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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% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 11,443 | 7,775 | 4,221 | 12,189 |
| Operating 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 |
| Selling General And Administration | - | 4,357 | 2,626 | 1,496 | 3,341 |
| Total Expenses | - | 7,716 | 5,407 | 4,918 | 9,418 |
| Operating Income | - | 3,727 | 2,368 | -697 | 2,771 |
| Total Operating Income As Reported | - | 3,780 | 3,142 | -803 | 2,471 |
| EBITDA | - | 5,564 | 4,748 | 1,018 | 5,497 |
| Normalized EBITDA | - | 5,516 | 3,974 | 1,125 | 5,793 |
| EBIT | - | 3,811 | 3,221 | -711 | 2,517 |
| Interest Income | - | 3 | 9 | 7 | - |
| Interest Expense | - | 160 | 104 | 130 | 235 |
| Net Interest Income | - | -160 | -104 | -123 | -235 |
| Other Non Operating Income Expenses | - | 36 | 79 | 86 | 42 |
| Other Income Expense | - | 84 | 853 | -21 | -254 |
| Interest Income Non Operating | - | 3 | 9 | 7 | - |
| Interest Expense Non Operating | - | 160 | 104 | 130 | 235 |
| Net Non Operating Interest Income Expense | - | - | -104 | - | - |
| Pretax Income | - | 3,651 | 3,117 | -841 | 2,282 |
| Tax Provision | - | -1,285 | 698 | -127 | 463 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 10.08 | 173.38 | -16.16 | -60.09 |
| Net Income Continuous Operations | - | 4,936 | 2,419 | -714 | 1,819 |
| Net Income From Continuing And Discontinued Operation | - | 4,936 | 2,419 | -714 | 1,819 |
| Net Income From Continuing Operation Net Minority Interest | - | 4,936 | 2,419 | -714 | 1,819 |
| Net Income | - | 4,936 | 2,419 | -714 | 1,819 |
| Net Income Common Stockholders | - | 4,869 | 2,419 | -714 | 1,819 |
| Net Income Including Noncontrolling Interests | - | 4,936 | 2,419 | -714 | 1,819 |
| Normalized Income | - | 4,898.08 | 1,818.38 | -623.16 | 2,054.91 |
| Diluted NI Availto Com Stockholders | - | 4,869 | 2,419 | -714 | 1,819 |
| Basic Average Shares | - | 125.78 | 132.84 | 156.99 | 237.29 |
| Diluted Average Shares | - | 145.96 | 142.98 | 156.99 | 240.37 |
| Reconciled Depreciation | - | 1,753 | 1,527 | 1,729 | 2,980 |
| Reconciled Cost Of Revenue | - | 3,287 | 2,736 | 3,080 | 5,991 |
| Total Unusual Items | - | 48 | 774 | -107 | -296 |
| Total Unusual Items Excluding Goodwill | - | 48 | 774 | -107 | -296 |
| Minority Interests | - | 0 | - | - | - |
| Special Income Charges | - | 48 | 774 | -107 | -296 |
| Other Special Charges | - | 5 | - | 1 | -4 |
| Impairment Of Capital Assets | - | 0 | 0 | 0 | 37 |
| Restructuring And Mergern Acquisition | - | 247 | 172 | 120 | 198 |
| General And Administrative Expense | - | 142 | 127 | 186 | 181 |
| Other Gand A | - | 142 | 127 | 186 | 181 |
| Gain On Sale Of Ppe | - | 300 | 946 | 14 | -65 |
| Other Operating Expenses | - | 72 | 45 | 342 | 86 |
| Selling And Marketing Expense | - | 4,215 | 2,499 | 1,310 | 3,160 |
| Otherunder Preferred Stock Dividend | - | 67 | 0 | 0 | - |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Expand Energy Corporationthis co. | EXE | $22.3B | 12.28↓ discount | 1.20 | 9.8% | 4.87 |
| Diamondback Energy, Inc. | FANG | $57.1B | 34.31 | 1.54 | 4.5% | 10.01 |
| ONEOK, Inc. | OKE | $56.0B | 16.52 | 2.49 | 15.1% | 11.40 |
| Devon Energy Corporation | DVN | $53.0B | 20.08 | 3.42 | 17.0% | 7.96 |
| EQT Corporation | EQT | $34.6B |
| - |
| - |
| - |
| - |
| - |
| - |
| 16.94 |
| 1.45 |
| 8.6% |
| 7.03 |
| Halliburton Company | HAL | $34.4B | 26.84 | 3.29 | 12.3% | 12.38 |
| Texas Pacific Land Corporation | TPL | $28.1B | 58.28 | 19.23 | 33.0% | 41.46 |
| Coterra Energy Inc. | CTRA | $24.7B | 14.40 | 1.67 | 11.6% | 5.90 |
| APA Corporation | APA | $13.5B | 9.42 | 2.22 | 23.5% | 3.27 |
| Peer Median | - | 18.51 | 2.35 | 13.7% | 8.99 | |