Expand Energy Corporation, formerly known as Chesapeake Energy Corporation, reported significant financial performance for the fiscal year ending December 31, 2025, following its merger with Southwestern Energy Company on October 1, 2024. The company generated total revenues of $12.1 billion, a substantial increase from $4.2 billion in 2024, primarily driven by higher production volumes and increased natural gas prices. Net income for the year was reported at $1.8 billion, translating to earnings per share of $7.67, compared to a net loss of $714 million in the previous year.
The merger with Southwestern Energy marked a pivotal strategic development for Expand Energy, creating the largest independent natural gas producer in the U.S. The merger not only expanded the company's asset base but also enhanced its operational capabilities, allowing it to operate approximately 6,600 gross natural gas and oil wells across key regions, including the Haynesville and Marcellus Shales. The company has focused on improving its balance sheet, successfully reducing total debt by approximately $1.2 billion and increasing its credit facility capacity to $3.5 billion.
Operationally, Expand Energy reported a significant increase in production volumes, with total production reaching 2.6 billion cubic feet equivalent (Bcfe) per day in 2025, up from 1.4 Bcfe per day in 2024. The company also completed 272 gross wells during the year, compared to 87 in 2024, reflecting its commitment to expanding its production capabilities. The average sales price for natural gas was $3.08 per thousand cubic feet (Mcf), while oil and natural gas liquids (NGL) prices were $54.47 per barrel and $24.48 per barrel, respectively.
Looking ahead, Expand Energy has outlined a capital expenditure plan of $2.75 to $2.95 billion for 2026, with expectations to complete 205 to 235 gross wells. The company aims to maintain its focus on operational efficiency and sustainability, targeting net-zero greenhouse gas emissions by 2035. Additionally, the company has prioritized returning value to shareholders, with $765 million in dividends paid in 2025 and a share repurchase program authorized for up to $1 billion. The outlook remains cautiously optimistic, with management emphasizing the importance of navigating market volatility and maintaining financial flexibility in the face of evolving economic conditions.
About EXPAND ENERGY Corp
Expand Energy Corporation is a leading independent U.S. natural gas producer focused on exploration, development, and production of natural gas, oil, and natural gas liquids primarily in the Haynesville, Marcellus, and Utica Shales. The company operates approximately 8,000 wells, serving domestic markets with a vertically integrated business model that includes drilling and marketing services. Its competitive advantages include a large, premium resource base, operational expertise, and a disciplined financial approach.
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