Core Insights - Expand Energy Corporation reported a net loss of $249 million for Q1 2025, with adjusted net income of $487 million, or $2.02 per share [6][18][33] - The company produced approximately 6.79 Bcfe per day, with 92% being natural gas, and plans to increase production to approximately 7.1 Bcfe per day in 2025 [3][4][21] - Expand Energy is on track to achieve $400 million in annual synergies for 2025, with a total target of $500 million by the end of 2026 [5][6] Financial Performance - Total revenues for Q1 2025 were $2.196 billion, compared to $1.081 billion in Q1 2024, reflecting a significant increase [18] - Operating expenses totaled $2.464 billion in Q1 2025, up from $1.049 billion in the same period last year [18] - The company reported net cash provided by operating activities of $1.096 billion for Q1 2025, compared to $552 million in Q1 2024 [20][37] Operational Update - Expand Energy operated an average of 11 rigs in Q1 2025, drilling 46 wells and turning 89 wells in line [3] - The company plans to run approximately 12 rigs in 2025 and invest about $2.7 billion, with an incremental capital investment of $300 million to increase rig count to approximately 15 by year-end 2025 [4][5] - The company achieved an adjusted EBITDAX of $1.395 billion for Q1 2025, compared to $508 million in Q1 2024 [28][36] Shareholder Returns - The company plans to pay a quarterly base dividend of $0.575 per share on June 4, 2025, marking the 17th consecutive quarter of dividend payments [6][7] - Expand Energy expects to allocate $500 million towards net debt reduction in 2025, alongside additional free cash flow for variable dividends and share repurchases [6][7] Market Position - Expand Energy is the largest natural gas producer in the United States and was added to the S&P 500 effective March 24, 2025 [10][6] - The company has been upgraded to an investment-grade credit rating by Moody's (Baa3), achieving a uniform investment-grade rating from all rating agencies [6][7]
Expand Energy Corporation Reports First Quarter 2025 Results