Expand Energy Corporation, North America’s largest natural gas producer, reports first quarter 2026 financial and operating results.
- Net cash provided by operating activities of $2,402 million, reflecting continued strong cash generation from operations
- Net income of $1,159 million, or $4.81 per fully diluted share; adjusted net income (1) of $923 million, or $3.83 per diluted share
- Adjusted EBITDAX(1) of $1,968 million
- Net production of ~7.44 Bcfe/d (93% natural gas), reaffirming full-year 2026 guidance of ~7.5 Bcfe/d
- Total debt of $5.0 billion as of quarter-end reduced by ~$1.3 billion from senior note redemption during April 2026
- Reported quarter-end net debt (1) of $2.8 billion, down $1.6 billion from year-end 2025
- Repurchased $150 million of common stock through April 24, 2026, complementing debt reduction with meaningful shareholder returns
- Signed 20-year Sales and Purchase Agreement (SPA) with Delfin FLNG Vessel 1 for ~1.15 million tonnes of LNG offtake per year, further extending market reach to growing global demand centers
(1) Definitions of non-GAAP financial measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are included at the end of this release.
'The world critically needs natural gas supply to meet rapidly rising power demand, growing industrial activity, and global LNG expansion to address a global reset in energy security,' said Mike Wichterich, Interim President and Chief Executive Officer of Expand Energy. 'We’re built for this future as the largest, low-cost, market-connected natural gas producer in America, with differentiated opportunity to grow free cash flow and enhance returns for shareholders. Our scale, direct access to rapidly expanding global markets, and operational discipline aren’t aspirations, they’re the foundation we’re building upon.'
Operations Update
Expand Energy operated an average of 13 rigs during the first quarter, drilling 60 wells and turning 49 wells in line, resulting in net production of approximately 7.44 Bcfe/d (93% natural gas). A detailed breakdown of first quarter production, capital expenditures and activity can be found in the supplemental slides which have been posted at https://investors.expandenergy.com/events-presentations.
2026 Capital and Operating Outlook
In 2026, Expand Energy expects to run 11 to 12 rigs and invest approximately $2.85 billion yielding an estimated daily production of approximately 7.5 Bcfe/d.
A detailed breakdown of 2026 annual capital and operating outlook can be found in the supplemental slides.
Delfin Sales and Purchase Agreement
On April 22, 2026, we executed a Sales and Purchase Agreement (“SPA”) for long-term liquefaction offtake with Delfin FLNG 1 LLC, subject to final investment decision. Under the SPA, we will purchase approximately 1.15 million tonnes of LNG per annum from Delfin FLNG 1 LLC at a Henry Hub price with a contract targeted start date in 2031. The previously announced SPAs with Delfin and Gunvor Group Ltd have been terminated.
Shareholder Returns Update
Expand Energy expects to utilize free cash flow generated during 2026 to further strengthen its balance sheet in order to create more capacity at cycle lows while also returning cash to shareholders through the base dividend and share repurchases. Year-to-date through April 24, 2026, the Company has redeemed approximately $1.3 billion of gross debt and executed $150 million of share repurchases. The Company plans to pay its quarterly base dividend of $0.575 per share on June 4, 2026 to shareholders of record at the close of business on May 14, 2026.
Source: Expand Energy Corporation
