0000895126-25-000053 | 10-Q | XBRL Viewer

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Debt - Long-Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2025	Jan. 31, 2025	Dec. 31, 2024
Long-term Debt [Abstract]
Premiums on senior notes, net	$ 2		$ 4
Debt issuance costs	(9)		(10)
Total debt, net	5,243		5,680
Less current maturities of long-term debt, net	0		(389)
Total debt, net	5,243		5,291
Fair Value	5,193		5,548
Less current maturities of long-term debt, net	0		(389)
Total long-term debt, net	5,193		5,159
Credit Facility \| Credit Facility
Long-term Debt [Abstract]
Borrowings	0		0
Fair Value	$ 0		0
Senior Notes \| 4.95% senior notes due 2025
Long-term Debt [Abstract]
Interest rate, stated percentage	4.95%	4.95%
Outstanding borrowings	$ 0		389
Fair Value	$ 0		389
Senior Notes \| 5.50% senior notes due 2026
Long-term Debt [Abstract]
Interest rate, stated percentage	5.50%
Outstanding borrowings	$ 0		47
Fair Value	$ 0		47
Senior Notes \| 5.375% senior notes due 2029
Long-term Debt [Abstract]
Interest rate, stated percentage	5.375%
Outstanding borrowings	$ 700		700
Fair Value	$ 697		684
Senior Notes \| 5.875% senior notes due 2029
Long-term Debt [Abstract]
Interest rate, stated percentage	5.875%
Outstanding borrowings	$ 500		500
Fair Value	$ 500		494
Senior Notes \| 6.75% senior notes due 2029
Long-term Debt [Abstract]
Interest rate, stated percentage	6.75%
Outstanding borrowings	$ 950		950
Fair Value	$ 965		959
Senior Notes \| 5.375% senior notes due 2030
Long-term Debt [Abstract]
Interest rate, stated percentage	5.375%
Outstanding borrowings	$ 1,200		1,200
Fair Value	$ 1,192		1,174
Senior Notes \| 4.75% senior notes due 2032
Long-term Debt [Abstract]
Interest rate, stated percentage	4.75%
Outstanding borrowings	$ 1,150		1,150
Fair Value	$ 1,089		1,067
Senior Notes \| 5.70% senior notes due 2035
Long-term Debt [Abstract]
Interest rate, stated percentage	5.70%
Outstanding borrowings	$ 750		750
Fair Value	$ 750		$ 734

Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2025

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information


13.			Supplemental Cash Flow Information

Supplemental disclosures to the consolidated statements of cash flows are presented below.


	Three Months Ended March 31,
	2025		2024
Changes in assets and liabilities
Accounts receivable	$	(135)	$	286
Accounts payable	(96)		(93)
Other current assets	(25)		1
Other current liabilities	5		(118)
Total	$	(251)	$	76


Supplemental cash flow information:
Interest paid, net of capitalized interest	$	91	$	20
Income taxes paid (refunds received), net	$	—	$	—

Supplemental disclosure of significant non-cash investing and financing activities:
Change in accrued drilling and completion costs	$	126	$	(59)

Operating lease obligations recognized	$	19	$	—

Equity

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Equity


9.			Equity

Dividends

During the Current Quarter and Prior Quarter, we made dividend payments of $142 million ($0.575 per share) and $77 million ($0.575 per share), respectively.

On April 29, 2025, we declared a base quarterly dividend payable of $0.575 per share, which will be paid on June 4, 2025 to stockholders of record at the close of business on May 15, 2025.

Share Repurchases

On October 22, 2024, our Board of Directors authorized repurchases of up to $1.0 billion, in aggregate, of the Company’s common stock and/or warrants under a share repurchase program. During the Current Quarter, we did not make any share repurchases.

Warrants


	Class A Warrants	Class B Warrants	Class C Warrants(a)
Outstanding as of December 31, 2024	1,254,479	3,073,194	4,383,634
Converted into common stock(b)	(1,186,019)	(2,823,724)	(1,600,930)


Outstanding as of March 31, 2025	68,460	249,470	2,782,704

_________________________________________

(a)As of March 31, 2025, we had 582,109 of reserved Class C Warrants.

(b)During the three months ended March 31, 2025, we issued 5,320,216 shares of common stock as a result of Warrant exercises.

- Definition

The entire disclosure for equity.

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+ Details

Segment Information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Information


14.			Segment Information

Operating segments are defined as components of an enterprise that engage in activities from which it may earn revenues and incur expenses for which separate operational financial information is available and is regularly evaluated by the CODM, who is our Chief Executive Officer, for the purpose of allocating an enterprise’s resources and assessing its operating performance. Our revenues are derived from the production, marketing and sale of natural gas, oil and NGL. Additional information on our revenues, including the disaggregation of our revenues, is found in Note 7. As of March 31, 2025, we considered each of our operating areas as operating segments, however, we have aggregated those operating segments into one reportable segment due to the similar nature of the exploration and production business across Expand Energy and its consolidated subsidiaries and the fact that our marketing activities are ancillary to our operations.

Our CODM uses consolidated net income (loss), for purposes of allocating resources and in assessing Expand Energy’s operating performance. Additionally, our CODM is regularly provided information on production expense, gathering, processing and transportation expense, severance and ad valorem taxes and general and administrative expense, which are our significant segment expenses. Other segment items primarily consist of depreciation, depletion and amortization, marketing expense, interest expense and income tax expense (benefit). Our significant segment expenses and other segment items are derived from, and can be found within the condensed consolidated statements of operations.

The measure of segment assets is total assets as reported on our condensed consolidated balance sheets, and as of March 31, 2025 and as of December 31, 2024 our total assets were $27,934 million and $27,894 million, respectively. Additionally, in analyzing company performance, our CODM reviews capital expenditures. During the Current Quarter and Prior Quarter, our capital expenditures were $662 million and $354 million, respectively. During the Current Quarter we did not make any contributions to equity method investments and during the Prior Quarter, we contributed $16 million to equity method investments, which primarily consisted of our investment with Momentum Sustainable Ventures LLC. Additional discussion around our investment with Momentum Sustainable Ventures LLC is in Note 12. Our interest revenue during the Current Quarter and Prior Quarter was $2 million and $14 million, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Share-Based Compensation - Schedule of Changes in Unvested Restricted Stock (Details) - Restricted Stock Units (RSUs) shares in Thousands	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Unvested Restricted Stock Units
Unvested units, beginning balance (in shares) \| shares	957
Granted (in shares) \| shares	524
Vested (in shares) \| shares	(410)
Forfeited (in shares) \| shares	(5)
Unvested units, ending balance (in shares) \| shares	1,066
Weighted Average Grant Date Fair Value Per Share
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 81.99
Granted (in dollars per share) \| $ / shares	102.96
Vested (in dollars per share) \| $ / shares	77.57
Forfeited (in dollars per share) \| $ / shares	94.77
Unvested, ending balance (in dollars per share) \| $ / shares	$ 93.95

Derivative and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Estimated Fair Values of Our Natural Gas and Oil Derivative Instrument Assets (Liabilities)

The estimated fair values of our natural gas, oil and NGL derivative instrument assets (liabilities) as of March 31, 2025 and December 31, 2024 are provided below:


	March 31, 2025			December 31, 2024
	Notional Volume	Fair Value		Notional Volume	Fair Value
Natural gas (Bcf):
Fixed-price swaps	391	$	(279)	369	$	(28)
Collars	1,499	(695)		1,098	(27)
Three-way collars	121	(9)		161	60
Call options (purchased)	55	7		73	1
Call options (sold)	183	(49)		219	(16)
Basis protection swaps	237	14		279	(39)
Total natural gas	2,486	(1,011)		2,199	(49)
Oil (MMBbls):
Three-way collars	1	$	4	2	$	4
Total oil	1	4		2	4
NGLs (MMBbls):
Fixed-price swaps	5	$	(16)	7	$	(9)
Total NGL	5	(16)		7	(9)


Total estimated fair value		$	(1,023)		$	(54)

Schedule of Effect of Derivative Instruments, Condensed Consolidated Balance Sheets

The following table presents the fair value and location of each classification of derivative instrument included in the condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024 on a gross basis and after same-counterparty netting:


	Gross Fair Value(a)		Amounts Netted in the Condensed Consolidated Balance Sheets		Net Fair Value Presented in the Condensed Consolidated Balance Sheets

As of March 31, 2025
Commodity Contracts:
Short-term derivative asset	$	39	$	(39)	$	—
Long-term derivative asset	18		(16)		2
Short-term derivative liability	(935)		39		(896)
Long-term derivative liability	(145)		16		(129)


Total derivatives	$	(1,023)	$	—	$	(1,023)

As of December 31, 2024
Commodity Contracts:
Short-term derivative asset	$	191	$	(107)	$	84
Long-term derivative asset	6		(5)		1
Short-term derivative liability	(178)		107		(71)
Long-term derivative liability	(73)		5		(68)


Total derivatives	$	(54)	$	—	$	(54)

___________________________________________

(a)These financial assets (liabilities) are measured at fair value on a recurring basis utilizing significant other observable inputs; see further discussion on fair value measurements below.

Debt - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended
Debt - Narrative (Details) - USD ($)	Mar. 31, 2025	Jan. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Secured Debt
Debt Instrument [Line Items]
Outstanding borrowings	$ 0		$ 0
Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	2,500,000,000		2,500,000,000
Unused borrowing capacity	$ 2,500,000,000		$ 2,500,000,000
Credit spread adjustment			0.10%
Credit Facility \| Credit Facility \| Federal Funds Effective Rate
Debt Instrument [Line Items]
Variable rate percentage			0.50%
Credit Facility \| Credit Facility \| SOFR
Debt Instrument [Line Items]
Variable rate percentage			1.00%
Credit Facility \| Credit Facility \| Maximum
Debt Instrument [Line Items]
Ratio of indebtedness to net capital	0.65		0.65
Variable rate percentage			1.875%
Unused capacity, commitment fee percentage			0.275%
Credit Facility \| Credit Facility \| Maximum \| S O F R One Month Period Additional Applicable Margin
Debt Instrument [Line Items]
Variable rate percentage			0.875%
Credit Facility \| Credit Facility \| Minimum
Debt Instrument [Line Items]
Variable rate percentage			1.25%
Unused capacity, commitment fee percentage			0.15%
Credit Facility \| Credit Facility \| Minimum \| S O F R One Month Period Additional Applicable Margin
Debt Instrument [Line Items]
Variable rate percentage			0.25%
Credit Facility \| Credit Facility \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 500,000,000		$ 500,000,000
Credit Facility \| Credit Facility \| Swingline Loans
Debt Instrument [Line Items]
Maximum borrowing capacity	50,000,000		50,000,000
4.95% senior notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Outstanding borrowings	$ 0		$ 0	$ 389,000,000
Extinguishment of debt		$ 389,000,000
Interest rate, stated percentage	4.95%	4.95%	4.95%
5.50% senior notes due 2026 \| Senior Notes
Debt Instrument [Line Items]
Outstanding borrowings	$ 0		$ 0	$ 47,000,000
Extinguishment of debt	$ 47,000,000
Interest rate, stated percentage	5.50%		5.50%

Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Our long-term debt consisted of the following as of March 31, 2025 and December 31, 2024:


	March 31, 2025				December 31, 2024
	Carrying Amount		Fair Value(a)		Carrying Amount		Fair Value(a)
Credit Facility	$	—	$	—	$	—	$	—
4.95% senior notes due 2025	—		—		389		389
5.50% senior notes due 2026	—		—		47		47
5.375% senior notes due 2029	700		697		700		684
5.875% senior notes due 2029	500		500		500		494
6.75% senior notes due 2029	950		965		950		959
5.375% senior notes due 2030	1,200		1,192		1,200		1,174
4.75% senior notes due 2032	1,150		1,089		1,150		1,067
5.70% senior notes due 2035	750		750		750		734
Premiums on senior notes, net	2		—		4		—
Debt issuance costs	(9)		—		(10)		—
Total debt, net	$	5,243	$	5,193	$	5,680	$	5,548
Less current maturities of long-term debt, net	—		—		(389)		(389)
Total long-term debt, net	$	5,243	$	5,193	$	5,291	$	5,159

____________________________________________

(a)The carrying value of borrowings under our Credit Facility approximates fair value as the interest rates are based on prevailing market rates; therefore, they are a Level 1 fair value measurement. For all other debt, a market approach, based upon quotes from major financial institutions, which are Level 2 inputs, is used to measure the fair value.

Contingencies and Commitments

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Contingencies and Commitments


5.			Contingencies and Commitments

Contingencies

Business Operations and Litigation and Regulatory Proceedings

We are involved in, and expect to continue to be involved in, various lawsuits and disputes incidental to our business operations, including commercial disputes, personal injury claims, royalty claims, property damage claims and contract actions. We are also party to the consolidated Chapter 11 Cases pending for the Debtors in the Bankruptcy Court.

Our total accrued liability in respect of litigation and regulatory proceedings is determined on a case-by-case basis and represents an estimate of probable losses after considering, among other factors, the progress of each case or proceeding, our experience and the experience of others in similar cases or proceedings, and the opinions and views of legal counsel. Significant judgment is required in making these estimates. While it is not possible at this time to estimate the amount of any additional loss, or range of loss that is reasonably possible, based on the nature of the claims, management believes that current litigation, claims and proceedings, individually or in aggregate and after taking into account insurance, are not likely to have a material adverse impact on our financial position, results of operations or cash flows. Many of these matters are in early stages and are all subject to inherent uncertainties. Therefore, management’s view may change in the future. If an unfavorable final outcome were to occur, there exists the possibility of our final liabilities being materially different.

The majority of Chesapeake’s pre-petition legal proceedings were settled during the Chapter 11 Cases or will be resolved in connection with the claims reconciliation process before the Bankruptcy Court, together with actions seeking to collect pre-petition indebtedness or to exercise control over the property of Chesapeake’s bankruptcy estates. Any allowed claim related to such litigation will be treated in accordance with the Plan. The Plan in the Chapter 11 Cases, which became effective on February 9, 2021, provided for the treatment of claims against Chesapeake’s bankruptcy estates, including pre-petition liabilities that had not been satisfied or addressed during the Chapter 11 Cases. Many of these proceedings were in early stages as of the Petition Date, and many of them sought damages and penalties, the amount of which is indeterminate. Any legal proceeding pending against Southwestern and assumed by us in connection with the Southwestern Merger is not subject to discharge or resolution as part of the Chapter 11 Cases.

Environmental Contingencies

The nature of the natural gas and oil business carries with it certain environmental risks for us and our subsidiaries. We have implemented various policies, programs, procedures, training and audits to reduce and mitigate such environmental risks. We conduct periodic reviews, on a company-wide basis, to assess changes in our environmental risk profile. Environmental reserves are established for environmental liabilities for which economic losses are probable and reasonably estimable. We manage our exposure to environmental liabilities in acquisitions by using an evaluation process that seeks to identify pre-existing contamination or compliance concerns and address the potential liability. Depending on the extent of an identified environmental concern, we may, among other things, exclude a property from the transaction, require the seller to remediate the property to our satisfaction in an acquisition or agree to assume liability for the remediation of the property.

Other Matters

Based on management’s current assessment, we are of the opinion that no pending or threatened lawsuit or dispute relating to our business operations is likely to have a material adverse effect on our future consolidated financial position, results of operations or cash flows. The final resolution of such matters could exceed amounts accrued, however, and actual results could differ materially from management’s estimates.

Commitments

Gathering, Processing and Transportation Agreements

We have contractual commitments with midstream service companies and pipeline carriers for future gathering, processing and transportation of natural gas, oil and NGL to move certain of our production to market. Working interest owners and royalty interest owners, where appropriate, will be responsible for their proportionate share of these costs. Commitments related to gathering, processing and transportation agreements are not recorded as obligations in the accompanying condensed consolidated balance sheets.

The aggregate undiscounted commitments under our gathering, processing and transportation agreements, excluding any reimbursement from working interest and royalty interest owners, credits for third-party volumes or future costs under cost-of-service agreements, are presented below:


	March 31, 2025
Remainder of 2025	$	1,071
2026	1,372
2027	1,260
2028	1,192
2029	1,011
Thereafter	4,609
Total	$	10,515

In addition, we have long-term agreements for certain natural gas gathering and related services within specified acreage dedication areas in exchange for cost-of-service based fees redetermined annually, or tiered fees based on volumes delivered relative to scheduled volumes. Future gathering fees may vary with the applicable agreement.

Other Commitments

As part of our normal course of business, we enter into various agreements providing, or otherwise arranging for, financial or performance assurances to third parties on behalf of our wholly owned guarantor subsidiaries. These agreements may include future payment obligations or commitments regarding operational performance that effectively guarantee our subsidiaries’ future performance.

In connection with acquisitions and divestitures, our purchase and sale agreements generally provide indemnification to the counterparty for liabilities incurred as a result of a breach of a representation or warranty by the indemnifying party and/or other specified matters. These indemnifications generally have a discrete term and are intended to protect the parties against risks that are difficult to predict or cannot be quantified at the time of entering into or consummating a particular transaction. For divestitures of natural gas and oil properties, our purchase and sale agreements may require the return of a portion of the proceeds we receive as a result of uncured title or environmental defects.

While executing our strategic priorities, we have incurred certain cash charges, including contract termination charges, financing extinguishment costs and charges for unused natural gas transportation and gathering capacity.

Contingencies and Commitments (Details) - Gathering, Processing and Transportation Agreement $ in Millions	Mar. 31, 2025 USD ($)
Other Commitments [Line Items]
Remainder of 2025	$ 1,071
2026	1,372
2027	1,260
2028	1,192
2029	1,011
Thereafter	4,609
Total	$ 10,515

Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2025

Supplemental Cash Flow Information [Abstract]

Schedule of Supplemental Disclosures to the Consolidated Statements of Cash Flows

Supplemental disclosures to the consolidated statements of cash flows are presented below.


	Three Months Ended March 31,
	2025		2024
Changes in assets and liabilities
Accounts receivable	$	(135)	$	286
Accounts payable	(96)		(93)
Other current assets	(25)		1
Other current liabilities	5		(118)
Total	$	(251)	$	76


Supplemental cash flow information:
Interest paid, net of capitalized interest	$	91	$	20
Income taxes paid (refunds received), net	$	—	$	—

Supplemental disclosure of significant non-cash investing and financing activities:
Change in accrued drilling and completion costs	$	126	$	(59)

Operating lease obligations recognized	$	19	$	—

Segment Information (Details) $ in Millions	3 Months Ended
Segment Information (Details) $ in Millions	Mar. 31, 2025 USD ($) segment	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment	1
Assets	$ 27,934		$ 27,894
Capital expenditures	662	$ 354
Contributions to equity method investments	0	16
Interest revenue	$ 2	$ 14

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Equity (Tables)

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Schedule of Warrants

Warrants


	Class A Warrants	Class B Warrants	Class C Warrants(a)
Outstanding as of December 31, 2024	1,254,479	3,073,194	4,383,634
Converted into common stock(b)	(1,186,019)	(2,823,724)	(1,600,930)


Outstanding as of March 31, 2025	68,460	249,470	2,782,704

_________________________________________

(a)As of March 31, 2025, we had 582,109 of reserved Class C Warrants.

(b)During the three months ended March 31, 2025, we issued 5,320,216 shares of common stock as a result of Warrant exercises.

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2025	Apr. 24, 2025
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2025
Document Transition Report	false
Entity File Number	001-13726
Entity Registrant Name	EXPAND ENERGY CORPORATION
Entity Incorporation, State or Country Code	OK
Entity Tax Identification Number	73-1395733
Entity Address, Address Line One	6100 North Western Avenue,
Entity Address, City or Town	Oklahoma City,
Entity Address, State or Province	OK
Entity Address, Postal Zip Code	73118
City Area Code	(405)
Local Phone Number	848-8000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Common Stock, Shares Outstanding		237,979,439
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000895126
Current Fiscal Year End Date	--12-31
Class A Warrants
Entity Information [Line Items]
Title of 12(b) Security	Class A Warrants to purchase Common Stock
Trading Symbol	EXEEW
Security Exchange Name	NASDAQ
Class B Warrants
Entity Information [Line Items]
Title of 12(b) Security	Class B Warrants to purchase Common Stock
Trading Symbol	EXEEZ
Security Exchange Name	NASDAQ
Class C Warrants
Entity Information [Line Items]
Title of 12(b) Security	Class C Warrants to purchase Common Stock
Trading Symbol	EXEEL
Security Exchange Name	NASDAQ
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	EXE
Security Exchange Name	NASDAQ

Natural Gas and Oil Property Transactions - Narrative (Details) shares in Millions, $ in Millions		3 Months Ended
	Oct. 01, 2024 USD ($) shares	Mar. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)
Disposed of by Sale
Business Acquisition [Line Items]
Deferred consideration amortization		$ 6	$ 9
Eagle Ford divestiture \| Short-term derivative asset \| Disposed of by Sale
Business Acquisition [Line Items]
Deferred consideration reflected with assets		112		$ 114
Eagle Ford divestiture \| Long-term derivative asset \| Disposed of by Sale
Business Acquisition [Line Items]
Deferred consideration reflected with assets		137		$ 188
Southwestern
Business Acquisition [Line Items]
Common stock issued in the merger (in shares) \| shares	95.7
Share conversion ratio	0.0867
Total value of common stock issued	$ 7,900
Acquisition related costs		$ 27

Earnings Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Earnings Per Share


3.			Earnings Per Share

Basic earnings (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per common share is calculated in the same manner but includes the impact of potentially dilutive securities utilizing the treasury stock method. Potentially dilutive securities consists of issuable shares related to warrants, unvested restricted stock units (“RSUs”), and unvested performance share units (“PSUs”).

The reconciliations between basic and diluted earnings (loss) per share are as follows:


	Three Months Ended March 31,
	2025		2024
Numerator
Net income (loss), basic and diluted	$	(249)	$	26

Denominator (in thousands)
Weighted average common shares outstanding, basic	234,434		130,893
Effect of potentially dilutive securities
Warrants	—		10,302
Restricted stock units	—		379
Performance share units	—		178
Weighted average common shares outstanding, diluted	234,434		141,752

Earnings (loss) per common share:
Basic	$	(1.06)	$	0.20
Diluted	$	(1.06)	$	0.18

During the Current Quarter and Prior Quarter, the diluted earnings (loss) per share calculation excludes the effect of 308,646 and 777,369 reserved shares of common stock and 582,109 and 1,466,502 reserved Class C Warrants related to the settlement of General Unsecured Claims associated with the Chapter 11 Cases, as all necessary conditions had not been met for such shares to be considered dilutive shares during the Current Quarter and Prior Quarter, respectively. Additionally, the diluted loss per share calculation during the Current Quarter excludes the antidilutive effect of 5,634,917 Warrants, 413,816 RSUs and 154,868 PSUs.

Other Current Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Other Liabilities Disclosure [Abstract]
Revenues and royalties due to others	$ 892	$ 734
Accrued drilling and production costs	466	296
Contract liabilities	274	284
Accrued compensation and benefits	48	124
Taxes payable	104	142
Operating leases	71	71
Joint interest prepayments received	14	13
Other	102	122
Total other current liabilities	$ 1,971	$ 1,786

Derivative and Hedging Activities - Schedule of Effect of Derivative Instruments, Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Derivatives, Fair Value [Line Items]
Short-term derivative asset	$ 0	$ 84
Long-term derivative assets	2	1
Short-term derivative liabilities	(896)	(71)
Long-term derivative liabilities	(129)	(68)
Not Designated as Hedging Instrument \| Commodity Contract
Derivatives, Fair Value [Line Items]
Derivative asset (liability), fair value, gross asset (liability)	(1,023)	(54)
Derivative asset (liability) fair value, net asset (liability), netted	0	0
Short-term derivative asset	0	84
Long-term derivative assets	2	1
Short-term derivative liabilities	(896)	(71)
Long-term derivative liabilities	(129)	(68)
Total derivatives	(1,023)	(54)
Not Designated as Hedging Instrument \| Commodity Contract \| Short-term derivative asset
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	39	191
Derivative asset, fair value, gross liability, netted	(39)	(107)
Not Designated as Hedging Instrument \| Commodity Contract \| Long-term derivative asset
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	18	6
Derivative asset, fair value, gross liability, netted	(16)	(5)
Not Designated as Hedging Instrument \| Commodity Contract \| Short-term derivative liability
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(935)	(178)
Derivative liability, fair value, gross asset, netted	39	107
Not Designated as Hedging Instrument \| Commodity Contract \| Long-term derivative liability
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(145)	(73)
Derivative liability, fair value, gross asset, netted	$ 16	$ 5

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Changes in assets and liabilities
Accounts receivable	$ (135)	$ 286
Accounts payable	(96)	(93)
Other current assets	(25)	1
Other current liabilities	5	(118)
Total	(251)	76
Interest paid, net of capitalized interest	91	20
Income taxes paid (refunds received), net	0	0
Supplemental disclosure of significant non-cash investing and financing activities:
Change in accrued drilling and completion costs	126	(59)
Operating lease obligations recognized	$ 19	$ 0

Revenue (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following tables show revenue disaggregated by operating area and product type:


	Three Months Ended March 31, 2025
	Natural Gas		Oil		NGL		Total
Haynesville	$	821	$	—	$	—	$	821
Northeast Appalachia	900		—		—		900
Southwest Appalachia	294		78		207		579
Natural gas, oil and NGL revenue	$	2,015	$	78	$	207	$	2,300

Marketing revenue	$	837	$	34	$	39	$	910


	Three Months Ended March 31, 2024
	Natural Gas		Oil		NGL		Total
Haynesville	$	272	$	—	$	—	$	272
Northeast Appalachia	317		—		—		317

Natural gas, oil and NGL revenue	$	589	$	—	$	—	$	589

Marketing revenue	$	197	$	82	$	33	$	312

Schedule of Accounts Receivable

Accounts receivable as of March 31, 2025 and December 31, 2024 are detailed below:


	March 31, 2025		December 31, 2024
Natural gas, oil and NGL sales	$	1,137	$	1,028
Joint interest	228		191
Other	12		18
Allowance for doubtful accounts	(16)		(11)
Total accounts receivable, net	$	1,361	$	1,226

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)
Accounting Policies [Abstract]
Number of reportable segments \| segment	1
Restricted cash \| $	$ 78	$ 78

Natural Gas and Oil Property Transactions - Pro Forma Financial Information (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares
Property, Plant and Equipment [Abstract]
Revenues \| $	$ 2,750
Net income available to common stockholders \| $	$ 83
Earnings per common share:
Basic (in dollars per share) \| $ / shares	$ 0.36
Diluted (in dollars per share) \| $ / shares	$ 0.35

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The table below presents a comparison of the Current Quarter and Prior Quarter’s income tax expense (benefit) and actual year-to-date effective tax rates.


	Three Months Ended March 31,
		2025	2024
Income (loss) before income taxes			$	(319)			$	33

Current tax benefit			(33)		10.3	%	—		—	%
Deferred tax expense (benefit)			(37)		11.6	%	7		21.2	%
Income tax expense (benefit)			$	(70)	21.9	%	$	7	21.2	%

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	450,000,000	450,000,000
Common stock, shares issued (in shares)	237,476,127	231,769,886

Share-Based Compensation - Schedule of Valuation Assumptions (Details) - Performance Share Units (PSUs) - TSR, rTSR	3 Months Ended
	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.00%
Volatility	33.40%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (a)(2)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (c)(1)(iv)(01)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (c)(1)(iv)(03)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Other Current Liabilities

3 Months Ended

Mar. 31, 2025

Other Liabilities Disclosure [Abstract]

Other Current Liabilities


6.			Other Current Liabilities

Other current liabilities as of March 31, 2025 and December 31, 2024 are detailed below:


	March 31, 2025		December 31, 2024
Revenues and royalties due to others	$	892	$	734
Accrued drilling and production costs	466		296
Contract liabilities	274		284
Accrued compensation and benefits	48		124
Taxes payable	104		142
Operating leases	71		71
Joint interest prepayments received	14		13

Other	102		122
Total other current liabilities	$	1,971	$	1,786

Revenue - Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Total
Disaggregation of Revenue [Line Items]
Revenue	$ 2,300	$ 589
Total \| Haynesville
Disaggregation of Revenue [Line Items]
Revenue	821	272
Total \| Northeast Appalachia
Disaggregation of Revenue [Line Items]
Revenue	900	317
Total \| Southwest Appalachia
Disaggregation of Revenue [Line Items]
Revenue	579
Natural Gas
Disaggregation of Revenue [Line Items]
Revenue	2,015	589
Natural Gas \| Haynesville
Disaggregation of Revenue [Line Items]
Revenue	821	272
Natural Gas \| Northeast Appalachia
Disaggregation of Revenue [Line Items]
Revenue	900	317
Natural Gas \| Southwest Appalachia
Disaggregation of Revenue [Line Items]
Revenue	294
Oil
Disaggregation of Revenue [Line Items]
Revenue	78	0
Oil \| Haynesville
Disaggregation of Revenue [Line Items]
Revenue	0	0
Oil \| Northeast Appalachia
Disaggregation of Revenue [Line Items]
Revenue	0	0
Oil \| Southwest Appalachia
Disaggregation of Revenue [Line Items]
Revenue	78
NGL
Disaggregation of Revenue [Line Items]
Revenue	207	0
NGL \| Haynesville
Disaggregation of Revenue [Line Items]
Revenue	0	0
NGL \| Northeast Appalachia
Disaggregation of Revenue [Line Items]
Revenue	0	0
NGL \| Southwest Appalachia
Disaggregation of Revenue [Line Items]
Revenue	207
Marketing
Disaggregation of Revenue [Line Items]
Revenue	910	312
Natural Gas
Disaggregation of Revenue [Line Items]
Revenue	837	197
Oil
Disaggregation of Revenue [Line Items]
Revenue	34	82
NGL
Disaggregation of Revenue [Line Items]
Revenue	$ 39	$ 33

Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Feb. 09, 2021
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of restricted stock, vested	$ 42
Unrecognized compensation expense	$ 89
Share-based compensation expense, weighted average period for recognition	2 years 6 months 10 days
Performance Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of restricted stock, vested	$ 20
Unrecognized compensation expense	$ 42
Share-based compensation expense, weighted average period for recognition	2 years 7 months 28 days
Performance Share Units (PSUs) \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shareholder return and relative total shareholder return, percent of payout of target units	0.00%
Performance Share Units (PSUs) \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shareholder return and relative total shareholder return, percent of payout of target units	200.00%
Employees \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years
Non-Employee Directors \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	1 year
Management \| Performance Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years
2021 Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, reserved for future issuance (in shares)		6,800,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Cash flows from operating activities:
Net income (loss)	$ (249)	$ 26
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	711	399
Deferred income tax expense (benefit)	(37)	7
Derivative (gains) losses, net	1,014	(172)
Cash receipts (payments) on derivative settlements, net	(45)	228
Share-based compensation	9	9
Gains on sales of assets	0	(8)
Contract amortization	(52)	0
Other	(4)	(13)
Changes in assets and liabilities	(251)	76
Net cash provided by operating activities	1,096	552
Cash flows from investing activities:
Capital expenditures	(563)	(421)
Receipts of deferred consideration	60	60
Contributions to investments	(4)	(19)
Proceeds from divestitures of property and equipment	0	6
Net cash used in investing activities	(507)	(374)
Cash flows from financing activities:
Proceeds from Credit Facility	725	0
Payments on Credit Facility	(725)	0
Proceeds from warrant exercise	21	0
Cash paid to purchase debt	(436)	0
Cash paid for common stock dividends	(142)	(77)
Net cash used in financing activities	(557)	(77)
Net increase in cash, cash equivalents and restricted cash	32	101
Cash, cash equivalents and restricted cash, beginning of period	395	1,153
Cash, cash equivalents and restricted cash, end of period	427	1,254
Cash and cash equivalents	349	1,179
Restricted cash	78	75
Total cash, cash equivalents and restricted cash	$ 427	$ 1,254

Earnings Per Share - Narrative (Details) - shares	3 Months Ended
Earnings Per Share - Narrative (Details) - shares	Mar. 31, 2025	Mar. 31, 2024
Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrants reserved for future issuance (in shares)	308,646	777,369
Class C Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrants reserved for future issuance (in shares)	582,109	1,466,502
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrants reserved for future issuance (in shares)	5,634,917
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrants reserved for future issuance (in shares)	413,816
Performance Share Units (PSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Warrants reserved for future issuance (in shares)	154,868

Natural Gas and Oil Property Transactions (Tables)

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of the Allocation of the Total Purchase Price

We expect to complete the purchase price allocation during the 12-month period following the acquisition date, during which time the value of the assets and liabilities may be revised as appropriate.


	Preliminary Purchase Price Allocation
Consideration:
Cash(a)	$	585
Fair value of Expand Energy common stock issued(b)	7,871
Restricted stock unit and performance stock unit replacement awards	17
Total consideration	$	8,473

Fair Value of Assets Acquired:
Cash and cash equivalents and restricted cash	$	126
Other current assets	828
Proved natural gas and oil properties	10,002
Unproved properties	4,270
Other property and equipment	128
Other long-term assets	496
Amounts attributable to assets acquired	$	15,850

Fair Value of Liabilities Assumed:
Current liabilities	$	1,955
Long-term debt	3,305
Deferred tax liabilities	479
Long-term contract liabilities	1,287
Other long-term liabilities	351
Amounts attributable to liabilities assumed	$	7,377

Total identifiable net assets	$	8,473

____________________________________________

(a)Reflects the repayment of $585 million outstanding on Southwestern's 2022 revolving credit facility including $2 million of accrued interest and fees, as the facility was repaid and retired upon close of the Southwestern Merger.

(b)The fair value of our common stock is a Level 1 input, as our stock price is a quoted price in an active market as of the acquisition date.

Schedule of Pro Forma Financial Information

The information below reflects pro forma adjustments based on available information and certain assumptions that we believe are reasonable, including the estimated tax impact of the pro forma adjustments.


	Three Months Ended March 31, 2024
Revenues	$	2,750
Net income available to common stockholders	$	83
Earnings per common share:
Basic	$	0.36
Diluted	$	0.35

Derivative and Hedging Activities - Narrative (Details)	Mar. 31, 2025 USD ($) counterparty
Energy Related Derivative
Derivative [Line Items]
Number of counterparties (in counterparties) \| counterparty	20
Commodity Contract
Derivative [Line Items]
Collateral posted	$ 0
Collateral held	$ 0

Share-Based Compensation - Schedule of Changes in Unvested Performance Share (Details) - Performance Share Units (PSUs) shares in Thousands	3 Months Ended
	Mar. 31, 2025 $ / shares shares
Unvested Performance Share Units
Unvested units, beginning balance (in shares) \| shares	376
Granted (in shares) \| shares	250
Vested (in shares) \| shares	(124)
Forfeited (in shares) \| shares	(1)
Unvested units, ending balance (in shares) \| shares	501
Weighted Average Grant Date Fair Value Per Share
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 94.67
Granted (in dollars per share) \| $ / shares	125.64
Vested (in dollars per share) \| $ / shares	109.71
Forfeited (in dollars per share) \| $ / shares	125.64
Unvested, ending balance (in dollars per share) \| $ / shares	$ 106.32

Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt


4.			Debt

Our long-term debt consisted of the following as of March 31, 2025 and December 31, 2024:


	March 31, 2025				December 31, 2024
	Carrying Amount		Fair Value(a)		Carrying Amount		Fair Value(a)
Credit Facility	$	—	$	—	$	—	$	—
4.95% senior notes due 2025	—		—		389		389
5.50% senior notes due 2026	—		—		47		47
5.375% senior notes due 2029	700		697		700		684
5.875% senior notes due 2029	500		500		500		494
6.75% senior notes due 2029	950		965		950		959
5.375% senior notes due 2030	1,200		1,192		1,200		1,174
4.75% senior notes due 2032	1,150		1,089		1,150		1,067
5.70% senior notes due 2035	750		750		750		734
Premiums on senior notes, net	2		—		4		—
Debt issuance costs	(9)		—		(10)		—
Total debt, net	$	5,243	$	5,193	$	5,680	$	5,548
Less current maturities of long-term debt, net	—		—		(389)		(389)
Total long-term debt, net	$	5,243	$	5,193	$	5,291	$	5,159

____________________________________________

Credit Facility. In December 2022, we entered into a senior secured reserve-based credit agreement, as amended pursuant to the Amendment No. 1 and Borrowing Base Agreement, dated April 29, 2024 (the “Initial Credit Agreement Amendment”) and as automatically amended on October 28, 2024 by the Investment Grade Credit Agreement Amendment (as defined below), with the lenders and issuing banks party thereto from time to time (the “Lenders”), and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent (in such capacity, the “Administrative Agent”) (such credit agreement as amended by the Initial Credit Agreement Amendment and the Investment Grade Credit Agreement Amendment, the “Credit Agreement”), providing for a revolving credit facility (such facility as amended pursuant to the Initial Credit Agreement Amendment and the Investment Grade Credit Agreement Amendment, the “Credit Facility”) maturing in December 2027. The Credit Facility provides for aggregate commitments of $2.5 billion, including a $500 million sublimit available for the issuance of letters of credit and a $50 million sublimit available for swingline loans. As of March 31, 2025, we had approximately $2.5 billion available for borrowings under the Credit Facility.

The Credit Agreement contains restrictive covenants that, subject to exceptions customary to investment grade credit facilities, limit Expand Energy and its subsidiaries’ ability to, among other things: (i) incur priority indebtedness, (ii) enter into mergers; (iii) make or declare dividends; (iv) incur liens; (v) sell all or substantially all of their assets; and (vi) engage in certain transactions with affiliates. The Credit Agreement provides for our compliance with an indebtedness to capitalization ratio, which is the ratio of the Company’s total indebtedness to the sum of total indebtedness plus stockholders’ equity (the “Debt to Capitalization Ratio”), not to exceed 65%. As of March 31, 2025, we were in compliance with the Debt to Capitalization Ratio.

Borrowings under the Credit Agreement may be alternate base rate loans or term SOFR loans, at our election. Interest is payable quarterly for alternate base rate loans and at the end of the applicable interest period for term

SOFR loans. Term SOFR loans bear interest at term SOFR plus an applicable rate ranging from 125 to 187.5 basis points per annum, depending on the Company’s unsecured debt ratings, plus an additional 10 basis points per annum credit spread adjustment. Alternate base rate loans bear interest at a rate per annum equal to the greatest of: (i) the prime rate; (ii) the federal funds effective rate plus 50 basis points; and (iii) the adjusted term SOFR rate for a one-month interest period plus 100 basis points, plus an applicable margin ranging from 25 to 87.5 basis points per annum, depending on the Company’s unsecured debt ratings. Expand Energy also pays a commitment fee on unused commitment amounts under the Credit Facility ranging from 15 to 27.5 basis points per annum, depending on the Company’s unsecured debt ratings.

The Credit Facility is subject to customary events of default, remedies, and cure rights for investment grade credit facilities of this nature.

The Company had no secured debt as of March 31, 2025.

Maturity and Repayment of the 2025 Senior Notes and Early Redemption of the 2026 Senior Notes

In January 2025, the $389 million aggregate principal of 4.95% Senior Notes due 2025 (the “2025 Notes”) was repaid and terminated with cash on hand and borrowings on the Credit Facility. The borrowings on the Credit Facility were subsequently repaid during the three months ended March 31, 2025.

In March 2025, we redeemed the remaining $47 million aggregate principal of the 5.50% Senior Notes due 2026 (the “2026 Notes”) with cash on hand.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

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+ Details

Contingencies and Commitments (Tables)

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Contractual Obligation


	March 31, 2025
Remainder of 2025	$	1,071
2026	1,372
2027	1,260
2028	1,192
2029	1,011
Thereafter	4,609
Total	$	10,515

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The reconciliations between basic and diluted earnings (loss) per share are as follows:


	Three Months Ended March 31,
	2025		2024
Numerator
Net income (loss), basic and diluted	$	(249)	$	26

Denominator (in thousands)
Weighted average common shares outstanding, basic	234,434		130,893
Effect of potentially dilutive securities
Warrants	—		10,302
Restricted stock units	—		379
Performance share units	—		178
Weighted average common shares outstanding, diluted	234,434		141,752

Earnings (loss) per common share:
Basic	$	(1.06)	$	0.20
Diluted	$	(1.06)	$	0.18

Revenue

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

Revenue


7.			Revenue

The following tables show revenue disaggregated by operating area and product type:


	Three Months Ended March 31, 2025
	Natural Gas		Oil		NGL		Total
Haynesville	$	821	$	—	$	—	$	821
Northeast Appalachia	900		—		—		900
Southwest Appalachia	294		78		207		579
Natural gas, oil and NGL revenue	$	2,015	$	78	$	207	$	2,300

Marketing revenue	$	837	$	34	$	39	$	910


	Three Months Ended March 31, 2024
	Natural Gas		Oil		NGL		Total
Haynesville	$	272	$	—	$	—	$	272
Northeast Appalachia	317		—		—		317

Natural gas, oil and NGL revenue	$	589	$	—	$	—	$	589

Marketing revenue	$	197	$	82	$	33	$	312

Accounts Receivable

Our accounts receivable are primarily from purchasers of natural gas, oil and NGL and from exploration and production companies that own interests in properties we operate. This industry concentration could affect our overall exposure to credit risk, either positively or negatively, because our purchasers and joint working interest owners may be similarly affected by changes in economic, industry or other conditions. We monitor the creditworthiness of all our counterparties, and we generally require letters of credit or parent guarantees for receivables from parties deemed to have sub-standard credit, unless the credit risk can otherwise be mitigated. We utilize an allowance method in accounting for bad debt based on historical trends in addition to specifically identifying receivables that we believe may be uncollectible.

Accounts receivable as of March 31, 2025 and December 31, 2024 are detailed below:


	March 31, 2025		December 31, 2024
Natural gas, oil and NGL sales	$	1,137	$	1,028
Joint interest	228		191
Other	12		18
Allowance for doubtful accounts	(16)		(11)
Total accounts receivable, net	$	1,361	$	1,226

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Earnings Per Share [Abstract]
Net income (loss) , basic	$ (249)	$ 26
Net income (loss) , diluted	$ (249)	$ 26
Weighted average common shares outstanding, basic (in shares)	234,434	130,893
Effect of potentially dilutive securities
Warrants (in shares)	0	10,302
Restricted stock units (in shares)	0	379
Performance share units (in shares)	0	178
Weighted average common shares outstanding, diluted (in shares)	234,434	141,752
Earnings (loss) per common share:
Basic (in dollars per share)	$ (1.06)	$ 0.20
Diluted (in dollars per share)	$ (1.06)	$ 0.18

Equity - Schedule of Warrants (Details)	3 Months Ended
Equity - Schedule of Warrants (Details)	Mar. 31, 2025 shares
Warrants
Warrants and Rights Outstanding [Roll Forward]
Conversion of stock, shares issued (in shares)	5,320,216
Class A Warrants
Warrants and Rights Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	1,254,479
Converted into common stock (in shares)	(1,186,019)
Outstanding, ending balance (in shares)	68,460
Class B Warrants
Warrants and Rights Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	3,073,194
Converted into common stock (in shares)	(2,823,724)
Outstanding, ending balance (in shares)	249,470
Class C Warrants
Warrants and Rights Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	4,383,634
Converted into common stock (in shares)	(1,600,930)
Outstanding, ending balance (in shares)	2,782,704
Warrants reserved for future issuance (in shares)	582,109

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2023		130,789,936
Beginning balance at Dec. 31, 2023	$ 10,729	$ 1	$ 5,754	$ 4,974
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		168,538
Share-based compensation	4		4
Issuance of common stock for warrant exercise (in shares)		201
Issuance of common stock for warrant exercise	0
Net income (loss)	26			26
Dividends on common stock	(77)			(77)
Ending balance (in shares) at Mar. 31, 2024		130,958,675
Ending balance at Mar. 31, 2024	10,682	$ 1	5,758	4,923
Beginning balance (in shares) at Dec. 31, 2024		231,769,886
Beginning balance at Dec. 31, 2024	17,565	$ 2	13,687	3,876
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		386,025
Share-based compensation	(8)		(8)
Issuance of common stock for warrant exercise (in shares)		5,320,216
Issuance of common stock for warrant exercise	21		21
Net income (loss)	(249)			(249)
Dividends on common stock	(138)			(138)
Ending balance (in shares) at Mar. 31, 2025		237,476,127
Ending balance at Mar. 31, 2025	$ 17,191	$ 2	$ 13,700	$ 3,489

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Investments

3 Months Ended

Mar. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investments


12.			Investments

Momentum Sustainable Ventures LLC. During the fourth quarter of 2022, the Company entered into an agreement with Momentum Sustainable Ventures LLC to build a new natural gas gathering pipeline and carbon capture project, which will gather and treat natural gas produced in the Haynesville Shale for re-delivery to Gulf Coast markets, including LNG export. The pipeline is expected to have an initial capacity of 1.7 Bcf/d expandable to 2.2 Bcf/d. The carbon capture portion of the project anticipates capturing approximately 1.0 million tons per annum of CO2 and delivering the CO2 to ExxonMobil Low Carbon Solutions Onshore Storage, LLC for additional transportation and storage. The natural gas gathering pipeline is projected for a potential in-service date in the fourth quarter of 2025. We have a 35% interest in the joint venture entity. We have accounted for this investment as an equity method investment, and its carrying value, which is reflected within other long-term assets on the condensed consolidated balance sheets, was $311 million and $307 million as of March 31, 2025 and December 31, 2024, respectively. As of March 31, 2025, the carrying value of our investment included approximately $21 million of capitalized interest related to the project.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 349	$ 317
Restricted cash	78	78
Accounts receivable, net	1,361	1,226
Derivative assets	0	84
Other current assets	325	292
Total current assets	2,113	1,997
Natural gas and oil properties, successful efforts method
Proved natural gas and oil properties	23,874	23,093
Unproved properties	5,774	5,897
Other property and equipment	678	654
Total property and equipment	30,326	29,644
Less: accumulated depreciation, depletion and amortization	(6,066)	(5,362)
Total property and equipment, net	24,260	24,282
Long-term derivative assets	2	1
Deferred income tax assets	626	589
Other long-term assets	933	1,025
Total assets	27,934	27,894
Current liabilities:
Accounts payable	654	777
Current maturities of long-term debt, net	0	389
Accrued interest	68	100
Derivative liabilities	896	71
Other current liabilities	1,971	1,786
Total current liabilities	3,589	3,123
Long-term debt, net	5,243	5,291
Long-term derivative liabilities	129	68
Asset retirement obligations, net of current portion	506	499
Long-term contract liabilities	1,159	1,227
Other long-term liabilities	117	121
Total liabilities	10,743	10,329
Contingencies and commitments (Note 5)
Stockholders' equity:
Common stock, $0.01 par value, 450,000,000 shares authorized: 237,476,127 and 231,769,886 shares issued	2	2
Additional paid-in capital	13,700	13,687
Retained earnings	3,489	3,876
Total stockholders' equity	17,191	17,565
Total liabilities and stockholders' equity	$ 27,934	$ 27,894

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Changes in Unvested Restricted Stock

A summary of the changes in unvested RSUs is presented below:


	Unvested Restricted Stock Units	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested as of December 31, 2024	957	$	81.99
Granted	524	$	102.96
Vested	(410)	$	77.57
Forfeited	(5)	$	94.77
Unvested as of March 31, 2025	1,066	$	93.95

Schedule of Valuation Assumptions

The following table presents the assumptions used in the valuation of the PSUs granted in 2025.


Assumption	TSR, rTSR
Risk-free interest rate	4.00	%
Volatility	33.40	%

Schedule of Changes in Unvested Performance Share

A summary of the changes in unvested PSUs is presented below:


	Unvested Performance Share Units	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested as of December 31, 2024	376	$	94.67
Granted	250	$	125.64
Vested	(124)	$	109.71
Forfeited	(1)	$	125.64
Unvested as of March 31, 2025	501	$	106.32

Schedule of Compensation Costs

We recognized the following compensation costs, net of actual forfeitures, related to RSUs and PSUs for the periods presented:


	Three Months Ended March 31,
	2025		2024
General and administrative expenses	$	8	$	8
Natural gas and oil properties	1		2
Production expense	1		1
Marketing expense	1		—
Other operating expense, net	2		—
Total RSU and PSU compensation	$	13	$	11
Related income tax benefit	$	4	$	2

Income Taxes - Tax Expense (Benefit) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ (319,000,000)	$ 33,000,000
Current tax benefit	(33,000,000)	0
Deferred tax expense (benefit)	(37,000,000)	7,000,000
Income tax expense (benefit)	$ (70,000,000)	$ 7,000,000
Current tax benefit	10.30%	0.00%
Deferred tax expense (benefit)	11.60%	21.20%
Income tax expense (benefit)	21.90%	21.20%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies


1.			Basis of Presentation and Summary of Significant Accounting Policies

Description of Company

Expand Energy Corporation (“Expand Energy,” “we,” “our,” “us” or the “Company”) is the largest natural gas producer in the U.S., based on net daily production, and is focused on responsibly developing an abundant supply of natural gas, oil and NGL to expand energy access for all. We have operations in Louisiana, Pennsylvania, West Virginia and Ohio, with all of our operations located onshore in the United States.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Expand Energy were prepared in accordance with GAAP and the rules and regulations of the SEC. Pursuant to such rules and regulations, certain disclosures have been condensed or omitted.

This Quarterly Report on Form 10-Q (this “Form 10-Q”) relates to our financial position as of March 31, 2025 and December 31, 2024, and our results of operations for the three months ended March 31, 2025 (“Current Quarter”) and the three months ended March 31, 2024 (“Prior Quarter”). Our annual report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”) should be read in conjunction with this Form 10-Q. The accompanying unaudited condensed consolidated financial statements reflect all normal recurring adjustments that, in the opinion of management, are necessary for a fair statement of our condensed consolidated financial statements and accompanying notes and include the accounts of our direct and indirect wholly owned subsidiaries and entities in which we have a controlling financial interest. Intercompany accounts and balances have been eliminated. For the time periods covered by this Form 10-Q, we did not have any changes or items impacting other comprehensive income.

Restricted Cash

As of March 31, 2025, we had restricted cash of $78 million. Our restricted cash represents funds legally restricted for future payment of certain royalties, as well as for payment of certain convenience class unsecured claims.

Recently Issued Accounting Standards

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 expands disclosures about specific costs and expenses presented on the face of the income statement. This ASU is effective for annual reporting periods beginning after December 15, 2026 and for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are evaluating the impact this ASU will have on our disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 intends to provide investors with additional information about an entity’s income taxes by requiring disclosure of items such as disaggregation of the effective tax rate reconciliation as well as information regarding income taxes paid. This ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. We are evaluating the impact this ASU will have on our disclosures.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segments Disclosures. Under ASU 2023-07, the scope and frequency of segment disclosures is increased to provide investors with additional detail about information utilized by an entity’s CODM, including information about significant segment expenses. This ASU became effective beginning with our 2024 Form 10-K and is also effective for interim periods beginning with this quarterly report on Form 10-Q. See Note 14 for further discussion on our segment reporting.

Equity - Narrative (Details) - USD ($)	3 Months Ended
Equity - Narrative (Details) - USD ($)	Mar. 31, 2025	Mar. 31, 2024	Apr. 29, 2025	Oct. 22, 2024
Dividends Payable [Line Items]
Dividends payments	$ 142,000,000	$ 77,000,000
Common stock, dividends, (in dollars per share)	$ 0.575	$ 0.575
Authorized amount				$ 1,000,000,000
Stock repurchased during period (in shares)	0
Subsequent Event
Dividends Payable [Line Items]
Dividends payable (in dollars per share)			$ 0.575

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Natural Gas and Oil Property Transactions - Purchase Price Allocation (Details) - Southwestern $ in Millions	Oct. 01, 2024 USD ($)
Consideration:
Cash	$ 585
Fair value of Expand Energy common stock issued	7,871
Restricted stock unit and performance stock unit replacement awards	17
Total consideration	8,473
Fair Value of Assets Acquired:
Cash and cash equivalents and restricted cash	126
Other current assets	828
Proved natural gas and oil properties	10,002
Unproved properties	4,270
Other property and equipment	128
Other long-term assets	496
Amounts attributable to assets acquired	15,850
Fair Value of Liabilities Assumed:
Current liabilities	1,955
Long-term debt	3,305
Deferred tax liabilities	479
Long-term contract liabilities	1,287
Other long-term liabilities	351
Amounts attributable to liabilities assumed	7,377
Total identifiable net assets	8,473
2022 Southwestern's Revolving Credit Facility
Fair Value of Liabilities Assumed:
Repayment of revolving credit facility	585
Accrued interest and fees	$ 2

Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2025

Other Liabilities Disclosure [Abstract]

Schedule of Other Current Liabilities

Other current liabilities as of March 31, 2025 and December 31, 2024 are detailed below:


	March 31, 2025		December 31, 2024
Revenues and royalties due to others	$	892	$	734
Accrued drilling and production costs	466		296
Contract liabilities	274		284
Accrued compensation and benefits	48		124
Taxes payable	104		142
Operating leases	71		71
Joint interest prepayments received	14		13

Other	102		122
Total other current liabilities	$	1,971	$	1,786

Derivative and Hedging Activities

3 Months Ended

Mar. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative and Hedging Activities


11.			Derivative and Hedging Activities

We use derivative instruments to reduce our exposure to fluctuations in future commodity prices and to protect our expected operating cash flow against significant market movements or volatility. These commodity contract derivative financial instruments include financial price swaps, collars, call options and basis protection swaps. All of our commodity contract derivative instruments are net settled based on the difference between the fixed-price payment and the floating-price payment, resulting in a net amount due to or from the counterparty. We do not intend to hold or issue derivative financial instruments for speculative trading purposes and have elected not to designate any of our derivative instruments for hedge accounting treatment.

The estimated fair values of our natural gas, oil and NGL derivative instrument assets (liabilities) as of March 31, 2025 and December 31, 2024 are provided below:


	March 31, 2025			December 31, 2024
	Notional Volume	Fair Value		Notional Volume	Fair Value
Natural gas (Bcf):
Fixed-price swaps	391	$	(279)	369	$	(28)
Collars	1,499	(695)		1,098	(27)
Three-way collars	121	(9)		161	60
Call options (purchased)	55	7		73	1
Call options (sold)	183	(49)		219	(16)
Basis protection swaps	237	14		279	(39)
Total natural gas	2,486	(1,011)		2,199	(49)
Oil (MMBbls):
Three-way collars	1	$	4	2	$	4
Total oil	1	4		2	4
NGLs (MMBbls):
Fixed-price swaps	5	$	(16)	7	$	(9)
Total NGL	5	(16)		7	(9)


Total estimated fair value		$	(1,023)		$	(54)


	Gross Fair Value(a)		Amounts Netted in the Condensed Consolidated Balance Sheets		Net Fair Value Presented in the Condensed Consolidated Balance Sheets

As of March 31, 2025
Commodity Contracts:
Short-term derivative asset	$	39	$	(39)	$	—
Long-term derivative asset	18		(16)		2
Short-term derivative liability	(935)		39		(896)
Long-term derivative liability	(145)		16		(129)


Total derivatives	$	(1,023)	$	—	$	(1,023)

As of December 31, 2024
Commodity Contracts:
Short-term derivative asset	$	191	$	(107)	$	84
Long-term derivative asset	6		(5)		1
Short-term derivative liability	(178)		107		(71)
Long-term derivative liability	(73)		5		(68)


Total derivatives	$	(54)	$	—	$	(54)

___________________________________________

(a)These financial assets (liabilities) are measured at fair value on a recurring basis utilizing significant other observable inputs; see further discussion on fair value measurements below.

Fair Value

The fair value of our commodity derivatives is based on third-party pricing models, which utilize inputs that are either readily available in the public market, such as natural gas, oil and NGL forward curves and discount rates, or can be corroborated from active markets or broker quotes, and, as such, are classified as Level 2. These values are compared to the values given by our counterparties for reasonableness. Derivatives are also subject to the risk that either party to a contract will be unable to meet its obligations. We factor non-performance risk into the valuation of our derivatives using current published credit default swap rates. To date, this has not had a material impact on the values of our derivatives.

Credit Risk Considerations

Our derivative instruments expose us to our counterparties’ credit risk. To mitigate this risk, we only enter into commodity contracts derivatives with counterparties that are highly rated or deemed by us to have acceptable credit strength and deemed by management to be competent and competitive market-makers, and we attempt to limit our exposure to non-performance by any single counterparty. As of March 31, 2025, our commodity contracts derivative instruments were spread among 20 counterparties.

Hedging Arrangements

Certain of our hedging arrangements are with counterparties that are also Lenders (or affiliates of Lenders) under our Credit Facility. We do not expect to post cash or letters of credit to secure our obligations under these hedging arrangements while we have our investment grade ratings. The obligations under these contracts must be secured by cash or letters of credit to the extent that any mark-to-market amounts exceed defined thresholds. As of March 31, 2025, we did not have any cash or letters of credit posted as collateral for our commodity derivatives.

Share-Based Compensation

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation


10.			Share-Based Compensation

Our long-term incentive plan, as amended and adopted by our Board of Directors (the “LTIP”), provides for the grant of RSUs, restricted stock awards, stock options, stock appreciation rights, performance awards and other stock awards to the Company’s employees and non-employee directors and has a share reserve equal to 6,800,000 shares of common stock.

Restricted Stock Units. During the Current Quarter, we granted RSUs to employees and non-employee directors under the LTIP, which will vest over a three-year period and one-year period, respectively. The fair value of RSUs is based on the closing sales price of our common stock on the date of grant, and compensation expense is recognized ratably over the requisite service period. A summary of the changes in unvested RSUs is presented below:


	Unvested Restricted Stock Units	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested as of December 31, 2024	957	$	81.99
Granted	524	$	102.96
Vested	(410)	$	77.57
Forfeited	(5)	$	94.77
Unvested as of March 31, 2025	1,066	$	93.95

The aggregate intrinsic value of RSUs that vested during the Current Quarter was approximately $42 million based on the stock price at the time of vesting.

As of March 31, 2025, there was approximately $89 million of total unrecognized compensation expense related to unvested RSUs. The expense is expected to be recognized over a weighted average period of approximately 2.53 years.

Performance Share Units. During the Current Quarter, we granted PSUs to senior management and certain employees under the LTIP, which will generally vest over a three-year period and will be settled in shares. The performance criteria include total shareholder return (“TSR”) and relative TSR (“rTSR”) and could result in a total payout between 0% - 200% of the target units. The fair value of the PSUs was measured on the grant date using a Monte Carlo simulation, and compensation expense is recognized ratably over the requisite service period because these awards depend on a combination of service and market criteria.

The following table presents the assumptions used in the valuation of the PSUs granted in 2025.


Assumption	TSR, rTSR
Risk-free interest rate	4.00	%
Volatility	33.40	%

A summary of the changes in unvested PSUs is presented below:


	Unvested Performance Share Units	Weighted Average Grant Date Fair Value Per Share
	(in thousands)
Unvested as of December 31, 2024	376	$	94.67
Granted	250	$	125.64
Vested	(124)	$	109.71
Forfeited	(1)	$	125.64
Unvested as of March 31, 2025	501	$	106.32

The aggregate intrinsic value of PSUs that vested during the Current Quarter was approximately $20 million based on the stock price at the time of vesting.

As of March 31, 2025, there was approximately $42 million of total unrecognized compensation expense related to unvested PSUs. The expense is expected to be recognized over a weighted average period of approximately 2.66 years.

RSU and PSU Compensation.

We recognized the following compensation costs, net of actual forfeitures, related to RSUs and PSUs for the periods presented:


	Three Months Ended March 31,
	2025		2024
General and administrative expenses	$	8	$	8
Natural gas and oil properties	1		2
Production expense	1		1
Marketing expense	1		—
Other operating expense, net	2		—
Total RSU and PSU compensation	$	13	$	11
Related income tax benefit	$	4	$	2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Revenues and other:
Natural gas, oil and NGL derivatives	$ (1,014)	$ 172
Gains on sales of assets	0	8
Total revenues and other	2,196	1,081
Operating expenses:
Production	147	59
Gathering, processing and transportation	563	173
Severance and ad valorem taxes	48	29
Exploration	7	2
General and administrative	47	47
Depreciation, depletion and amortization	711	399
Other operating expense, net	22	17
Total operating expenses	2,464	1,049
Income (loss) from operations	(268)	32
Other income (expense):
Interest expense	(59)	(19)
Other income, net	8	20
Total other income (expense)	(51)	1
Income (loss) before income taxes	(319)	33
Income tax expense (benefit)	(70)	7
Net income (loss), basic	(249)	26
Net income (loss), diluted	$ (249)	$ 26
Earnings (loss) per common share:
Basic (in dollars per share)	$ (1.06)	$ 0.20
Diluted (in dollars per share)	$ (1.06)	$ 0.18
Weighted average common shares outstanding (in thousands):
Basic (in shares)	234,434	130,893
Diluted (in shares)	234,434	141,752
Natural gas, oil and NGL
Revenues and other:
Revenue	$ 2,300	$ 589
Marketing
Revenues and other:
Revenue	910	312
Operating expenses:
Marketing	$ 919	$ 323

Revenue - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Disaggregation of Revenue [Line Items]
Allowance for doubtful accounts	$ (16)	$ (11)
Total accounts receivable, net	1,361	1,226
Natural gas, oil and NGL sales
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	1,137	1,028
Joint interest
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	228	191
Other
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	$ 12	$ 18

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Share-Based Compensation - Schedule of Compensation Costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total RSU and PSU compensation	$ 13	$ 11
Related income tax benefit	4	2
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total RSU and PSU compensation	8	8
Natural gas and oil properties
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total RSU and PSU compensation	1	2
Production expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total RSU and PSU compensation	1	1
Marketing expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total RSU and PSU compensation	1	0
Other operating expense, net
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total RSU and PSU compensation	$ 2	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Investments (Details) $ in Millions	Mar. 31, 2025 USD ($) billionOfCubicFeetPerDay MT	Dec. 31, 2024 USD ($)
Momentum Sustainable Ventures L L C
Schedule of Equity Method Investments [Line Items]
Ownership percentage	35.00%
Equity method investments \| $	$ 311	$ 307
Capitalized interest costs \| $	$ 21
Momentum Sustainable Ventures L L C \| Scenario, Plan
Schedule of Equity Method Investments [Line Items]
Initial capacity \| billionOfCubicFeetPerDay	1.7
Expandable capacity \| billionOfCubicFeetPerDay	2.2
Sequester volume \| MT	1.0

Derivative and Hedging Activities - Schedule of Estimated Fair Values of Our Natural Gas and Oil Derivative Instrument Assets (Liabilities) (Details) - Energy Related Derivative $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025 USD ($) Bcf MMBbls	Dec. 31, 2024 USD ($) Bcf MMBbls
Derivative [Line Items]
Fair Value	$ (1,023)	$ (54)
Natural gas (Bcf):
Derivative [Line Items]
Notional Volume \| Bcf	2,486	2,199
Fair Value	$ (1,011)	$ (49)
Natural gas (Bcf): \| Fixed-price swaps
Derivative [Line Items]
Notional Volume \| Bcf	391	369
Fair Value	$ (279)	$ (28)
Natural gas (Bcf): \| Collars
Derivative [Line Items]
Notional Volume \| Bcf	1,499	1,098
Fair Value	$ (695)	$ (27)
Natural gas (Bcf): \| Three-way collars
Derivative [Line Items]
Notional Volume \| Bcf	121	161
Fair Value	$ (9)	$ 60
Natural gas (Bcf): \| Call Option \| Long
Derivative [Line Items]
Notional Volume \| Bcf	55	73
Fair Value	$ 7	$ 1
Natural gas (Bcf): \| Call Option \| Short
Derivative [Line Items]
Notional Volume \| Bcf	183	219
Fair Value	$ (49)	$ (16)
Natural gas (Bcf): \| Basis protection swaps
Derivative [Line Items]
Notional Volume \| Bcf	237	279
Fair Value	$ 14	$ (39)
Oil (MMBbls):
Derivative [Line Items]
Notional Volume \| MMBbls	1	2
Fair Value	$ 4	$ 4
Oil (MMBbls): \| Three-way collars
Derivative [Line Items]
Notional Volume \| MMBbls	1	2
Fair Value	$ 4	$ 4
NGLs (MMBbls):
Derivative [Line Items]
Notional Volume \| MMBbls	5	7
Fair Value	$ (16)	$ (9)
NGLs (MMBbls): \| Fixed-price swaps
Derivative [Line Items]
Notional Volume \| MMBbls	5	7
Fair Value	$ (16)	$ (9)

Natural Gas and Oil Property Transactions

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Natural Gas and Oil Property Transactions


2.			Natural Gas and Oil Property Transactions

Southwestern Merger

On January 10, 2024, Chesapeake and Southwestern entered into an all-stock agreement and plan of merger (the “Merger Agreement”). Southwestern was an independent energy company engaged in development, exploration and production activities, including related marketing activities, within its operating areas in the Appalachia and Haynesville shale plays. Our Board of Directors and the Board of Directors of Southwestern both approved the Merger Agreement. At separate special meetings each held on June 18, 2024, Chesapeake’s stockholders approved the issuance of Chesapeake’s common stock to the stockholders of Southwestern in connection with the Southwestern Merger, and Southwestern’s stockholders approved the Merger Agreement.

On October 1, 2024, the Southwestern Merger was completed, and we issued approximately 95.7 million shares of our common stock to Southwestern’s shareholders in connection with the Merger Agreement. Under the terms of the Merger Agreement, subject to certain exceptions, each share of Southwestern common stock was converted into the right to receive 0.0867 of a share of the Company’s common stock. Based on the closing price of our common stock, the total value of the shares of our common stock issued to Southwestern’s shareholders was approximately $7.9 billion. During the Current Quarter, we recognized approximately $27 million of costs related to the Southwestern Merger, which primarily consisted of employee expenses. These acquisition-related costs are included within other operating expense, net within our condensed consolidated statements of operations. The Southwestern Merger was structured as a tax-free reorganization for United States federal income tax purposes.

Preliminary Southwestern Merger Purchase Price Allocation

We have accounted for the Southwestern Merger as a business combination, using the acquisition method, with Expand Energy (formerly Chesapeake) treated as the accounting acquirer. The following table represents the preliminary allocation of the total purchase price of Southwestern to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date. Certain data necessary to complete the purchase price allocation is not yet available, and includes, but is not limited to, final tax returns that provide the underlying tax basis of Southwestern’s assets and liabilities and final appraisals of assets acquired and liabilities assumed. We expect to complete the purchase price allocation during the 12-month period following the acquisition date, during which time the value of the assets and liabilities may be revised as appropriate.


	Preliminary Purchase Price Allocation
Consideration:
Cash(a)	$	585
Fair value of Expand Energy common stock issued(b)	7,871
Restricted stock unit and performance stock unit replacement awards	17
Total consideration	$	8,473

Fair Value of Assets Acquired:
Cash and cash equivalents and restricted cash	$	126
Other current assets	828
Proved natural gas and oil properties	10,002
Unproved properties	4,270
Other property and equipment	128
Other long-term assets	496
Amounts attributable to assets acquired	$	15,850

Fair Value of Liabilities Assumed:
Current liabilities	$	1,955
Long-term debt	3,305
Deferred tax liabilities	479
Long-term contract liabilities	1,287
Other long-term liabilities	351
Amounts attributable to liabilities assumed	$	7,377

Total identifiable net assets	$	8,473

____________________________________________

(b)The fair value of our common stock is a Level 1 input, as our stock price is a quoted price in an active market as of the acquisition date.

Natural Gas and Oil Properties

For the Southwestern Merger, we applied the business combination guidance, under which an acquirer should recognize the identifiable assets acquired and the liabilities assumed on the acquisition date at fair value. The fair value estimate of proved and unproved natural gas and oil properties as of the acquisition date was based on estimated natural gas and oil reserves and related future net cash flows discounted using a weighted average cost of capital, including estimates of future production rates and future development costs. We utilized NYMEX strip pricing adjusted for inflation to value the reserves. We then applied various discount rates depending on the classification of reserves and other risk characteristics. Management utilized the assistance of a third-party valuation expert to estimate the value of the natural gas and oil properties acquired. Additionally, the fair value estimate of proved and unproved natural gas and oil properties was corroborated by utilizing a market approach, which considers recent comparable transactions for similar assets.

The inputs used to value natural gas and oil properties require significant judgment and estimates made by management and represent Level 3 inputs.

As part of the Southwestern Merger, we assumed gathering, processing and transportation contracts, certain of which were deemed to be above or below current market rates. We recognized assets and liabilities for the difference in the contractual and market rates of these contracts, as of the date of the Southwestern Merger. The terms of the contracts extend through 2035.

Pro Forma Financial Information

As the Southwestern Merger closed on October 1, 2024, all activity in 2025 is included in our condensed consolidated statements of operations for the Current Quarter. The following unaudited pro forma financial information is based on our historical consolidated financial statements adjusted to reflect as if the Southwestern Merger had occurred on January 1, 2023. The information below reflects pro forma adjustments based on available information and certain assumptions that we believe are reasonable, including the estimated tax impact of the pro forma adjustments.


	Three Months Ended March 31, 2024
Revenues	$	2,750
Net income available to common stockholders	$	83
Earnings per common share:
Basic	$	0.36
Diluted	$	0.35

Eagle Ford Divestitures

During 2023, we divested our Eagle Ford assets through three separate transactions. In each of these transactions, we received a portion of the purchase price upon closing, subject to customary post-closing adjustments, with the remainder of the purchase price recorded as deferred consideration and treated as a non-interest-bearing note to be paid in installments in up to the following four years following the close of the transaction. The deferred consideration is recorded at fair value with an imputed rate of interest as a Level 2 input, and approximately $112 million and $114 million of the deferred consideration is reflected within other current assets and approximately $137 million and $188 million of the deferred consideration is reflected within other long-term assets on the condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024, respectively. These installment payments are recorded as receipts of deferred consideration in our condensed consolidated statements of cash flows.

During the Current Quarter and Prior Quarter, we amortized approximately $6 million and $9 million, respectively, related to the deferred consideration from the Eagle Ford divestiture transactions. The deferred consideration amortization is recorded within other income, net, in our condensed consolidated statements of operations.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Expand Energy were prepared in accordance with GAAP and the rules and regulations of the SEC. Pursuant to such rules and regulations, certain disclosures have been condensed or omitted.
Restricted Cash	Restricted Cash As of March 31, 2025, we had restricted cash of $78 million. Our restricted cash represents funds legally restricted for future payment of certain royalties, as well as for payment of certain convenience class unsecured claims.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. ASU 2024-03 expands disclosures about specific costs and expenses presented on the face of the income statement. This ASU is effective for annual reporting periods beginning after December 15, 2026 and for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are evaluating the impact this ASU will have on our disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 intends to provide investors with additional information about an entity’s income taxes by requiring disclosure of items such as disaggregation of the effective tax rate reconciliation as well as information regarding income taxes paid. This ASU is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. We are evaluating the impact this ASU will have on our disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segments Disclosures. Under ASU 2023-07, the scope and frequency of segment disclosures is increased to provide investors with additional detail about information utilized by an entity’s CODM, including information about significant segment expenses. This ASU became effective beginning with our 2024 Form 10-K and is also effective for interim periods beginning with this quarterly report on Form 10-Q.

Income Taxes

3 Months Ended

Mar. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes


8.			Income Taxes

The table below presents a comparison of the Current Quarter and Prior Quarter’s income tax expense (benefit) and actual year-to-date effective tax rates.


	Three Months Ended March 31,
		2025	2024
Income (loss) before income taxes			$	(319)			$	33

Current tax benefit			(33)		10.3	%	—		—	%
Deferred tax expense (benefit)			(37)		11.6	%	7		21.2	%
Income tax expense (benefit)			$	(70)	21.9	%	$	7	21.2	%

An estimated annual effective tax rate (“EAETR”) is used in recording our interim year-to-date income tax provision. The EAETR is determined based on analysis of year-to-date and projected financial results of our operations. Our EAETR during the Current Quarter was 21.8%, compared to 21.9% in the Prior Quarter. The actual year-to-date effective tax rate and EAETR can differ as a result of certain discrete items, which are recorded in the period. Common examples of such items include, but are not limited to, certain equity-based compensation, true-ups resulting from differences between tax returns filed and estimated accruals, and tax effects of enacted laws.

As a result of projecting federal and state income taxes, a portion of our EAETR represents the estimated provision for current taxes. Due to the book loss in the Current Quarter, a current tax benefit of $33 million was recorded. There was no current tax expense recorded in the Prior Quarter.

As of December 31, 2024, we were in a net deferred tax asset position and anticipate being in a net deferred tax asset position as of December 31, 2025. Based on all available positive and negative evidence, including projections of future taxable income, we believe it is more likely than not that some of our deferred tax assets will not be realized. As such, a partial valuation allowance was recorded against our net deferred tax asset position for federal and state purposes as of March 31, 2025 and December 31, 2024.

On August 16, 2022, the President of the United States signed into law the Inflation Reduction Act of 2022, which includes provisions for a 15% corporate alternative minimum tax (“CAMT”) on book income for companies whose average book income exceeds $1 billion for any three consecutive years preceding the tax year. Based upon our book income in the past three years, we believe we are subject to the CAMT. The CAMT will result in incremental taxes to the extent that 15% of our adjusted book earnings exceeds our regular federal tax liability. We currently project that we will pay the CAMT in 2025.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 17
-Subparagraph (b)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net income (loss)	$ (249)	$ 26

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Mar. 31, 2025	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Estimated effective income tax rate	21.80%	21.90%
Current tax benefit	$ 33,000,000	$ 0