Expand Energy Corporation, North America’s largest natural gas producer, has reported fourth quarter and full-year 2025 financial and operating results and issued its 2026 outlook.
Fourth Quarter 2025 Highlights
- Net cash provided by operating activities of $956 million, more than 150% increase from the fourth quarter of 2024
- Net income of $553 million, or $2.30 per fully diluted share; adjusted net income(1) of $481 million, or $2.00 per diluted share
- Adjusted EBITDAX(1) of $1,425 million
- Produced ~7.40 Bcfe/d net (92% natural gas), an increase of 15% compared to the fourth quarter of 2024
Full-Year 2025 Highlights
- Net cash provided by operating activities of $4,575 million
- Net income of $1,819 million, or $7.57 per fully diluted share; adjusted net income(1) of $1,467 million, or $6.10 per diluted share
- Adjusted EBITDAX(1) of $5,078 million
- Produced ~7.18 Bcfe/d net (92% natural gas)
- Reduced gross debt by ~$660 million in 2025 and ~$1.25 billion since merger close
- Returned $865 million to shareholders in the form of quarterly base dividend, variable dividend, and share repurchases
2026 Outlook
- Quarterly base dividend of $0.575 per common share to be paid in March 2026, 20th straight quarter paying a dividend
- Expect to produce ~7.5 Bcfe/d for ~$2.85 billion of capital, inclusive of ~$75 million of Western Haynesville appraisal spend
- Prioritizing the balance sheet with continued debt reduction of at least $1 billion; shareholder returns through base dividend and opportunistic share repurchases
(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.
'In 2025, Expand Energy took clear action to meet the world’s need for affordable, reliable, lower carbon energy. In our first year since announcing the merger, we exceeded our synergy targets and improved our Haynesville breakevens by approximately 15%, while achieving double-digit production growth,' said Mike Wichterich, Interim President and Chief Executive Officer of Expand Energy. 'This year-over-year improvement reflects our scale, financial strength, and capital efficiency. We’re creating more value from every molecule, and we’re in an advantaged position to meet growing demand in the power, industrial, and LNG markets. In 2026, we expect to deliver higher volumes with less capital, leverage our productive capacity and flexibility to manage volatility, and consistently grow free cash flow.'
Operations Update
Expand Energy operated an average of 12 rigs during the fourth quarter, drilling 51 wells and turning 66 wells in line, resulting in net production of approximately 7.40 Bcfe/d (92% natural gas). A detailed breakdown of fourth 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 between 11 and 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.
Shareholder Returns Update
Expand Energy expects to prioritize debt reduction during 2026 to further strengthen its balance sheet and to create more balance sheet capacity at cycle lows while also returning cash to shareholders through the base dividend and share repurchases. The Company plans to pay its quarterly base dividend of $0.575 per share on March 26, 2026 to shareholders of record at the close of business on March 5, 2026.
Source: Expand Energy Corp
