A week after announcing plans to move headquarters from Oklahoma City to Houston, Texas, Expand Energy revealed more facts about its natural gas exploration efforts. But the filing of a 10-K form with the Securities and Exchange Commission did not make any more detailed revelations about any behind-the-scene reasons for the decision.
“We own offices in Oklahoma City, Oklahoma and lease an office building in Spring, Texas. Additionally, we own or lease various field offices in cities or towns in the areas where we conduct our operations. In 2026, we announced that we will move our Company headquarters to Spring, Texas.”
The filing indicated that Expand, considered the largest independent natural gas producer in the U.S. based on net daily production, had 1,600 employees at the end of 2025.
“Our operations are located in Louisiana and Texas in the Haynesville and Bossier Shales (“Haynesville”), in Pennsylvania in the Marcellus Shale (“Northeast Appalachia”) and in West Virginia and Ohio in the Marcellus and Utica Shales (“Southwest Appalachia”) and include working interests in approximately 6,600 gross natural gas and oil wells,” stated the company.
Haynesville, Northeast Appalachia and Southwest Appalachia accounted for approximately 23%, 42% and 35%, respectively, of our estimated proved reserves by volume as of December 31, 2025.
Expand’s announcement came after its October 1, 2024 completion of a merger with Southwestern Energy which was based in Houston. The merger created a “premier” energy company.
“We believe that we are uniquely positioned to deliver affordable, lower-carbon energy to meet growing domestic and international demand while creating sustainable value for stakeholders. Since completing our merger with Southwestern, we’ve continued to focus on strengthening our balance sheet by reducing total debt by approximately $1.2 billion and upsized our 2025 Credit Facility capacity to $3.5 billion. In 2025, we joined the S&P 500 index and returned approximately $865 million to shareholders through dividends and share repurchases.”
At the end of 2025, Expand confirmed it held a working interest in approximately 6,600 wells and all were classified as productive natural gas wells. During the year, it operated 5,800 gross wells and held a non-operating working interest in 800 gross wells.
“For the year ended December 31, 2025, we had sales to one purchaser that accounted for 11% of our total revenues (before the effects of hedging). For the year ended December 31, 2024, we had no purchaser that accounted for 10% or greater of our total revenues (before the effects of hedging),” stated the company.
In 2026, Expand Energy indicated it will have capital expenditures of $2.75 – $2.95 billion. The 2025 capital expenditures were $2.85 billion.
“Management continues to review operational plans for 2026 and beyond, which could result in changes to projected capital expenditures and projected revenues from sales of natural gas, oil and NGLs. If we are unable to fund our capital expenditures as planned, we could experience a curtailment of our exploration and development activity, a loss of properties and a decline in our natural gas, oil and NGL reserves.”
The company confirmed that as of December 31, 2025, nearly 28% of its estimated proved reserves were undeveloped. The estimates, according to the filing reflected company intentions for capital expenditures to convert PUDs into proved developed reserves, including approximately $4.2 billion during the next five years.
For the year ended December 31, 2025, we had sales to one purchaser that accounted for 11% of our total revenues (before the effects of hedging). For the year ended December 31, 2024, we had no purchaser that accounted for 10% or greater of our total revenues (before the effects of hedging). For the year ended December 31, 2023, we had sales to two purchasers that accounted for approximately 17% and 10% of total revenues (before the effects of hedging). No other purchasers accounted for more than 10% of our total revenues during the years ended December 31, 2025 or 2023.