EXE · Expand Energy Corporation

Expand Energy Corporation delivered robust Q1 2026 results, highlighted by GAAP net income of $1,159 million and adjusted net income of $923 million, supported by net cash from operations reaching $2,402 million and Adjusted EBITDAX of $1,968 million. Production averaged 7.44 Bcfe/d, predominantly natural gas at 93%, aligning closely with full-year guidance of 7.5 Bcfe/d. The company operated 13 rigs, drilling 60 wells and bringing 49 online, demonstrating operational efficiency. Balance sheet strength improved markedly with quarter-end net debt at $2.8 billion, a $1.6 billion reduction from year-end 2025, aided by a $1.3 billion senior note redemption in April. Shareholder returns advanced through $150 million in common stock repurchases year-to-date through April 24, alongside a base quarterly dividend of $0.575 per share. Strategically, Expand Energy secured a 20-year Sales and Purchase Agreement with Delfin FLNG 1 LLC for 1.15 million tonnes of annual LNG offtake at Henry Hub pricing, targeting a 2031 start post-final investment decision, while terminating prior SPAs. For 2026, the company plans 11-12 rigs and $2.85 billion in capital expenditures to sustain production. Management, led by Interim CEO Mike Wichterich, emphasized the company's position as North America's largest low-cost natural gas producer with global market access to capitalize on rising demand. A presentation and conference call are scheduled for April 29, 2026, with materials available on the investor website.