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**【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.

Expand Energy Corporation (EXE) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

EXE

EXE fundamentals

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