What were the key takeaways from Expand Energy's earnings call?

What guidance did Expand Energy's management provide for the next earnings period?

What factors drove the changes in Expand Energy's revenue and profit?

What were the key takeaways from Expand Energy’s earnings call?

What is Expand Energy's latest dividend and current dividend yield?

What is the revenue and EPS growth rate for Expand Energy year over year?

What does Expand Energy do and what are its main business segments?

What is Expand Energy's gross profit margin?

**【CEO Summary Section】**
- Expand Energy achieved significant operational efficiency, reducing Haynesville well costs by over 25% year-to-date and lowering breakeven to $2.75 per MMBtu.
- 2025 production target of 7.5 Bcf/d with $2.8-2.9 billion CapEx, same as 2025 spend, driven by 50% more synergies than original merger goals.
- Signed 15-year supply agreement with Lake Charles Methanol (LCM) for premium-priced, low-carbon gas, highlighting strategic shift from value protection to value creation.
- 2026 outlook includes $1.2 billion debt reduction and $850 million returned to shareholders, with optionality to grow production in constrained Gulf Coast supply market.

**【CFO Financial Commentary】**
- Q3 2025 GAAP net income of $420 million, Non-GAAP EPS of $1.08 vs. $0.95 guidance, driven by $165 million hedge cash inflows.
- Year-to-date free cash flow of $1.8 billion, with $1.2 billion debt reduction and $850 million shareholder returns.
- 2026 guidance: $2.8-2.9 billion CapEx, 7.5 Bcf/d production, and 47% hedged gas volumes at $3.75 midpoint.

**【Q&A Highlights】**
- **Gas Demand & Pricing**: Gulf Coast demand growth (11 Bcf/d by 2030) constrained by pipeline capacity, positioning EXE to capture premium pricing via low-carbon gas and long-term contracts.
- **Breakeven & Efficiency**: Haynesville breakeven < $3, 7 rigs now deliver same production as 13 rigs in 2023, 30% lower costs vs. peers.
- **Marketing Strategy**: 15-year LCM deal demonstrates ability to monetize low-carbon gas at premium; 20+ active offtake discussions across LNG, power, and industrial sectors.
- **Western Haynesville**: 75,000-acre position with Gen 3 completions expected to outperform, 2026 appraisal CapEx included in $2.85B guidance.
- **M&A**: $150M+ cost savings from Appalachia and Haynesville bolt-ons, focusing on high-synergy, low-cost opportunities.
- **Debt & Returns**: Maintain 20%+ cash position.

EXE

EXE fundamentals

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