Chesapeake Energy(CHK) - 2025 Q2 - Quarterly Report

Company Information and Definitions This section provides essential registrant details and defines key terms and abbreviations used throughout the report Registrant Information Expand Energy Corporation (formerly Chesapeake Energy Corporation) filed a 10-Q quarterly report for the quarter ended June 30, 2025, with its stock trading on Nasdaq, identified as a large accelerated filer - Company name changed from Chesapeake Energy Corporation to Expand Energy Corporation[8] Registrant Information Status | Indicator | Status | | :--- | :--- | | Report Type | Quarterly Report (10-Q) | | Quarter End Date | June 30, 2025 | | Securities Registered | Common Stock, Class A, B, C Warrants | | Registered Exchange | Nasdaq Stock Market LLC | | Filer Type | Large Accelerated Filer | | Common Stock Outstanding as of July 24, 2025 | 238,145,675 shares | Explanatory Note and Definitions This section explains the company's name change and defines key abbreviations and terms for clear report understanding - Chesapeake Energy Corporation completed its merger with Southwestern Energy Company on October 1, 2024, and was renamed Expand Energy Corporation[8] - Monetary values used in the report, except for per unit and per share amounts, are stated in millions of dollars[9] - Provides definitions for numerous abbreviations and terms including ASU, Bbl, Bcf, Bcfe, Chapter 11 Cases, Chesapeake, Class A/B/C Warrants, Credit Facility, Current Period/Quarter, DD&A, Debtors, Effective Date, ESG, FASB, G&A, GAAP, General Unsecured Claim, LNG, LTIP, MBbls, MMBbls, Mcf, Mcfe, MMcf, MMcfe, NGL, NYMEX, OPEC+, Petition Date, Plan, Prior Period/Quarter, Rights Offering, SEC, SOFR, Southwestern, Southwestern Merger, Warrants, and WTI[9][10][11][12][13][14][15][16][17][18][19][20][21][22][23] PART I. FINANCIAL INFORMATION This part presents the company's unaudited condensed consolidated financial statements and management's detailed analysis of its financial condition and operating results Item 1. Condensed Consolidated Financial Statements (Unaudited) This section presents Expand Energy Corporation's unaudited condensed consolidated financial statements, including balance sheets, statements of operations, cash flows, and stockholders' equity, with detailed notes for the financial position and operating results as of June 30, 2025 Condensed Consolidated Balance Sheets As of June 30, 2025, total assets slightly decreased, cash and cash equivalents significantly increased, total liabilities decreased, and stockholders' equity grew, reflecting post-merger financial structure changes and operational performance Condensed Consolidated Balance Sheets Key Data (Millions of Dollars) | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | $731 | $317 | +$414 | | Total Current Assets | $2,272 | $1,997 | +$275 | | Net Oil and Gas Properties | $24,172 | $24,282 | -$110 | | Total Assets | $27,768 | $27,894 | -$126 | | Total Current Liabilities | $2,924 | $3,123 | -$199 | | Total Liabilities | $9,831 | $10,329 | -$498 | | Stockholders' Equity | $17,937 | $17,565 | +$372 | Condensed Consolidated Statements of Operations The company achieved significant revenue and net income growth in Q2 and H1 2025, primarily due to increased volumes from the Southwestern Merger and higher commodity prices, reversing losses from the prior year Condensed Consolidated Statements of Operations Key Data (Millions of Dollars, except per share data) | Indicator | Q2 2025 | Q2 2024 | YoY Change | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Revenues and Other | $3,690 | $505 | +$3,185 | $5,886 | $1,586 | +$4,300 | | Operating Expenses | $2,421 | $799 | +$1,622 | $4,885 | $1,848 | +$3,037 | | Operating Income (Loss) | $1,269 | $(294) | +$1,563 | $1,001 | $(262) | +$1,263 | | Net Income (Loss) | $968 | $(227) | +$1,195 | $719 | $(201) | +$920 | | Basic Earnings (Loss) Per Share | $4.07 | $(1.73) | +$5.80 | $3.04 | $(1.53) | +$4.57 | | Diluted Earnings (Loss) Per Share | $4.02 | $(1.73) | +$5.75 | $2.99 | $(1.53) | +$4.52 | Condensed Consolidated Statements of Cash Flows As of June 30, 2025, the company experienced a substantial increase in operating cash flow, increased cash outflows from investing activities, and significantly higher financing cash outflows, resulting in a net increase in cash and cash equivalents Condensed Consolidated Statements of Cash Flows Key Data (Millions of Dollars) | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $2,418 | $761 | +$1,657 | | Net Cash Used in Investing Activities | $(1,098) | $(640) | -$458 | | Net Cash Used in Financing Activities | $(909) | $(179) | -$730 | | Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | $411 | $(58) | +$469 | | End of Period Cash, Cash Equivalents, and Restricted Cash | $806 | $1,095 | -$289 | Condensed Consolidated Statements of Stockholders' Equity As of June 30, 2025, total stockholders' equity increased to $17,937 million, primarily driven by net income contributions, despite stock repurchases and dividend payments Condensed Consolidated Statements of Stockholders' Equity Key Data (Millions of Dollars, except share count) | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Common Stock (shares) | 237,437,223 | 231,769,886 | +5,667,337 | | Additional Paid-in Capital | $13,716 | $13,687 | +$29 | | Retained Earnings | $4,219 | $3,876 | +$343 | | Total Stockholders' Equity | $17,937 | $17,565 | +$372 | - In the first half of 2025, the company issued 6,032,153 common shares due to warrant exercises and repurchased and retired 851,661 common shares[92][90] Notes to Condensed Consolidated Financial Statements (Unaudited) This section provides detailed notes to the condensed consolidated financial statements, covering accounting policies, significant transactions, debt, equity, derivatives, investments, and segment information, offering deeper context for understanding the company's financial position and operating results Note 1. Basis of Presentation and Summary of Significant Accounting Policies Expand Energy Corporation is the largest natural gas producer in the U.S., focusing on natural gas, oil, and NGL development, with this note outlining the basis of financial statement presentation, consolidation scope, restricted cash, and potential impacts of recent accounting standard updates on disclosures - Expand Energy Corporation is the largest natural gas producer in the U.S., with operations across Louisiana, Pennsylvania, West Virginia, and Ohio[34] - As of June 30, 2025, the company held $75 million in restricted cash, primarily for certain outstanding royalty payments and general unsecured claims[37] - The company is evaluating the impact of ASU 2024-03 (expense disaggregation disclosures), ASU 2023-09 (income tax disclosure improvements), and ASU 2023-07 (reportable segment disclosure improvements) on future financial disclosures[38][39][40] Note 2. Natural Gas and Oil Property Transactions This note details the company's merger with Southwestern Energy Company, including merger terms, shares issued, total consideration, and preliminary purchase price allocation, also mentioning deferred consideration from Eagle Ford asset divestitures - The Southwestern Merger was completed on October 1, 2024, with the company issuing approximately 95.7 million common shares to Southwestern shareholders, valued at approximately $7.9 billion[42] Southwestern Merger Preliminary Purchase Price Allocation (Millions of Dollars) | Item | Amount | | :--- | :--- | | Consideration: | | | Cash | $585 | | Fair Value of Expand Energy Common Stock | $7,871 | | Replacement Awards for Restricted Stock Units and Performance Stock Units | $17 | | Total Consideration | $8,473 | | Fair Value of Assets Acquired: | | | Cash and Cash Equivalents and Restricted Cash | $126 | | Other Current Assets | $828 | | Proved Natural Gas and Oil Properties | $10,002 | | Unproved Properties | $4,270 | | Other Property and Equipment | $128 | | Other Long-Term Assets | $496 | | Amounts Attributable to Assets Acquired | $15,850 | | Fair Value of Liabilities Assumed: | | | Current Liabilities | $1,955 | | Long-Term Debt | $3,305 | | Deferred Tax Liability | $479 | | Long-Term Contract Liabilities | $1,287 | | Other Long-Term Liabilities | $351 | | Amounts Attributable to Liabilities Assumed | $7,377 | | Total Identifiable Net Assets | $8,473 | - The company divested its Eagle Ford assets through three separate transactions in 2023, receiving deferred consideration, with the current portion approximately $110 million and the non-current portion approximately $87 million as of June 30, 2025[52] Note 3. Earnings Per Share This note provides the calculation methods and reconciliation for basic and diluted earnings per share, showing positive EPS in Q2 and H1 2025, contrasting with losses in the prior year Basic and Diluted Earnings Per Share Reconciliation | Indicator | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Income (Loss), Basic and Diluted (Millions of Dollars) | $968 | $(227) | $719 | $(201) | | Weighted-Average Common Shares Outstanding, Basic (Thousands) | 237,973 | 131,168 | 236,213 | 131,030 | | Dilutive Securities Impact (Thousands): | | | | | | Warrants | 2,283 | — | 3,974 | — | | Restricted Stock Units | 304 | — | 364 | — | | Performance Stock Units | — | — | 77 | — | | Weighted-Average Common Shares Outstanding, Diluted (Thousands) | 240,560 | 131,168 | 240,628 | 131,030 | | Basic Earnings (Loss) Per Share | $4.07 | $(1.73) | $3.04 | $(1.53) | | Diluted Earnings (Loss) Per Share | $4.02 | $(1.73) | $2.99 | $(1.53) | - In Q2 and H1 2025, the diluted EPS calculation excluded the dilutive impact of 308,646 common shares and 582,109 Class C warrants related to Chapter 11 Cases, as their dilutive conditions were not met[56] Note 4. Debt This note details the company's long-term debt composition, including senior notes and credit facilities, and describes the repayment of several senior notes in H1 2025, reflecting proactive debt management Long-Term Debt Composition (Millions of Dollars) | Debt Type | Book Value as of June 30, 2025 | Book Value as of December 31, 2024 | | :--- | :--- | :--- | | 4.95% Senior Notes (due 2025) | $— | $389 | | 5.50% Senior Notes (due 2026) | $— | $47 | | 5.375% Senior Notes (due 2029) | $700 | $700 | | 5.875% Senior Notes (due 2029) | $469 | $500 | | 6.75% Senior Notes (due 2029) | $866 | $950 | | 5.375% Senior Notes (due 2030) | $1,200 | $1,200 | | 4.75% Senior Notes (due 2032) | $1,150 | $1,150 | | 5.70% Senior Notes (due 2035) | $750 | $750 | | Total Debt, Net | $5,122 | $5,680 | | Less: Current Portion of Long-Term Debt, Net | $— | $(389) | | Total Long-Term Debt, Net | $5,122 | $5,291 | - The company's Credit Facility provides a total committed capacity of $2.5 billion, with approximately $2.5 billion available for borrowing and no outstanding borrowings as of June 30, 2025[59] - In January 2025, $389 million of 4.95% Senior Notes due 2025 were repaid and terminated; in March 2025, the remaining $47 million of 5.50% Senior Notes due 2026 were redeemed; and in Q2 2025, approximately $84 million of 6.750% Senior Notes due 2029 and approximately $31 million of 5.875% Senior Notes due 2029 were redeemed through open market repurchases[65][66] Note 5. Contingencies and Commitments This note discloses various contingencies, including commercial operations, litigation, regulatory proceedings, and environmental risks, along with contractual commitments for future gathering, processing, and transportation agreements for natural gas, oil, and NGLs with midstream service providers and pipeline carriers - The company is involved in various litigation and regulatory proceedings, but management believes these matters, individually or in aggregate, are unlikely to have a material adverse effect on the company's future consolidated financial position, results of operations, or cash flows[67][68] - The company has implemented policies and procedures to mitigate environmental risks and established environmental reserves for potential economic losses[70] Total Undiscounted Commitments for Gathering, Processing, and Transportation Agreements (Millions of Dollars) | Period | Amount | | :--- | :--- | | Remainder of 2025 | $730 | | 2026 | $1,412 | | 2027 | $1,302 | | 2028 | $1,204 | | 2029 | $1,028 | | Thereafter | $4,503 | | Total | $10,179 | Note 6. Other Current Liabilities This note details the composition of the company's other current liabilities as of June 30, 2025, and December 31, 2024, with revenue and royalty payables and accrued drilling and production costs being major components Other Current Liabilities Breakdown (Millions of Dollars) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Revenue and Royalty Payables | $814 | $734 | | Accrued Drilling and Production Costs | $401 | $296 | | Contract Liabilities | $272 | $284 | | Accrued Compensation and Benefits | $73 | $124 | | Taxes Payable | $163 | $142 | | Operating Leases | $67 | $71 | | Advances from Joint Interest Owners | $14 | $13 | | Other | $111 | $122 | | Total Other Current Liabilities | $1,915 | $1,786 | Note 7. Revenue This note disaggregates the company's revenue by operating area and product type and provides the composition of accounts receivable, showing significant changes and growth in the company's revenue structure post-Southwestern Merger Revenue by Operating Area and Product Type (Q2 2025, Millions of Dollars) | Operating Area | Natural Gas | Oil | NGL | Total | | :--- | :--- | :--- | :--- | :--- | | Haynesville | $845 | $— | $— | $845 | | Northeast Appalachia | $643 | $— | $— | $643 | | Southwest Appalachia | $271 | $86 | $176 | $533 | | Natural Gas, Oil, and NGL Revenue | $1,759 | $86 | $176 | $2,021 | | Marketing Revenue | $719 | $33 | $36 | $788 | Revenue by Operating Area and Product Type (H1 2025, Millions of Dollars) | Operating Area | Natural Gas | Oil | NGL | Total | | :--- | :--- | :--- | :--- | :--- | | Haynesville | $1,666 | $— | $— | $1,666 | | Northeast Appalachia | $1,543 | $— | $— | $1,543 | | Southwest Appalachia | $565 | $164 | $383 | $1,112 | | Natural Gas, Oil, and NGL Revenue | $3,774 | $164 | $383 | $4,321 | | Marketing Revenue | $1,556 | $67 | $75 | $1,698 | Accounts Receivable Breakdown (Millions of Dollars) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Natural Gas, Oil, and NGL Sales | $837 | $1,028 | | Joint Interest | $220 | $191 | | Other | $32 | $18 | | Allowance for Doubtful Accounts | $(15) | $(11) | | Total Accounts Receivable, Net | $1,074 | $1,226 | Note 8. Income Taxes This note provides a comparison of the company's income tax expense (benefit) and discusses the effective tax rate, Corporate Alternative Minimum Tax (CAMT), and the potential impact of the recently signed "One Big Beautiful Bill Act" on future taxation Income Tax Expense (Benefit) Comparison (Millions of Dollars) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Income (Loss) Before Income Taxes | $909 | $(262) | | Current Tax Expense | $56 (6.2%) | $— (—%) | | Deferred Tax Expense (Benefit) | $134 (14.7%) | $(61) (23.3%) | | Total Income Tax Expense (Benefit) | $190 (20.9%) | $(61) (23.3%) | - The company expects to pay Corporate Alternative Minimum Tax (CAMT) in 2025[87] - The "One Big Beautiful Bill Act", signed on July 4, 2025, will restore 100% bonus depreciation and provide parity for CAMT treatment of intangible drilling costs and depreciation, expected to significantly benefit the company's future financial position[88] Note 9. Equity This note discloses the company's dividend payments, execution of the stock repurchase program, and warrant conversion activities in H1 2025, reflecting strategies for returning value to shareholders and managing capital structure Dividend Payments (Dollars per share, Millions of Dollars total) | Period | Base Dividend | Variable Dividend | Total per Share | Total Amount | | :--- | :--- | :--- | :--- | :--- | | Q1 2025 | $0.575 | $— | $0.575 | $138 | | Q2 2025 | $0.575 | $— | $0.575 | $138 | | Q1 2024 | $0.575 | $— | $0.575 | $77 | | Q2 2024 | $0.575 | $0.14 | $0.715 | $95 | - On July 29, 2025, the company declared a quarterly dividend of $1.465 per share, comprising a $0.575 base dividend and a $0.89 variable dividend[89] - The Board of Directors authorized a $1 billion common stock and/or warrant repurchase program on October 22, 2024; in Q2 2025, the company repurchased 900,000 shares for $100 million[90] Warrant Conversions (Thousands) | Warrant Type | Outstanding as of Dec 31, 2024 | Converted to Common Stock | Outstanding as of June 30, 2025 | | :--- | :--- | :--- | :--- | | Class A Warrants | 1,254 | (1,186) | 68 | | Class B Warrants | 3,073 | (2,959) | 114 | | Class C Warrants | 4,384 | (2,247) | 2,137 | Note 10. Share-Based Compensation This note details the company's Long-Term Incentive Plan (LTIP), including the grant, vesting, and associated compensation expense for Restricted Stock Units (RSUs) and Performance Stock Units (PSUs), as well as the balance of unrecognized compensation expense - The company's Long-Term Incentive Plan (LTIP) provides a stock reserve of 6.8 million common shares for grants of RSUs, restricted stock, stock options, and stock appreciation rights[94] Summary of Unvested Restricted Stock Units (RSUs) Activity (Thousands) | Item | Unvested Restricted Stock Units | Grant Date Fair Value (per share) | | :--- | :--- | :--- | | Unvested as of December 31, 2024 | 957 | $81.99 | | Granted | 548 | $103.47 | | Vested | (446) | $78.21 | | Forfeited | (14) | $97.39 | | Unvested as of June 30, 2025 | 1,045 | $94.67 | - As of June 30, 2025, total unrecognized compensation expense related to unvested RSUs was approximately $80 million, expected to be recognized over a weighted-average period of approximately 2.3 years[96] RSU and PSU Compensation Costs (Millions of Dollars) | Item | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | General and Administrative Expenses | $10 | $9 | $18 | $17 | | Natural Gas and Oil Properties | $3 | $2 | $4 | $4 | | Production Expenses | $1 | $1 | $2 | $2 | | Marketing Expenses | $1 | $— | $2 | $— | | Other Operating Expense, Net | $1 | $— | $3 | $— | | Total RSU and PSU Compensation | $16 | $21 | $29 | $32 | | Related Income Tax Benefit | $4 | $7 | $8 | $9 | Note 11. Derivative and Hedging Activities This note describes the company's strategy of using derivative instruments to manage commodity price volatility risk and provides the fair values of natural gas, oil, and NGL derivatives as of June 30, 2025, and December 31, 2024, and their presentation in the consolidated balance sheets - The company uses derivative instruments such as financial price swaps, call options, put options, and basis protection swaps to mitigate future commodity price volatility risk, without designating any derivatives for hedge accounting[103] Estimated Fair Value of Natural Gas, Oil, and NGL Derivatives (Millions of Dollars) | Derivative Type | Notional Volume as of June 30, 2025 | Fair Value as of June 30, 2025 | Notional Volume as of Dec 31, 2024 | Fair Value as of Dec 31, 2024 | | :--- | :--- | :--- | :--- | :--- | | Natural Gas (Bcf): | | | | | | Fixed Price Swaps | 296 | $(37) | 369 | $(28) | | Collars | 1,437 | $(176) | 1,098 | $(27) | | Three-Way Collars | 81 | $23 | 161 | $60 | | Call Options (Purchased) | 37 | $1 | 73 | $1 | | Call Options (Sold) | 147 | $(19) | 219 | $(16) | | Basis Protection Swaps | 320 | $22 | 279 | $(39) | | Total Natural Gas | 2,318 | $(186) | 2,199 | $(49) | | Oil (MMBbls): | | | | | | Three-Way Collars | 1 | $5 | 2 | $4 | | Total Oil | 1 | $5 | 2 | $4 | | NGLs (MMBbls): | | | | | | Fixed Price Swaps | 4 | $— | 7 | $(9) | | Total NGL | 4 | $— | 7 | $(9) | | Total Estimated Fair Value | | $(181) | | $(54) | - The company incorporates non-performance risk into derivative valuations and diversifies credit risk by transacting commodity contracts with 20 counterparties[107][108] Note 12. Investments This note discloses the company's equity investment in Momentum Sustainable Ventures LLC, a joint venture aimed at constructing natural gas gathering pipelines and carbon capture projects to support Haynesville Shale gas production and carbon emission reduction - The company holds a 35% equity interest in Momentum Sustainable Ventures LLC, a joint venture to construct a natural gas gathering pipeline and carbon capture project, expected to be operational in Q4 2025[110] - The project is expected to have an initial natural gas transportation capacity of 1.7 Bcf/d, expandable to 2.2 Bcf/d, and plans to capture approximately 1 million metric tons of CO2 annually[110] - As of June 30, 2025, the book value of the company's equity investment was $314 million, including approximately $25 million in capitalized interest[110] Note 13. Supplemental Cash Flow Information This note provides supplemental disclosures for the condensed consolidated statements of cash flows, including the impact of changes in assets and liabilities on cash flow, net interest and income taxes paid, and significant non-cash investing and financing activities Supplemental Cash Flow Information (Millions of Dollars) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Changes in Assets and Liabilities: | | | | Accounts Receivable | $165 | $239 | | Accounts Payable | $(87) | $(129) | | Other Current Assets | $(30) | $6 | | Other Current Liabilities | $22 | $(171) | | Total | $70 | $(55) | | Supplemental Cash Flow Information: | | | | Interest Paid, Net of Capitalized Interest | $110 | $45 | | Income Taxes Paid (Refunds Received), Net | $82 | $(2) | | Significant Non-Cash Investing and Financing Activities: | | | | Change in Accrued Drilling and Completion Costs | $160 | $(62) | | Operating Lease Obligations Recognized | $26 | $— | Note 14. Segment Information This note explains the company's operating segment information, aggregating all operating areas into one reportable segment, and discloses key financial metrics used by the Chief Operating Decision Maker (CEO) for resource allocation and performance evaluation - The company aggregates all operating areas into one reportable segment due to the similar nature of exploration and production activities and the ancillary nature of marketing activities[113] - The Chief Operating Decision Maker (CEO) uses consolidated net income (loss) to allocate resources and evaluate operating performance, regularly reviewing key segment expenses such as production, gathering, processing and transportation, severance and ad valorem taxes, and general and administrative expenses[114] Capital Expenditures and Investments (Millions of Dollars) | Item | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Capital Expenditures | $727 | $293 | $1,389 | $647 | | Contributions to Equity Method Investments | $— | $21 | $— | $37 | | Interest Income | $5 | $14 | $7 | $28 | Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations This section provides management's in-depth analysis of Expand Energy Corporation's financial condition, liquidity, and results of operations, focusing on the integration impacts of the Southwestern Merger, recent developments, market environment, and changes in various revenues and expenses Introduction Expand Energy Corporation, post-merger with Southwestern Energy Company, is the largest independent natural gas producer in the U.S., committed to creating sustainable value for stakeholders through responsible development, operational efficiency, and financial discipline, with ambitious ESG goals - The company completed the Southwestern Merger on October 1, 2024, becoming the largest independent natural gas producer in the U.S. with a leading natural gas asset portfolio and an investment-grade balance sheet[118][119] - The company's strategy is to create shareholder value through responsible resource development, operational efficiency, and financial discipline, with a focus on improving ESG performance[120] - The company has set ESG targets, including achieving net-zero (Scope 1 and 2) greenhouse gas emissions by 2035 and maintaining 100% Responsibly Sourced Gas (RSG) certification[121] Recent Developments Following the Southwestern Merger, the company achieved significant milestones, including investment-grade credit ratings, S&P 500 inclusion, repayment of senior notes, and a stock repurchase program, substantially enhancing its financial strength and market position - The company completed the Southwestern Merger on October 1, 2024, issuing approximately 95.7 million common shares to Southwestern shareholders, valued at approximately $7.9 billion[122] - The company achieved investment-grade ratings from S&P and Fitch in October 2024, and from Moody's in April 2025, upgrading its unsecured debt ratings[123] - In March 2025, the company's common stock was included in the S&P 500 Index[124] - In January and March 2025, the company repaid $389 million of 2025 Senior Notes and $47 million of 2026 Senior Notes, respectively; in Q2 2025, it redeemed approximately $84 million of 6.750% Senior Notes due 2029 and approximately $31 million of 5.875% Senior Notes due 2029 through open market repurchases[125] - In October 2024, the Board authorized a $1 billion common stock and/or warrant repurchase program; in Q2 2025, the company repurchased 900,000 shares for $100 million[126] Economic and Market Conditions Geopolitical risks and policy uncertainties continue to drive volatility in natural gas, oil, and NGL prices, while the domestic natural gas market balance is easing; the company partially hedges commodity price risks through derivatives and leverages vertical integration from the Southwestern Merger to control costs - Geopolitical risks and policy uncertainties continue to drive volatility in natural gas, oil, and NGL prices[127] - In Q2 2025, the domestic natural gas market balance was moderately loose, with production elasticity, reduced demand, and mild spring weather offsetting rapid LNG demand growth, creating downward pressure on near-term prices[127] - The company's hedging strategy provides price floor protection for over half of its projected natural gas volumes for the remainder of 2025, while retaining significant upside participation[128] - The Southwestern Merger provided the company with oilfield services operations, facilitating vertical integration of exploration and production activities to control costs and ensure inputs[129] Liquidity and Capital Resources The company primarily funds capital through internal operating cash flow and credit facilities for oil and gas asset development, debt repayment, and shareholder returns, maintaining ample liquidity as of June 30, 2025, and planning to fund 2025 capital expenditures with cash flow and credit facilities - The company's primary sources of capital resources and liquidity are internal operating cash flow and borrowings under its Credit Facility[130] - As of June 30, 2025, the company had $3.2 billion in available liquidity, including $700 million in cash and $2.5 billion in unused borrowing capacity under its Credit Facility[130] - On July 29, 2025, the company declared a quarterly dividend of $1.465 per share, comprising a $0.575 base dividend and a $0.89 variable dividend[132] - As of June 30, 2025, the company's material contractual obligations included senior note repayments, derivative obligations, asset retirement obligations, lease obligations, and gathering, processing, and transportation agreements, with total undiscounted future commitments estimated at approximately $10.2 billion[135] - The company expects to complete 250 to 280 gross wells in 2025, with capital expenditures estimated at approximately $2.85 billion to $3.0 billion, planned to be funded by cash on hand, operating cash flow, and the Credit Facility[138] Sources and (Uses) of Cash and Cash Equivalents This section outlines the company's sources and uses of cash and cash equivalents in H1 2025, showing operating activities as the primary cash inflow, while capital expenditures, debt purchases, and dividend payments were major outflows Sources and (Uses) of Cash and Cash Equivalents (Millions of Dollars) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Cash Provided by Operating Activities | $2,418 | $761 | | Proceeds from Asset Divestitures | $15 | $12 | | Receipts of Deferred Consideration | $116 | $116 | | Proceeds from Warrant Exercises | $22 | $1 | | Capital Expenditures | $(1,220) | $(723) | | Contributions to Investments | $(9) | $(45) | | Cash Paid to Purchase Debt | $(553) | $— | | Cash Paid to Repurchase and Retire Common Stock | $(99) | $— | | Cash Paid for Common Stock Dividends | $(279) | $(176) | | Debt Issuance and Other Financing Costs | $— | $(4) | | Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | $411 | $(58) | Cash Flow from Operating Activities The company's operating cash flow significantly increased in H1 2025, primarily due to higher sales volumes from the Southwestern Merger and increased natural gas, oil, and NGL sales prices - Operating cash flow for H1 2025 was $2.418 billion, a significant increase from $761 million in H1 2024[140] - The increase in cash flow was primarily attributable to higher sales volumes from the Southwestern Merger and increased sales prices for natural gas, oil, and NGLs[140] Receipts of Deferred Consideration The company received $116 million in deferred consideration related to the Eagle Ford asset divestiture in both H1 2025 and H1 2024 - In both H1 2025 and H1 2024, the company received $116 million in deferred consideration related to the Eagle Ford asset divestiture transactions[141] Capital Expenditures The company's capital expenditures increased in H1 2025, mainly due to increased drilling and completion activities across operating areas following the Southwestern Merger - Capital expenditures in H1 2025 increased compared to H1 2024, primarily due to increased drilling and completion activities across operating areas following the Southwestern Merger[142] Contributions to Investments In H1 2025, the company's contributions to investments primarily related to capitalized interest for the Momentum Sustainable Ventures LLC project, aimed at constructing natural gas gathering pipelines and carbon capture facilities - In H1 2025, contributions to investments primarily related to capitalized interest for the Momentum Sustainable Ventures LLC project[143] - In H1 2024, contributions to investments primarily included the investment in Momentum Sustainable Ventures LLC for the construction of new natural gas gathering pipelines and carbon capture projects[143] Cash Paid to Purchase Debt In H1 2025, the company repaid multiple senior notes, including those due in 2025 and 2026, and redeemed portions of 2029 senior notes through open market repurchases, using cash and credit facilities - In H1 2025, the company repaid $389 million of 2025 Senior Notes and $47 million of 2026 Senior Notes[144] - The company also redeemed approximately $84 million of 6.750% Senior Notes due 2029 and approximately $31 million of 5.875% Senior Notes due 2029 through open market repurchases[144] Cash Paid to Repurchase and Retire Common Stock Under the board-authorized stock repurchase program, the company repurchased and retired 900,000 shares of common stock for $100 million in H1 2025 - In H1 2025, the company repurchased and retired 900,000 common shares for $100 million, as part of the Board-authorized $1 billion stock repurchase program[145] Cash Paid for Common Stock Dividends The company paid $279 million in common stock dividends in H1 2025, an increase from $176 million in H1 2024 - In H1 2025, the company paid $279 million in common stock dividends, compared to $176 million in H1 2024[146] Results of Operations This section provides a detailed analysis of the company's operating results post-Southwestern Merger, including natural gas, oil, and NGL production volumes, average sales prices, sales revenue, and changes in various operating expenses, demonstrating the merger's significant impact on financial performance Natural Gas, Oil and NGL Production and Average Sales Prices The company experienced significant growth in natural gas, oil, and NGL production and average sales prices in Q2 and H1 2025, primarily due to expanded operating areas from the Southwestern Merger and rising market prices Natural Gas, Oil and NGL Production and Average Sales Prices (Q2 2025) | Operating Area | Natural Gas (MMcf/day) | Natural Gas ($/Mcf) | Oil (MBbl/day) | Oil ($/Bbl) | NGL (MBbl/day) | NGL ($/Bbl) | Total (MMcfe/day) | Total ($/Mcfe) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Haynesville | 2,978 | 3.12 | — | — | — | — | 2,978 | 3.12 | | Northeast Appalachia | 2,662 | 2.65 | — | — | — | — | 2,662 | 2.65 | | Southwest Appalachia | 956 | 3.11 | 18 | 54.47 | 83 | 23.19 | 1,562 | 3.75 | | Total | 6,596 | 2.93 | 18 | 54.47 | 83 | 23.19 | 7,202 | 3.08 | | Average NYMEX Price | | 3.44 | | 63.74 | | | | | | Average Realized Price (with Derivatives) | | 2.98 | | 55.89 | | 23.08 | | 3.14 | Natural Gas, Oil and NGL Production and Average Sales Prices (H1 2025) | Operating Area | Natural Gas (MMcf/day) | Natural Gas ($/Mcf) | Oil (MBbl/day) | Oil ($/Bbl) | NGL (MBbl/day) | NGL ($/Bbl) | Total (MMcfe/day) | Total ($/Mcfe) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Haynesville | 2,798 | 3.29 | — | — | — | — | 2,798 | 3.29 | | Northeast Appalachia | 2,665 | 3.20 | — | — | — | — | 2,665 | 3.20 | | Southwest Appalachia | 963 | 3.24 | 16 | 58.34 | 79 | 26.66 | 1,533 | 4.01 | | Total | 6,426 | 3.24 | 16 | 58.34 | 79 | 26.66 | 6,996 | 3.41 | | Average NYMEX Price | | 3.55 | | 67.58 | | | | | | Average Realized Price (with Derivatives) | | 3.24 | | 59.30 | | 26.04 | | 3.40 | Natural Gas, Oil and NGL Sales The company's natural gas, oil, and NGL sales significantly increased in Q2 and H1 2025, driven by higher volumes from the Southwestern Merger and rising index prices across all products Natural Gas, Oil and NGL Sales (Q2 2025, Millions of Dollars) | Operating Area | Natural Gas | Oil | NGL | Total | | :--- | :--- | :--- | :--- | :--- | | Haynesville | $845 | $— | $— | $845 | | Northeast Appalachia | $643 | $— | $— | $643 | | Southwest Appalachia | $271 | $86 | $176 | $533 | | Total Natural Gas, Oil, and NGL Sales | $1,759 | $86 | $176 | $2,021 | Natural Gas, Oil and NGL Sales (H1 2025, Millions of Dollars) | Operating Area | Natural Gas | Oil | NGL | Total | | :--- | :--- | :--- | :--- | :--- | | Haynesville | $1,666 | $— | $— | $1,666 | | Northeast Appalachia | $1,543 | $— | $— | $1,543 | | Southwest Appalachia | $565 | $164 | $383 | $1,112 | | Natural Gas, Oil, and NGL Revenue | $3,774 | $164 | $383 | $4,321 | - Q2 2025 natural gas, oil, and NGL sales increased by $1.643 billion compared to the prior year, with the Southwestern Merger contributing $1.153 billion in volume growth and higher commodity prices contributing $402 million[148] Production Expenses The company's production expenses significantly increased in Q2 and H1 2025, primarily due to the Southwestern Merger and higher production volumes across all operating areas Production Expenses (Millions of Dollars, except Dollars per Mcfe) | Operating Area | Q2 2025 | Q2 2025 ($/Mcfe) | Q2 2024 | Q2 2024 ($/Mcfe) | H1 2025 | H1 2025 ($/Mcfe) | H1 2024 | H1 2024 ($/Mcfe) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Haynesville | $67 | 0.25 | $30 | 0.28 | $137 | 0.27 | $68 | 0.28 | | Northeast Appalachia | $37 | 0.15 | $19 | 0.14 | $75 | 0.15 | $40 | 0.14 | | Southwest Appalachia | $47 | 0.33 | $— | — | $86 | 0.31 | $— | — | | Total Production Expenses | $151 | 0.23 | $49 | 0.20 | $298 | 0.24 | $108 | 0.20 | - Production expenses in Q2 and H1 2025 increased by $102 million and $190 million, respectively, primarily attributable to the Southwestern Merger and increased production volumes across all operating areas[150] Gathering, Processing and Transportation Expenses The company's gathering, processing, and transportation expenses substantially increased in Q2 and H1 2025, mainly due to higher production volumes and rates across all operating areas post-Southwestern Merger Gathering, Processing and Transportation Expenses (Millions of Dollars, except Dollars per Mcfe) | Operating Area | Q2 2025 | Q2 2025 ($/Mcfe) | Q2 2024 | Q2 2024 ($/Mcfe) | H1 2025 | H1 2025 ($/Mcfe) | H1 2024 | H1 2024 ($/Mcfe) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Haynesville | $180 | 0.66 | $52 | 0.48 | $357 | 0.70 | $116 | 0.48 | | Northeast Appalachia | $203 | 0.84 | $102 | 0.72 | $429 | 0.89 | $211 | 0.71 | | Southwest Appalachia | $180 | 1.27 | $— | — | $340 | 1.23 | $— | — | | Total | $563 | 0.86 | $154 | 0.62 | $1,126 | 0.89 | $327 | 0.60 | - Gathering, processing, and transportation expenses in Q2 and H1 2025 increased by $409 million and $799 million, respectively, primarily due to higher production volumes and rates across all operating areas following the Southwestern Merger[151] Severance and Ad Valorem Taxes The company's severance and ad valorem taxes increased in Q2 and H1 2025, primarily influenced by the Southwestern Merger, despite a decrease in the statutory severance tax rate in the Haynesville region Severance and Ad Valorem Taxes (Millions of Dollars, except Dollars per Mcfe) | Operating Area | Q2 2025 | Q2 2025 ($/Mcfe) | Q2 2024 | Q2 2024 ($/Mcfe) | H1 2025 | H1 2025 ($/Mcfe) | H1 2024 | H1 2024 ($/Mcfe) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Haynesville | $17 | 0.06 | $15 | 0.14 | $31 | 0.06 | $40 | 0.17 | | Northeast Appalachia | $8 | 0.03 | $3 | 0.02 | $16 | 0.03 | $7 | 0.02 | | Southwest Appalachia | $24 | 0.17 | $— | — | $50 | 0.18 | $— | — | | Total | $49 | 0.08 | $18 | 0.07 | $97 | 0.08 | $47 | 0.09 | - Q2 2025 severance and ad valorem taxes increased by $31 million, primarily due to a $35 million increase from the Southwestern Merger, partially offset by a decrease in the Haynesville statutory severance tax rate[152] Natural Gas, Oil and NGL Derivatives The company realized significant unrealized gains from natural gas derivatives in Q2 2025, reversing prior-year losses, while oil and NGL derivatives also contributed positive gains Natural Gas, Oil and NGL Derivatives Gains (Losses) (Millions of Dollars) | Item | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Natural Gas Derivatives - Realized Gains (Losses) | $34 | $251 | $(3) | $490 | | Natural Gas Derivatives - Unrealized Gains (Losses) | $825 | $(262) | $(137) | $(350) | | Total Natural Gas Derivatives Gains (Losses) | $859 | $(11) | $(140) | $140 | | Oil Derivatives - Realized Gains | $2 | $— | $2 | $— | | Oil Derivatives - Unrealized Gains | $1 | $— | $1 | $— | | Total Oil Derivatives Gains | $3 | $— | $3 | $— | | NGL Derivatives - Realized Losses | $(1) | $— | $(9) | $— | | NGL Derivatives - Unrealized Gains | $16 | $— | $9 | $— | | Total NGL Derivatives Gains | $15 | $— | $— | $— | | Contingent Consideration Unrealized Gains | $— | $— | $— | $21 | | Total Natural Gas, Oil, and NGL Derivatives Gains (Losses) | $877 | $(11) | $(137) | $161 | General and Administrative Expenses The company's net general and administrative expenses decreased in Q2 and H1 2025; although the Southwestern Merger led to increased employee compensation and benefits, this was offset by higher allocations and reimbursements, with unit expenses declining due to increased production Net General and Administrative Expenses (Millions of Dollars, except Dollars per Mcfe) | Item | Q2 2025 | Q2 2025 ($/Mcfe) | Q2 2024 | Q2 2024 ($/Mcfe) | H1 2025 | H1 2025 ($/Mcfe) | H1 2024 | H1 2024 ($/Mcfe) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total G&A, Net | $40 | 0.06 | $47 | 0.19 | $87 | 0.07 | $94 | 0.17 | - Net general and administrative expenses decreased in Q2 and H1 2025, primarily because increased employee compensation and benefits from the Southwestern Merger were offset by corresponding increases in allocations and reimbursements[155] - The decrease in unit general and administrative expenses was due to increased production volumes following the Southwestern Merger[155] Separation and Other Termination Costs In H1 2024, the company recognized $23 million in separation and other termination costs, primarily related to one-time termination benefits for certain employees - In H1 2024, the company recognized $23 million in separation and other termination costs, primarily related to one-time termination benefits for certain employees[156] Depreciation, Depletion and Amortization The company's absolute depreciation, depletion, and amortization (DD&A) increased in Q2 and H1 2025, primarily due to the Southwestern Merger, but DD&A per Mcfe decreased due to lower depletion rates for acquired wells Depreciation, Depletion and Amortization (Millions of Dollars, except Dollars per Mcfe) | Item | Q2 2025 | Q2 2025 ($/Mcfe) | Q2 2024 | Q2 2024 ($/Mcfe) | H1 2025 | H1 2025 ($/Mcfe) | H1 2024 | H1 2024 ($/Mcfe) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | DD&A | $769 | 1.17 | $348 | 1.39 | $1,480 | 1.17 | $747 | 1.38 | - Absolute DD&A increased in Q2 and H1 2025, primarily related to the Southwestern Merger[157] - DD&A per Mcfe decreased due to lower depletion rates for wells acquired in the Southwestern Merger[157] Other Operating Expense, Net The company recognized other operating expenses, net, in Q2 and H1 2025 related to the Southwestern Merger, primarily including employee, legal, consulting, and financial advisory fees Other Operating Expense, Net (Millions of Dollars) | Item | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Other Operating Expense, Net | $38 | $16 | $60 | $33 | - In Q2 and H1 2025, the company recognized approximately $25 million and $52 million, respectively, in costs related to the Southwestern Merger, including employee, legal, consulting, and financial advisory fees[158][159] Interest Expense The company's interest expense increased in Q2 and H1 2025, mainly due to higher debt interest from assuming Southwestern's senior notes post-merger, with capitalized interest also rising due to increased capital activities Interest Expense (Millions of Dollars) | Item | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :--- | :--- | :--- | :--- | :--- | | Debt Interest Expense | $74 | $32 | $151 | $64 | | Amortization of Premiums, Discounts, Issuance Costs, and Other | $2 | $(3) | $2 | $(5) | | Capitalized Interest | $(16) | $(9) | $(34) | $(20) | | Total Interest Expense | $60 | $20 | $119 | $39 | - Interest expense increased in Q2 and H1 2025, primarily due to higher debt interest expense from assuming Southwestern's senior notes following the Southwestern Merger[160] - Capitalized interest increased due to higher capital activities after the Southwestern Merger[160] Income Taxes The company recognized $190 million in income tax expense in H1 2025, comprising $56 million in current tax and $134 million in deferred tax, contrasting with an income tax benefit in the prior year, with effective tax rates fluctuating across periods - In H1 2025, the company recognized $190 million in income tax expense, including $56 million in current tax and $134 million in deferred tax[162] - In H1 2024, the company recognized an income tax benefit of $61 million, entirely related to deferred federal and state income tax projections[162] - The company's effective income tax rates were 20.9% for H1 2025 and 23.3% for H1 2024[162] Item 3. Quantitative and Qualitative Disclosures About Market Risk This section discloses the company's market risks, primarily commodity price risk and interest rate risk, detailing how the company hedges commodity price volatility with derivatives and assesses the potential financial impact of these risks - The company uses various derivative instruments to hedge against natural gas, oil, and NGL price volatility risk, enhancing the certainty of revenue forecasts[170] - As of June 30, 2025, natural gas derivatives had a net liability fair value of $186 million, oil derivatives had a net asset fair value of $5 million, and NGL derivatives had a nominal net asset fair value[172] - A 10% fluctuation in natural gas forward prices would impact natural gas derivative valuations by approximately $500 million, a 10% fluctuation in oil forward prices would impact oil derivative valuations by approximately $2 million, and a 10% fluctuation in NGL forward prices would impact NGL derivative valuations by approximately $9 million[172] - The company's interest rate risk primarily relates to floating-rate borrowings under its Credit Facility, with no outstanding borrowings under the facility as of June 30, 2025[173] Item 4. Controls and Procedures Company management assessed the effectiveness of disclosure controls and procedures as of June 30, 2025, concluding they were effective, with no significant changes in internal control over financial reporting during the reporting period - As of June 30, 2025, the company's Chief Executive Officer and Chief Financial Officer assessed and concluded that disclosure controls and procedures were effective[175] - There were no significant changes in internal control over financial reporting during the current quarterly reporting period[176] PART II. OTHER INFORMATION This part provides additional disclosures on legal proceedings, risk factors, equity security sales, defaults, mine safety, and other information, along with a comprehensive list of exhibits Item 1. Legal Proceedings The company is involved in various legal and regulatory proceedings, including commercial disputes, personal injury claims, and royalty claims, which management believes are unlikely to have a material adverse effect on the company's financial condition, results of operations, or cash flows - The company is involved in various legal and regulatory proceedings, including commercial disputes, personal injury claims, royalty claims, property damage claims, and contract litigation[179] - Management believes that existing litigation, claims, and proceedings, individually or in aggregate, are unlikely to have a material adverse effect on the company's future consolidated financial position, results of operations, or cash flows[180] - The company has implemented policies, procedures, training, and audits to reduce and mitigate environmental risks, and has established environmental reserves for potential economic losses[181] Item 1A. Risk Factors This section refers to the risk factors detailed in the company's 2024 10-K annual report, advising investors to carefully review these factors that could materially adversely affect the company's business, financial condition, results of operations, or liquidity - Risk factors facing the company's business are detailed in the "Risk Factors" section of the 2024 10-K annual report[182] - Risk factors include, but are not limited to: reduced demand for natural gas, oil, and NGLs; negative public perception of the industry; commodity price volatility; capital expenditure requirements; ability to replace reserves; drilling and operating risks; commodity price risk management activities; geopolitical conflicts and economic environment impacts; inability to access capital markets; debt levels and restrictive covenants; employee retention challenges; acquisition or disposition risks; cybersecurity threats; ability to achieve ESG goals; legislative, regulatory, and ESG initiatives; federal and state tax proposals; and annual limitations on the utilization of tax attributes[163][168] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds This section discloses the company's stock repurchase program executed in Q2 2025, including the number of shares repurchased, average price, and remaining amount available for repurchase - The Board of Directors authorized a $1 billion common stock and/or warrant repurchase program on October 22, 2024[184] Equity Security Repurchases in Q2 2025 | Period | Total Number of Shares Repurchased | Average Price Paid per Share | Total Number of Shares Repurchased as Part of Publicly Announced Plans | Approximate Dollar Value of Shares that May Yet Be Repurchased Under the Plans (Millions of Dollars) | | :--- | :--- | :--- | :--- | :--- | | April 1 - April 30 | — | $— | — | $1,000 | | May 1 - May 31 | 144,583 | $116.17 | 144,583 | $983 | | June 1 - June 30 | 707,078 | $117.65 | 707,078 | $900 | | Total | 851,661 | $117.40 | 851,661 | | Item 3. Defaults Upon Senior Securities There were no defaults upon senior securities during this reporting period - No defaults upon senior securities[186] Item 4. Mine Safety Disclosures Information regarding mine safety violations and other regulatory matters is included in Exhibit 95.1 - Information regarding mine safety violations and other regulatory matters is contained in Exhibit 95.1[187] Item 5. Other Information During the three months ended June 30, 2025, no directors or officers adopted or terminated "Rule 10b5-1 trading arrangements" or "non-Rule 10b5-1 trading arrangements" - During the three months ended June 30, 2025, no directors or officers adopted or terminated "Rule 10b5-1 trading arrangements" or "non-Rule 10b5-1 trading arrangements"[188] Item 6. Exhibits This section lists the exhibits filed, furnished, or incorporated by reference as required by Item 601 of Regulation S-K Exhibit Index | Exhibit Number | Exhibit Description | SEC Filing Form | File Number | Exhibit | Filing Date | Filed/Furnished Herewith | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2.1 | Fifth Amended Joint Plan of Reorganization of Chesapeake Energy Corporation and its Debtor Affiliates under Chapter 11 of the Bankruptcy Code (Exhibit A to Confirmation Order) | 8-K | 001-13726 | 2.1 | January 19, 2021 | | | 2.2* | Agreement and Plan of Merger, dated as of January 10, 2024, by and among Chesapeake Energy Corporation, Hulk Merger Sub, Inc., Hulk LLC Sub, LLC and Southwestern Energy Company | 8-K | 001-13726 | 2.1 | January 11, 2024 | | | 3.1 | Third Amended and Restated Certificate of Incorporation of Expand Energy Corporation | 8-K | 001-13726 | 3.1 | October 1, 2024 | | | 3.2 | Third Amended and Restated Bylaws of Expand Energy Corporation | 8-K | 001-13726 | 3.2 | October 1, 2024 | | | 31.1 | Certification of Domenic J. Dell'Osso, Jr., President and Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | | | | | X | | 31.2 | Certification of Mohit Singh, Executive Vice President and Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | | | | | X | | 32.1** | Certification of Domenic J. Dell'Osso Jr., President and Chief Executive Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | | | | | X | | 32.2** | Certification of Mohit Singh, Executive Vice President and Chief Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | | | | | X | | 95.1 | Mine Safety Disclosures | | | | | X | | 101 INS | Inline XBRL Instance Document | | | | | X | | 101 SCH | Inline XBRL Taxonomy Extension Schema Document | | | | | X | | 101 CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | | | | | X | | 101 DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | | | | | X | | 101 LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | | | | | X | | 101 PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | | | | | X | | 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | | | | | X | Signatures This report was formally signed by Domenic J. Dell'Osso, Jr., President and Chief Executive Officer, and Mohit Singh, Executive Vice President and Chief Financial Officer of Expand Energy Corporation, on July 29, 2025 - This report was signed by Domenic J. Dell'Osso, Jr., President and Chief Executive Officer, and Mohit Singh, Executive Vice President and Chief Financial Officer, on July 29, 2025[197]