Expand Energy Corp

expandenergy.com

What Do They Do?

Produces natural gas, oil and natural gas liquids for sale to commodity purchasers, including intermediary markets, end markets and pipelines.

How Do They Make Money?

It sells natural gas, oil and NGL, and also resells some other interest owners’ production to third parties. Products are typically paid for within 30 to 60 days, and sales occur when products are delivered.

revenue

Segment	Share	How money arrives
Natural Gas Sold outright	64% FY2022: 55%	Sold outright
Oil Sold outright	2.7% FY2022: 13%	Sold outright
NGL Sold outright	6.2% FY2022: 1.6%	Sold outright
Natural Gas Sold outright	25% FY2022: 17%	Sold outright
Oil Sold outright	1.1% FY2022: 11%	Sold outright
NGL Sold outright	1.2% FY2022: 1.6%	Sold outright

Who Are Their Customers?

Purchasers buy natural gas and NGL under index or daily spot contracts, and oil under market-sensitive or spot contracts; marketing aggregates volumes for sale to intermediary markets, end markets and pipelines.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 27% from two customers

Do Revenues Turn Into Profits?

Yes. It kept 15 cents of every revenue dollar as net income in FY2025 and turned 15 cents into free cash flow.

Operating income, FY2025

20% of revenue

▲ Now profitable vs FY2024 (−$803M, −19%)

Net income, FY2025

15% of revenue

▲ Now profitable vs FY2024 (−$714M, −17%)

Free cash flow, FY2025

15% of revenue

▲ +22888% vs FY2024 ($8M, 0%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −20%; vs $3.7B in Q2 FY2025
Net income: ▼ −46%; vs $968M in Q2 FY2025

Natural Gas share of revenue vs 62.6% in Q2 FY2025

Sep 16, 2026 Completed acquisition of Twin Eagle Twin Eagle operates a natural gas marketing and optimization business.
Jul 28, 2026 Reaffirmed full-year production guidance The company reaffirmed expected average daily production of 7.4 – 7.6 Bcfe/d.
Jul 27, 2026 Agreed to acquire Twin Eagle, broadening natural gas marketing The deal would add a natural gas marketing platform; the company raised its annual incremental free cash flow target to $750 million.

Eagle Ford operating area The older report listed Eagle Ford as an operating area and described agreements to sell portions of its assets; the latest report identifies Haynesville and Appalachian shale areas as its operating focus.

Revenue over time

Natural Gas Oil NGL Natural Gas Oil NGL

$20B$10B$0

FY2022 FY2023 FY2024 FY2025

Comments