Expand Energy Corporation released first quarter financial results showing more than $1 billion in net cash from its operating activites but also a net loss of $249 million or $1.06 a share.
The Oklahoma City company recorded adjusted net income of $487 million or $2.02 per share. While the net cash from operating activities totaled $1,096 million it recorded adjusted EBITDAX of $1,395 million.
“Overcoming market volatility requires a resilient financial foundation, a deep market-connected portfolio, and low cost, efficient operations, all hallmarks of our strategy,” said Nick Dell’Osso, Expand Energy’s President and Chief Executive Officer. “We continue to execute our business, utilizing our productive capacity to navigate today’s dynamic macro environment and be prepared to efficiently respond as market conditions change.”
During the quarter, Expand operated an average of 11 rigs, drilling 46 wells and turning 89 wells in line. It resulted in net production of about 6.79 Bcfe a day and 92% was natural gas. The company, in releasing the financial results, indicated it expects to run 12 rigs and invest approximately $2.7 billion with anticipated daily production of 7.1 Bcfe/d.
Expand said it plans to build productive capacity for an additional $300 million by exiting 2025 with approximately 15 rigs with a year-end 2025 exit rate of nearly 7.2 Bcfe/d. It hopes to average approximately 7.5 Bcfe/d in 2026.
Expand Energy is on track to capture its 2025 expected annual synergy target of approximately $400 million. The Company expects to achieve the full $500 million in annual synergies by year end 2026.