Expand Energy

Expand Energy Corporation stands as North America's largest independent natural gas producer, formed through the strategic $7.4 billion merger of Chesapeake Energy and Southwestern Energy in October 2024. Headquartered in Oklahoma City with a significant presence in Houston, the company operates across approximately 1.85 million net acres spanning Louisiana's Haynesville Shale and Pennsylvania, West Virginia, and Ohio's Marcellus and Utica formations. With daily production exceeding 7.3 billion cubic feet equivalent (Bcfe/d), Expand Energy holds interests in approximately 8,000 gross natural gas and oil wells, positioning the company as a critical supplier to both domestic markets and international LNG export terminals.

The company's transformation from Chesapeake Energy's bankruptcy emergence in 2021 to becoming the nation's premier independent gas producer exemplifies strategic repositioning in the evolving energy landscape. The merger unlocked an estimated $500 million in annual synergies, with approximately $400 million expected to be realized in 2025 alone. Expand Energy's operations strategically leverage proximity to Gulf Coast LNG infrastructure, with 20% of its Louisiana Haynesville production flowing to export terminals serving global energy demand. The company's portfolio produces roughly 90% natural gas across its operations, though oil and natural gas liquids (NGLs) comprise 35% of output in the Appalachian region.

Financially, Expand Energy has demonstrated remarkable resilience and growth, generating $10.78 billion in revenue and $867 million in profits over the past twelve months. The company achieved investment-grade credit ratings from both S&P (BBB-) and Fitch (BBB-) in late 2024, reflecting its strengthened balance sheet and operational excellence. With a market capitalization exceeding $28 billion and 238 million shares outstanding, Expand Energy operates with approximately 1,700 employees across its operations. The company maintains a capital-efficient growth strategy, running 12 drilling rigs and 6 completion crews while investing approximately $3 billion in capital expenditures for 2025.

Expand Energy's recent strategic acquisitions underscore its commitment to long-term growth and operational optimization. The company acquired approximately 7,500 acres of undeveloped Core Marcellus for $57 million, adding over 40 near-term development locations in Southwest Appalachia. Additionally, Expand established a 75,000+ net-acre position in Western Haynesville through targeted leasing and acquisitions totaling approximately $178 million, potentially yielding more than 200 development locations. These strategic land additions, combined with enhanced capital return programs including a $1 billion share buyback and growing dividend yields, position Expand Energy as a leader in delivering value to stakeholders while meeting America's growing energy needs.