0000895126-26-000068 | 10-Q | XBRL Viewer

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Other Balance Sheet Items- Schedule of Other Current Assets (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Contract assets	$ 214	$ 90
Notes receivable	69	129
Inventory	169	19
Prepaid expenses	36	24
Margin deposits	35	0
Other	74	95
Total other current assets	$ 597	$ 357

Acquisitions and Divestitures

9 Months Ended

Sep. 30, 2026

Property, Plant, and Equipment [Abstract]

Acquisitions and Divestitures


2.			Acquisitions and Divestitures

Twin Eagle Acquisition

On September 16, 2026, we completed the acquisition of Twin Eagle, a provider of natural gas marketing and logistics services, through a merger with one of our wholly owned subsidiaries. The aggregate purchase price was approximately $1.4 billion, including purchase price adjustments. This acquisition has expanded our marketing operations across the United States as well as Canada, extending our reach throughout North America within the natural gas value chain. We funded the transaction through a combination of cash on hand and borrowings under our Credit Facility. During the Current Quarter, we recognized approximately $22 million of costs related to the Twin Eagle Acquisition, which primarily related to transaction, consulting and legal fees. These acquisition-related costs are included within other operating expense (income), net within our condensed consolidated statements of operations.

Preliminary Purchase Price Allocation

We have accounted for the Twin Eagle Acquisition as a business combination, using the acquisition method. The following table represents the preliminary allocation of the total purchase price of Twin Eagle 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 Twin Eagle’s assets and liabilities and final appraisals of assets acquired and liabilities assumed, including the acquired intangible assets and goodwill. 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	$	1,250
Incentive awards(a)	102
Working capital adjustments	53
Total consideration	$	1,405

Fair Value of Assets Acquired:
Cash and cash equivalents	$	10
Accounts receivable	561
Other current assets	248
Intangible assets	1,089
Goodwill	349
Other long-term assets	102
Amounts attributable to assets acquired, including goodwill	$	2,359

Fair Value of Liabilities Assumed:
Accounts payable	$	500
Credit facility borrowings	141
Other current liabilities	165
Deferred tax liabilities	25
Other long-term liabilities	123
Amounts attributable to liabilities assumed	$	954

Total identifiable net assets	$	1,405

____________________________________________

(a)Represents Twin Eagle incentive awards that were paid in cash at time of closing, including change of control award agreements.

Goodwill and Intangible Assets

In connection with the Twin Eagle Acquisition, we recognized the identifiable assets acquired and liabilities assumed at their acquisition-date fair values. We engaged a third-party valuation specialist to assist management in estimating the fair values of certain acquired assets, including the identifiable intangible assets.

The Twin Eagle Acquisition resulted in the recognition of approximately $349 million of goodwill. Prior to the Twin Eagle Acquisition, we had no goodwill. The goodwill recognized primarily represents the value attributable to expected operational and commercial synergies from combining Twin Eagle’s operations with ours and other benefits that do not qualify for separate recognition as identifiable intangible assets. We expect approximately $242 million of the goodwill recognized from the Twin Eagle Acquisition to be deductible for U.S. tax purposes.

The following table presents information regarding the identifiable intangible assets acquired in the Twin Eagle Acquisition:


	September 30, 2026
	Gross Carrying Amount		Accumulated Amortization
Customer relationships	$	641	$	(1)
Transportation and storage contracts	432		(6)
Other	16		—
Intangible assets	$	1,089	$	(7)

The customer relationship intangible assets represent the estimated value of relationships with existing customers and are being amortized over their estimated useful lives of approximately 25 years using the straight-line method of amortization, with a weighted average amortization period of 25 years. Amortization expense associated with these intangible assets is recognized within depreciation, depletion and amortization within our condensed consolidated statements of operations. Amortization expense is estimated to be approximately $26 million in each of the next 5 years.

The transportation and storage contract intangible assets represent the estimated value attributable to acquired contractual arrangements and are being amortized over their estimated useful lives of up to 12 years using an accelerated method based on the pattern in which the related economic benefits are expected to be consumed, with a weighted average amortization period of 3.8 years. Amortization expense associated with these intangible assets is recognized within depreciation, depletion and amortization within our condensed consolidated statements of operations. Amortization expense associated with the transportation and storage contract intangible assets is estimated to be approximately $138 million in 2027, $57 million in 2028, $38 million in 2029, $31 million in 2030 and $20 million in 2031.

Management estimated the fair values of the acquired intangible assets using the multi-period excess earnings method for customer relationships and a discounted cash flow analysis for transportation and storage contracts. These fair value estimates required the use of significant assumptions and judgment, including forecasted revenue, customer attrition, operating margins, contract renewal assumptions and discount rates. For the period from the acquisition date through September 30, 2026, amortization expense associated with the acquired intangible assets was approximately $7 million. Additionally, the acquired intangibles have no significant residual values or contractual renewal or extension terms. The weighted average amortization period for the acquired intangible assets in total is approximately 16.4 years.

Revenues and Earnings Subsequent to Acquisition

We included in our condensed consolidated statements of operations revenues of $196 million and net earnings of $4 million, related to the Twin Eagle businesses for the period from September 16, 2026 through September 30, 2026.

Combined Pro Forma Financial Information

The following unaudited pro forma financial information is based on our historical consolidated financial statements adjusted to reflect as if the Twin Eagle Acquisition had occurred on January 1, 2025. 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 September 30, 2026		Three Months Ended September 30, 2025
Revenues	$	4,332	$	3,977
Net income available to common stockholders	$	526	$	525
Earnings per common share:
Basic	$	2.27	$	2.20
Diluted	$	2.27	$	2.19


	Nine Months Ended September 30, 2026		Nine Months Ended September 30, 2025
Revenues	$	14,699	$	12,648
Net income available to common stockholders	$	2,253	$	1,241
Earnings per common share:
Basic	$	9.52	$	5.24
Diluted	$	9.51	$	5.16

Eagle Ford Divestitures

During 2023, we divested our Eagle Ford assets through three separate transactions (“the Eagle Ford divestiture 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 $54 million and $114 million of the deferred consideration is reflected within other current assets on the condensed consolidated balance sheets as of September 30, 2026 and December 31, 2025, respectively, and approximately $91 million of the deferred consideration is reflected within other long-term assets on the condensed consolidated balance sheets as of December 31, 2025. These installment payments are recorded as receipts of deferred consideration in our condensed consolidated statements of cash flows.

Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2026

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 a leading North American integrated natural gas company. As the largest natural gas producer in the U.S., based on net daily production, Expand Energy is focused on responsibly developing an abundant supply of natural gas, oil and NGL to expand energy access for all. Our exploration and production (“E&P”) operations are located in Louisiana, Texas, Pennsylvania, West Virginia and Ohio, with all of our E&P operations located onshore in the United States. The recent acquisition of Twin Eagle, further described in Note 2, has expanded our marketing operations across the United States as well as Canada.

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 September 30, 2026 and December 31, 2025, and our results of operations for the three months ended September 30, 2026 (“Current Quarter”), the nine months ended September 30, 2026 (“Current Period”), the three months ended September 30, 2025 (“Prior Quarter”) and the nine months ended September 30, 2025 (“Prior Period”). This Form 10-Q should be read in conjunction with our annual report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”). The accompanying unaudited condensed consolidated financial statements reflect all 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.

Restricted Cash

As of September 30, 2026, we had restricted cash of $103 million. Our restricted cash primarily represents funds restricted for payment of certain royalties pending the outcome of competing ownership claims for certain minerals.

Foreign Currency Translation

The U.S. dollar is the functional currency for our consolidated operations except for our Canadian operations assumed in the Twin Eagle Acquisition, which use the Canadian dollar as the functional currency. Assets and liabilities denominated in Canadian dollars are translated to U.S. dollars for financial reporting purposes using the exchange rate on the date of the condensed consolidated balance sheet, while revenues and expenses are translated at the average exchange rate during the applicable period. Any gains or losses on transactions in currencies other than the functional currency are included in net income in the current period. Foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income. For the time periods covered by this Form 10-Q, we did not have any material foreign currency translation adjustments or items impacting other comprehensive income.

Goodwill and Intangible Assets

Goodwill is not amortized but is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Finite-lived intangible assets are amortized over their estimated useful lives in a manner that reflects the pattern in which the related economic benefits are expected to be consumed. Finite-lived intangible assets are evaluated for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. See Note 2 for additional information regarding the goodwill and intangible assets recognized in connection with the Twin Eagle Acquisition.

Inventory

Our inventory primarily consists of natural gas held in storage facilities and natural gas pipeline imbalances. Storage inventory is stated at the lower of cost and net realizable value, with cost determined using the weighted-average cost method. Pipeline imbalances represent differences between the volumes of natural gas delivered to and received from pipelines and are valued using applicable market prices as of the condensed consolidated balance sheet date.

Recently Issued Accounting Standards

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. ASU 2025-11 clarifies interim disclosure requirements and the applicability of Topic 270. Additionally, ASU 2025-11 includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. This ASU is effective 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 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.

We consider the applicability and impact of all ASUs. ASUs not listed above were evaluated and determined to either be not applicable, already adopted and disclosed or not material upon adoption.

Derivative and Hedging Activities - Schedule of Effect of Derivative Instruments, Condensed Consolidated Balance Sheets (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Derivatives, Fair Value [Line Items]
Short-term derivative asset	$ 889	$ 264
Long-term derivative asset	46	47
Short-term derivative liability	(2)	(3)
Long-term derivative liability	(12)	(1)
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative asset (liability), fair value, gross asset (liability)	921
Derivative asset (liability) fair value, net asset (liability), netted	0
Total derivatives	921
Not Designated as Hedging Instrument \| Commodity derivatives
Derivatives, Fair Value [Line Items]
Derivative asset (liability), fair value, gross asset (liability)		307
Derivative asset (liability) fair value, net asset (liability), netted		0
Short-term derivative asset	885	264
Long-term derivative asset	40	47
Short-term derivative liability	(2)	(3)
Long-term derivative liability	(12)	(1)
Total derivatives		307
Not Designated as Hedging Instrument \| Commodity derivatives \| Balance Sheet Location [Axis]: us-gaap:DerivativeAssetsCurrent
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	960	340
Derivative asset, fair value, gross liability, netted	(75)	(76)
Not Designated as Hedging Instrument \| Commodity derivatives \| Balance Sheet Location [Axis]: us-gaap:DerivativeAssetsNoncurrent
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	69	66
Derivative asset, fair value, gross liability, netted	(29)	(19)
Not Designated as Hedging Instrument \| Commodity derivatives \| Balance Sheet Location [Axis]: us-gaap:DerivativeLiabilitiesCurrent
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(77)	(79)
Derivative liability, fair value, gross asset, netted	75	76
Not Designated as Hedging Instrument \| Commodity derivatives \| Balance Sheet Location [Axis]: us-gaap:DerivativeLiabilitiesNoncurrent
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(41)	(20)
Derivative liability, fair value, gross asset, netted	29	$ 19
Not Designated as Hedging Instrument \| Foreign exchange derivatives
Derivatives, Fair Value [Line Items]
Short-term derivative asset	4
Long-term derivative asset	2
Short-term derivative liability	0
Long-term derivative liability	0
Not Designated as Hedging Instrument \| Foreign exchange derivatives \| Balance Sheet Location [Axis]: us-gaap:DerivativeAssetsCurrent
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	124
Derivative asset, fair value, gross liability, netted	(120)
Not Designated as Hedging Instrument \| Foreign exchange derivatives \| Balance Sheet Location [Axis]: us-gaap:DerivativeAssetsNoncurrent
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	66
Derivative asset, fair value, gross liability, netted	(64)
Not Designated as Hedging Instrument \| Foreign exchange derivatives \| Balance Sheet Location [Axis]: us-gaap:DerivativeLiabilitiesCurrent
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(120)
Derivative liability, fair value, gross asset, netted	120
Not Designated as Hedging Instrument \| Foreign exchange derivatives \| Balance Sheet Location [Axis]: us-gaap:DerivativeLiabilitiesNoncurrent
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(64)
Derivative liability, fair value, gross asset, netted	64
Not Designated as Hedging Instrument \| Interest rate derivatives
Derivatives, Fair Value [Line Items]
Long-term derivative asset	4
Long-term derivative liability	0
Not Designated as Hedging Instrument \| Interest rate derivatives \| Balance Sheet Location [Axis]: us-gaap:DerivativeAssetsNoncurrent
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset	29
Derivative asset, fair value, gross liability, netted	(25)
Not Designated as Hedging Instrument \| Interest rate derivatives \| Balance Sheet Location [Axis]: us-gaap:DerivativeLiabilitiesNoncurrent
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability	(25)
Derivative liability, fair value, gross asset, netted	$ 25

Other Balance Sheet Items - Schedule of Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenues and royalties due to others	$ 870	$ 972
Accrued drilling and production costs	349	350
Contract liabilities	356	253
Accrued compensation and benefits	132	107
Taxes payable	205	157
Operating leases	38	51
Joint interest prepayments received	14	11
Other	251	144
Total other current liabilities	$ 2,215	$ 2,045

Revenue

9 Months Ended

Sep. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenue


7.			Revenue

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


	Three Months Ended September 30, 2026
	Natural Gas		Oil		NGL		Total
Haynesville	$	783	$	—	$	—	$	783
Northeast Appalachia	513		—		—		513
Southwest Appalachia	257		120		208		585
Natural gas, oil and NGL revenue	$	1,553	$	120	$	208	$	1,881

Marketing sales	$	2,336	$	169	$	243	$	2,748
Intersegment revenues	(1,502)		(120)		(199)		(1,821)
Marketing revenue	$	834	$	49	$	44	$	927


	Three Months Ended September 30, 2025
	Natural Gas		Oil		NGL		Total
Haynesville	$	826	$	—	$	—	$	826
Northeast Appalachia	538		—		—		538
Southwest Appalachia	233		86		167		486
Natural gas, oil and NGL revenue	$	1,597	$	86	$	167	$	1,850

Marketing sales	$	2,190	$	120	$	188	$	2,498
Intersegment revenues	(1,591)		(86)		(155)		(1,832)
Marketing revenue	$	599	$	34	$	33	$	666


	Nine Months Ended September 30, 2026
	Natural Gas		Oil		NGL		Total
Haynesville	$	2,790	$	—	$	—	$	2,790
Northeast Appalachia	2,454		—		—		2,454
Southwest Appalachia	890		319		573		1,782

Natural gas, oil and NGL revenue	$	6,134	$	319	$	573	$	7,026

Marketing sales	$	8,673	$	450	$	674	$	9,797
Intersegment revenues	(6,114)		(314)		(549)		(6,977)
Marketing revenue	$	2,559	$	136	$	125	$	2,820


	Nine Months Ended September 30, 2025
	Natural Gas		Oil		NGL		Total
Haynesville	$	2,492	$	—	$	—	$	2,492
Northeast Appalachia	2,081		—		—		2,081
Southwest Appalachia	798		250		550		1,598

Natural gas, oil and NGL revenue	$	5,371	$	250	$	550	$	6,171

Marketing sales	$	7,445	$	349	$	619	$	8,413
Intersegment revenues	(5,290)		(248)		(511)		(6,049)
Marketing revenue	$	2,155	$	101	$	108	$	2,364

Transaction Price Allocated to Remaining Performance Obligation

As of September 30, 2026, we had approximately $536 million of unsatisfied performance obligations related to natural gas sales that have a fixed price component and a contract term of greater than one year. These obligations were assumed in connection with the Twin Eagle Acquisition and are expected to be recognized over the next 5 years.

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 September 30, 2026 and December 31, 2025 are detailed below:


	September 30, 2026		December 31, 2025
Natural gas, oil and NGL sales	$	1,182	$	1,363
Joint interest	218		232
Other	3		18
Allowance for doubtful accounts	(14)		(14)
Total accounts receivable, net	$	1,389	$	1,599

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator
Net income, basic and diluted	$	519	$	547	$	2,200	$	1,266

Denominator (in thousands)
Weighted average common shares outstanding, basic	231,555		238,221		236,529		236,890
Effect of potentially dilutive securities
Warrants	—		1,362		147		3,081
Restricted stock units	176		310		233		351
Performance share units	—		—		—		51
Weighted average common shares outstanding, diluted	231,731		239,893		236,909		240,373

Earnings per common share:
Basic	$	2.24	$	2.30	$	9.30	$	5.34
Diluted	$	2.24	$	2.28	$	9.29	$	5.27

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2026

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

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


	Nine Months Ended September 30,
		2026	2025
Income before income taxes			$	2,769			$	1,595

Current tax expense			19		0.7	%	9		0.6	%
Deferred tax expense			550		19.9	%	320		20.0	%
Income tax expense			$	569	20.6	%	$	329	20.6	%

Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2026	Sep. 17, 2026	Dec. 31, 2025	Sep. 30, 2025
Long-term Debt [Abstract]
Discounts on senior notes, net	$ (45)		$ (8)
Debt issuance costs	(11)		(8)
Long-term debt, net	4,632		5,009
Total long-term debt, net	4,556		5,063
Credit Facility \| Credit Facility
Long-term Debt [Abstract]
Credit Facility	450		0
Fair Value	450		0
Senior Notes \| 5.375% senior notes due 2029
Long-term Debt [Abstract]
Outstanding borrowings	638		638
Fair Value	$ 633		639
Interest rate, stated percentage	5.375%			5.375%
Senior Notes \| 5.875% senior notes due 2029
Long-term Debt [Abstract]
Outstanding borrowings	$ 0		440
Fair Value	$ 0		441
Interest rate, stated percentage	5.875%			5.875%
Senior Notes \| 6.75% senior notes due 2029
Long-term Debt [Abstract]
Outstanding borrowings	$ 0		847
Fair Value	$ 0		852
Interest rate, stated percentage	6.75%			6.75%
Senior Notes \| 5.375% senior notes due 2030
Long-term Debt [Abstract]
Outstanding borrowings	$ 1,200		1,200
Fair Value	$ 1,181		1,218
Interest rate, stated percentage	5.375%
Senior Notes \| 5.65% senior notes due 2031
Long-term Debt [Abstract]
Outstanding borrowings	$ 500		0
Fair Value	$ 493		0
Interest rate, stated percentage	5.65%	5.65%
Senior Notes \| 4.75% senior notes due 2032
Long-term Debt [Abstract]
Outstanding borrowings	$ 1,150		1,150
Fair Value	$ 1,081		1,137
Interest rate, stated percentage	4.75%
Senior Notes \| 5.70% senior notes due 2035
Long-term Debt [Abstract]
Outstanding borrowings	$ 750		750
Fair Value	$ 718		$ 776
Interest rate, stated percentage	5.70%

Segment Information (Tables)

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Schedule of Condensed Consolidated Financial Statements


	Three Months Ended September 30, 2026
	E&P		Marketing		Eliminations		Total
($ in millions)
Revenues:
Natural gas, oil and NGL sales	$	1,881	$	—	$	—	$	1,881
Marketing	—		2,748		(1,821)		927
Gains on derivatives	454		10		—		464
Gains on sales of assets	14		—		—		14
Total revenues and other	2,349		2,758		(1,821)		3,286

Operating expenses:
Production	168		—		—		168
Gathering, processing and transportation	730		—		(52)		678
Severance and ad valorem taxes	61		—		—		61
Marketing	—		2,657		(1,769)		888
General and administrative	50		—		—		50
Total significant expenses	1,009		2,657		(1,821)		1,845
Depreciation, depletion and amortization	743		7		—		750
Other expenses(a)	51		—		—		51
Other segment items	794		7		—		801
Total expenses and other segment items	1,803		2,664		(1,821)		2,646

Income from operations	$	546	$	94	$	—	$	640

___________________________________________

(a)Other expenses primarily consist of exploration, other operating expense (income), net, separation and other termination costs and impairments.


	Three Months Ended September 30, 2025
	E&P		Marketing		Eliminations		Total
($ in millions)
Revenues:
Natural gas, oil and NGL sales	$	1,850	$	—	$	—	$	1,850
Marketing	—		2,498		(1,832)		666
Gains on derivatives	451		—		—		451
Losses on sales of assets	(1)		—		—		(1)
Total revenues and other	2,300		2,498		(1,832)		2,966

Operating expenses:
Production	169		—		—		169
Gathering, processing and transportation	663		—		(55)		608
Severance and ad valorem taxes	48		—		—		48
Marketing	—		2,436		(1,777)		659
General and administrative	45		—		—		45
Total significant expenses	925		2,436		(1,832)		1,529
Depreciation, depletion and amortization	741		—		—		741
Other expenses(a)	(29)		—		—		(29)
Other segment items	712		—		—		712
Total expenses and other segment items	1,637		2,436		(1,832)		2,241

Income from operations	$	663	$	62	$	—	$	725

___________________________________________

(a)Other expenses primarily consist of exploration, other operating expense (income), net, separation and other termination costs and impairments.


	Nine Months Ended September 30, 2026
	E&P		Marketing		Eliminations		Total
($ in millions)
Revenues:
Natural gas, oil and NGL sales	$	7,026	$	—	$	—	$	7,026
Marketing	—		9,797		(6,977)		2,820
Gains on derivatives	782		2		—		784
Gains on sales of assets	13		—		—		13
Total revenues and other	7,821		9,799		(6,977)		10,643

Operating expenses:
Production	521		—		—		521
Gathering, processing and transportation	2,216		—		(214)		2,002
Severance and ad valorem taxes	181		—		—		181
Marketing	—		9,421		(6,763)		2,658
General and administrative	163		—		—		163
Total significant expenses	3,081		9,421		(6,977)		5,525
Depreciation, depletion and amortization	2,176		7		—		2,183
Other expenses(a)	103		—		—		103
Other segment items	2,279		7		—		2,286
Total expenses and other segment items	5,360		9,428		(6,977)		7,811

Income from operations	$	2,461	$	371	$	—	$	2,832

___________________________________________

(a)Other expenses primarily consist of exploration, other operating expense (income), net, separation and other termination costs and impairments.


	Nine Months Ended September 30, 2025
	E&P		Marketing		Eliminations		Total
($ in millions)
Revenues:
Natural gas, oil and NGL sales	$	6,171	$	—	$	—	$	6,171
Marketing	—		8,413		(6,049)		2,364
Gains on derivatives	314		—		—		314
Gains on sales of assets	3		—		—		3
Total revenues and other	6,488		8,413		(6,049)		8,852

Operating expenses:
Production	467		—		—		467
Gathering, processing and transportation	1,923		—		(189)		1,734
Severance and ad valorem taxes	145		—		—		145
Marketing	—		8,229		(5,860)		2,369
General and administrative	132		—		—		132
Total significant expenses	2,667		8,229		(6,049)		4,847
Depreciation, depletion and amortization	2,221		—		—		2,221
Other expenses(a)	58		—		—		58
Other segment items	2,279		—		—		2,279
Total expenses and other segment items	4,946		8,229		(6,049)		7,126

Income from operations	$	1,542	$	184	$	—	$	1,726

___________________________________________

(a)Other expenses primarily consist of exploration, other operating expense (income), net, separation and other termination costs and impairments.

Segment Reporting, Reconciliation of Profit (Loss) by Segment to Consolidated

The table below reconciles income (loss) from operations to net income.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
($ in millions)
Income from operations	$	640	$	725	$	2,832	$	1,726
Unallocated items:
Interest expense	(44)		(57)		(146)		(176)
Gains on purchases, exchanges or extinguishments of debt	—		1		37		4
Other income, net(a)	12		17		46		41
Income before income taxes	608		686		2,769		1,595
Income tax (expense) benefit	(89)		(139)		(569)		(329)
Net income	$	519	$	547	$	2,200	$	1,266

___________________________________________

(a)Included within other income, net is approximately $4 million, $6 million, $20 million and $13 million, respectively, of interest revenue during the Current Quarter, Prior Quarter, Current Period and Prior Period.

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Acquisitions and Divestitures - Schedule of Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Property, Plant, and Equipment [Abstract]
Revenues	$ 4,332	$ 3,977	$ 14,699	$ 12,648
Net income available to common stockholders	$ 526	$ 525	$ 2,253	$ 1,241
Earnings per common share:
Basic (in dollars per share)	$ 2.27	$ 2.20	$ 9.52	$ 5.24
Diluted (in dollars per share)	$ 2.27	$ 2.19	$ 9.51	$ 5.16

Acquisitions and Divestitures - Narrative (Details)		1 Months Ended	3 Months Ended	12 Months Ended
Acquisitions and Divestitures - Narrative (Details)	Sep. 16, 2026 USD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2026 USD ($)	Dec. 31, 2023 transaction	Sep. 15, 2026 USD ($)	Dec. 31, 2025 USD ($)
Business Combination [Line Items]
Goodwill		$ 349,000,000	$ 349,000,000		$ 0	$ 0
Eagle Ford Divestiture \| Disposed of by Sale
Business Combination [Line Items]
Number of assets divestiture transactions \| transaction				3
Payment period				4 years
Eagle Ford Divestiture \| Disposed of by Sale \| Balance Sheet Location [Axis]: us-gaap:OtherAssetsCurrent
Business Combination [Line Items]
Deferred consideration reflected with assets		54,000,000	54,000,000			114,000,000
Eagle Ford Divestiture \| Disposed of by Sale \| Balance Sheet Location [Axis]: us-gaap:OtherAssetsNoncurrent
Business Combination [Line Items]
Deferred consideration reflected with assets						$ 91,000,000
Twin Eagle Holdings N.A., LLC
Business Combination [Line Items]
Consideration transferred	$ 1,405,000,000
Acquisition related costs			22,000,000
Goodwill	349,000,000
Goodwill, expected tax deductible, amount	$ 242,000,000	$ 242,000,000	$ 242,000,000
Intangible asset, finite-lived, acquired, weighted-average amortization period		16 years 4 months 24 days
Intangible asset, amortization expense		$ 7,000,000
Revenue since acquisition		196,000,000
Net income		$ 4,000,000
Twin Eagle Holdings N.A., LLC \| Customer relationships
Business Combination [Line Items]
Intangible asset, finite-lived, useful life	25 years
Intangible asset, finite-lived, acquired, weighted-average amortization period	25 years
Intangible asset, amortization expense, 2027	$ 26,000,000
Intangible asset, amortization expense, 2028	26,000,000
Intangible asset, amortization expense, 2029	26,000,000
Intangible asset, amortization expense, 2030	26,000,000
Intangible asset, amortization expense, 2031	$ 26,000,000
Twin Eagle Holdings N.A., LLC \| Transportation and storage contracts
Business Combination [Line Items]
Intangible asset, finite-lived, acquired, weighted-average amortization period	3 years 9 months 18 days
Intangible asset, amortization expense, 2027	$ 138,000,000
Intangible asset, amortization expense, 2028	57,000,000
Intangible asset, amortization expense, 2029	38,000,000
Intangible asset, amortization expense, 2030	31,000,000
Intangible asset, amortization expense, 2031	$ 20,000,000
Twin Eagle Holdings N.A., LLC \| Transportation and storage contracts \| Maximum
Business Combination [Line Items]
Intangible asset, finite-lived, useful life	12 years

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Restricted cash	$ 103	$ 80

Earnings Per Share

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Earnings Per Share


3.			Earnings Per Share

Basic earnings per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings 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 per share are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Numerator
Net income, basic and diluted	$	519	$	547	$	2,200	$	1,266

Denominator (in thousands)
Weighted average common shares outstanding, basic	231,555		238,221		236,529		236,890
Effect of potentially dilutive securities
Warrants	—		1,362		147		3,081
Restricted stock units	176		310		233		351
Performance share units	—		—		—		51
Weighted average common shares outstanding, diluted	231,731		239,893		236,909		240,373

Earnings per common share:
Basic	$	2.24	$	2.30	$	9.30	$	5.34
Diluted	$	2.24	$	2.28	$	9.29	$	5.27

During the Current Quarter and Current Period, the diluted earnings per share calculation excludes the effect of 10,837 reserved shares of common stock 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 Prior Quarter and Prior Period, the diluted earnings per share calculation excludes the effect of 308,646 reserved shares of common stock and 582,109 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. On February 9, 2026, the Warrants, including the Class C Warrants, expired. For additional information on the Warrants, see Note 9.

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2026

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, 2025	957	$	94.61
Granted(a)	1,051	$	97.99
Vested	(394)	$	89.70
Forfeited	(133)	$	102.08
Unvested as of September 30, 2026	1,481	$	97.64

___________________________________________

(a)Includes approximately 479 thousand awards granted to certain employees in connection with the Twin Eagle Acquisition. These awards will vest in full on the third anniversary of the grant date, subject to continued employment through the vesting date.

Schedule of Valuation Assumptions

The following table presents the assumptions used in the valuation of the PSUs granted during the Current Period.


Assumption	TSR, rTSR
Risk-free interest rate	3.74	%
Volatility	28.50	%

Schedule of Changes in Unvested Performance Share Units

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, 2025	464	$	106.14
Granted	123	$	79.75
Vested	(133)	$	80.53
Forfeited	(58)	$	117.94
Unvested as of September 30, 2026	396	$	104.82

Schedule of Restricted Stock and Performance Stock Units Compensation

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
General and administrative expenses	$	9	$	10	$	27	$	28
Natural gas and oil properties	2		2		7		6
Production expense	2		2		5		4
Separation and other termination costs	—		2		3		2
Marketing expense	—		—		1		2
Other operating expense, net	1		1		1		4
Total RSU and PSU compensation	$	14	$	17	$	44	$	46
Related income tax benefit	$	2	$	4	$	8	$	12

Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Earnings Per Share [Abstract]
Net income, basic	$ 519	$ 547	$ 2,200	$ 1,266
Net income, diluted	$ 519	$ 547	$ 2,200	$ 1,266
Weighted average common shares outstanding, basic (in shares)	231,555	238,221	236,529	236,890
Effect of potentially dilutive securities
Warrants (in shares)	0	1,362	147	3,081
Restricted stock units (in shares)	176	310	233	351
Performance share units (in shares)	0	0	0	51
Weighted average common shares outstanding, diluted (in shares)	231,731	239,893	236,909	240,373
Earnings per common share:
Basic (in dollars per share)	$ 2.24	$ 2.30	$ 9.30	$ 5.34
Diluted (in dollars per share)	$ 2.24	$ 2.28	$ 9.29	$ 5.27

Contingencies and Commitments - Narrative (Details) $ in Billions	1 Months Ended
	Apr. 30, 2026 USD ($) million_metric_tones
Commitments and Contingencies Disclosure [Abstract]
Purchase agreement, period	20 years
Million metric tones per annum of liquefied natural gas \| million_metric_tones	1.15
Total future commitment under agreement \| $	$ 2.9

Revenue (Tables)

9 Months Ended

Sep. 30, 2026

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 September 30, 2026
	Natural Gas		Oil		NGL		Total
Haynesville	$	783	$	—	$	—	$	783
Northeast Appalachia	513		—		—		513
Southwest Appalachia	257		120		208		585
Natural gas, oil and NGL revenue	$	1,553	$	120	$	208	$	1,881

Marketing sales	$	2,336	$	169	$	243	$	2,748
Intersegment revenues	(1,502)		(120)		(199)		(1,821)
Marketing revenue	$	834	$	49	$	44	$	927


	Three Months Ended September 30, 2025
	Natural Gas		Oil		NGL		Total
Haynesville	$	826	$	—	$	—	$	826
Northeast Appalachia	538		—		—		538
Southwest Appalachia	233		86		167		486
Natural gas, oil and NGL revenue	$	1,597	$	86	$	167	$	1,850

Marketing sales	$	2,190	$	120	$	188	$	2,498
Intersegment revenues	(1,591)		(86)		(155)		(1,832)
Marketing revenue	$	599	$	34	$	33	$	666


	Nine Months Ended September 30, 2026
	Natural Gas		Oil		NGL		Total
Haynesville	$	2,790	$	—	$	—	$	2,790
Northeast Appalachia	2,454		—		—		2,454
Southwest Appalachia	890		319		573		1,782

Natural gas, oil and NGL revenue	$	6,134	$	319	$	573	$	7,026

Marketing sales	$	8,673	$	450	$	674	$	9,797
Intersegment revenues	(6,114)		(314)		(549)		(6,977)
Marketing revenue	$	2,559	$	136	$	125	$	2,820


	Nine Months Ended September 30, 2025
	Natural Gas		Oil		NGL		Total
Haynesville	$	2,492	$	—	$	—	$	2,492
Northeast Appalachia	2,081		—		—		2,081
Southwest Appalachia	798		250		550		1,598

Natural gas, oil and NGL revenue	$	5,371	$	250	$	550	$	6,171

Marketing sales	$	7,445	$	349	$	619	$	8,413
Intersegment revenues	(5,290)		(248)		(511)		(6,049)
Marketing revenue	$	2,155	$	101	$	108	$	2,364

Schedule of Accounts Receivable

Accounts receivable as of September 30, 2026 and December 31, 2025 are detailed below:


	September 30, 2026		December 31, 2025
Natural gas, oil and NGL sales	$	1,182	$	1,363
Joint interest	218		232
Other	3		18
Allowance for doubtful accounts	(14)		(14)
Total accounts receivable, net	$	1,389	$	1,599

Derivative and Hedging Activities - Narrative (Details) MWh in Millions	9 Months Ended
	Sep. 30, 2026 USD ($) MWh counterparty
Derivative [Line Items]
Broker margin accounts	$ 35,000,000
Power Derivatives
Derivative [Line Items]
Derivative nonmonetary notional amount, energy \| MWh	1.5
Foreign exchange derivatives
Derivative [Line Items]
Derivative notional amount	$ 260,000,000
Interest rate derivatives
Derivative [Line Items]
Derivative notional amount	5,500,000,000
Commodity derivatives
Derivative [Line Items]
Letters of credit posted as collateral	$ 42,000,000
Energy Related Derivative
Derivative [Line Items]
Number of counterparties (in counterparties) \| counterparty	33

Segment Information - Narratives (Details) $ in Millions	3 Months Ended		6 Months Ended	9 Months Ended
Segment Information - Narratives (Details) $ in Millions	Sep. 30, 2026 USD ($) segment	Sep. 30, 2025 USD ($)	Jun. 30, 2026 segment	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment	2		1
Capital expenditures	$ 794	$ 735		$ 2,361	$ 2,124
Contributions to equity method investments	$ 0	$ 0		$ 0	$ 0

Acquisitions and Divestitures (Tables)

9 Months Ended

Sep. 30, 2026

Property, Plant, and Equipment [Abstract]

Schedule of the Allocation of the Total Purchase Price

The following table represents the preliminary allocation of the total purchase price of Twin Eagle 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 Twin Eagle’s assets and liabilities and final appraisals of assets acquired and liabilities assumed, including the acquired intangible assets and goodwill. 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	$	1,250
Incentive awards(a)	102
Working capital adjustments	53
Total consideration	$	1,405

Fair Value of Assets Acquired:
Cash and cash equivalents	$	10
Accounts receivable	561
Other current assets	248
Intangible assets	1,089
Goodwill	349
Other long-term assets	102
Amounts attributable to assets acquired, including goodwill	$	2,359

Fair Value of Liabilities Assumed:
Accounts payable	$	500
Credit facility borrowings	141
Other current liabilities	165
Deferred tax liabilities	25
Other long-term liabilities	123
Amounts attributable to liabilities assumed	$	954

Total identifiable net assets	$	1,405

____________________________________________

(a)Represents Twin Eagle incentive awards that were paid in cash at time of closing, including change of control award agreements.

Schedule of Intangible Asset Acquired

The following table presents information regarding the identifiable intangible assets acquired in the Twin Eagle Acquisition:


	September 30, 2026
	Gross Carrying Amount		Accumulated Amortization
Customer relationships	$	641	$	(1)
Transportation and storage contracts	432		(6)
Other	16		—
Intangible assets	$	1,089	$	(7)

Schedule of Pro Forma Financial Information


	Three Months Ended September 30, 2026		Three Months Ended September 30, 2025
Revenues	$	4,332	$	3,977
Net income available to common stockholders	$	526	$	525
Earnings per common share:
Basic	$	2.27	$	2.20
Diluted	$	2.27	$	2.19


	Nine Months Ended September 30, 2026		Nine Months Ended September 30, 2025
Revenues	$	14,699	$	12,648
Net income available to common stockholders	$	2,253	$	1,241
Earnings per common share:
Basic	$	9.52	$	5.24
Diluted	$	9.51	$	5.16

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details

Acquisitions and Divestitures - Schedule of Intangible Asset Acquired (Details) - Twin Eagle Holdings N.A., LLC $ in Millions	Sep. 30, 2026 USD ($)
Business Combination [Line Items]
Gross Carrying Amount	$ 1,089
Accumulated Amortization	(7)
Customer relationships
Business Combination [Line Items]
Gross Carrying Amount	641
Accumulated Amortization	(1)
Transportation and storage contracts
Business Combination [Line Items]
Gross Carrying Amount	432
Accumulated Amortization	(6)
Other
Business Combination [Line Items]
Gross Carrying Amount	16
Accumulated Amortization	$ 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

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+ Details

Investments (Details)	3 Months Ended		9 Months Ended
Investments (Details)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($) MMcf	Sep. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)
Schedule of Equity Method Investments [Line Items]
Gathering, processing and transportation	$ 678,000,000	$ 608,000,000	$ 2,002,000,000	$ 1,734,000,000
Accounts payable	$ 1,179,000,000		$ 1,179,000,000		$ 753,000,000
NG3 Pipeline Investment
Schedule of Equity Method Investments [Line Items]
Ownership percentage	35.00%		35.00%
Equity method investments	$ 304,000,000		$ 304,000,000		313,000,000
Lag period (in months)			3 months
Impairments on investment			$ 0
NG3 gathering per day \| MMcf			900
Period for pipeline course			11 years
Gathering, processing and transportation	23,000,000		$ 62,000,000
Accounts payable	$ 18,000,000		$ 18,000,000		$ 12,000,000

Revenue - Narrative (Details) - Natural Gas - Twin Eagle Holdings N.A., LLC $ in Millions	1 Months Ended
	Sep. 30, 2026 USD ($)
Minimum
Disaggregation of Revenue [Line Items]
Revenue, remaining performance obligation, contract term	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01
Disaggregation of Revenue [Line Items]
Unsatisfied performance obligation	$ 536
Revenue, remaining performance obligation, expected timing of satisfaction, period	5 years

- 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.

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+ Details

Share-Based Compensation

9 Months Ended

Sep. 30, 2026

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 Period, 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, 2025	957	$	94.61
Granted(a)	1,051	$	97.99
Vested	(394)	$	89.70
Forfeited	(133)	$	102.08
Unvested as of September 30, 2026	1,481	$	97.64

___________________________________________

The aggregate intrinsic value of RSUs that vested during the Current Period was approximately $44 million based on the stock price at the time of vesting.

As of September 30, 2026, there was approximately $114 million of total unrecognized compensation expense related to unvested RSUs. The expense is expected to be recognized over a weighted average period of approximately 2.37 years.

Performance Share Units. During the Current Period, 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 during the Current Period.


Assumption	TSR, rTSR
Risk-free interest rate	3.74	%
Volatility	28.50	%

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, 2025	464	$	106.14
Granted	123	$	79.75
Vested	(133)	$	80.53
Forfeited	(58)	$	117.94
Unvested as of September 30, 2026	396	$	104.82

The aggregate intrinsic value of PSUs that vested during the Current Period was approximately $11 million based on the stock price at the time of vesting.

As of September 30, 2026, there was approximately $17 million of total unrecognized compensation expense related to unvested PSUs. The expense is expected to be recognized over a weighted average period of approximately 1.83 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 September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
General and administrative expenses	$	9	$	10	$	27	$	28
Natural gas and oil properties	2		2		7		6
Production expense	2		2		5		4
Separation and other termination costs	—		2		3		2
Marketing expense	—		—		1		2
Other operating expense, net	1		1		1		4
Total RSU and PSU compensation	$	14	$	17	$	44	$	46
Related income tax benefit	$	2	$	4	$	8	$	12

Debt - Narrative (Details)		1 Months Ended	3 Months Ended		9 Months Ended
Debt - Narrative (Details)	Oct. 06, 2026	Sep. 30, 2026 USD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($) extension_term	Sep. 30, 2025 USD ($)	Sep. 17, 2026 USD ($)	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Repayments of debt					$ 1,287,000,000	$ 663,000,000
Interest paid, net of capitalized interest					209,000,000	215,000,000
Gain on extinguishment of debt			$ 0	$ 1,000,000	37,000,000	$ 4,000,000
Other current liabilities		$ 2,215,000,000	2,215,000,000		2,215,000,000			$ 2,045,000,000
Twin Eagle’s Trade Receivables Purchase Agreement
Debt Instrument [Line Items]
Other current liabilities		86,000,000	86,000,000		86,000,000
Senior Notes
Debt Instrument [Line Items]
Gain on extinguishment of debt					37,000,000
Secured Debt
Debt Instrument [Line Items]
Outstanding borrowings		0	0		$ 0
Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, extension period					1 year
Debt instrument extension term \| extension_term					2
Maximum borrowing capacity		3,500,000,000	3,500,000,000		$ 3,500,000,000
Letters of credit outstanding, amount		0	0		0
Unused borrowing capacity		$ 3,100,000,000	$ 3,100,000,000		$ 3,100,000,000
Credit Facility \| Line of Credit \| Federal Funds Effective Rate
Debt Instrument [Line Items]
Variable rate percentage					0.50%
Credit Facility \| Line of Credit \| SOFR
Debt Instrument [Line Items]
Variable rate percentage					1.00%
Credit Facility \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Ratio of indebtedness to net capital		0.65	0.65		0.65
Variable rate percentage					2.00%
Unused capacity, commitment fee percentage					0.325%
Credit Facility \| Line of Credit \| Maximum \| SOFR
Debt Instrument [Line Items]
Variable rate percentage					1.00%
Credit Facility \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Variable rate percentage					1.125%
Unused capacity, commitment fee percentage					0.125%
Credit Facility \| Line of Credit \| Minimum \| SOFR
Debt Instrument [Line Items]
Variable rate percentage					0.125%
Credit Facility \| Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,000,000,000.0	$ 1,000,000,000.0		$ 1,000,000,000.0
Credit Facility \| Line of Credit \| Swingline Loans
Debt Instrument [Line Items]
Maximum borrowing capacity		100,000,000	100,000,000		100,000,000
Credit Facility \| Line of Credit \| Scenario, Plan
Debt Instrument [Line Items]
Increase in maximum borrowing capacity		$ 1,000,000,000.0	$ 1,000,000,000.0		$ 1,000,000,000.0
Credit Facility \| Line of Credit \| Subsequent Event \| To September 30, 2031
Debt Instrument [Line Items]
Debt instrument, extension period	1 year
5.65% senior notes due 2031 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		5.65%	5.65%		5.65%		5.65%
Debt instrument, principal amount							$ 500,000,000
Outstanding borrowings		$ 500,000,000	$ 500,000,000		$ 500,000,000			0
4.95% senior notes due 2025 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage				4.95%		4.95%
Extinguishment of debt						$ 389,000,000
5.50% senior notes due 2026 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage				5.50%		5.50%
Extinguishment of debt						$ 47,000,000
6.75% senior notes due 2029(b) \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		6.75%	6.75%	6.75%	6.75%	6.75%
Extinguishment of debt					$ 847,000,000	$ 103,000,000
Repayments of debt					875,000,000
Interest paid, net of capitalized interest					28,000,000
Outstanding borrowings		$ 0	$ 0		$ 0			847,000,000
5.875% senior notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		5.875%	5.875%	5.875%	5.875%	5.875%
Extinguishment of debt					$ 440,000,000	$ 60,000,000
Repayments of debt					446,000,000
Interest paid, net of capitalized interest					6,000,000
Outstanding borrowings		$ 0	$ 0		$ 0			440,000,000
5.375% senior notes due 2029 \| Senior Notes
Debt Instrument [Line Items]
Interest rate, stated percentage		5.375%	5.375%	5.375%	5.375%	5.375%
Extinguishment of debt						$ 62,000,000
Outstanding borrowings		$ 638,000,000	$ 638,000,000		$ 638,000,000			$ 638,000,000
Twin Eagle’s Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		1,400,000,000	1,400,000,000		1,400,000,000
Letters of credit outstanding, amount		$ 266,000,000	266,000,000		266,000,000
Variable rate percentage		1.75%
Line of credit facility, current borrowing capacity		$ 1,000,000,000.0	1,000,000,000.0		1,000,000,000.0
Outstanding borrowings		0	0		0
Remaining borrowing capacity		$ 734,000,000	$ 734,000,000		$ 734,000,000
Net working capital, percentage		18.00%	18.00%		18.00%
Tangible net worth, percentage		20.00%	20.00%		20.00%
Tangible net worth, amount		$ 200,000,000	$ 200,000,000		$ 200,000,000
Subordinated indebtedness, percentage		50.00%	50.00%		50.00%
Leverage ratio, maximum		8.5	8.5		8.5
Tangible net worth maximum amount effected ,percentage		14.50%	14.50%		14.50%
Tangible net worth maximum effected, amount		$ 145,000,000	$ 145,000,000		$ 145,000,000
Twin Eagle’s Credit Facility \| Line of Credit \| Federal Funds Effective Rate
Debt Instrument [Line Items]
Variable rate percentage		0.50%
Twin Eagle’s Credit Facility \| Line of Credit \| SOFR \| Variable Rate Component One
Debt Instrument [Line Items]
Variable rate percentage		1.50%
Twin Eagle’s Credit Facility \| Line of Credit \| SOFR \| Variable Rate Component Two
Debt Instrument [Line Items]
Variable rate percentage		0.75%
Twin Eagle’s Credit Facility \| Line of Credit \| Swingline Loans
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 200,000,000	200,000,000		200,000,000
Twin Eagle’s Credit Facility \| Line of Credit \| Scenario, Plan
Debt Instrument [Line Items]
Increase in maximum borrowing capacity		$ 600,000,000	$ 600,000,000		$ 600,000,000

Share-Based Compensation - Schedule of Restricted Stock and Performance Stock Units Compensation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total RSU and PSU compensation	$ 14	$ 17	$ 44	$ 46
Related income tax benefit	2	4	8	12
Location, Statement of Financial Position, Activity, Accrual [Axis]: us-gaap:ProvedOilAndGasPropertySuccessfulEffortMethod
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total RSU and PSU compensation	2	2	7	6
Income Statement Location [Axis]: us-gaap:CostOfGoodsAndServicesSold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total RSU and PSU compensation	0	0	1	2
Income Statement Location [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total RSU and PSU compensation	9	10	27	28
Income Statement Location [Axis]: us-gaap:OtherOperatingIncomeExpenseNet
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total RSU and PSU compensation	1	1	1	4
Income Statement Location [Axis]: us-gaap:RestructuringCharges
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total RSU and PSU compensation	0	2	3	2
Income Statement Location [Axis]: us-gaap:ResultsOfOperationsProductionOrLiftingCosts
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total RSU and PSU compensation	$ 2	$ 2	$ 5	$ 4

- 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.

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+ Details

Equity - Schedule of Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2026	Sep. 30, 2025
Dividends Payable [Line Items]
Dividends							$ 411	$ 628
O 2026 Q1 Dividends
Dividends Payable [Line Items]
Dividends payable, base (in dollars per share)			$ 0.575
Dividends payable, variable (in dollars per share)			0
Common stock, dividends, (in dollars per share)			$ 0.575
Dividends			$ 138
O 2026 Q2 Dividends
Dividends Payable [Line Items]
Dividends payable, base (in dollars per share)		$ 0.575
Dividends payable, variable (in dollars per share)		0
Common stock, dividends, (in dollars per share)		$ 0.575
Dividends		$ 138
O 2026 Q3 Dividends
Dividends Payable [Line Items]
Dividends payable, base (in dollars per share)	$ 0.575
Dividends payable, variable (in dollars per share)	0
Common stock, dividends, (in dollars per share)	$ 0.575
Dividends	$ 134
O 2025 Q1 Dividends
Dividends Payable [Line Items]
Dividends payable, base (in dollars per share)						$ 0.575
Dividends payable, variable (in dollars per share)						0
Common stock, dividends, (in dollars per share)						$ 0.575
Dividends						$ 138
O 2025 Q2 Dividends
Dividends Payable [Line Items]
Dividends payable, base (in dollars per share)					$ 0.575
Dividends payable, variable (in dollars per share)					0
Common stock, dividends, (in dollars per share)					$ 0.575
Dividends					$ 138
O 2025 Q3 Dividends
Dividends Payable [Line Items]
Dividends payable, base (in dollars per share)				$ 0.575
Dividends payable, variable (in dollars per share)				0.89
Common stock, dividends, (in dollars per share)				$ 1.465
Dividends				$ 351

Share-Based Compensation - Schedule of Valuation Assumptions (Details) - Performance Share Units (PSUs) - TSR, rTSR	9 Months Ended
	Sep. 30, 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	3.74%
Volatility	28.50%

- 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

Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income before income taxes	$ 608	$ 686	$ 2,769	$ 1,595
Current tax expense			19	9
Deferred tax expense			550	320
Income tax expense	$ 89	$ 139	$ 569	$ 329
Current tax expense			0.70%	0.60%
Deferred tax expense			19.90%	20.00%
Income tax expense			20.60%	20.60%

- 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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- Definition

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+ Details

Equity

9 Months Ended

Sep. 30, 2026

Equity [Abstract]

Equity


9.			Equity

Dividends

The table below presents dividends during the Current Period and Prior Period.


	Base		Variable		Rate Per Share		Total
2026:
First Quarter	$	0.575	$	—	$	0.575	$	138
Second Quarter	$	0.575	$	—	$	0.575	$	138
Third Quarter	$	0.575	$	—	$	0.575	$	134


2025:
First Quarter	$	0.575	$	—	$	0.575	$	138
Second Quarter	$	0.575	$	—	$	0.575	$	138
Third Quarter	$	0.575	$	0.89	$	1.465	$	351

On October 27, 2026, we declared a base quarterly dividend payable of $0.575 per share, which will be paid on December 3, 2026 to stockholders of record at the close of business on November 12, 2026.

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. On July 24, 2026, our Board of Directors authorized an expansion of the share repurchase program by $1.0 billion, bringing the total authorized share repurchase amount to $2.0 billion for our common stock. During the Current Period, we repurchased 9.8 million shares for an aggregate price of $909 million, which includes the impact of the 1% excise tax on share repurchases. During the Prior Period, we repurchased 0.9 million shares for an aggregate price of $100 million. The shares of common stock repurchased during the Current Period and Prior Period were retired and recorded as a reduction to common stock and retained earnings.

Warrants

As of December 31, 2025, there were 15,705 Class A Warrants, 48,801 Class B Warrants and 1,244,008 Class C Warrants outstanding. On February 9, 2026, all of the outstanding Warrants that had not been previously exercised expired. As a result of these Warrant exercises, we issued 1,122,179 common shares and no longer have any outstanding Warrants.

- Definition

The entire disclosure for equity.

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+ Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2026	Oct. 20, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2026
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	10000 Energy Drive,
Entity Address, City or Town	Spring,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77389
City Area Code	(346)
Local Phone Number	535-0990
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	EXE
Security Exchange Name	NASDAQ
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 Common Stock, Shares Outstanding		230,957,348
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000895126
Current Fiscal Year End Date	--12-31

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Total
Disaggregation of Revenue [Line Items]
Revenues	$ 1,881	$ 1,850	$ 7,026	$ 6,171
Total \| Eliminations
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Total \| Haynesville
Disaggregation of Revenue [Line Items]
Revenues	783	826	2,790	2,492
Total \| Northeast Appalachia
Disaggregation of Revenue [Line Items]
Revenues	513	538	2,454	2,081
Total \| Southwest Appalachia
Disaggregation of Revenue [Line Items]
Revenues	585	486	1,782	1,598
Natural Gas
Disaggregation of Revenue [Line Items]
Revenues	1,553	1,597	6,134	5,371
Natural Gas \| Haynesville
Disaggregation of Revenue [Line Items]
Revenues	783	826	2,790	2,492
Natural Gas \| Northeast Appalachia
Disaggregation of Revenue [Line Items]
Revenues	513	538	2,454	2,081
Natural Gas \| Southwest Appalachia
Disaggregation of Revenue [Line Items]
Revenues	257	233	890	798
Oil
Disaggregation of Revenue [Line Items]
Revenues	120	86	319	250
Oil \| Haynesville
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Oil \| Northeast Appalachia
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
Oil \| Southwest Appalachia
Disaggregation of Revenue [Line Items]
Revenues	120	86	319	250
NGL
Disaggregation of Revenue [Line Items]
Revenues	208	167	573	550
NGL \| Haynesville
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
NGL \| Northeast Appalachia
Disaggregation of Revenue [Line Items]
Revenues	0	0	0	0
NGL \| Southwest Appalachia
Disaggregation of Revenue [Line Items]
Revenues	208	167	573	550
Marketing Revenue
Disaggregation of Revenue [Line Items]
Revenues	927	666	2,820	2,364
Marketing Revenue \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	2,748	2,498	9,797	8,413
Marketing Revenue \| Eliminations
Disaggregation of Revenue [Line Items]
Revenues	(1,821)	(1,832)	(6,977)	(6,049)
Natural Gas
Disaggregation of Revenue [Line Items]
Revenues	834	599	2,559	2,155
Natural Gas \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	2,336	2,190	8,673	7,445
Natural Gas \| Eliminations
Disaggregation of Revenue [Line Items]
Revenues	(1,502)	(1,591)	(6,114)	(5,290)
Oil
Disaggregation of Revenue [Line Items]
Revenues	49	34	136	101
Oil \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	169	120	450	349
Oil \| Eliminations
Disaggregation of Revenue [Line Items]
Revenues	(120)	(86)	(314)	(248)
NGL
Disaggregation of Revenue [Line Items]
Revenues	44	33	125	108
NGL \| Operating Segments
Disaggregation of Revenue [Line Items]
Revenues	243	188	674	619
NGL \| Eliminations
Disaggregation of Revenue [Line Items]
Revenues	$ (199)	$ (155)	$ (549)	$ (511)

Investments

9 Months Ended

Sep. 30, 2026

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 (“Momentum”) to build a new natural gas gathering pipeline and carbon capture project, which gathers and treats natural gas produced in the Haynesville Shale for delivery to Gulf Coast markets, including LNG export, the New Generation Gas Gathering LLC (“NG3”) operated pipeline (the “NG3 pipeline”). The NG3 pipeline was placed in service and began gathering operations on October 1, 2025. Under a CO2 services agreement with ExxonMobil Low Carbon Solutions Onshore Storage, LLC (“Exxon”), NG3 began delivering CO2 to Exxon for capture and sequestration in February 2026. During the Current Quarter, Momentum was acquired by Williams (NYSE: WMB), but we continue to have a 35% interest in the joint venture entity and classify our investment with Momentum in the NG3 pipeline as a related party.

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 $304 million and $313 million as of September 30, 2026 and December 31, 2025, respectively. We recognize our proportionate share of income (loss) related to our investment with Momentum in other income, net within our condensed consolidated statements of operations. Our proportionate share of income (loss) related to our investment with Momentum is recognized on a three-month lag. During the Current Quarter and Prior Quarter, as well as the Current Period and Prior Period, our proportionate share of income (loss) related to our investment in the NG3 pipeline did not have a material impact to our financial statements. We periodically review our investment with Momentum to determine if a loss in value, which is other than a temporary decline, has occurred. If an other than temporary decline has occurred, we recognize an impairment on our investment. Through September 30, 2026, we have not recognized any impairments related to our investment with Momentum.

The NG3 pipeline provides to us certain gathering, processing and transportation services. We have a gathering agreement in which approximately 900 MMcf per day, on average, of natural gas are to be gathered and processed by the NG3 pipeline over the course of the next 11 years. During the Current Quarter and Current Period, approximately $23 million and $62 million of our gathering, processing and transportation expenses were related to services provided by the NG3 pipeline, respectively, and is reflected within our condensed consolidated statements of operations. Additionally, approximately $18 million and $12 million of our accounts payable balance as of September 30, 2026 and December 31, 2025, respectively, was related to gathering, processing and transportation services rendered to us by the NG3 pipeline.

Revenue - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Disaggregation of Revenue [Line Items]
Allowance for doubtful accounts	$ (14)	$ (14)
Total accounts receivable, net	1,389	1,599
Natural gas, oil and NGL sales
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	1,182	1,363
Joint interest
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	218	232
Other
Disaggregation of Revenue [Line Items]
Accounts receivable, gross	$ 3	$ 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.

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2026
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 September 30, 2026, we had restricted cash of $103 million. Our restricted cash primarily represents funds restricted for payment of certain royalties pending the outcome of competing ownership claims for certain minerals.
Foreign Currency Translation	Foreign Currency Translation The U.S. dollar is the functional currency for our consolidated operations except for our Canadian operations assumed in the Twin Eagle Acquisition, which use the Canadian dollar as the functional currency. Assets and liabilities denominated in Canadian dollars are translated to U.S. dollars for financial reporting purposes using the exchange rate on the date of the condensed consolidated balance sheet, while revenues and expenses are translated at the average exchange rate during the applicable period. Any gains or losses on transactions in currencies other than the functional currency are included in net income in the current period. Foreign currency translation adjustments are recorded as a component of accumulated other comprehensive income. For the time periods covered by this Form 10-Q, we did not have any material foreign currency translation adjustments or items impacting other comprehensive income.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill is not amortized but is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. Finite-lived intangible assets are amortized over their estimated useful lives in a manner that reflects the pattern in which the related economic benefits are expected to be consumed. Finite-lived intangible assets are evaluated for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable.
Inventory	Inventory Our inventory primarily consists of natural gas held in storage facilities and natural gas pipeline imbalances. Storage inventory is stated at the lower of cost and net realizable value, with cost determined using the weighted-average cost method. Pipeline imbalances represent differences between the volumes of natural gas delivered to and received from pipelines and are valued using applicable market prices as of the condensed consolidated balance sheet date.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. ASU 2025-11 clarifies interim disclosure requirements and the applicability of Topic 270. Additionally, ASU 2025-11 includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. This ASU is effective 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 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. We consider the applicability and impact of all ASUs. ASUs not listed above were evaluated and determined to either be not applicable, already adopted and disclosed or not material upon adoption.

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
Earnings Per Share - Narrative (Details) - shares	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	10,837	308,646	10,837	308,646
Class C Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)		582,109		582,109

Contingencies and Commitments - Schedule of Contractual Obligation (Details) - Gathering, Processing and Transportation Agreement $ in Millions	Sep. 30, 2026 USD ($)
Other Commitments [Line Items]
Remainder of 2026	$ 445
2027	1,566
2028	1,415
2029	1,055
2030	941
Thereafter	3,518
Total	$ 8,940

Supplemental Cash Flow Information

9 Months Ended

Sep. 30, 2026

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information


13.			Supplemental Cash Flow Information

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


	Nine Months Ended September 30,
	2026		2025
Changes in assets and liabilities
Accounts receivable	$	769	$	224
Accounts payable	(119)		(21)
Other current assets	(69)		(49)
Other current liabilities	(143)		(12)
Total	$	438	$	142


Supplemental cash flow information:
Interest paid, net of capitalized interest	$	209	$	215



Income taxes paid (refunds received), net	$	(28)	$	67

Supplemental disclosure of significant non-cash investing and financing activities:
Change in accrued drilling and completion costs	$	41	$	141
Operating lease obligations recognized	$	14	$	33

Equity (Tables)

9 Months Ended

Sep. 30, 2026

Equity [Abstract]

Schedule of Dividends

The table below presents dividends during the Current Period and Prior Period.


	Base		Variable		Rate Per Share		Total
2026:
First Quarter	$	0.575	$	—	$	0.575	$	138
Second Quarter	$	0.575	$	—	$	0.575	$	138
Third Quarter	$	0.575	$	—	$	0.575	$	134


2025:
First Quarter	$	0.575	$	—	$	0.575	$	138
Second Quarter	$	0.575	$	—	$	0.575	$	138
Third Quarter	$	0.575	$	0.89	$	1.465	$	351

Contingencies and Commitments

9 Months Ended

Sep. 30, 2026

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.

Commitments

Gathering, Processing, Transportation and Storage 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, as well as separate commitments with other counterparties for storage services. Certain of these arrangements include reservation and other capacity-related fees. Working interest owners and royalty interest owners, where appropriate, will be responsible for their proportionate share of these costs. Generally, commitments related to gathering, processing, transportation and storage agreements are not recorded as obligations in the accompanying condensed consolidated balance sheets, however, as part of the Southwestern Merger, we assumed gathering, processing, transportation and storage 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 aggregate undiscounted commitments under our gathering, processing, transportation and storage 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:


	September 30, 2026
Remainder of 2026	$	445
2027	1,566
2028	1,415
2029	1,055
2030	941
Thereafter	3,518
Total	$	8,940

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.

Sales and Purchase Agreements

In April 2026, the Company entered into a 20-year LNG sales and purchase agreement with Delfin FLNG 1 LLC (“Delfin”) to purchase approximately 1.15 MTPA of LNG. As of June 30, 2026, all conditions precedent under the agreement had been satisfied and the agreement is effective. Commercial deliveries are expected to commence in 2031. Based on the fixed and determinable components of the contractual pricing provisions, the Company estimates future commitments associated with such components to be approximately $2.9 billion over the term of the agreement. Actual amounts paid under the agreement may vary based on commodity prices, inflation adjustments and other contractual terms.

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.

Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Changes in assets and liabilities
Accounts receivable	$ 769	$ 224
Accounts payable	(119)	(21)
Other current assets	(69)	(49)
Other current liabilities	(143)	(12)
Total	438	142
Supplemental cash flow information:
Interest paid, net of capitalized interest	209	215
Income taxes paid (refunds received), net	(28)	67
Supplemental disclosure of significant non-cash investing and financing activities:
Change in accrued drilling and completion costs	41	141
Operating lease obligations recognized	$ 14	$ 33

Income Taxes - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2026	Sep. 30, 2025	Sep. 16, 2026
Effective Income Tax Rate Reconciliation [Line Items]
Estimated effective income tax rate	21.90%	21.30%
Current tax expense	$ 19	$ 9
Twin Eagle Holdings N.A., LLC
Effective Income Tax Rate Reconciliation [Line Items]
Goodwill, expected tax deductible, amount	$ 242		$ 242

Segment Information - Schedule of Condensed Consolidated Financial Statements (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Revenues:
Gains on derivatives	$ 464	$ 451	$ 784	$ 314
Gains (losses) on sales of assets	14	(1)	13	3
Total revenues and other	3,286	2,966	10,643	8,852
Operating expenses:
Production	168	169	521	467
Gathering, processing and transportation	678	608	2,002	1,734
Severance and ad valorem taxes	61	48	181	145
General and administrative	50	45	163	132
Total significant expenses	1,845	1,529	5,525	4,847
Depreciation, depletion and amortization	750	741	2,183	2,221
Other expenses	51	(29)	103	58
Other segment items	801	712	2,286	2,279
Total operating expenses	2,646	2,241	7,811	7,126
Income from operations	640	725	2,832	1,726
Eliminations
Revenues:
Gains on derivatives	0	0	0	0
Gains (losses) on sales of assets	0	0	0	0
Total revenues and other	(1,821)	(1,832)	(6,977)	(6,049)
Operating expenses:
Production	0	0	0	0
Gathering, processing and transportation	(52)	(55)	(214)	(189)
Severance and ad valorem taxes	0	0	0	0
General and administrative	0	0	0	0
Total significant expenses	(1,821)	(1,832)	(6,977)	(6,049)
Depreciation, depletion and amortization	0	0	0	0
Other expenses	0	0	0	0
Other segment items	0	0	0	0
Total operating expenses	(1,821)	(1,832)	(6,977)	(6,049)
Income from operations	0	0	0	0
E&P \| Operating Segments
Revenues:
Gains on derivatives	454	451	782	314
Gains (losses) on sales of assets	14	(1)	13	3
Total revenues and other	2,349	2,300	7,821	6,488
Operating expenses:
Production	168	169	521	467
Gathering, processing and transportation	730	663	2,216	1,923
Severance and ad valorem taxes	61	48	181	145
General and administrative	50	45	163	132
Total significant expenses	1,009	925	3,081	2,667
Depreciation, depletion and amortization	743	741	2,176	2,221
Other expenses	51	(29)	103	58
Other segment items	794	712	2,279	2,279
Total operating expenses	1,803	1,637	5,360	4,946
Income from operations	546	663	2,461	1,542
Marketing \| Operating Segments
Revenues:
Gains on derivatives	10	0	2	0
Gains (losses) on sales of assets	0	0	0	0
Total revenues and other	2,758	2,498	9,799	8,413
Operating expenses:
Production	0	0	0	0
Gathering, processing and transportation	0	0	0	0
Severance and ad valorem taxes	0	0	0	0
General and administrative	0	0	0	0
Total significant expenses	2,657	2,436	9,421	8,229
Depreciation, depletion and amortization	7	0	7	0
Other expenses	0	0	0	0
Other segment items	7	0	7	0
Total operating expenses	2,664	2,436	9,428	8,229
Income from operations	94	62	371	184
Natural gas, oil and NGL
Revenues:
Revenues	1,881	1,850	7,026	6,171
Natural gas, oil and NGL \| Eliminations
Revenues:
Revenues	0	0	0	0
Natural gas, oil and NGL \| E&P \| Operating Segments
Revenues:
Revenues	1,881	1,850	7,026	6,171
Natural gas, oil and NGL \| Marketing \| Operating Segments
Revenues:
Revenues	0	0	0	0
Marketing
Revenues:
Revenues	927	666	2,820	2,364
Operating expenses:
Marketing	888	659	2,658	2,369
Marketing \| Operating Segments
Revenues:
Revenues	2,748	2,498	9,797	8,413
Marketing \| Eliminations
Revenues:
Revenues	(1,821)	(1,832)	(6,977)	(6,049)
Operating expenses:
Marketing	(1,769)	(1,777)	(6,763)	(5,860)
Marketing \| E&P \| Operating Segments
Revenues:
Revenues	0	0	0	0
Operating expenses:
Marketing	0	0	0	0
Marketing \| Marketing \| Operating Segments
Revenues:
Revenues	2,748	2,498	9,797	8,413
Operating expenses:
Marketing	$ 2,657	$ 2,436	$ 9,421	$ 8,229

Equity - Narrative (Details) - USD ($)			9 Months Ended
Equity - Narrative (Details) - USD ($)	Oct. 27, 2026	Feb. 09, 2026	Sep. 30, 2026	Sep. 30, 2025	Jul. 24, 2026	Dec. 31, 2025	Oct. 22, 2024
Dividends Payable [Line Items]
Authorized amount					$ 2,000,000,000.0		$ 1,000,000,000.0
Additional authorized amount					$ 1,000,000,000.0
Stock repurchased during period (in shares)			9,800,000	900,000
Stock repurchased during period			$ 909,000,000	$ 100,000,000
Warrants
Dividends Payable [Line Items]
Conversion of stock, shares issued (in shares)		1,122,179
Class A Warrants
Dividends Payable [Line Items]
Warrants outstanding (in shares)						15,705
Class B Warrants
Dividends Payable [Line Items]
Warrants outstanding (in shares)						48,801
Class C Warrants
Dividends Payable [Line Items]
Warrants outstanding (in shares)						1,244,008
Subsequent Event
Dividends Payable [Line Items]
Common stock, dividends declared (in dollars per share)	$ 0.575

Share-Based Compensation - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2026 USD ($) shares
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of restricted stock, vested	$ 44
Unrecognized compensation expense	$ 114
Share-based compensation expense, weighted average period for recognition	2 years 4 months 13 days
Performance Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, award vesting period	3 years
Intrinsic value of restricted stock, vested	$ 11
Unrecognized compensation expense	$ 17
Share-based compensation expense, weighted average period for recognition	1 year 9 months 29 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
2021 Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, reserved for future issuance (in shares) \| shares	6,800,000

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Sep. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 118,000,000	$ 616,000,000
Restricted cash	103,000,000	80,000,000
Accounts receivable, net	1,389,000,000	1,599,000,000
Derivative assets	889,000,000	264,000,000
Other current assets	597,000,000	357,000,000
Total current assets	3,096,000,000	2,916,000,000
Natural gas and oil properties, successful efforts method
Proved natural gas and oil properties	28,827,000,000	26,606,000,000
Unproved properties	5,523,000,000	5,478,000,000
Other property and equipment	555,000,000	509,000,000
Total property and equipment	34,905,000,000	32,593,000,000
Less: accumulated depreciation, depletion and amortization	(10,423,000,000)	(8,278,000,000)
Property and equipment held for sale, net	0	40,000,000
Total property and equipment, net	24,482,000,000	24,355,000,000
Long-term derivative assets	46,000,000	47,000,000
Deferred income tax assets	0	168,000,000
Goodwill	349,000,000	0
Intangible assets, net	1,082,000,000	0
Other long-term assets	687,000,000	801,000,000
Total assets	29,742,000,000	28,287,000,000
Current liabilities:
Accounts payable	1,179,000,000	753,000,000
Accrued interest	30,000,000	100,000,000
Derivative liabilities	2,000,000	3,000,000
Other current liabilities	2,215,000,000	2,045,000,000
Total current liabilities	3,426,000,000	2,901,000,000
Long-term debt, net	4,632,000,000	5,009,000,000
Long-term derivative liabilities	12,000,000	1,000,000
Asset retirement obligations, net of current portion	744,000,000	688,000,000
Long-term contract liabilities	914,000,000	975,000,000
Other long-term liabilities	514,000,000	135,000,000
Total liabilities	10,242,000,000	9,709,000,000
Contingencies and commitments (Note 5)
Stockholders' equity:
Common stock, $0.01 par value, 450,000,000 shares authorized: 230,944,097 and 239,249,874 shares issued	2,000,000	2,000,000
Additional paid-in capital	13,787,000,000	13,746,000,000
Retained earnings	5,711,000,000	4,830,000,000
Total stockholders' equity	19,500,000,000	18,578,000,000
Total liabilities and stockholders' equity	$ 29,742,000,000	$ 28,287,000,000

Share-Based Compensation - Schedule of Changes in Unvested Performance Share Units (Details) - Performance Share Units (PSUs) shares in Thousands	9 Months Ended
	Sep. 30, 2026 $ / shares shares
Unvested Performance Share Units
Unvested units, beginning balance (in shares) \| shares	464
Granted (in shares) \| shares	123
Vested (in shares) \| shares	(133)
Forfeited (in shares) \| shares	(58)
Unvested units, ending balance (in shares) \| shares	396
Weighted Average Grant Date Fair Value Per Share
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 106.14
Granted (in dollars per share) \| $ / shares	79.75
Vested (in dollars per share) \| $ / shares	80.53
Forfeited (in dollars per share) \| $ / shares	117.94
Unvested, ending balance (in dollars per share) \| $ / shares	$ 104.82

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Revenues and other:
Gains on derivatives	$ 464	$ 451	$ 784	$ 314
Gains (losses) on sales of assets	14	(1)	13	3
Total revenues and other	3,286	2,966	10,643	8,852
Operating expenses:
Production	168	169	521	467
Gathering, processing and transportation	678	608	2,002	1,734
Severance and ad valorem taxes	61	48	181	145
Exploration	19	3	49	30
General and administrative	50	45	163	132
Separation and other termination costs	3	5	12	5
Depreciation, depletion and amortization	750	741	2,183	2,221
Other operating expense (income), net	29	(37)	42	23
Total operating expenses	2,646	2,241	7,811	7,126
Income from operations	640	725	2,832	1,726
Other income (expense):
Interest expense	(44)	(57)	(146)	(176)
Gains on purchases, exchanges or extinguishments of debt	0	1	37	4
Other income, net	12	17	46	41
Total other income (expense)	(32)	(39)	(63)	(131)
Income before income taxes	608	686	2,769	1,595
Income tax expense	89	139	569	329
Net income	$ 519	$ 547	$ 2,200	$ 1,266
Earnings per common share:
Basic (in dollars per share)	$ 2.24	$ 2.30	$ 9.30	$ 5.34
Diluted (in dollars per share)	$ 2.24	$ 2.28	$ 9.29	$ 5.27
Weighted average common shares outstanding (in thousands):
Basic (in shares)	231,555	238,221	236,529	236,890
Diluted (in shares)	231,731	239,893	236,909	240,373
Marketing
Revenues and other:
Revenues	$ 927	$ 666	$ 2,820	$ 2,364
Operating expenses:
Marketing	888	659	2,658	2,369
Natural gas, oil and NGL
Revenues and other:
Revenues	$ 1,881	$ 1,850	$ 7,026	$ 6,171

Income Taxes

9 Months Ended

Sep. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes


8.			Income Taxes

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


	Nine Months Ended September 30,
		2026	2025
Income before income taxes			$	2,769			$	1,595

Current tax expense			19		0.7	%	9		0.6	%
Deferred tax expense			550		19.9	%	320		20.0	%
Income tax expense			$	569	20.6	%	$	329	20.6	%

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 Period was 21.9%, compared to 21.3% in the Prior Period. 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. Remeasurement of our state deferred tax assets and liabilities due to the Twin Eagle Acquisition resulted in a discrete deferred tax benefit recorded in the Current Period.

The Twin Eagle Acquisition was treated as a taxable asset acquisition and therefore provides for acquired tax basis to be stepped up to fair market value. For U.S. tax purposes, the intangible assets and the tax deductible portion of goodwill will amortize over a 15-year period. We expect approximately $242 million of the goodwill recognized from the Twin Eagle Acquisition to be deductible for U.S. tax purposes.

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 income in the Current Period and Prior Period, a current tax expense of $19 million and $9 million, respectively, was recorded.

As of December 31, 2025, we were in a net deferred tax asset position and we anticipate being in a net deferred tax liability position as of December 31, 2026. 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 for federal and state purposes as of September 30, 2026 and December 31, 2025. As of September 30, 2026, we were in a net deferred tax liability position for all jurisdictions.

On July 4, 2025, the current Presidential Administration signed into law the One Big Beautiful Bill Act (the “OBBBA”). This bill restores 100% bonus depreciation for property acquired and placed into service after January 19, 2025, restores the immediate expensing of research expenditures, and provides for parity between the treatment of intangible drilling costs and depreciation for purposes of the CAMT. The enactment of the OBBBA and its provisions contributed to a reduction in the Company’s expected current tax expense with an offsetting increase to the Company’s expected deferred tax expense.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
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+ Details

Other Balance Sheet Items

9 Months Ended

Sep. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Other Balance Sheet Items


6.			Other Balance Sheet Items

Other current assets as of September 30, 2026 and December 31, 2025 are detailed below:


	September 30, 2026		December 31, 2025
Contract assets	$	214	$	90
Notes receivable	69		129
Inventory	169		19
Prepaid expenses	36		24
Margin deposits	35		—
Other	74		95
Total other current assets	$	597	$	357

Other current liabilities as of September 30, 2026 and December 31, 2025 are detailed below:


	September 30, 2026		December 31, 2025
Revenues and royalties due to others	$	870	$	972
Accrued drilling and production costs	349		350
Contract liabilities	356		253
Accrued compensation and benefits	132		107
Taxes payable	205		157
Operating leases	38		51
Joint interest prepayments received	14		11

Other	251		144
Total other current liabilities	$	2,215	$	2,045

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2026
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

Derivative and Hedging Activities - Schedule of Net Exposures from Outstanding Natural Gas, Oil and NGL Derivative Instruments (Details) - Energy Related Derivative	9 Months Ended	12 Months Ended
	Sep. 30, 2026 Bcf MMBbls	Dec. 31, 2025 Bcf MMBbls
Natural gas (Bcf):
Derivative [Line Items]
Notional amount	2,556	2,484
Natural gas (Bcf): \| Central Hub Exposure
Derivative [Line Items]
Notional amount	1,508	2,147
Natural gas (Bcf): \| Basis exposure
Derivative [Line Items]
Notional amount	1,048	337
Oil (MMBbls): \| Central Hub Exposure
Derivative [Line Items]
Notional amount \| MMBbls	1	0
NGLs (MMBbls): \| Central Hub Exposure
Derivative [Line Items]
Notional amount \| MMBbls	1	0

Acquisitions and Divestitures - Schedule of the Allocation of the Total Purchase Price (Details) - USD ($)	Sep. 16, 2026	Sep. 30, 2026	Sep. 15, 2026	Dec. 31, 2025
Fair Value of Assets Acquired:
Goodwill		$ 349,000,000	$ 0	$ 0
Twin Eagle Holdings N.A., LLC
Consideration:
Cash	$ 1,250,000,000
Incentive awards	102,000,000
Working capital adjustments	53,000,000
Total consideration	1,405,000,000
Fair Value of Assets Acquired:
Cash and cash equivalents	10,000,000
Accounts receivable	561,000,000
Other current assets	248,000,000
Intangible assets	1,089,000,000
Goodwill	349,000,000
Other long-term assets	102,000,000
Amounts attributable to assets acquired, including goodwill	2,359,000,000
Fair Value of Liabilities Assumed:
Accounts payable	500,000,000
Credit facility borrowings	141,000,000
Other current liabilities	165,000,000
Deferred tax liabilities	25,000,000
Other long-term liabilities	123,000,000
Amounts attributable to liabilities assumed	954,000,000
Total identifiable net assets	$ 1,405,000,000

Supplemental Cash Flow Information (Tables)

9 Months Ended

Sep. 30, 2026

Supplemental Cash Flow Information [Abstract]

Schedule of Supplemental Disclosures to the Condensed Consolidated Statements of Cash Flows

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


	Nine Months Ended September 30,
	2026		2025
Changes in assets and liabilities
Accounts receivable	$	769	$	224
Accounts payable	(119)		(21)
Other current assets	(69)		(49)
Other current liabilities	(143)		(12)
Total	$	438	$	142


Supplemental cash flow information:
Interest paid, net of capitalized interest	$	209	$	215



Income taxes paid (refunds received), net	$	(28)	$	67

Supplemental disclosure of significant non-cash investing and financing activities:
Change in accrued drilling and completion costs	$	41	$	141
Operating lease obligations recognized	$	14	$	33

Derivative and Hedging Activities - Schedule of Condensed Consolidated Statements of Operations Within Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Derivative [Line Items]
Total gains on derivatives	$ 464	$ 451	$ 784	$ 314
Commodity derivatives
Derivative [Line Items]
Total gains on derivatives	456	451	776	314
Foreign exchange derivatives
Derivative [Line Items]
Total gains on derivatives	4	0	4	0
Interest rate derivatives
Derivative [Line Items]
Total gains on derivatives	$ 4	$ 0	$ 4	$ 0

Debt

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Debt


4.			Debt

Our long-term debt consisted of the following as of September 30, 2026 and December 31, 2025:


	September 30, 2026				December 31, 2025
	Carrying Amount		Fair Value(a)		Carrying Amount		Fair Value(a)
Credit Facility	$	450	$	450	$	—	$	—



5.375% senior notes due 2029	638		633		638		639
5.875% senior notes due 2029(b)	—		—		440		441
6.75% senior notes due 2029(b)	—		—		847		852
5.375% senior notes due 2030	1,200		1,181		1,200		1,218
5.65% senior notes due 2031	500		493		—		—
4.75% senior notes due 2032	1,150		1,081		1,150		1,137
5.70% senior notes due 2035	750		718		750		776
Discounts on senior notes, net	(45)		—		(8)		—
Debt issuance costs	(11)		—		(8)		—


Total long-term debt, net	$	4,632	$	4,556	$	5,009	$	5,063

____________________________________________

(a)The carrying value of borrowings under our Credit Facility approximates fair value as the interest rates are based on prevailing market rates and 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.

(b)These notes were redeemed during the Current Period, see additional information below.

Credit Facility. On September 30, 2025, the Company entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) that, as amended, had a maturity date of September 30, 2030 (the “Credit Facility”), with the lenders and issuing banks party thereto from time to time (the “Lenders”), and JPMorgan Chase Bank, N.A., as administrative agent. On October 6, 2026, we obtained consent from the Lenders to an amendment to extend the maturity date of the Credit Facility by one year to September 30, 2031. The maturity date for the Credit Facility has two one-year extension options available, each subject to the Lenders’ consent. The Credit Facility provides for aggregate commitments of $3.5 billion, with incremental capacity for additional commitments in an amount up to $1.0 billion, subject to the receipt of commitments thereto and certain customary conditions. Under the Credit Facility, the sublimit available for the issuance of letters of credit is $1.0 billion and the sublimit available for swingline loans is $100 million. As of September 30, 2026, there were no outstanding letters of credit under the Credit Facility, and there was approximately $450 million of outstanding borrowings and approximately $3.1 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 requires 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%, tested at the end of each quarter. As of September 30, 2026, 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 112.5 to 200 basis points per annum, depending on the Company’s unsecured debt ratings. 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 term SOFR rate for a one-month interest period plus 100 basis points, plus an applicable margin ranging from 12.5 to 100 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 12.5 to 32.5 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 periods for investment-grade credit facilities of this nature.

Issuance of 5.65% Senior Notes

On September 17, 2026, we completed our underwritten public offering of $500 million aggregate principal amount of our 5.65% Senior Notes due 2031 (the “2031 Notes”). The 2031 Notes were issued pursuant to the Indenture (the “Base Indenture”), dated as of December 2, 2024, between the Company and Regions Bank (the “Trustee”), as trustee, as supplemented by the Second Supplemental Indenture, dated as of September 17, 2026, between the Company and the Trustee, setting forth specific terms applicable to the 2031 Notes.

The 2031 Notes are the Company’s senior unsecured obligations and rank equally in right to payment of the holders of the Company’s other current and future unsecured senior debt, including debt under the Company’s revolving credit facility and the Company’s existing senior notes, and senior in right of payment to any future subordinated debt that the Company may incur. The 2031 Notes are not guaranteed by any of the Company’s subsidiaries and are therefore structurally subordinated to any indebtedness incurred by any of the Company’s subsidiaries.

The 2031 Notes mature on September 15, 2031 and interest on the 2031 Notes is payable semi-annually, on March 15 and September 15 of each year, beginning on March 15, 2027.

Senior Notes Repayment

During the Prior Period, 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 Company’s reserve-based credit facility entered into on December 9, 2022, which was subsequently terminated in connection with the entry into the Credit Facility. The borrowings on the prior credit facility were subsequently repaid during the Prior Period. Additionally, we redeemed the remaining $47 million aggregate principal of the 5.50% Senior Notes due 2026 (the “2026 Notes”), approximately $103 million of our 6.75% Senior Notes due 2029, approximately $60 million of our 5.875% Senior Notes due 2029 and approximately $62 million of our 5.375% Senior Notes due 2029 with cash on hand.

During the Current Period, we redeemed the $847 million aggregate principal of 6.75% Senior Notes due 2029 for approximately $875 million, which included accrued interest of $28 million. Additionally, we redeemed the $440 million aggregate principal of 5.875% Senior Notes due 2029 for approximately $446 million, which included accrued interest of $6 million. Upon redemption of the 6.75% Senior Notes due 2029 and the 5.875% Senior Notes due 2029, we recognized a gain of $37 million during the Current Period primarily related to the derecognition of the unamortized premiums for these notes. We utilized cash on hand for the redemption of the 6.75% Senior Notes due 2029 and the 5.875% Senior Notes due 2029.

Assumption of Twin Eagle’s Credit Facility

On September 16, 2026, we closed the Twin Eagle Acquisition. As part of this acquisition, we assumed Twin Eagle’s Fifth Amended and Restated Credit Agreement, dated as of May 16, 2025 (the “Twin Eagle Credit Agreement”), with the lenders and issuing banks party thereto from time to time (the “Twin Eagle Lenders”), and MUFG Bank, Ltd., as administrative agent and collateral agent. The Twin Eagle Credit Agreement was amended on September 10, 2026 related to the Twin Eagle Acquisition. The Twin Eagle Credit Agreement provides for a revolving credit facility (the “Twin Eagle Credit Facility”) with a maturity date of May 16, 2027 and aggregate commitments of up to $1.4 billion. As of September 30, 2026, there were $1.0 billion of elected commitments under the Twin Eagle Credit Facility. The Twin Eagle Credit Facility can be used for borrowings or for the issuance of letters of credit, with incremental capacity for additional commitments in an amount up to $0.6 billion, subject to the receipt of commitments thereto and certain customary conditions. Under the Twin Eagle Credit Facility, the sublimit available for swingline loans is $200 million. As of September 30, 2026, there were no outstanding borrowings and there was approximately $266 million outstanding letters of credit under the Twin Eagle Credit Facility and approximately $734 million available for borrowings or for the issuance of letters of credit under the elected commitments.

We expect the Twin Eagle Credit Facility to remain outstanding for a limited period of time, after which we intend to terminate this facility once all outstanding letters of credit are canceled. Neither Expand Energy nor its subsidiaries (other than certain Twin Eagle Resource Management, LLC subsidiaries) provide guarantees for this facility.

Substantially all of Twin Eagle’s and the guarantors’ thereunder assets were pledged as security for the Twin Eagle Credit Facility. The availability of capacity for borrowings and letters of credit were subject to a borrowing base calculation and other covenants. As of September 30, 2026, Twin Eagle was in compliance with the covenants associated with the Twin Eagle Credit Facility.

The Twin Eagle Credit Agreement contains restrictive covenants that limit Twin Eagle and its subsidiaries’ ability to, among other things: (i) incur indebtedness, (ii) enter into mergers; (iii) make restricted payments, including distributions; (iv) incur liens; (v) sell all or substantially all of their assets; and (vi) engage in certain transactions with affiliates. The Twin Eagle Credit Agreement requires Twin Eagle’s compliance with the following financial covenants, each tested as of the last day of each calendar month: (i) a consolidated net working capital of not less than 18% of a maximum amount then in effect; (ii) a consolidated tangible net worth of not less than the greater of 20.0% of a maximum amount then in effect and $200 million; (iii) a consolidated leverage ratio, which is the ratio of consolidated total liabilities (minus any subordinated indebtedness up to 50.00% of the consolidated total liabilities) to consolidated tangible net worth, not to exceed 8.5 to 1.0; and (iv) a consolidated tangible net worth minus an aggregate marked-to-market value of, and reserves for, forward contracts with delivery periods more than one year out of not less than the greater of 14.5% of a maximum amount then in effect and $145 million. As of September 30, 2026, Twin Eagle was in compliance with each of these financial condition covenants.

Borrowings under the Twin Eagle Credit Agreement may be base rate loans, term SOFR loans or cost of funds loans, at our election. Interest is payable monthly for base rate loans and at the end of the applicable interest period for term SOFR loans and cost of funds loans. Term SOFR loans bear interest at adjusted term SOFR plus an applicable margin of 175 basis points per annum. Base rate loans bear interest at a rate per annum equal to the greatest of: (i) the prime rate; (ii) the federal funds rate plus 50 basis points; and (iii) adjusted term SOFR for a one-month tenor plus 150 basis points, plus an applicable margin of 75 basis points per annum.

Assumption of Twin Eagle’s Trade Receivables Purchase Agreement

As part of the Twin Eagle Acquisition, we also assumed Twin Eagle’s Uncommitted Trade Receivables Purchase Agreement (the “Twin Eagle Trade Receivables Purchase Agreement”), made as of February 17, 2022, by and between Twin Eagle Resources Management, LLC, as seller, and MUFG Bank, Ltd., as purchaser. The Twin Eagle Trade Receivables Purchase Agreement matures on February 17, 2027 and renews automatically on an annual basis. The Twin Eagle Trade Receivables Purchase Agreement provides for Twin Eagle Resources Management, LLC to offer to sell, and MUFG Bank, Ltd. to purchase, on an uncommitted and discretionary basis, certain of Twin Eagle Resources Management, LLC’s trade receivables accounts. As of September 30, 2026, $86 million of trade receivables accounts had been sold under the Twin Eagle Trade Receivables Purchase Agreement and are reflected within other current liabilities within our condensed consolidated balance sheets.

Aside from the Twin Eagle Credit Facility and the Twin Eagle Trade Receivables Purchase Agreement, the Company had no secured debt as of September 30, 2026.

- 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
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+ Details

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, 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
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]
Net income (loss)	1,266
Ending balance (in shares) at Sep. 30, 2025		238,150,070
Ending balance at Sep. 30, 2025	18,150	$ 2	13,733	4,415
Beginning balance (in shares) at Mar. 31, 2025		237,476,127
Beginning balance at Mar. 31, 2025	17,191	$ 2	13,700	3,489
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		100,820
Share-based compensation	15		15
Issuance of common stock for warrant exercise (in shares)		711,937
Issuance of common stock for warrant exercise	1		1
Repurchase and retirement of common stock (in shares)		(851,661)
Repurchase and retirement of common stock	(100)			(100)
Net income (loss)	968			968
Dividends on common stock	(138)			(138)
Ending balance (in shares) at Jun. 30, 2025		237,437,223
Ending balance at Jun. 30, 2025	17,937	$ 2	13,716	4,219
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		3,885
Share-based compensation	17		17
Issuance of common stock for warrant exercise (in shares)		708,962
Issuance of common stock for warrant exercise	0
Net income (loss)	547			547
Dividends on common stock	(351)			(351)
Ending balance (in shares) at Sep. 30, 2025		238,150,070
Ending balance at Sep. 30, 2025	18,150	$ 2	13,733	4,415
Beginning balance (in shares) at Dec. 31, 2025		239,249,874
Beginning balance at Dec. 31, 2025	18,578	$ 2	13,746	4,830
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		333,423
Share-based compensation	(2)		(2)
Issuance of common stock for warrant exercise (in shares)		1,122,179
Issuance of common stock for warrant exercise	15		15
Issuance of reserved common stock and warrants (in shares)		2,554
Repurchase and retirement of common stock (in shares)		(622,458)
Repurchase and retirement of common stock	(66)			(66)
Net income (loss)	1,159			1,159
Dividends on common stock	(138)			(138)
Ending balance (in shares) at Mar. 31, 2026		240,085,572
Ending balance at Mar. 31, 2026	19,546	$ 2	13,759	5,785
Beginning balance (in shares) at Dec. 31, 2025		239,249,874
Beginning balance at Dec. 31, 2025	18,578	$ 2	13,746	4,830
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	2,200
Ending balance (in shares) at Sep. 30, 2026		230,944,097
Ending balance at Sep. 30, 2026	19,500	$ 2	13,787	5,711
Beginning balance (in shares) at Mar. 31, 2026		240,085,572
Beginning balance at Mar. 31, 2026	19,546	$ 2	13,759	5,785
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		16,200
Share-based compensation	15		15
Repurchase and retirement of common stock (in shares)		(5,752,045)
Repurchase and retirement of common stock	(535)			(535)
Net income (loss)	522			522
Dividends on common stock	(138)			(138)
Ending balance (in shares) at Jun. 30, 2026		234,349,727
Ending balance at Jun. 30, 2026	19,410	$ 2	13,774	5,634
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation (in shares)		2,009
Share-based compensation	13		13
Repurchase and retirement of common stock (in shares)		(3,407,639)
Repurchase and retirement of common stock	(308)			(308)
Net income (loss)	519			519
Dividends on common stock	(134)			(134)
Ending balance (in shares) at Sep. 30, 2026		230,944,097
Ending balance at Sep. 30, 2026	$ 19,500	$ 2	$ 13,787	$ 5,711

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2026	Sep. 30, 2025
Statement of Cash Flows [Abstract]
Cash and cash equivalents	$ 118	$ 613
Restricted cash	103	78
Total cash, cash equivalents and restricted cash	$ 221	$ 691

- Definition

Amount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits.

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2026	Dec. 31, 2025
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)	230,944,097	239,249,874

Other Balance Sheet Items (Tables)

9 Months Ended

Sep. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Other Current Assets

Other current assets as of September 30, 2026 and December 31, 2025 are detailed below:


	September 30, 2026		December 31, 2025
Contract assets	$	214	$	90
Notes receivable	69		129
Inventory	169		19
Prepaid expenses	36		24
Margin deposits	35		—
Other	74		95
Total other current assets	$	597	$	357

Schedule of Other Current Liabilities

Other current liabilities as of September 30, 2026 and December 31, 2025 are detailed below:


	September 30, 2026		December 31, 2025
Revenues and royalties due to others	$	870	$	972
Accrued drilling and production costs	349		350
Contract liabilities	356		253
Accrued compensation and benefits	132		107
Taxes payable	205		157
Operating leases	38		51
Joint interest prepayments received	14		11

Other	251		144
Total other current liabilities	$	2,215	$	2,045

Debt (Tables)

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Our long-term debt consisted of the following as of September 30, 2026 and December 31, 2025:


	September 30, 2026				December 31, 2025
	Carrying Amount		Fair Value(a)		Carrying Amount		Fair Value(a)
Credit Facility	$	450	$	450	$	—	$	—



5.375% senior notes due 2029	638		633		638		639
5.875% senior notes due 2029(b)	—		—		440		441
6.75% senior notes due 2029(b)	—		—		847		852
5.375% senior notes due 2030	1,200		1,181		1,200		1,218
5.65% senior notes due 2031	500		493		—		—
4.75% senior notes due 2032	1,150		1,081		1,150		1,137
5.70% senior notes due 2035	750		718		750		776
Discounts on senior notes, net	(45)		—		(8)		—
Debt issuance costs	(11)		—		(8)		—


Total long-term debt, net	$	4,632	$	4,556	$	5,009	$	5,063

____________________________________________

(b)These notes were redeemed during the Current Period, see additional information below.

Derivative and Hedging Activities

9 Months Ended

Sep. 30, 2026

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 primarily include futures, swaps, and options, that manage index price risk, and basis risk. 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. These instruments may be transacted through an exchange or bilaterally with a counterparty. Our derivative instruments, other than those that meet the normal purchase and normal sale scope exception, are recorded at fair value in accordance with GAAP within our condensed consolidated balance sheets. We have elected not to designate any of our derivative instruments, including those acquired as part of the Twin Eagle Acquisition, for hedge accounting treatment.

As part of the Twin Eagle Acquisition, we acquired certain foreign currency, interest rate, and power derivative positions that Twin Eagle used as economic hedges. The foreign currency derivatives were used to manage exchange rate exposure associated with activity denominated in Canadian dollars, the interest rate derivatives were used to manage interest rate risk, and the power derivatives were used to manage exposure to fluctuations in power prices. The power derivative positions are included within our commodity derivatives below. Additional information on the Twin Eagle Acquisition is found in Note 2.

All gains and losses associated with our derivative instruments, including those acquired in the Twin Eagle Acquisition, are reflected within our condensed consolidated statements of operations within gains on derivatives and are presented within the table below.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025


Commodity derivatives	$	456	$	451	$	776	$	314



Foreign exchange derivatives	4		—		4		—



Interest rate derivatives	4		—		4		—




Total gains on derivatives	$	464	$	451	$	784	$	314

The following table presents the notional volumes from our outstanding natural gas, oil and NGL derivative instruments as of September 30, 2026 and December 31, 2025:


	September 30, 2026	December 31, 2025
Natural gas (Bcf):
Central hub exposure - Henry Hub	1,508	2,147
Basis exposure	1,048	337
Total natural gas	2,556	2,484
Oil (MMBbls):
Central hub exposure - WTI	1	—
NGLs (MMBbls):
Central hub exposure - Mont Belvieu	1	—

Power Derivatives

As of September 30, 2026, the aggregate notional amount of our outstanding power derivatives was 1.5 million MWh.

Foreign Currency Derivatives

As of September 30, 2026, the aggregate notional amount of our outstanding foreign currency derivatives was approximately $260 million.

Interest Rate Derivatives

As of September 30, 2026, the aggregate notional amount of our outstanding interest rate derivatives was approximately $5.5 billion.

The following table presents the fair value and location of each classification of derivative instrument included in the condensed consolidated balance sheets as of September 30, 2026 and December 31, 2025 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 September 30, 2026
Commodity Contracts:
Short-term derivative asset	$	960	$	(75)	$	885
Long-term derivative asset	69		(29)		40
Short-term derivative liability	(77)		75		(2)
Long-term derivative liability	(41)		29		(12)
Foreign Exchange Contracts:
Short-term derivative asset	124		(120)		4
Long-term derivative asset	66		(64)		2
Short-term derivative liability	(120)		120		—
Long-term derivative liability	(64)		64		—
Interest Rate Contracts:

Long-term derivative asset	29		(25)		4

Long-term derivative liability	(25)		25		—
Total derivatives	$	921	$	—	$	921

As of December 31, 2025
Commodity Contracts:
Short-term derivative asset	$	340	$	(76)	$	264
Long-term derivative asset	66		(19)		47
Short-term derivative liability	(79)		76		(3)
Long-term derivative liability	(20)		19		(1)


Total derivatives	$	307	$	—	$	307

___________________________________________

(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 derivative instruments is based on third-party pricing models that utilize inputs that are either readily available in public markets or can be corroborated from active markets or broker quotes and, as such, are classified as Level 2. The fair value of our commodity derivatives is determined using observable inputs, including natural gas, oil, NGL and power forward-price curves, volatility curves and discount factors. The fair value of our foreign currency derivatives is determined using observable foreign currency exchange rates and forward curves, and the fair value of our interest-rate derivatives is determined using observable interest rates and yield curves. These values are compared to counterparty valuations 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 evaluate the creditworthiness of our derivative counterparties and seek to transact with counterparties that have acceptable credit strength, and we attempt to limit our exposure to non-performance by any single counterparty. As of September 30, 2026, our commodity contracts derivative instruments were spread among 33 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 September 30, 2026, we had $42 million of letters of credit posted as collateral related to certain Twin Eagle commodity derivatives. We maintain accounts with brokers or the clearing houses of certain exchanges to facilitate financial derivative transactions. Based on the value of the positions in these accounts and associated margin requirements, we may be required to deposit cash into these accounts. As of September 30, 2026, the cash held within these broker margin accounts was $35 million, and is included within other current assets within our condensed consolidated balance sheets.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Contingencies and Commitments (Tables)

9 Months Ended

Sep. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Contractual Obligation


	September 30, 2026
Remainder of 2026	$	445
2027	1,566
2028	1,415
2029	1,055
2030	941
Thereafter	3,518
Total	$	8,940

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Cash flows from operating activities:
Net income	$ 2,200	$ 1,266
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	2,183	2,221
Deferred income tax expense	550	320
Derivative gains, net	(784)	(314)
Cash receipts on derivative settlements, net	205	102
Share-based compensation	33	34
Gains on sales of assets	(13)	(3)
Contract amortization	(137)	(171)
Gains on purchases, exchanges or extinguishments of debt	(37)	(4)
Other	37	26
Changes in assets and liabilities	438	142
Net cash provided by operating activities	4,675	3,619
Cash flows from investing activities:
Capital expenditures	(2,298)	(1,995)
Business combination, net	(1,395)	0
Property acquisitions	(9)	(69)
Receipts of deferred consideration	161	116
Contributions to investments	(2)	(14)
Distributions from investments	10	0
Proceeds from divestitures of property and equipment	76	19
Net cash used in investing activities	(3,457)	(1,943)
Cash flows from financing activities:
Proceeds from Credit Facility	1,513	825
Payments on Credit Facility	(1,063)	(825)
Payments on Twin Eagle Credit Facility	(141)	0
Proceeds from issuance of senior notes, net	499	0
Proceeds from warrant exercise	15	22
Debt issuance and other financing costs	(4)	(11)
Cash paid to repurchase and retire common stock	(900)	(100)
Cash paid to purchase debt	(1,287)	(663)
Cash paid for common stock dividends	(411)	(628)
Proceeds from accounts receivable financing	86	0
Net cash used in financing activities	(1,693)	(1,380)
Net increase (decrease) in cash, cash equivalents and restricted cash	(475)	296
Cash, cash equivalents and restricted cash, beginning of period	696	395
Cash, cash equivalents and restricted cash, end of period	$ 221	$ 691

Derivative and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Condensed Consolidated Statements of Operations Within Gains (Losses)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025


Commodity derivatives	$	456	$	451	$	776	$	314



Foreign exchange derivatives	4		—		4		—



Interest rate derivatives	4		—		4		—




Total gains on derivatives	$	464	$	451	$	784	$	314

Schedule of Net Exposures from Outstanding Natural Gas, Oil and NGL Derivative Instruments

The following table presents the notional volumes from our outstanding natural gas, oil and NGL derivative instruments as of September 30, 2026 and December 31, 2025:


	September 30, 2026	December 31, 2025
Natural gas (Bcf):
Central hub exposure - Henry Hub	1,508	2,147
Basis exposure	1,048	337
Total natural gas	2,556	2,484
Oil (MMBbls):
Central hub exposure - WTI	1	—
NGLs (MMBbls):
Central hub exposure - Mont Belvieu	1	—

Schedule of Effect of Derivative Instruments, Condensed Consolidated Balance Sheets


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

As of September 30, 2026
Commodity Contracts:
Short-term derivative asset	$	960	$	(75)	$	885
Long-term derivative asset	69		(29)		40
Short-term derivative liability	(77)		75		(2)
Long-term derivative liability	(41)		29		(12)
Foreign Exchange Contracts:
Short-term derivative asset	124		(120)		4
Long-term derivative asset	66		(64)		2
Short-term derivative liability	(120)		120		—
Long-term derivative liability	(64)		64		—
Interest Rate Contracts:

Long-term derivative asset	29		(25)		4

Long-term derivative liability	(25)		25		—
Total derivatives	$	921	$	—	$	921

As of December 31, 2025
Commodity Contracts:
Short-term derivative asset	$	340	$	(76)	$	264
Long-term derivative asset	66		(19)		47
Short-term derivative liability	(79)		76		(3)
Long-term derivative liability	(20)		19		(1)


Total derivatives	$	307	$	—	$	307

___________________________________________

(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.

Share-Based Compensation - Schedule of Changes in Unvested Restricted Stock (Details) - Restricted Stock Units (RSUs) shares in Thousands	9 Months Ended
	Sep. 30, 2026 $ / shares shares
Unvested Restricted Stock Units
Unvested units, beginning balance (in shares)	957
Granted (in shares)	1,051
Vested (in shares)	(394)
Forfeited (in shares)	(133)
Unvested units, ending balance (in shares)	1,481
Weighted Average Grant Date Fair Value Per Share
Unvested, beginning balance (in dollars per share) \| $ / shares	$ 94.61
Granted (in dollars per share) \| $ / shares	97.99
Vested (in dollars per share) \| $ / shares	89.70
Forfeited (in dollars per share) \| $ / shares	102.08
Unvested, ending balance (in dollars per share) \| $ / shares	$ 97.64
Twin Eagle Acquisition
Unvested Restricted Stock Units
Granted (in shares)	479

Segment Information - Schedule of Income (Loss) From Operations to Net Income (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Mar. 31, 2026	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment Reporting [Abstract]
Income from operations	$ 640			$ 725			$ 2,832	$ 1,726
Interest expense	(44)			(57)			(146)	(176)
Gains on purchases, exchanges or extinguishments of debt	0			1			37	4
Other income, net	12			17			46	41
Income before income taxes	608			686			2,769	1,595
Income tax (expense) benefit	(89)			(139)			(569)	(329)
Net income	519	$ 522	$ 1,159	547	$ 968	$ (249)	2,200	1,266
Other income	$ 4			$ 6			$ 20	$ 13

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

+ Details

- Definition

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

+ References

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+ Details

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References

+ Details

Segment Information

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Segment Information


14.			Segment Information

Operating segments are components of an enterprise that engage in business activities from which they may earn revenues and incur expenses, have discrete financial information available, and are regularly evaluated by the chief operating decision maker (“CODM”) to allocate resources and assess performance. Our Chief Executive Officer serves as our CODM. Our revenues are derived from the production, marketing and sale of natural gas, oil and NGL. Substantially all of the production generated by our Exploration and Production segment is marketed and sold by our Marketing segment. Additional information on our revenues, including the disaggregation of our revenues, is found in Note 7.

As of September 30, 2026, our operating segments consisted of our individual exploration and production operating areas and our marketing business. Following the Twin Eagle Acquisition, we changed our reportable segment structure from one reportable segment to two: Exploration and Production (“E&P”) and Marketing. We aggregate our E&P operating segments into one reportable segment based on their similar economic characteristics and the similar nature of their operations and revenue-generating activities. Our E&P segment engages in the exploration and production of gas, oil and NGL. Our Marketing segment sells the production volumes generated by the E&P segment as well as third-party produced volumes while seeking to optimize the prices received for our production. Subsequent to the Twin Eagle Acquisition, Marketing was identified as a separate operating and reportable segment because the CODM now separately evaluates its operating performance and allocates resources based on discrete financial information provided for those operations. The CODM uses income (loss) from operations to assess the performance of each reportable segment, allocate resources and compare actual results with forecasted information. Our CODM previously used consolidated net income (loss) for purposes of allocating resources and in assessing Expand Energy’s operating performance as Expand Energy was a single reportable segment. In conjunction with the change to two reportable segments, our CODM now uses income (loss) from operations as certain items are not allocated at the segment level, such as taxes and other nonoperating items. Intersegment transactions are recorded using market-based pricing and are eliminated in consolidation. Segment results are presented within the tables below. Prior-period segment information has been recast to conform to the current-period presentation.

The CODM does not review or receive asset information by segment. As substantially all capital expenditures relate to or support our E&P segment, the CODM reviews capital expenditures on a consolidated basis when assessing the Company’s performance. During the Current Quarter and Prior Quarter, our capital expenditures were $794 million and $735 million, respectively. During the Current Period and Prior Period, our capital expenditures were $2,361 million and $2,124 million, respectively. During the Current Quarter, Current Period, Prior Quarter and Prior Period we did not make any contributions to equity method investments.


	Three Months Ended September 30, 2026
	E&P		Marketing		Eliminations		Total
($ in millions)
Revenues:
Natural gas, oil and NGL sales	$	1,881	$	—	$	—	$	1,881
Marketing	—		2,748		(1,821)		927
Gains on derivatives	454		10		—		464
Gains on sales of assets	14		—		—		14
Total revenues and other	2,349		2,758		(1,821)		3,286

Operating expenses:
Production	168		—		—		168
Gathering, processing and transportation	730		—		(52)		678
Severance and ad valorem taxes	61		—		—		61
Marketing	—		2,657		(1,769)		888
General and administrative	50		—		—		50
Total significant expenses	1,009		2,657		(1,821)		1,845
Depreciation, depletion and amortization	743		7		—		750
Other expenses(a)	51		—		—		51
Other segment items	794		7		—		801
Total expenses and other segment items	1,803		2,664		(1,821)		2,646

Income from operations	$	546	$	94	$	—	$	640

___________________________________________

(a)Other expenses primarily consist of exploration, other operating expense (income), net, separation and other termination costs and impairments.


	Three Months Ended September 30, 2025
	E&P		Marketing		Eliminations		Total
($ in millions)
Revenues:
Natural gas, oil and NGL sales	$	1,850	$	—	$	—	$	1,850
Marketing	—		2,498		(1,832)		666
Gains on derivatives	451		—		—		451
Losses on sales of assets	(1)		—		—		(1)
Total revenues and other	2,300		2,498		(1,832)		2,966

Operating expenses:
Production	169		—		—		169
Gathering, processing and transportation	663		—		(55)		608
Severance and ad valorem taxes	48		—		—		48
Marketing	—		2,436		(1,777)		659
General and administrative	45		—		—		45
Total significant expenses	925		2,436		(1,832)		1,529
Depreciation, depletion and amortization	741		—		—		741
Other expenses(a)	(29)		—		—		(29)
Other segment items	712		—		—		712
Total expenses and other segment items	1,637		2,436		(1,832)		2,241

Income from operations	$	663	$	62	$	—	$	725

___________________________________________

(a)Other expenses primarily consist of exploration, other operating expense (income), net, separation and other termination costs and impairments.


	Nine Months Ended September 30, 2026
	E&P		Marketing		Eliminations		Total
($ in millions)
Revenues:
Natural gas, oil and NGL sales	$	7,026	$	—	$	—	$	7,026
Marketing	—		9,797		(6,977)		2,820
Gains on derivatives	782		2		—		784
Gains on sales of assets	13		—		—		13
Total revenues and other	7,821		9,799		(6,977)		10,643

Operating expenses:
Production	521		—		—		521
Gathering, processing and transportation	2,216		—		(214)		2,002
Severance and ad valorem taxes	181		—		—		181
Marketing	—		9,421		(6,763)		2,658
General and administrative	163		—		—		163
Total significant expenses	3,081		9,421		(6,977)		5,525
Depreciation, depletion and amortization	2,176		7		—		2,183
Other expenses(a)	103		—		—		103
Other segment items	2,279		7		—		2,286
Total expenses and other segment items	5,360		9,428		(6,977)		7,811

Income from operations	$	2,461	$	371	$	—	$	2,832

___________________________________________

(a)Other expenses primarily consist of exploration, other operating expense (income), net, separation and other termination costs and impairments.


	Nine Months Ended September 30, 2025
	E&P		Marketing		Eliminations		Total
($ in millions)
Revenues:
Natural gas, oil and NGL sales	$	6,171	$	—	$	—	$	6,171
Marketing	—		8,413		(6,049)		2,364
Gains on derivatives	314		—		—		314
Gains on sales of assets	3		—		—		3
Total revenues and other	6,488		8,413		(6,049)		8,852

Operating expenses:
Production	467		—		—		467
Gathering, processing and transportation	1,923		—		(189)		1,734
Severance and ad valorem taxes	145		—		—		145
Marketing	—		8,229		(5,860)		2,369
General and administrative	132		—		—		132
Total significant expenses	2,667		8,229		(6,049)		4,847
Depreciation, depletion and amortization	2,221		—		—		2,221
Other expenses(a)	58		—		—		58
Other segment items	2,279		—		—		2,279
Total expenses and other segment items	4,946		8,229		(6,049)		7,126

Income from operations	$	1,542	$	184	$	—	$	1,726

___________________________________________

(a)Other expenses primarily consist of exploration, other operating expense (income), net, separation and other termination costs and impairments.

The table below reconciles income (loss) from operations to net income.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
($ in millions)
Income from operations	$	640	$	725	$	2,832	$	1,726
Unallocated items:
Interest expense	(44)		(57)		(146)		(176)
Gains on purchases, exchanges or extinguishments of debt	—		1		37		4
Other income, net(a)	12		17		46		41
Income before income taxes	608		686		2,769		1,595
Income tax (expense) benefit	(89)		(139)		(569)		(329)
Net income	$	519	$	547	$	2,200	$	1,266

___________________________________________

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details