Expand Energy

Expand Energy Corporation (Expand Energy) is based in Spring, Texas. It says that it is the largest natural gas producer in the US. Its wells are in the Haynesville and in Northeast and Southwest Appalachia. Net production was 7.54 Bcfe per day in Q3 2026, and 92% of it was natural gas.

It also buys and sells gas through its marketing business, which grew with the purchase of Twin Eagle in September 2026. Revenues and other were $3,286 million in Q3 2026. The common stock trades on Nasdaq in US dollars. Expand Energy files 10-K and 10-Q reports.

The price of Expand Energy depends mostly on the US natural gas price, and the market weighs how much new demand from LNG exports and power plants will lift it. The average NYMEX gas price was $2.95 in Q3 2026, against $3.63 for nine months, and adjusted EBITDAX fell to $1,229 million in Q3 from $1,968 million in Q1. Debt is low for the size of the company, at 0.8 times adjusted EBITDAX, and the company returns cash with a base dividend and share repurchases. For the price to hold or rise, four things must be true.

Gas prices must recover from Q3 levels as new LNG export plants and power plants use more gas. Production must stay near 7.5 Bcfe per day with capital spending of about $3 billion a year. The Twin Eagle marketing business must add earnings, as the $80 million of marketing EBITDA expected for Q4 2026 shows. The new chief executive, Daniel E.

Brown, must keep costs and capital spending under control. The Q4 2026 report and the 2027 outlook, expected in February 2027, are the next tests.

1. Feb 16, 2027 · est.Pending

   Q4 2026 results and 2027 outlook2026 production is in the guided range of 7.45 to 7.55 Bcfe per day and 2027 capital spending stays near $3 billion, and this passes; lower production or a large rise in capital spending fails.

Every passed and failed checkpoint across all picks

• October 27, 2026Expand Energy reported Q3 2026 results. Net income was $519 million, adjusted EBITDAX was $1,229 million and production was 7.54 Bcfe per day. It repurchased $305 million of common stock in Q3 and about $900 million in nine months. It plans a quarterly base dividend of $0.575 per share on December 3, 2026.
• October 19, 2026The board appointed Daniel E. Brown, the former chief executive of Chord Energy, as President and Chief Executive Officer, from about October 26, 2026.
• October 6, 2026Expand Energy moved the maturity of its $3.5 billion credit facility by one year to September 30, 2031.

Last earnings

October 27, 2026 (8-K on sec.gov)

Next earnings

Expected about February 16, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 27, 2026 · exe-20260930
• 8-KEarnings release and Investor disclosureFiled October 27, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Investor disclosureFiled October 19, 2026 · Read it on sec.gov
• 8-KChange of directors or officersFiled October 13, 2026 · exe-20261008
• 8-KNew material agreement and New debt or financial obligationFiled October 6, 2026 · Read it on sec.gov
• 8-KNew material agreement and New debt or financial obligationFiled September 17, 2026 · Read it on sec.gov
• 8-KChange of directors or officers and Other company newsFiled September 16, 2026 · exe-20260916
• 8-KNew material agreement and Investor disclosureFiled September 16, 2026 · Read it on sec.gov
• 8-KOther company newsFiled July 30, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 28, 2026 · exe-20260630

Every filing on SEC EDGAR (CIK 895126)

• Gas prices move earnings. Adjusted EBITDAX was $1,968 million in Q1 2026 and $1,229 million in Q3 2026, mainly because gas prices fell.
• Fixed costs to move gas are large. Future commitments for gathering, processing, transportation and storage were about $8.9 billion at September 30, 2026.
• Twin Eagle adds marketing risk. The business trades gas and uses a credit facility that matures in May 2027, and its integration is new.
• Leaders changed. A new chief executive started in October 2026, and a new chief accounting officer was appointed on October 8, 2026.
• LNG commitments add price risk. Expand Energy agreed to buy about 1.15 MTPA of LNG from Delfin for 20 years, with deliveries targeted from 2031.

At September 30, 2026, Expand Energy had debt principal of $4,688 million: $450 million drawn on its credit facility and senior notes of $638 million due 2029, $1,200 million due 2030, $500 million due 2031, $1,150 million due 2032 and $750 million due 2035. It also had $86 million of borrowings under the Twin Eagle receivable purchase agreement. Read more

Yield at the current rate

2.6% (current annual rate, at today’s price)

Dividend yield

3.3% (last 12 months, at today’s price of $87.80)

Paid per share

$2.875 in the last 12 months (5 payments)

Current annual rate

$2.30 ($0.575 × 4 a year)

Payout ratio

23% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

November 12, 2026, $0.575 per share

Dividends per share by year

One-off payments far above the usual dividend are left out of these numbers.

Source: company filings and market data, read on November 12, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.