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Expand Energy Corporation operates as an independent natural gas production company in the United States. The company engages in acquisition, exploration, and development of properties to produce oil, natural gas, and natural gas liquids. It holds interests in the Marcellus Shale in the northern Appalachian Basin in Pennsylvania; the Marcellus and Utica Shales in Ohio and West Virginia; and the Haynesville and Bossier Shales in Louisiana and Texas. Expand Energy Corporation was formerly known as Chesapeake Energy Corporation and changed its name to Expand Energy Corporation in October 2024. The company was founded in 1989 and is based in Oklahoma City, Oklahoma.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $12.2B | $5.5B | $1.8B | $1.6B | 9.8% | 188.8% | -354.8% |
| 2024 | $4.2B | $1.0B | $-714M | $8M | -4.1% | -45.7% | -129.5% |
| 2023 | $7.8B | $4.7B | $2.4B | $551M | 22.5% | -32.1% | -51.0% |
| 2022 | $11.4B | $5.6B | $4.9B | $2.3B | 54.1% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 11,443 | 7,775 | 4,221 | 12,189 |
| Cost Of Revenue | 3,287 | 2,736 | 3,080 | 5,991 |
| Gross Profit | 8,156 | 5,039 | 1,141 | 6,198 |
| Operating Expense | 4,429 | 2,671 | 1,838 | 3,427 |
| Operating Income | 3,727 | 2,368 | -697 | 2,771 |
| EBITDA | 5,564 | 4,748 | 1,018 | 5,497 |
| EBIT | 3,811 | 3,221 | -711 | 2,517 |
| Pretax Income | 3,651 | 3,117 | -841 | 2,282 |
| Tax Provision | -1,285 | 698 | -127 | 463 |
| Net Income | 4,936 | 2,419 | -714 | 1,819 |
| Net Income Common Stockholders | 4,869 | 2,419 | -714 | 1,819 |
| Total Expenses | 7,716 | 5,407 | 4,918 | 9,418 |
| Interest Expense | 160 | 104 | 130 | 235 |
| Interest Income | 3 | 9 | 7 | - |
| Selling General And Administration | 4,357 | 2,626 | 1,496 | 3,341 |
| Normalized EBITDA | 5,516 | 3,974 | 1,125 | 5,793 |
| Normalized Income | 4,898.08 | 1,818.38 | -623.16 | 2,054.91 |
| Market Cap | 23,184.01 | 23,184.01 | 23,184.01 | 23,184.01 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Expand Energy Corporationthis co. | EXE | $22.9B | 12.75↓ discount | 1.25 | 9.8% | 5.03 |
| Diamondback Energy, Inc. | FANG | $56.6B | 32.93 | 1.48 | 4.5% | 9.69 |
| ONEOK, Inc. | OKE | $54.7B | 16.25 | 2.45 | 15.1% | 11.28 |
| Targa Resources Corp. | TRGP | $53.7B | 26.90 | 16.86 | 62.7% | 14.23 |
| EQT Corporation | EQT | $36.1B |
| 18.07 |
| 1.55 |
| 8.6% |
| 7.41 |
| Halliburton Company | HAL | $34.5B | 26.27 | 3.22 | 12.3% | 12.16 |
| Texas Pacific Land Corporation | TPL | $30.3B | 62.86 | 20.74 | 33.0% | 44.73 |
| Devon Energy Corporation | DVN | $30.3B | 11.28 | 1.92 | 17.0% | 4.89 |
| Coterra Energy Inc. | CTRA | $25.6B | 14.83 | 1.72 | 11.6% | 6.05 |
| Peer Median | - | 22.17 | 2.19 | 13.7% | 10.49 | |