Financial Performance - Net cash provided by operating activities was $1,201 million, with a net income of $547 million, or $2.28 per fully diluted share[5]. - Total revenues for Q3 2025 reached $2,966 million, a significant increase from $648 million in Q3 2024, representing a growth of approximately 358%[21]. - Net income for Q3 2025 was $547 million, compared to a net loss of $114 million in Q3 2024, marking a turnaround in profitability[21]. - Adjusted net income for Q3 2025 was $234 million, compared to $22 million in Q3 2024, reflecting a substantial increase of 964%[34]. - Free cash flow for Q3 2025 reached $426 million, up from $124 million in Q3 2024, indicating a 243% increase[37]. - Adjusted diluted earnings per common share for Q3 2025 were $0.97, compared to $0.16 in Q3 2024, marking a 506% increase[35]. - Operating cash flow for the nine months ended September 30, 2025, was $3,619 million, compared to $1,183 million for the same period in 2024, reflecting a year-over-year increase of approximately 206%[22]. - Net cash provided by operating activities for the nine months ended September 30, 2025, was $3,619 million, compared to $1,183 million for the same period in 2024, a 206% increase[37]. Production and Operations - Adjusted EBITDAX for the third quarter was $1,082 million, with production averaging approximately 7.33 Bcfe/d, of which 92% was natural gas[5][6]. - Total production for natural gas in Q3 2025 was 6,721 MMcf per day, a substantial increase from 2,647 MMcf per day in Q3 2024, reflecting a growth of approximately 153%[23]. - Average rig count during the third quarter was 11, with 41 wells drilled and 57 wells turned in line[6]. - Adjusted EBITDAX for Q3 2025 was $1,082 million, compared to $365 million in Q3 2024, reflecting a 196% increase[36]. - Total drilling and completion capital expenditures for Q3 2025 were $619 million, significantly higher than $233 million in Q3 2024, representing a 165% increase[25]. Capital Expenditures and Guidance - Full year 2025 production guidance increased by 50 MMcfe/d to 7.15 Bcfe/d, while capital expenditures guidance was reduced by $75 million to $2.85 billion[5][8]. - Capital expenditures for Q3 2025 totaled $775 million, compared to $298 million in Q3 2024, representing a year-over-year increase of about 160%[22]. - Total capital expenditures for Q3 2025 were $735 million, a significant increase from $289 million in Q3 2024, representing a 154% year-over-year growth[25]. - Cash capital expenditures for the nine months ended September 30, 2025, totaled $1,995 million, compared to $1,021 million for the same period in 2024, a 95% increase[37]. Debt and Financial Position - The company plans to allocate $500 million to net debt paydown in the second half of 2025 to strengthen its balance sheet[11]. - Net debt as of September 30, 2025, was $4,412 million, calculated from total debt of $5,010 million minus cash and cash equivalents of $613 million[38]. - The company’s total cash, cash equivalents, and restricted cash at the end of Q3 2025 was $691 million, down from $1,120 million at the end of Q3 2024[22]. Dividends and Shareholder Returns - The quarterly base dividend of $0.575 per share is scheduled for payment on December 4, 2025[11]. Strategic Initiatives - A 15-year SPA was signed with Lake Charles Methanol to serve as the sole gas supplier starting in ~2030, with expected FID in 2026[5]. - The company is on track to capture approximately $500 million in annual synergies in 2025, with a target of $600 million by year-end 2026[7]. - Expand Energy acquired ~82,500 net acres in Western Haynesville and Southwest Appalachia, enhancing its leasehold position[5][9].
Expand Energy Corporation(EXE) - 2025 Q3 - Quarterly Results