$EXE

EXPAND ENERGY Corp

CIK:0000895126|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues and other:
Gains (losses) on derivatives	$ 449	$ 877	$ 320	$ (137)
Gains (losses) on sales of assets	0	4	(1)	4
Total revenues and other	2,960	3,690	7,357	5,886
Operating expenses:
Production	168	151	353	298
Gathering, processing and transportation	634	563	1,324	1,126
Severance and ad valorem taxes	60	49	120	97
Exploration	16	20	30	27
General and administrative	50	40	113	87
Separation and other termination costs	0	0	9	0
Depreciation, depletion and amortization	722	769	1,433	1,480
Other operating expense, net	0	38	13	60
Total operating expenses	2,299	2,421	5,165	4,885
Income from operations	661	1,269	2,192	1,001
Other income (expense):
Interest expense	(43)	(60)	(102)	(119)
Gains on purchases, exchanges or extinguishments of debt	37	3	37	3
Other income, net	17	16	34	24
Total other income (expense)	11	(41)	(31)	(92)
Income before income taxes	672	1,228	2,161	909
Income tax expense	150	260	480	190
Net income	$ 522	$ 968	$ 1,681	$ 719
Earnings per common share:
Basic (in dollars per share)	$ 2.19	$ 4.07	$ 7.03	$ 3.04
Diluted (in dollars per share)	$ 2.19	$ 4.02	$ 7.02	$ 2.99
Weighted average common shares outstanding (in thousands):
Basic (in shares)	238,224	237,973	239,058	236,213
Diluted (in shares)	238,357	240,560	239,559	240,628
Natural gas, oil and NGL
Revenues and other:
Revenue	$ 1,830	$ 2,021	$ 5,145	$ 4,321
Marketing
Revenues and other:
Revenue	681	788	1,893	1,698
Operating expenses:
Marketing	$ 649	$ 791	$ 1,770	$ 1,710

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 1,681	$ 719
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	1,433	1,480
Deferred income tax expense	465	134
Derivative (gains) losses, net	(320)	137
Cash payments on derivative settlements, net	(92)	(29)
Share-based compensation	22	22
(Gains) losses on sales of assets	1	(4)
Contract amortization	(98)	(124)
Gains on purchases, exchanges or extinguishments of debt	(37)	(3)
Other	34	16
Changes in assets and liabilities	409	70
Net cash provided by operating activities	3,498	2,418
Cash flows from investing activities:
Capital expenditures	(1,460)	(1,220)
Property acquisitions	(7)	0
Receipts of deferred consideration	116	116
Contributions to investments	(1)	(9)
Distributions from investments	10	0
Proceeds from divestitures of property and equipment	43	15
Net cash used in investing activities	(1,299)	(1,098)
Cash flows from financing activities:
Proceeds from credit facility	0	825
Payments on credit facility	0	(825)
Proceeds from warrant exercise	15	22
Cash paid to repurchase and retire common stock	(580)	(99)
Cash paid to purchase debt	(1,287)	(553)
Cash paid for common stock dividends	(279)	(279)
Net cash used in financing activities	(2,131)	(909)
Net increase in cash, cash equivalents and restricted cash	68	411
Cash, cash equivalents and restricted cash, beginning of period	696	395
Cash, cash equivalents and restricted cash, end of period	$ 764	$ 806

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 663	$ 616
Restricted cash	101	80
Accounts receivable, net	1,098	1,599
Derivative assets	602	264
Other current assets	378	357
Total current assets	2,842	2,916
Natural gas and oil properties, successful efforts method
Proved natural gas and oil properties	28,092	26,606
Unproved properties	5,501	5,478
Other property and equipment	547	509
Total property and equipment	34,140	32,593
Less: accumulated depreciation, depletion and amortization	(9,690)	(8,278)
Property and equipment held for sale, net	0	40
Total property and equipment, net	24,450	24,355
Long-term derivative assets	113	47
Deferred income tax assets	0	168
Other long-term assets	625	801
Total assets	28,030	28,287
Current liabilities:
Accounts payable	942	753
Accrued interest	78	100
Derivative liabilities	1	3
Other current liabilities	1,944	2,045
Total current liabilities	2,965	2,901
Long-term debt, net	3,685	5,009
Long-term derivative liabilities	0	1
Asset retirement obligations, net of current portion	723	688
Long-term contract liabilities	835	975
Other long-term liabilities	412	135
Total liabilities	8,620	9,709
Contingencies and commitments (Note 5)
Stockholders' equity:
Common stock, $0.01 par value, 450,000,000 shares authorized: 234,349,727 and 239,249,874 shares issued	2	2
Additional paid-in capital	13,774	13,746
Retained earnings	5,634	4,830
Total stockholders' equity	19,410	18,578
Total liabilities and stockholders' equity	$ 28,030	$ 28,287