Core Points - Expand Energy Corporation (EXE) reported first-quarter 2025 adjusted earnings per share of $2.02, exceeding the Zacks Consensus Estimate of $1.85 and significantly higher than the previous year's adjusted profit of 56 cents, driven by strong production and higher sales prices [1] - The company's revenues from 'natural gas, oil and NGL' reached $2.3 billion, surpassing the Zacks Consensus Estimate of $2.2 billion and showing a substantial increase from $589 million in the same quarter last year [1] Production & Price Realizations - EXE's average daily production for the first quarter was 6,788 million cubic feet of gas equivalent (MMcfe/day), a 112% increase from 3,198 MMcfe/day year-over-year, and above the Zacks Consensus Estimate of 6,774 MMcfe/day [2] - Natural gas volume for the period was 6,254 MMcf/day, up 95.6% year-over-year, exceeding the consensus mark of 6,212 MMcf/day [2] - Oil production was reported at 14 thousand barrels per day (MBbl/d), while NGL output totaled 75 MBbl/d [2] Sales Prices - The average sales price for natural gas during the first quarter was $3.58 per Mcf, a 76% increase from $2.03 per Mcf in the prior year and above the consensus mark of $3.36 [3] - The average realized oil price was $63.40 per barrel, compared to the consensus estimate of $61 [3] - The average realized NGL price was $30.54 per barrel, exceeding the Zacks Consensus Estimate of $27.48 [3] Costs & Expenses - Total operating expenses rose to $2.5 billion from $1 billion in the year-ago quarter, primarily due to a nearly threefold increase in gathering, processing, and transportation costs to $563 million [4] - Marketing costs increased by 184% year-over-year to $919 million, and depreciation expenses rose by 78% from the first quarter of 2024 [4] Financial Position - Cash flow from operations nearly doubled to $1.1 billion, with capital expenditure totaling $563 million, resulting in a free cash flow of $533 million [5] - The company paid out $142 million in dividends during the period [5] - As of March 31, 2025, EXE had $349 million in cash and cash equivalents and long-term debt of $5.2 billion, reflecting a debt-to-capitalization ratio of 23.4% [5] Guidance - For the second quarter, EXE targets an average daily production of 7,100-7,200 MMcfe, and for the full year 2025, the target is 7,000-7,200 MMcfe [6] - The company has budgeted capital spending between $725 million and $800 million for the upcoming quarter, and between $2.9 billion and $3.1 billion for 2025 [6] - EXE currently holds a Zacks Rank 1 (Strong Buy) [6]
Expand Energy Q1 Earnings Beat Estimates, Revenues Increase YoY