A week after announcing plans to move headquarters from Oklahoma City to Houston, Texas, Expand Energy Corporation revealed fourth quarter earnings. The country’s largest natural gas producer said it plans a billion dollars in debt relief this year and the issuance of its 20th straight dividend.
It reported its net cash from operating activities totaled $956 million, a 150% jump from a year earlier. Net income for the quarter was $553 million or $2.30 per fully diluted share.
“In 2025, Expand Energy took clear action to meet the world’s need for affordable, reliable, lower carbon energy. In our first year since announcing the merger, we exceeded our synergy targets and improved our Haynesville breakevens by approximately 15%, while achieving double-digit production growth,” said Mike Wichterich, Interim President and Chief Executive Officer of Expand Energy.
He took the reins of the company after removing Domenic (Nick) J. Dell’Osso, Jr. as President.
Wichterich went on to state, ““This year-over-year improvement reflects our scale, financial strength, and capital efficiency. We’re creating more value from every molecule, and we’re in an advantaged position to meet growing demand in the power, industrial, and LNG markets. In 2026, we expect to deliver higher volumes with less capital, leverage our productive capacity and flexibility to manage volatility, and consistently grow free cash flow.”
Expand Energy accomplished its fourth quarter and full-year 2025 results with the operation of an average of 12 rigs during the quarter. The company drilled 51 wells and turned 66 wells in line, resulting in net production of approximately 7.40 Bcfe/d (92% natural gas). It was also an increase of 15% over the fourth quarter of 2024.
For all of 2025, Expand recorded net income of $1.8 billion or $7.57 a share while adjusted net income was $1.4 billion or $6.10 a share. The company said it reduced gross debt by $660 million in 2025 and $1.25 billion since the close of its merger.
Looking into its 2026 operations, Expand said it will pay a quarter base dividend of $0.575 a common share. It also expects $2.85 billion of capital from natural gas production. Expand said it expects continued debt reduction of at least $1 billion.
The financial earnings report made no mention of the announced move to Houston.