Expand Energy Reports Strong Q3 2025 Financials and Major Growth in Haynesville and Appalachia
Expand Energy Corporation reported impressive third quarter 2025 results, underscoring the Oklahoma City-based company’s financial strength and growing footprint in major natural gas plays. The company revealed $1.2 billion in net cash from operating activities while expanding its assets in the Haynesville and Southwest Appalachia regions.
Strong Financial Performance and Cash Flow Growth
Expand Energy announced net income of $547 million, or $2.28 per share, along with adjusted net income of $234 million, equating to 97 cents per diluted share. The company’s adjusted EBITDAX totaled $1.082 billion, reflecting robust operational efficiency and disciplined spending.
CEO Nick Dell’Osso praised the results, stating that Expand Energy is “answering the world’s call for more affordable, reliable, lower carbon energy.”
He emphasized that in just one year, the company has scaled and strengthened operations to meet increasing global demand for natural gas across power, industrial, and LNG markets.
Expansion in Haynesville and Marcellus Gas Plays
The company highlighted its growing presence in the Western Haynesville play, where it established a 75,000 net-acre position through targeted leasing totaling $117 million in the second half of 2025. An additional $29 million in capital carry is expected over the next two years, bringing the total land spend to $178 million. Expand believes this area could yield more than 200 future drilling locations.
In the Southwest Appalachia region, Expand added 7,500 acres of undeveloped Core Marcellus for $57 million, representing 425,000 lateral feet and 40 near-term development sites. These acquisitions strengthen the company’s long-term production potential in two of North America’s richest natural gas basins.
Operational Momentum and Production Growth
During the third quarter, Expand Energy operated 11 rigs, drilled 41 wells, and brought 57 wells online, achieving net production of 7.33 Bcfe/d, with 92% natural gas. Full-year 2025 production is forecasted at 7.15 Bcfe/d, about 50 MMcfe/d higher than previously projected. The company plans to exit 2025 operating 12 rigs, building capacity for 7.5 Bcfe/d in 2026.
2025 Synergies, Capital Outlook, and Shareholder Focus
Expand Energy projects $500 million in annual synergies by the end of 2025, driven by operational integration and cost optimization. The target rises to $600 million annually by 2026. Reflecting capital discipline, Expand reduced full-year investment guidance by $75 million to $2.85 billion, including $250 million to expand productive capacity.
In addition, the company will allocate $500 million toward net debt reduction in the second half of 2025 to strengthen its balance sheet and preserve flexibility. Expand also confirmed a quarterly dividend of $0.575 per share, payable December 4, 2025, to shareholders of record as of November 13, 2025.
