Group 1 - Expand Energy (EXE) reported quarterly earnings of $0.55 per share, exceeding the Zacks Consensus Estimate of $0.53 per share, but down from $1.31 per share a year ago, indicating an earnings surprise of 3.77% [1] - The company posted revenues of $1.6 billion for the quarter ended December 2024, which missed the Zacks Consensus Estimate by 9.68%, compared to $763 million in revenues a year ago [2] - The stock has gained approximately 3.4% since the beginning of the year, outperforming the S&P 500's gain of 1.3% [3] Group 2 - The earnings outlook for Expand Energy is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes in these expectations [4] - The trend for estimate revisions ahead of the earnings release was favorable, resulting in a Zacks Rank 2 (Buy) for the stock, suggesting it is expected to outperform the market in the near future [6] - The current consensus EPS estimate for the upcoming quarter is $1.28 on revenues of $1.95 billion, and for the current fiscal year, it is $5.48 on revenues of $8.21 billion [7] Group 3 - The Alternative Energy - Other industry, to which Expand Energy belongs, is currently ranked in the top 32% of over 250 Zacks industries, indicating a positive outlook for the sector [8]

Core Viewpoint - Expand Energy (EXE) reported quarterly earnings of $0.55 per share, exceeding the Zacks Consensus Estimate of $0.53 per share, but down from $1.31 per share a year ago, indicating a significant year-over-year decline in earnings [1][2] Financial Performance - The company achieved revenues of $2 billion for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 13.32%, compared to $763 million in the same quarter last year [2] - Over the last four quarters, Expand Energy has exceeded consensus EPS estimates two times and topped revenue estimates once [2] Stock Performance - Expand Energy shares have increased approximately 3.4% since the beginning of the year, outperforming the S&P 500's gain of 1.3% [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating expectations of outperforming the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.28 on revenues of $1.95 billion, and for the current fiscal year, it is $5.48 on revenues of $8.21 billion [7] - The trend of estimate revisions for Expand Energy has been favorable ahead of the earnings release [6] Industry Context - The Alternative Energy - Other industry, to which Expand Energy belongs, is currently ranked in the top 32% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8]

Merger and Acquisitions - Expand Energy Corporation completed the Southwestern Merger on October 1, 2024, issuing approximately 95.7 million shares valued at approximately $7.9 billion to Southwestern's shareholders [259][264]. - The Southwestern Merger was completed on October 1, 2024, resulting in the assumption of approximately $3.7 billion of Southwestern's senior notes and the termination of its existing credit facility, which was repaid in full for approximately $585 million [285]. - The total consideration for the Southwestern Merger was $8.473 billion, including $585 million in cash and $7.871 billion in common stock issued [418]. - The company completed the Southwestern Merger on October 1, 2024, recording estimated fair values of acquired proved natural gas and oil properties at approximately $10.0 billion [354]. - The Marcellus Acquisition was completed for approximately $2.77 billion, consisting of $2 billion in cash and 9.4 million shares of common stock, acquiring high-quality producing assets [422]. Financial Performance - Revenues for the year ended December 31, 2024, were $4.235 billion, a decrease from $8.721 billion in 2023 [361]. - The company reported a net loss of $714 million for 2024, compared to a net income of $2.419 billion in 2023 [361]. - For the year ended December 31, 2024, natural gas revenues were $2,686 million, oil revenues were $69 million, and NGL revenues were $214 million [335]. - Pro forma revenues for the year ended December 31, 2024, are projected at $8.193 billion, with a net loss available to common stockholders of $607 million [431]. - Basic earnings per share for the year ended December 31, 2024, is projected at $(4.55), compared to $18.21 for 2023 [440]. Capital Expenditures and Investments - For the year ending December 31, 2025, the company plans to invest between $2.9 billion and $3.1 billion in capital expenditures, utilizing 11 to 15 rigs to complete 240 to 270 gross wells [286]. - The company has made total capital contributions of $296 million to a natural gas gathering pipeline and carbon capture project, expected to be operational by Q4 2025 [273]. - The company’s capital expenditures for 2024 were $1.557 billion, a decrease from $1.829 billion in 2023 [363]. Debt and Liquidity - As of December 31, 2024, Expand Energy had $2.8 billion in liquidity, including $317 million in cash and $2.5 billion in unused borrowing capacity under its Credit Facility [276]. - The company assumed $2.028 billion in long-term debt from the Southwestern Merger, which included various senior notes [444]. - The company’s total debt as of December 31, 2024, was $5.686 billion, with maturities of $389 million in 2025 and $2.15 billion in 2029 [444]. - The company has a revolving credit facility of $2.5 billion available for borrowings as of December 31, 2024 [446]. Operational Metrics - Average natural gas production for the year ended December 31, 2024, was 3,611 MMcf per day, with an average realized price of $2.75 per Mcf [304]. - The company completed 81 operated wells in 2024, a decrease from 166 in 2023 and 216 in 2022 [293]. - Total natural gas, oil, and NGL sales in 2024 decreased by $578 million to $2,969 million compared to 2023, primarily due to lower average prices and the Eagle Ford divestitures [305]. Expenses and Costs - The company incurred total operating expenses of $5.038 billion in 2024, compared to $5.579 billion in 2023 [361]. - Gathering, processing, and transportation expenses increased by $182 million to $1,035 million in 2024, primarily driven by a $404 million increase related to the Southwestern Merger [308]. - General and administrative expenses increased by $59 million to $186 million in 2024, attributed to increased compensation and corporate expenses following the Southwestern Merger [314]. - Depreciation, depletion, and amortization increased by $202 million to $1,729 million in 2024, primarily due to the Southwestern Merger [316]. Shareholder Information - The company declared a base quarterly dividend of $0.575 per share on February 26, 2025, payable on March 27, 2025 [278]. - Common stock dividends paid were $388 million in 2024, down from $487 million in 2023 and $1.2 billion in 2022 [301]. - Expand Energy's total common stock shares increased to 231,769,886 as of December 31, 2024, up from 130,789,936 in 2023 [365]. Environmental and Sustainability Goals - The company aims for net zero greenhouse gas emissions by 2035 and to maintain 100% responsibly sourced gas certification across its portfolio [262]. Ratings and Financial Health - Expand Energy's investment grade rating was upgraded to 'BBB-' by S&P and Fitch on October 1 and 2, 2024, respectively, leading to more permissive financial covenants [265]. - The company received investment grade ratings of 'BBB-' from both S&P Global Ratings and Fitch Ratings on October 1 and 2, 2024, respectively, with a stable outlook [284].

Financial Performance - Net cash provided by operating activities was $382 million, with a net loss of $399 million or $1.72 per fully diluted share; adjusted net income was $131 million or $0.55 per share[6]. - Total revenues for Q4 2024 reached $2,001 million, a 2.7% increase compared to $1,948 million in Q4 2023[22]. - Net income for Q4 2024 was a loss of $399 million, compared to a net income of $569 million in Q4 2023, representing a significant decline[22]. - Adjusted net income for the three months ended December 31, 2024, was $131 million, compared to $185 million in the same period of 2023, reflecting a decline of 29.2%[36]. - Adjusted diluted earnings per common share for the year ended December 31, 2024, was $1.41, down from $4.91 in 2023, representing a decrease of 71.3%[39]. - Free cash flow (Non-GAAP) for Q4 2024 was $(154) million, compared to $91 million in Q4 2023, indicating a significant decline[43]. - Adjusted free cash flow (Non-GAAP) for Q4 2024 was $73 million, recovering from a loss of $(39) million in Q4 2023[43]. Production and Operations - Adjusted EBITDAX for the fourth quarter was $964 million, with net production of approximately 6.41 Bcfe/d, of which 91% was natural gas[6][7]. - The company aims to efficiently grow production from an exit rate of approximately 7.2 Bcfe/d at year-end 2025 to an average of approximately 7.5 Bcfe/d in 2026, depending on market conditions[8]. - Expand Energy operated an average of twelve rigs in the fourth quarter, drilling 44 wells and turning 41 wells in line[7]. - The company reported a total production of 6,412 MMcfe per day in Q4 2024, a 87.5% increase from 3,427 MMcfe per day in Q4 2023[24]. Capital Expenditures and Investments - Capital expenditures for Q4 2024 were $536 million, compared to $379 million in Q4 2023, indicating increased investment[23]. - Total capital expenditures for the year ended December 31, 2024, were $1,529 million, a decrease of 14.2% from $1,782 million in 2023[26]. - Total drilling and completion capital expenditures for the year ended December 31, 2024, were $1,257 million, down from $1,556 million in 2023, a decrease of 19.2%[26]. - Cash contributions to investments decreased from $(82) million in Q4 2023 to $(4) million in Q4 2024, indicating a reduction in investment activity[43]. Debt and Liquidity - Long-term debt increased to $5.291 billion as of December 31, 2024, up from $2.028 billion a year earlier[21]. - The company plans to allocate $500 million to net debt reduction in 2025, with additional free cash flow available for variable dividends and share repurchases[10]. - Total debt as of December 31, 2024, was $5,680 million, with net debt calculated at $5,369 million after accounting for cash and cash equivalents[44]. - The company’s net debt is defined as total debt excluding premiums, discounts, and deferred issuance costs less cash and cash equivalents, providing a measure of liquidity and leverage[34]. Dividends and Shareholder Returns - The quarterly base dividend of $0.575 per common share will be paid in March 2025, marking the 16th consecutive quarter of dividend payments[6][10]. - Expand Energy is increasing its expected annual synergy target for 2025 to approximately $400 million, with a total target of $500 million in annual synergies expected by year-end 2026[9]. Market Conditions and Pricing - Average realized price for natural gas in Q4 2024 was $2.91 per Mcf, up from $2.87 per Mcf in Q4 2023[24]. - The average NYMEX price for natural gas in Q4 2024 was $2.79 per Mcf, slightly lower than $2.88 per Mcf in Q4 2023[24]. - The average adjusted product prices for SEC proved reserves were $0.65 per Mcf of gas, $65.16 per barrel of oil, and $15.20 per barrel of NGL[46]. Asset and Reserve Information - Total assets increased to $27.894 billion as of December 31, 2024, compared to $14.376 billion as of December 31, 2023[21]. - Proved reserves as of December 31, 2024, were 20,800 Bcfe under SEC pricing, with a standardized measure of $7,531 million[45]. - The five-year strip pricing for proved reserves was 26,816 Bcfe, with a standardized measure of $22,120 million[45].

Core Viewpoint - Expand Energy Corporation reported strong fourth quarter results and a positive outlook for 2025, emphasizing its position as the largest gas producer in the U.S. and its commitment to providing reliable, affordable, lower carbon energy [5]. Financial Performance - In Q4 2024, Expand Energy generated net cash from operating activities of $382 million and reported a net loss of $399 million, equating to $1.72 per fully diluted share. Adjusted net income was $131 million, or $0.55 per share, with adjusted EBITDAX of $964 million [10]. - Total revenues for Q4 2024 were $2.001 billion, compared to $1.948 billion in Q4 2023, while total revenues for the year ended December 31, 2024, were $4.235 billion, down from $8.721 billion in 2023 [21]. Production and Operations - Expand Energy operated an average of twelve rigs in Q4 2024, drilling 44 wells and achieving net production of approximately 6.41 Bcfe per day, with 91% being natural gas [6]. - The company plans to maintain approximately 12 rigs in 2025, with an expected daily production of around 7.1 Bcfe/d, and aims to increase productive capacity by running about 15 rigs in the latter half of the year [7]. Synergy and Capital Outlook - Expand Energy has increased its expected annual synergy target for 2025 by $175 million to approximately $400 million, with a total target of $500 million in annual synergies expected by the end of 2026 [8]. - The company plans to invest approximately $2.7 billion in 2025, with an additional $300 million allocated to build incremental productive capacity [7]. Shareholder Returns - The company announced a quarterly base dividend of $0.575 per common share, marking the 16th consecutive quarter of dividend payments [10]. - Expand Energy enhanced its capital return framework in 2024 to more efficiently return cash to shareholders and reduce net debt, with plans to allocate $500 million to net debt reduction in 2025 [11].

Core Viewpoint - Expand Energy Corporation reported strong fourth quarter results and a positive outlook for 2025, emphasizing its position as the largest gas producer in the U.S. and its commitment to providing reliable, affordable, lower carbon energy [5][9][13]. Financial Performance - In Q4 2024, Expand Energy generated net cash from operating activities of $382 million, with a net loss of $399 million or $1.72 per diluted share, while adjusted net income was $131 million or $0.55 per share [9][21]. - Total revenues for Q4 2024 were approximately $2.001 billion, compared to $1.948 billion in Q4 2023, with natural gas, oil, and NGL revenues contributing significantly [21]. - The company reported adjusted EBITDAX of $964 million for Q4 2024 [9]. Production and Operations - Expand Energy operated an average of twelve rigs in Q4 2024, drilling 44 wells and achieving net production of approximately 6.41 Bcfe per day, with 91% being natural gas [6][9]. - For 2025, the company plans to maintain approximately 12 rigs and invest around $2.7 billion, targeting an estimated daily production of approximately 7.1 Bcfe/d [7][9]. Synergy and Capital Outlook - Expand Energy increased its expected annual synergy target for 2025 by $175 million to approximately $400 million, aiming to achieve a total of $500 million in annual synergies by the end of 2026 [8][9]. - The company plans to allocate $300 million for incremental productive capacity by running approximately 15 rigs in the second half of 2025 [7][9]. Shareholder Returns - The company announced a quarterly base dividend of $0.575 per common share, marking the 16th consecutive quarter of dividend payments [9][10]. - Expand Energy intends to allocate $500 million towards net debt reduction in 2025, alongside additional free cash flow for variable dividends and share repurchases [10].

Core Points - Extendicare Inc. has declared a cash dividend of C$0.04 per common share for February 2025, payable on March 17, 2025, to shareholders of record on February 28, 2025 [1] - The dividend is classified as an "eligible dividend" under the Income Tax Act (Canada) [1] Company Overview - Extendicare is a leading provider of care and services for seniors in Canada, operating under various brands including Extendicare, ParaMed, Extendicare Assist, and SGP Purchasing Network [2] - The company operates 122 long-term care homes, with 52 owned and 70 under management contracts [2] - Extendicare delivers approximately 10.7 million hours of home health care services annually and provides group purchasing services for about 143,500 beds across Canada [2] - The company employs around 22,000 qualified and dedicated team members focused on delivering high-quality care [2]

Core Insights - Expand Energy Corporation has appointed Dan Turco as Executive Vice President, Marketing & Commercial, effective February 18, 2025, to enhance its marketing capabilities and expand its customer base in the energy sector [1][2]. Company Overview - Expand Energy Corporation is the largest independent natural gas producer in the United States, focusing on innovative approaches to disrupt traditional cost and market delivery models [3]. - The company aims to create sustainable value for stakeholders by leveraging its scale, financial strength, and operational execution [3]. - Expand Energy is committed to expanding America's energy reach to provide affordable, reliable, and lower carbon energy solutions [3]. Leadership Background - Dan Turco brings nearly 20 years of experience in global upstream natural gas marketing and trading, having previously held leadership roles at ExxonMobil, including Head of Global LNG Trading [2]. - Turco's educational background includes an MBA from Wilfrid Laurier University and an Honors Bachelor of Applied Science in Civil Engineering & Management Science from the University of Waterloo [2].

Core Insights - Expand Energy Corporation has appointed Dan Turco as Executive Vice President, Marketing & Commercial, effective February 18, 2025, to enhance its marketing capabilities and customer base in the energy sector [1][2] - Turco brings nearly 20 years of experience in global upstream natural gas marketing and trading, previously holding leadership roles at ExxonMobil, including Head of Global LNG Trading [2] - Expand Energy aims to address global energy insecurity and is positioned to deliver affordable, reliable, lower carbon energy to meet growing domestic and international demand [2][3] Company Overview - Expand Energy Corporation is the largest independent natural gas producer in the United States, focusing on innovative approaches to disrupt traditional cost and market delivery models [3] - The company's strategy is centered on creating sustainable value for stakeholders by leveraging its scale, financial strength, and operational execution [3] - Expand Energy is committed to expanding America's energy reach to support a more affordable, reliable, and lower carbon future [3]

Company Overview - Expand Energy Corporation (NASDAQ:EXE) is the largest independent natural gas producer in the United States [2] - The company focuses on disrupting traditional cost and market delivery models to responsibly develop assets in the most prolific natural gas basins [2] - Expand Energy aims to create sustainable value for stakeholders through a returns-driven strategy leveraging scale, financial strength, and operational execution [2] Upcoming Financial Results - Expand Energy will release its 2024 fourth quarter and full year operational and financial results after market close on February 26, 2025 [1] - A conference call to discuss the results and the 2025 plan is scheduled for February 27, 2025, at 9:00 a.m. EST [1] - Participants can access the live webcast and register for questions through links provided on Expand Energy's website [1]