cash and cash equivalents. Net Debt is useful to investors as a widely understood measure of liquidity and leverage, but this measure should not be considered as an alternative to, or more meaningful than, total debt presented in accordance with GAAP.
Present Value of Estimated Future Net Revenues or PV-10: Present Value of Estimated Future Net Revenues or PV-10 is defined as the estimated future gross revenue to be generated from the production of proved reserves, net of estimated production and future development costs, using prices calculated as the average natural gas and oil price during the preceding 12-month period prior to the end of the current reporting period, (determined as the unweighted arithmetic average of prices on the first day of each month within the 12-month period) and costs in effect at the determination date (unless such costs are subject to change pursuant to contractual provisions), without giving effect to non-property related expenses such as general and administrative expenses, debt service and future income tax expense or to depreciation, depletion and amortization, discounted using an annual discount rate of
| RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| ($ in millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net income (loss) (GAAP) | $ | (399 | ) | $ | 569 | $ | (714 | ) | $ | 2,419 | ||||||
| Adjustments: | ||||||||||||||||
| Unrealized (gains) losses on natural gas and oil derivatives | 490 | (347 | ) | 979 | (1,278 | ) | ||||||||||
| Separation and other termination costs | — | 2 | 23 | 5 | ||||||||||||
| Gains on sales of assets | (2 | ) | (139 | ) | (14 | ) | (946 | ) | ||||||||
| Other operating expense, net(a) | 267 | 4 | 325 | 22 | ||||||||||||
| (Gains) losses on purchases, exchanges or extinguishments of debt | (1 | ) | — | 1 | — | |||||||||||
| Contract amortization | (57 | ) | — | (57 | ) | — | ||||||||||
| Other | (21 | ) | (18 | ) | (38 | ) | (37 | ) | ||||||||
| Tax effect of adjustments(b) | (146 | ) | 114 | (271 | ) | 517 | ||||||||||
| Adjusted net income (Non-GAAP) | $ | 131 | $ | 185 | $ | 234 | $ | 702 | ||||||||
| (a) | The three- and twelve-month periods ended December 31, 2024 include an adjustment for costs incurred related to the Southwestern Merger. | |
| (b) | The three- and twelve-month periods ended December 31, 2024 include a tax effect attributed to the reconciling adjustments using a statutory rate of | |
| RECONCILIATION OF EARNINGS (LOSS) PER COMMON SHARE TO ADJUSTED DILUTED EARNINGS PER COMMON SHARE (unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| ($/share) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Earnings (loss) per common share (GAAP) | $ | (1.72 | ) | $ | 4.34 | $ | (4.55 | ) | $ | 18.21 | ||||||
| Effect of dilutive securities | — | (0.32 | ) | — | (1.29 | ) | ||||||||||
| Diluted earnings (loss) per common share (GAAP) | $ | (1.72 | ) | $ | 4.02 | $ | (4.55 | ) | $ | 16.92 | ||||||
| Adjustments: | ||||||||||||||||
| Unrealized (gains) losses on natural gas and oil derivatives | 2.12 | (2.44 | ) | 6.24 | (8.94 | ) | ||||||||||
| Separation and other termination costs | — | 0.01 | 0.14 | 0.04 | ||||||||||||
| Gains on sales of assets | (0.01 | ) | (0.99 | ) | (0.09 | ) | (6.62 | ) | ||||||||
| Other operating expense, net(a) | 1.16 | 0.03 | 2.07 | 0.15 | ||||||||||||
| (Gains) losses on purchases, exchanges or extinguishments of debt | — | — | 0.01 | — | ||||||||||||
| Contract amortization | (0.24 | ) | — | (0.36 | ) | — | ||||||||||
| Other | (0.09 | ) | (0.13 | ) | (0.24 | ) | (0.26 | ) | ||||||||
| Tax effect of adjustments(b) | (0.64 | ) | 0.81 | (1.73 | ) | 3.62 | ||||||||||
| Effect of dilutive securities | (0.03 | ) | — | (0.08 | ) | — | ||||||||||
| Adjusted diluted earnings per common share (Non-GAAP) | $ | 0.55 | $ | 1.31 | $ | 1.41 | $ | 4.91 | ||||||||
| (a) | The three- and twelve-month periods ended December 31, 2024 include an adjustment for costs incurred related to the Southwestern Merger. | |
| (b) | The three- and twelve-month periods ended December 31, 2024 include a tax effect attributed to the reconciling adjustments using a statutory rate of | |
| RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDAX (unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| ($ in millions) | ||||||||||||||||
| Net income (loss) (GAAP) | $ | (399 | ) | $ | 569 | $ | (714 | ) | $ | 2,419 | ||||||
| Adjustments: | ||||||||||||||||
| Interest expense | 64 | 22 | 123 | 104 | ||||||||||||
| Income tax expense (benefit) | (22 | ) | 166 | (127 | ) | 698 | ||||||||||
| Depreciation, depletion and amortization | 647 | 379 | 1,729 | 1,527 | ||||||||||||
| Exploration | 3 | 8 | 10 | 27 | ||||||||||||
| Unrealized (gains) losses on natural gas and oil derivatives | 490 | (347 | ) | 979 | (1,278 | ) | ||||||||||
| Separation and other termination costs | — | 2 | 23 | 5 | ||||||||||||
| Gains on sales of assets | (2 | ) | (139 | ) | (14 | ) | (946 | ) | ||||||||
| Other operating expense, net(a) | 267 | 4 | 325 | 22 | ||||||||||||
| (Gains) losses on purchases, exchanges or extinguishments of debt | (1 | ) | — | 1 | — | |||||||||||
| Contract amortization | (57 | ) | — | (57 | ) | — | ||||||||||
| Other | (26 | ) | (29 | ) | (83 | ) | (65 | ) | ||||||||
| Adjusted EBITDAX (Non-GAAP) | $ | 964 | $ | 635 | $ | 2,195 | $ | 2,513 | ||||||||
| (a) | The three- and twelve-month periods ended December 31, 2024 include an adjustment for costs incurred related to the Southwestern Merger. | |
| RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW (unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| ($ in millions) | ||||||||||||||||
| Net cash provided by operating activities (GAAP) | $ | 382 | $ | 470 | $ | 1,565 | $ | 2,380 | ||||||||
| Cash capital expenditures | (536 | ) | (379 | ) | (1,557 | ) | (1,829 | ) | ||||||||
| Free cash flow (Non-GAAP) | (154 | ) | 91 | 8 | 551 | |||||||||||
| Cash paid for merger expenses | 231 | — | 269 | — | ||||||||||||
| Cash contributions to investments | (4 | ) | (82 | ) | (75 | ) | (231 | ) | ||||||||
| Free cash flow associated with divested assets(a) | — | (48 | ) | — | (243 | ) | ||||||||||
| Adjusted free cash flow (Non-GAAP) | $ | 73 | $ | (39 | ) | $ | 202 | $ | 77 | |||||||
| (a) | In March and April of 2023, we closed two divestitures of certain Eagle Ford assets. Due to the structure of these transactions, both of which had an effective date of October 1, 2022, the cash generated by these assets was delivered to the respective buyers through a reduction in the proceeds we received at the closing of each transaction. Additionally, in November 2023, we closed the divestiture of the final portion of our Eagle Ford assets, with an effective date of February 1, 2023 and the cash generated by these assets was delivered to the buyer through a reduction in the proceeds we received at the closing of the transaction. | |
| RECONCILIATION OF TOTAL DEBT TO NET DEBT (unaudited) | ||||
| ($ in millions) | December 31, 2024 | |||
| Total debt (GAAP) | $ | 5,680 | ||
| Premiums, discounts and issuance costs on debt | 6 | |||
| Principal amount of debt | 5,686 | |||
| Cash and cash equivalents | (317 | ) | ||
| Net debt (Non-GAAP) | $ | 5,369 | ||
| PROVED RESERVES (unaudited) | ||||||||
| SEC pricing(a) | Five-year strip pricing(b) | |||||||
| ($ in millions) | ||||||||
| Proved reserves (Bcfe) | 20,800 | 26,816 | ||||||
| Standardized measure | $ | 7,531 | $ | 22,120 | ||||
| PV-10(c) | $ | 7,567 | $ | 25,975 | ||||
| (a) | SEC proved reserves as of December 31, 2024 were based on a natural gas price of | |
| (b) | Pricing used in the five-year strip pricing sensitivity reflects five-year strip pricing as of February 19, 2025 and held constant thereafter using (i) the NYMEX five-year strip adjusted for regional differentials using Henry Hub for gas and (ii) the NYMEX West Texas Intermediate five-year strip for oil, adjusted for regional differentials consistent with those used in the SEC pricing, and holding all other assumptions constant. The average adjusted product prices weighted by production over the remaining lives of the properties would be The NYMEX strip price for proved reserves and related metrics are intended to illustrate reserve sensitivities to market expectations of commodity prices and should not be confused with SEC pricing for proved reserves and do not comply with SEC pricing assumptions. Management believes that the presentation of reserve volume and related metrics using NYMEX forward strip prices provides investors with additional useful information about the Company's reserves because the forward prices are based on the market's forward-looking expectations of oil and gas prices as of a certain date. The price at which the Company can sell its production in the future is the major determinant of the likely economic producibility of the Company's reserves. The Company hedges certain amounts of future production based on futures prices. In addition, the Company uses such forward-looking market-based data in developing its drilling plans, assessing its capital expenditure needs and projecting future cash flows. While NYMEX strip prices represent a consensus estimate of future pricing, such prices are only an estimate and are not necessarily an accurate projection of future oil and gas prices. Actual future prices may vary significantly from NYMEX prices; therefore, actual revenue and value generated may be more or less than the amounts disclosed. Investors should be careful to consider forward prices in addition to, and not as a substitute for, SEC pricing, when considering the Company's reserves. | |
| (c) | PV-10 differs from the standardized measure because the former does not include the effects of estimated future income tax expense. PV-10 using SEC pricing excludes | |
| INVESTOR CONTACT: | MEDIA CONTACT: | EXPAND ENERGY CORPORATION |
| Chris Ayres | Brooke Coe | 6100 North Western Avenue |
| (405) 935-8870 | (405) 935-8878 | P.O. Box 18496 |
| ir@expandenergy.com | media@expandenergy.com | Oklahoma City, OK 73154 |
FAQ
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