EXE

A month has gone by since the last earnings report for Expand Energy (EXE). Shares have added about 4.5% in that time frame, underperforming the S&P 500. But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Expand Energy due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Expand Energy Corporation before we dive into how investors and analysts have reacted as of late. Expand Energy reported second-quarter 2026 adjusted earnings per share of $1.33, beating the Zacks Consensus Estimate by 9%. The company’s bottom line increased from the year-ago adjusted profit of $1.10 per share, fueled by strong production and lower operating expenses. Expand Energy’s ‘natural gas, oil and NGL’ revenues of $1.8 billion missed the Zacks Consensus Estimate of $2 billion. The top line was also below the year-ago figure of $2 billion. On July 27, Expand Energy announced the acquisition of Twin Eagle, creating North America’s leading integrated natural gas company. The company reported the average second-quarter daily production (comprising 92% natural gas) of 7,482 million cubic feet of gas equivalent (MMcfe/day), increasing 3.9% from the year-ago level of 7,202 MMcfe/day. The daily production levels surpassed the Zacks Consensus Estimate of 7,460 MMcfe/day. Natural gas volume for the period came in at 6,896 MMcfe/day, up 4.5% year over year. The consensus mark called for 6,898 MMcf/day of natural gas. EXE’s oil production was 14 thousand barrels per day (MBbl/d), while NGL output totaled 83 MBbl/d. The average sales price for natural gas during the second quarter was $2.42 per Mcf, down 17.4% from the prior-year realization of $2.93 per Mcf. It was also below the consensus mark of $2.64. The average realized oil price was $84.71 per barrel compared with the consensus mark of $80. Meanwhile, the average realized NGL price was $26.26 per barrel, above the Zacks Consensus Estimate of $25.79. Total operating expenses in the quarter were $2.3 billion, lower than the year-ago quarter’s $2.4 billion. This was mainly driven by decreases in exploration, marketing and depreciation, depletion and amortization expenses. The company’s exploration, marketing and depreciation, depletion and amortization expenses of $16 million, $649 million and $722 million during the second quarter of 2026 decreased from the year-ago levels of $20 million, $791 million and $769 million, respectively. In the second quarter, the company plans to pay its quarterly base dividend of 57.5 cents per share on Sept. 3, 2026, to its shareholders of record on Aug. 13. Furthermore, Expand Energy expects to continue its returns-focused allocation of capital, including share repurchases, while preserving its balance sheet capacity. Year-to-date through July 24, 2026, Expand Energy has redeemed approximately $1.3 billion of gross debt and executed $849 million of share repurchases. Cash flow from operations totaled $1.1 billion, decreasing from the prior-year quarter levels of $1.3 billion, while Expand Energy’s cash capital expenditure totaled $753 million, leading to a free cash flow of $343 million. It also paid out $138 million in dividends during the period. As of June 30, 2026, the company had $663 million in cash and cash equivalents. Expand Energy had long-term debt of $3.7 billion, reflecting a debt-to-capitalization ratio of 15.96%. Expand Energy is targeting an average daily production in the range of 7,400-7,500 MMcfe for the third quarter of 2026 and 7,400-7,600 MMcfe for full-year 2026. The company has budgeted its capital spending between $700 million and $780 million for the upcoming quarter, while for 2026, the figure is projected to be between $2.75 billion and $2.95 billion. It turns out, estimates review have trended downward during the past month. Currently, Expand Energy has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a score of A on the value side, putting it in the top 20% for value investors. Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Expand Energy has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Expand Energy Corporation (EXE) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Expand Energy Corporation EXE reported second-quarter 2026 adjusted earnings per share of $1.33, beating the Zacks Consensus Estimate of $1.22. The company’s bottom line increased from the year-ago adjusted profit of $1.10 per share, fueled by strong production and lower operating expenses. Expand Energy’s ‘natural gas, oil and NGL’ revenues of $1.8 billion missed the Zacks Consensus Estimate of $2 billion. The top line was also below the year-ago figure of $2 billion. Expand Energy Corporation price-consensus-eps-surprise-chart | Expand Energy Corporation Quote On July 27, Expand Energy announced the acquisition of Twin Eagle, creating North America’s leading integrated natural gas company. The company reported the average second-quarter daily production (comprising 92% natural gas) of 7,482 million cubic feet of gas equivalent (MMcfe/day), increasing 3.9% from the year-ago level of 7,202 MMcfe/day. The daily production levels surpassed the Zacks Consensus Estimate of 7,460 MMcfe/day. Natural gas volume for the period came in at 6,896 MMcfe/day, up 4.5% year over year. The consensus mark called for 6,898 MMcf/day of natural gas. EXE’s oil production was 14 thousand barrels per day (MBbl/d), while NGL output totaled 83 MBbl/d.The average sales price for natural gas during the second quarter was $2.42 per Mcf, down 17.4% from the prior-year realization of $2.93 per Mcf. It was also below the consensus mark of $2.64. The average realized oil price was $84.71 per barrel compared with the consensus mark of $80. Meanwhile, the average realized NGL price was $26.26 per barrel, above the Zacks Consensus Estimate of$25.79. Total operating expenses in the quarter were $2.3 billion, lower than the year-ago quarter’s $2.4 billion. This was mainly backed by a decrease in exploration, marketing and depreciation, depletion and amortization expenses. The company’s exploration, marketing and depreciation, depletion and amortization expenses of $16 million, $649 million and $722 million during the second quarter of 2026 decreased from the year-ago levels of $20 million, $791 million and $769 million, respectively. In the second quarter, the company plans to pay its quarterly base dividend of 57.5 cents per share on Sept. 3, 2026, to its shareholders of record on Aug. 13. Furthermore, Expand Energy expects to continue its returns-focused allocation of capital, including share repurchases, while preserving its balance sheet capacity. Year-to-date through July 24, 2026, Expand Energy has redeemed approximately $1.3 billion of gross debt and executed $849 million of share repurchases. Cash flow from operations totaled $1.1 billion, decreasing from the prior-year quarter levels of $1.3 billion, while Expand Energy’s capital expenditure totaled $753 million, leading to a free cash flow of $343 million. It also paid out $138 million in dividends during the period.As of June 30, 2026, the company had $663 million in cash and cash equivalents. Expand Energy had a long-term debt of $3.7 billion, reflecting a debt-to-capitalization of 16%. Expand Energy is targeting an average daily production in the range of 7,400-7,500 MMcfe for the third quarter of 2026 and 7,400-7,600 MMcfe for full-year 2026. The company has budgeted its capital spending between $700 million and $780 million for the upcoming quarter, while for 2026, the figure is projected to be between $2.75 billion and $2.95 billion. Expand Energy currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. While we have discussed EXE’s second-quarter results in detail, let us take a look at three other reports in this space. Halliburton Company HAL reported second-quarter 2026 adjusted net income per share of 55 cents, marginally beating the Zacks Consensus Estimate of 54 cents. The outperformance was backed by year-over-year revenue growth. However, the bottom line was flat compared with the prior-year level. Meanwhile, HAL’s second-quarter revenues of $5.7 billion were up 3.7% year over year and beat the Zacks Consensus Estimate of $5.5 billion. The outperformance was driven by higher revenues in both segments of the company — the Completion and Production segment and the Drilling and Evaluation segment. Halliburton reported second-quarter capital expenditure of $235 million. As of June 30, 2026, the company had approximately $2 billion in cash/cash equivalents and $7.1 billion in long-term debt, representing a debt-to-capitalization of 39%. Liberty Energy Inc. LBRT reported a second-quarter 2026 adjusted net profit of 9 cents per share, beating the Zacks Consensus Estimate of 7 cents. The outperformance was driven by the company’s focus on AI-driven technology advancements and strong operational execution. However, the bottom line decreased from the year-ago quarter’s profit of 12 cents due to increased year-over-year costs and expenses. LBRT's revenues totaled $1.2 billion, which beat the Zacks Consensus Estimate of $1.1 billion. The top line also increased from the prior-year quarter’s $1 billion by 14%, supported by record utilization and a modest pricing uplift along with higher product sales. As of June 30, Liberty Energy had approximately $555.4 million in cash and cash equivalents. The pressure pumper’s long-term debt of $1.3 billion represented a debt-to-capitalization of 39.5%. Houston, TX-based oil and gas storage and transportation company Kinder Morgan Inc. KMI reported second-quarter 2026 adjusted earnings of 37 cents per share, beating the Zacks Consensus Estimate of 31 cents by 19.35%. Earnings increased 32.1% from 28 cents in the year-ago quarter. KMI’s Revenues increased 10.8% year over year to $4.48 billion from the prior year’s figure of $4.04 billion. Revenues surpassed the consensus estimate of $4.29 billion by 4.43%. Cash flow from operations was $1.96 billion in the quarter. Meanwhile, free cash flow was $978 million and free cash flow after dividends reached $313 million. As of June 30, 2026, KMI reported $89 million in cash and cash equivalents. Net debt stood at $32.03 billion at quarter-end. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Expand Energy Corporation (EXE) : Free Stock Analysis Report Halliburton Company (HAL) : Free Stock Analysis Report Kinder Morgan, Inc. (KMI) : Free Stock Analysis Report Liberty Energy Inc. (LBRT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

In late July 2026, Expand Energy Corporation reported second-quarter 2026 results showing revenue of US$2,960 million and net income of US$522 million, alongside reaffirmed full-year production guidance of 7.4–7.6 Bcfe per day and confirmation of its US$0.575 per-share quarterly dividend. The company also expanded its capital return plans by completing roughly US$949.02 million of share repurchases under its prior authorization and increasing its total buyback capacity to US$2.00 billion, signaling management’s confidence in the business while production continued to grow year on year. Now we’ll examine how this combination of stronger-than-expected quarterly earnings and a larger buyback authorization might reshape Expand Energy’s investment narrative. Outshine the giants: these 16 early-stage AI stocks could fund your retirement. To own Expand Energy, you need to believe in the durability of its shale gas franchise and its ability to convert that into consistent cash flow despite energy-transition pressures. The latest quarter showed higher production but lower year-on-year revenue and earnings, so it does not remove the key risk around long-term fossil fuel demand. In the near term, the main catalyst remains how effectively management balances capital returns with maintaining low-cost output in mature basins. The most relevant update here is the expanded US$2.00 billion share repurchase authorization, alongside nearly US$949.02 million already completed. This matters because it sits beside reaffirmed 2026 production guidance of 7.4 to 7.6 Bcfe per day and a steady US$0.575 dividend, putting capital returns and operational delivery at the center of the near term story for the stock. Yet investors should be aware that growing capital commitments could amplify the impact if long term gas demand or decarbonization policies shift faster than expected... Read the full narrative on Expand Energy (it's free!) Expand Energy's narrative projects $11.6 billion revenue and $2.3 billion earnings by 2029. Uncover how Expand Energy's forecasts yield a $124.12 fair value, a 34% upside to its current price. Some of the lowest ranked analysts took a far more pessimistic view, assuming revenues could fall about 6 percent a year and earnings slip toward roughly US$1.3 billion, so you should recognize that views on risks like marketing execution and future margins can differ widely and may be revised as this new production and buyback information filters into fresh forecasts. Explore 3 other fair value estimates on Expand Energy - why the stock might be worth just $124.12! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your Expand Energy research is our analysis highlighting 4 key rewards and 2 important warning signs that could impact your investment decision. Our free Expand Energy research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Expand Energy's overall financial health at a glance. Right now could be the best entry point. These picks are fresh from our daily scans. Don't delay: Capitalize on the AI infrastructure supercycle with our selection of the 56 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. Invest in the nuclear renaissance through our list of 90 elite nuclear energy infrastructure plays powering the global AI revolution. We've uncovered the 9 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include EXE. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

This article first appeared on GuruFocus. Free Cash Flow: Surged in the first quarter due to high natural gas prices. Debt Reduction: Paid down $1.3 billion in gross debt. Share Repurchase: Repurchased $850 million, or 4% of outstanding shares. Share Buyback Authorization: Additional $1 billion authorized for future buybacks. EBITDA Contribution from Twin Eagle: Expected to be more than $200 million in year 1, growing to $350 million per year over the next 2 years. Incremental Marketing Commercial Free Cash Flow Target: Raised to $750 million. Warning! GuruFocus has detected 3 Warning Sign with EXE. Is EXE fairly valued? Test your thesis with our free DCF calculator. Release Date: July 29, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Expand Energy Corp (NASDAQ:EXE) demonstrated operational excellence, particularly in the Southwest App team, maintaining a safety-first mindset. The company successfully paid down $1.3 billion in gross debt, positioning itself to capitalize on soft commodity prices. EXE repurchased $850 million, or 4% of its outstanding shares, showcasing effective capital allocation for superior returns. The acquisition of Twin Eagle is expected to contribute over $200 million of EBITDA in year 1, with potential growth to $350 million per year. EXE is strategically positioned to benefit from increased demand in power, industrial, and LNG sectors across North America. The company faces potential headwinds from realized inflation, particularly in fuel costs, impacting capital expenditures. There is uncertainty in the market with near-term bearish gas headwinds, which could affect production and pricing strategies. The integration of Twin Eagle, while promising, carries risks in delivering the projected synergies and EBITDA growth. EXE's capital allocation strategy may face challenges balancing between shareholder returns and maintaining a strong balance sheet. The CEO search process is ongoing, which could create uncertainty in leadership and strategic direction. Q: How does the Twin Eagle acquisition align with Expand Energy's overall strategy? A: Michael Wichterich, Chairman of the Board, Interim President and CEO, explained that the acquisition aligns with their strategy to focus on their Marketing & Commercial (M&C) business, transforming Expand into an integrated gas company. Twin Eagle's extensive customer base and repeatable business model make it a perfect fit for Expand's vision of a demand-pull future. Q: How will the Twin Eagle acquisition impact capital allocation between the balance sheet and shareholder returns? A: Marcel Teunissen, CFO, stated that their primary focus remains on reinvesting in their business and maintaining a healthy dividend. The acquisition is manageable within their existing facilities, and they plan to balance debt reduction with shareholder returns, including buybacks. Q: Can you elaborate on the capital expenditure (CapEx) trajectory and its implications for the fourth quarter? A: Josh Viets, Executive VP and COO, noted that CapEx will decrease in the second half of the year due to reduced drilling and completion activity. They continue to find opportunities for organic leasing, which could push them toward the higher end of their capital range if these opportunities persist. Q: What are the expected synergies from the Twin Eagle acquisition, and how will it affect Expand's breakeven? A: Marcel Teunissen, CFO, mentioned that Twin Eagle is expected to contribute over $200 million in EBITDA in the first year, with synergies potentially increasing this to $350 million. The acquisition will reduce Expand's breakeven by $0.05 to $0.10, with further improvements expected as synergies are realized. Q: How does the expanded marketing and storage platform influence Expand's production strategy? A: Josh Viets, Executive VP and COO, emphasized that the integrated platform enhances their ability to manage production actively, allowing them to adjust production levels based on market signals and customer demand, thereby optimizing their operations. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Expand Energy Corporation? Here are five stocks we like better. Capital allocation: Expand Energy reduced gross debt by $1.3 billion and repurchased $850 million of shares during the quarter. The board has authorized an additional $1 billion for future buybacks. Twin Eagle acquisition: The planned purchase is expected to contribute more than $200 million of first-year EBITDA, rising to $350 million after synergies, while expanding Expand’s customer base and natural-gas marketing capabilities. Demand and production outlook: Management expects near-term natural-gas oversupply through at least the first half of 2027 but sees substantial long-term demand growth from power generation, industrial activity and LNG. Fourth-quarter production is expected to exceed 7.6 Bcf per day, with flexibility to adjust output as market conditions change. Exelixis Reports Solid Earnings—Are New Highs Back on the Table? Expand Energy (NASDAQ:EXE) said its second-quarter operating performance and capital allocation actions reinforced its strategy of becoming an integrated natural gas company, highlighting debt reduction, share repurchases, organic lease additions and its planned acquisition of natural gas marketer Twin Eagle. Interim President, Chief Executive Officer and Chairman Mike Wichterich said the company used strong free cash flow during the first quarter, when natural gas prices were higher, to reduce gross debt by $1.3 billion. When natural gas prices subsequently declined and Expand’s share price fell below its view of mid-cycle value, the company repurchased $850 million of stock, representing about 4% of shares outstanding. → This Tiny AI Supplier Could Be More Important Than the Chipmakers Oil’s Outlook Looks Ugly—That’s Why These 3 Energy Plays Matter The board has authorized an additional $1 billion for future share repurchases, Wichterich said. He described the actions as part of a capital-allocation approach intended to generate returns through commodity cycles. Expand announced the purchase of Twin Eagle, a physical natural gas marketing company, on Monday. Wichterich said the transaction accelerates Expand’s Marketing & Commercial strategy by combining the company’s supply base and financial resources with Twin Eagle’s customer relationships, transportation and storage capabilities. → Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There? 3 Companies to Watch as Natural Gas Stocks Make a Comeback Twin Eagle has more than 1,000 customers, according to Wichterich, while CFO Marcel Teunissen later said the business has more than 1,300 customers in its book. Wichterich said the marketer’s average customer retention rate is 90% and that Twin Eagle has been profitable every year since its inception. “This is a demand pull future as opposed to a supply future,” Wichterich said in response to an analyst question. “If you think that’s the number one goal is to get customers, Twin Eagle has that.” → Innovative ETF Strategies That Are Paying Off This Summer Expand expects Twin Eagle to contribute more than $200 million of EBITDA in its first year and to grow to $350 million annually after the company captures anticipated synergies over the next two years. Management said those estimates assume normal market conditions and exclude potential upside during periods of heightened volatility. Teunissen said Twin Eagle has generated its base EBITDA consistently over recent years and could produce roughly 1.5 to two times that amount in more volatile markets. He said the transaction is expected to reduce Expand’s excluding-dividend breakeven by approximately $0.05 to $0.10 per Mcf on its own, with synergies adding a further $0.10 to $0.15 of improvement. The company’s broader $750 million Marketing & Commercial free-cash-flow target would represent roughly $0.30 of breakeven improvement, he said. Management characterized the acquisition as capital-light relative to owning midstream infrastructure directly. Wichterich said Expand may still pursue partnerships or projects that improve access to higher-value markets, but it does not intend to become a midstream operator. Twin Eagle’s storage and transportation assets will be evaluated based on how they support recurring earnings and optimization opportunities, rather than on standalone asset values, Wichterich said. The combined company will have 49 Bcf of storage capacity on a pro forma basis, according to an analyst question. Management declined to provide details on customer-specific storage arrangements. Dan Turco, executive vice president of Marketing and Commercial, said Expand remains constructive on long-term demand growth from power generation, industrial activity and liquefied natural gas exports. He said U.S. power demand recently reached an all-time high of 101 terawatts and pointed to manufacturing expansions near the Haynesville region, as well as accelerated LNG projects and additional final investment decisions. Turco said Expand is pursuing products and longer-term arrangements that can help customers meet their needs across North America. Management said Twin Eagle’s national footprint and relationships with utilities could help Expand participate in supply agreements linked to data centers and other power-demand growth across the country. COO Josh Viets said the company still views a $3.50 to $4.00 per Mcf range as the natural gas price needed to balance the market over the cycle. He said Expand is positioned to grow if its outlook for mid-cycle pricing rises as demand increases later in the decade. Viets said management expects the natural gas market to remain modestly oversupplied in the near term, citing potential Haynesville output growth and about 3.5 Bcf per day of additional Permian takeaway capacity expected by year-end. He said the market could remain oversupplied through at least the first half of 2027, before 5.5 to 6 Bcf per day of new demand is expected to emerge in the second half of that year. Looking further ahead, Viets cited an outlook for 19 to 24 Bcf per day of incremental demand by the end of the decade. He said Expand’s Haynesville inventory, infrastructure access and expanded commercial platform position it to supply that demand. The company expects production to increase modestly in the fourth quarter, primarily in Appalachia, as winter demand potentially improves basis conditions. Viets said Expand expects output above 7.6 Bcf per day in the fourth quarter, while maintaining flexibility to adjust production if demand or weather conditions soften. The company’s business is structured around approximately 7.5 Bcf per day, he said. Expand said it has actively added acreage across its operating areas, seeking locations that can support near-term drilling plans or provide longer-term growth optionality. Viets said the company acquired more than 100 locations in the Natchitoches Fault Zone extension in Louisiana at less than $500,000 per location. The acreage targets deeper Haynesville and Bossier formations, about 2,000 feet below existing development areas, Viets said. He said Expand’s experience operating high-pressure gas reservoirs and its subsurface data give it an advantage in evaluating the opportunity. The company also cited a 3,000-acre acquisition in the core of Bradford County that it had pursued for more than two years. Viets said leasehold spending should decline during the second half of the year but could push full-year capital spending toward the high end of guidance if additional attractive opportunities emerge. Capital spending is also expected to decline in the second half due partly to lower drilling and completion activity in Appalachia, management said. Viets said higher fuel costs created some inflationary pressure during the second quarter, though those costs are included in full-year guidance. Expand expects maintenance capital, excluding growth leasehold and growth drilling and completion spending in East Texas, to remain around $2.8 billion. Viets said operational gains and improved Haynesville completion designs could produce modest year-over-year maintenance-capital improvements in 2027. In the Haynesville, the company said enhanced completions have increased per-well production by roughly 5% to 10%, particularly by flattening production declines in years two and three. Larger and more complex completions have extended pumping and drill-out times, however, and management expects roughly 10 fewer wells to be turned in line during 2026 than previously anticipated. Those wells may move into 2027. Wichterich said Expand’s CEO search remains on track to conclude within the previously stated six- to nine-month timeframe. The company is at the six-month mark and in the “back third” of the process, he said. The board is seeking an executive with a long energy-industry career, a record of success and support for the company’s integrated gas strategy, Wichterich said. He also emphasized recent additions and investments in the broader leadership team, including the CFO, chief risk officer, chief human resources officer and business development organization. Expand Energy Corporation is an independent natural gas producer principally in the United States. Expand Energy Corporation, formerly known as Chesapeake Energy Corporation, is based in OKLAHOMA CITY. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Expand Energy Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

SPRING, Texas, July 28, 2026 (GLOBE NEWSWIRE) -- Expand Energy Corporation (NASDAQ: EXE) ("Expand Energy" or the "Company") today reported second quarter 2026 financial and operating results. Net cash provided by operating activities of $1,096 million, driven by continued operational execution Net income of $522 million, or $2.19 per fully diluted share; adjusted net income(1) of $317 million, or $1.33 per diluted share Adjusted EBITDAX(1) of $1,183 million Net production of ~7.48 Bcfe/d (92% natural gas), reaffirmed full-year 2026 guidance of 7.4 – 7.6 Bcfe/d Total debt of $3.7 billion as of quarter-end, down ~$1.3 billion from year-end as a result of senior note redemption in April 2026 Reported quarter-end net debt(1) of $3.1 billion and peer-leading leverage ratio of ~0.5x Approximately $530 million of common stock repurchases in the second quarter; year-to-date repurchases total approximately $850 million or 4% of shares outstanding Announced additional ~$1 billion buyback authorization, facilitating continued opportunistic share repurchases Released 2025 Sustainability Report with consistent, transparent performance data disclosure Announced the acquisition of Twin Eagle Holdings, N.A. LLC ("Twin Eagle"), creating North America's leading integrated natural gas company (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. “This year, the team has been focused on two key initiatives, executing with discipline and accelerating our marketing and commercial strategy. I'm pleased with the significant progress we've made on both fronts,” said Mike Wichterich, Interim President and Chief Executive Officer of Expand Energy. “We’ve strengthened our balance sheet and achieved a peer-leading leverage ratio, giving us the flexibility to opportunistically allocate capital. We acted decisively with our buyback program, reduced outstanding shares by 4%, and authorized an additional $1 billion of share repurchases. Through our leasing program, we’ve organically extended our inventory across our portfolio at a significant discount to recent industry acquisitions. Most importantly, our recently announced acquisition of Twin Eagle immediately establishes Expand as the leading integrated natural gas company, extends our access to demand markets from coast to coast, and meaningfully accelerates our strategy. The team is executing on all fronts, delivering as promised, and creating sustainable value for our shareholders.” Operations Update Expand Energy operated an average of 12 rigs during the second quarter, drilling 55 wells and turning 48 wells in line, resulting in net production of approximately 7.48 Bcfe/d (92% natural gas). A detailed breakdown of second 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 – 12 rigs and invest approximately $2.75 – $2.95 billion. Average daily production is expected to be approximately 7.4 – 7.6 Bcfe/d. A detailed breakdown of the Company's 2026 annual capital and operating outlook can be found in the supplemental slides. Shareholder Returns Update Expand Energy expects to continue its returns-focused allocation of capital, including to share repurchases, while preserving balance sheet capacity to capitalize on attractive opportunities through the cycle. Year-to-date through July 24, 2026, the Company has redeemed approximately $1.3 billion of gross debt and executed $849 million of share repurchases. The Company plans to pay its quarterly base dividend of $0.575 per share on September 3, 2026 to shareholders of record at the close of business on August 13, 2026. Conference Call Information A conference call to discuss Expand Energy's second quarter 2026 financial and operating results and 2026 outlook has been scheduled for 9 a.m. EDT on July 29, 2026. Participants can access the live webcast at https://edge.media-server.com/mmc/p/w7azq3eg/. Participants who would like to ask a question, can register at https://register-conf.media-server.com/register/BIa5617126d27645d887bff8d8eefaf1c6, and will receive the dial-in info and a unique PIN to join the call. Links to the conference call will be provided at https://investors.expandenergy.com/. A replay will be available on the website following the call. Financial Statements, Non-GAAP Financial Measures and 2026 Guidance and Outlook Projections This news release contains the non-GAAP financial measures described below in the section titled "Non-GAAP Financial Measures." Reconciliations of each non-GAAP financial measure used in this news release to the most directly comparable GAAP financial measure are provided below. Additional detail on the Company’s 2026 second quarter financial and operational results, along with non-GAAP measures that adjust for items typically excluded by securities analysts, are available on the Company’s website. Non-GAAP measures should not be considered as an alternative to, or more meaningful than, GAAP measures. Management’s guidance for 2026 can be found on the Company’s website at www.expandenergy.com. Expand Energy Corporation (NASDAQ: EXE) is North America’s largest natural gas producer, powered by dedicated and innovative employees focused on expanding the value of natural gas by connecting global scale to growing markets. Expand Energy’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its advantaged portfolio, financial strength and operational excellence. Expand Energy is committed to expanding America’s energy reach to fuel a more affordable, reliable, lower carbon future. Forward-Looking Statements This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include our current expectations or forecasts of future events, including matters relating to armed conflict between Russia and Ukraine, instability in the Middle East and Venezuela and changes in China-Taiwan relations, along with the effects of the current global economic environment, and the impact of each on our business, financial condition, results of operations and cash flows, actions by, or disputes among or between, members of OPEC+ and other foreign oil-exporting countries, market factors, market prices, our ability to meet debt service requirements, our ability to continue to pay cash dividends, the amount and timing of any cash dividends and our sustainability initiatives. Forward-looking and other statements in this news release regarding our environmental, social and other sustainability plans and goals are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the Securities and Exchange Commission ("SEC"). In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as "aim", "predict", "should", "expect," “could,” “may,” "anticipate," "intend," "plan," “ability,” "believe," "seek," "see," "will," "would," “estimate,” “forecast,” "target," “guidance,” “outlook,” “opportunity” or “strategy.” The absence of such words or expressions does not necessarily mean the statements are not forward-looking. Although we believe the expectations and forecasts reflected in our forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include: Reduced demand for natural gas, oil, and natural gas liquids ("NGLs"); negative public perceptions of our industry; competition in the natural gas and oil exploration and production industry; the volatility of natural gas, oil and NGL prices, which are affected by general economic and business conditions, as well as increased demand for (and availability of) alternative fuels and electric vehicles; risks from regional epidemics or pandemics and related economic turmoil, including supply chain constraints; write-downs of our natural gas and oil asset carrying values due to low commodity prices; significant capital expenditures are required to replace our reserves and conduct our business; our ability to replace reserves and sustain production; uncertainties inherent in estimating quantities of natural gas, oil and NGL reserves and projecting future rates of production and the amount and timing of development expenditures; drilling and operating risks and resulting liabilities; our ability to generate profits or achieve targeted results in drilling and well operations; leasehold terms expiring before production can be established; risks from our commodity price risk management activities; uncertainties, risks and costs associated with natural gas and oil operations; our need to secure adequate supplies of water for our drilling operations and to dispose of or recycle the water used; pipeline and gathering system capacity constraints and transportation interruptions; risks related to our plans to participate in the global LNG value chain; terrorist activities and/or cyber-attacks adversely impacting our operations; risks from failure to protect personal information and data and compliance with data privacy and security laws and regulations; disruption of our business by natural or human causes beyond our control; a deterioration in general economic, business or industry conditions; the impact of inflation and commodity price volatility, including as a result of decisions made by OPEC+ and armed conflict between Russia and Ukraine, instability in the Middle East and Venezuela, and changes in China-Taiwan relations, along with the effects of the current global economic environment, on our business, financial condition, employees, contractors, vendors and the global demand for natural gas and oil and on U.S. and global financial markets; our inability to access the capital markets on favorable terms; the limitations on our financial flexibility due to our level of indebtedness and restrictive covenants from our indebtedness; challenges with employee recruitment and retention and an increasingly competitive labor market; risks related to acquisitions or dispositions, or potential acquisitions or dispositions; security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, or from breaches of information technology systems of third parties with whom we transact business; our ability to achieve and maintain sustainability certifications, goals and commitments; environmental and sustainability legislation and regulatory initiatives, including those addressing the impact of climate change or further regulating hydraulic fracturing, greenhouse gas emissions, flaring or water disposal; federal and state tax proposals affecting our industry; risks related to an annual limitation on the utilization of our tax attributes, which was triggered upon the completion of our merger with Southwestern Energy Company, as well as trading in our common stock, additional issuance of common stock, and certain other stock transactions, which could lead to an additional, potentially more restrictive, annual limitation; the actual consummation of the acquisition of Twin Eagle (the "Twin Eagle Acquisition") and the expected timetable for completion thereof, the results, effects and benefits of the Twin Eagle Acquisition, future opportunities for the Company, other plans with respect to the Twin Eagle Acquisition, and the anticipated impact of the Twin Eagle Acquisition on the Company’s results of operations, financial position, growth opportunities and competitive position; the integration of acquisitions, including the Twin Eagle Acquisition; and other factors that are described under Risk Factors in Item 1A of Part I of our Annual Report on Form 10-K filed with the SEC. We caution you not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of the filing date, and we undertake no obligation and have no intention to update any forward-looking statement, except as required by law. We urge you to carefully review and consider the disclosures in this news release and our filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business. All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement. NON-GAAP FINANCIAL MEASURES As a supplement to the financial results prepared in accordance with U.S. GAAP, Expand Energy’s quarterly earnings releases contain certain financial measures that are not prepared or presented in accordance with U.S. GAAP. These non-GAAP financial measures include Adjusted Net Income, Adjusted Diluted Earnings Per Common Share, Adjusted EBITDAX, Free Cash Flow, Adjusted Free Cash Flow and Net Debt. A reconciliation of each financial measure to its most directly comparable GAAP financial measure is included in the tables below. Management believes these adjusted financial measures are a meaningful adjunct to earnings and cash flows calculated in accordance with GAAP because (a) management uses these financial measures to evaluate the Company’s trends and performance, (b) these financial measures are comparable to estimates provided by securities analysts, and (c) items excluded generally are one-time items or items whose timing or amount cannot be reasonably estimated. Accordingly, any guidance provided by the Company generally excludes information regarding these types of items. Expand Energy's definitions of each non-GAAP measure presented herein are provided below. Because not all companies or securities analysts use identical calculations, Expand Energy’s non-GAAP measures may not be comparable to similarly titled measures of other companies or securities analysts. Adjusted Net Income: Adjusted Net Income is defined as net income (loss) adjusted to exclude unrealized (gains) losses on derivatives, separation and other termination costs, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results, less a tax effect using applicable rates. Expand Energy believes that Adjusted Net Income facilitates comparisons of the Company's period-over-period performance, by excluding the impact of items that, in the opinion of management, do not reflect Expand Energy's core operating performance. Adjusted Net Income should not be considered an alternative to, or more meaningful than, net income (loss) as presented in accordance with GAAP. Adjusted Diluted Earnings Per Common Share: Adjusted Diluted Earnings Per Common Share is defined as diluted earnings (loss) per common share adjusted to exclude the per diluted share amounts attributed to unrealized (gains) losses on derivatives, separation and other termination costs, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results, less a tax effect using applicable rates. Expand Energy believes that Adjusted Diluted Earnings Per Common Share facilitates comparisons of the Company's period-over-period performance, by excluding the impact of items that, in the opinion of management, do not reflect Expand Energy's core operating performance. Adjusted Diluted Earnings Per Common Share should not be considered an alternative to, or more meaningful than, earnings (loss) per common share as presented in accordance with GAAP. Adjusted EBITDAX: Adjusted EBITDAX is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation, depletion and amortization expense, exploration expense, unrealized (gains) losses on derivatives, separation and other termination costs, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results. Adjusted EBITDAX is presented as it provides investors an indication of the Company's ability to internally fund exploration and development activities and service or incur debt. Adjusted EBITDAX should not be considered an alternative to, or more meaningful than, net income (loss) as presented in accordance with GAAP. Free Cash Flow: Free Cash Flow is defined as net cash provided by operating activities less cash capital expenditures. Free Cash Flow is a liquidity measure that provides investors additional information regarding the Company's ability to service or incur debt and return cash to shareholders. Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP. Adjusted Free Cash Flow: Adjusted Free Cash Flow is defined as net cash provided by operating activities less cash capital expenditures and cash contributions to investments, adjusted to exclude certain items management believes affect the comparability of operating results. Adjusted Free Cash Flow is a liquidity measure that provides investors additional information regarding the Company's ability to service or incur debt and return cash to shareholders. Adjusted Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP. Net Debt: Net Debt is defined as GAAP total debt excluding premiums, discounts, and deferred issuance costs less cash and cash equivalents. Net Debt is useful to investors as a widely understood measure of liquidity and leverage, but this measure should not be considered as an alternative to, or more meaningful than, total debt presented in accordance with GAAP. Net debt to Adjusted EBITDAX: Net debt to Adjusted EBITDAX is a non-GAAP measure and is defined as Net Debt divided by an annualized Adjusted EBITDAX measure on a trailing twelve month calculation. Management uses Net Debt to Adjusted EBITDAX to assess liquidity and leverage. The Company believes this measure is useful to investors because it provides supplemental information to investors regarding its ability internally fund exploration and development activities and service or incur debt. However, this measure should not be considered as an alternative to, or more meaningful than, total debt or net income (loss) as presented in accordance with GAAP.

Expand Energy (EXE) came out with quarterly earnings of $1.33 per share, beating the Zacks Consensus Estimate of $1.22 per share. This compares to earnings of $1.1 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +9.02%. A quarter ago, it was expected that this oil and gas company would post earnings of $3.69 per share when it actually produced earnings of $3.83, delivering a surprise of +3.79%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Expand Energy, which belongs to the Zacks Alternative Energy - Other industry, posted revenues of $1.83 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 10.04%. This compares to year-ago revenues of $2.02 billion. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Expand Energy shares have lost about 18% since the beginning of the year versus the S&P 500's gain of 8.3%. While Expand Energy has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Expand Energy was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.40 on $2.14 billion in revenues for the coming quarter and $8.41 on $9.65 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Alternative Energy - Other is currently in the top 40% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, TC Energy (TRP), is yet to report results for the quarter ended June 2026. The results are expected to be released on July 30. This energy infrastructure company is expected to post quarterly earnings of $0.59 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 0.5% higher over the last 30 days to the current level. TC Energy's revenues are expected to be $2.74 billion, up 1.5% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Expand Energy Corporation (EXE) : Free Stock Analysis Report TC Energy Corporation (TRP) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Expand Energy Corporation EXE is set to release second-quarter 2026 earnings on July 28. The Zacks Consensus Estimate for the to-be-reported quarter is pegged at a profit of $1.16 per share on revenues of $2.01 billion. Let us delve into the factors that might have influenced EXE’s performance in the to-be-reported quarter. Before that, it is worth taking a look at the company’s performance in the last reported quarter. In the first quarter, the U.S.-based natural gas producer’s adjusted earnings of $3.83 per share beat the Zacks Consensus Estimate of $3.69, driven by strong production and higher natural gas price realization. Moreover, revenues of $3.3 billion beat the Zacks Consensus Estimate of $3.1 billion. Expand Energy’s earnings beat the consensus estimate in three of the trailing four quarters and missed in one, delivering an average surprise of 4.1%. This is depicted in the graph below. Expand Energy Corporation price-eps-surprise | Expand Energy Corporation Quote The Zacks Consensus Estimate for the second-quarter bottom line has remained unchanged in the past seven days. The estimated figure indicates a 5.5% year-over-year surge. However, the top-line estimate implies a 0.4% decrease from the year-ago period’s level. Expand Energy's second-quarter results could face pressure from higher capital spending, as management indicated that this quarter would represent the year's peak CapEx due to increased drilling and completion activity, leasehold acquisitions and seasonal workovers, while production is expected to remain flat sequentially. The Gulf Coast also experienced weather-related disruptions that shifted spending into the quarter to be reported, potentially weighing on free cash flow. Additionally, management acknowledged exposure to softer natural gas prices, noting it could defer activity if markets weaken, while diesel inflation tied to geopolitical tensions may modestly increase operating costs. However, on a positive note, Expand Energy could outperform expectations, supported by resilient operations, strong marketing gains and improved commercial execution. The company generated nearly $90 million from market volatility in the first quarter, expanded access to premium LNG markets through the Delfin agreement and maintained full-year production guidance. Strong hedging, stable operating costs and continued efficiency improvements could further support earnings in the quarter to be reported. The proven Zacks model does not predict an earnings beat for Expand Energy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of beating estimates. However, this is not the case here. EXE’s Earnings ESP: Earnings ESP, which represents the difference between the Most Accurate Estimate and the Zacks Consensus Estimate, for this company is -1.82%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. EXE’s Zacks Rank: Expand Energy currently carries a Zacks Rank #4 (Sell). Here are some firms from the energy space that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle. ProPetro Holding Corp. PUMP has an Earnings ESP of +52.38% and a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here. ProPetro is scheduled to release earnings on July 29. The Zacks Consensus Estimate for current quarter earnings indicates year-over-year growth of about 85.7%. Valued at around $1.6 billion, PUMP’s shares have surged 122.4% in a year. Cactus, Inc. WHD has an Earnings ESP of +7.04% and a Zacks Rank #2 at present. It is scheduled to release earnings on July 29. The Zacks Consensus Estimate for WHD’s 2026 earnings indicates year-over-year growth of about 8.6%. Valued at around $4.4 billion, WHD’s shares rose 21% in a year. Oil States International, Inc. OIS currently has an Earnings ESP of +27.27% and a Zacks Rank #3. It is scheduled to release earnings on July 30. Notably, the Zacks Consensus Estimate for OIS’ 2026 earnings indicates year-over-year growth of about 43.2%. Valued at around $517.1 million, OIS’ shares have gained 55.3% in a year. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Expand Energy Corporation (EXE) : Free Stock Analysis Report Oil States International, Inc. (OIS) : Free Stock Analysis Report ProPetro Holding Corp. (PUMP) : Free Stock Analysis Report Cactus, Inc. (WHD) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research