# EXPAND ENERGY Corp (EXE) Informational only - not investment advice. CIK: 0000895126 SIC: 1311 Crude Petroleum & Natural Gas SIC breadcrumb: [Mining](/division/B/) > [SIC Major Group 13](/major-group/13/) > [SIC 1311 Crude Petroleum & Natural Gas](/industry/1311/) Latest 10-K filed: 2026-02-18 SEC page: https://www.sec.gov/edgar/browse/?CIK=895126 Filing source: https://www.sec.gov/Archives/edgar/data/895126/000089512626000011/exe-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-18 · accession 0000895126-26-000011 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000895126.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 12,124,000,000 USD | 2025 | verified | | Net income | 1,819,000,000 USD | 2025 | verified | | Assets | 28,287,000,000 USD | 2025 | verified | | Free cash flow | 1,839,000,000 USD | 2025 | computed | | Net margin | 15.00% | 2025 | computed | | Operating margin | 20.38% | 2025 | computed | | Revenue YoY | +186.28% | 2025 | computed | | ROE | 9.79% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | EXE | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 15.0% | 11.9% | 61 | 42 | | Operating margin | 20.4% | 11.9% | 60 | 36 | | Revenue growth | 186.3% | 12.2% | 98 | 42 | | FCF margin | 15.2% | 15.0% | 53 | 18 | | ROE | 9.8% | 8.9% | 55 | 43 | | ROA | 6.4% | 4.9% | 67 | 44 | | Liabilities / equity | 0.52 | 0.90 | 12 | 43 | | Current ratio | 1.01 | 0.86 | 58 | 44 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 1311 Crude Petroleum & Natural Gas, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 12124000000 | USD | 2025 | 2026-02-18 | | Net income | 1819000000 | USD | 2025 | 2026-02-18 | | Assets | 28287000000 | USD | 2025 | 2026-02-18 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-18. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000895126.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2007 | 2008 | 2009 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | 7,872,000,000 | 10,039,000,000 | 10,030,000,000 | 8,532,000,000 | 5,240,000,000 | 5,549,000,000 | 11,743,000,000 | 8,721,000,000 | 4,235,000,000 | 12,124,000,000 | | Net income | | | | | -4,390,000,000 | -505,000,000 | 226,000,000 | -308,000,000 | -9,734,000,000 | 945,000,000 | 4,936,000,000 | 2,419,000,000 | -714,000,000 | 1,819,000,000 | | Operating income | | | | | -4,411,000,000 | -138,000,000 | 382,000,000 | -31,000,000 | -8,703,000,000 | 938,000,000 | 3,780,000,000 | 3,142,000,000 | -803,000,000 | 2,471,000,000 | | Diluted EPS | | | | | -6.43 | -0.70 | 29.26 | -49.97 | -998.26 | 8.12 | 33.36 | 16.92 | -4.55 | 7.57 | | Operating cash flow | | | | | -204,000,000 | 475,000,000 | 1,730,000,000 | 1,623,000,000 | 1,164,000,000 | 1,809,000,000 | 4,125,000,000 | 2,380,000,000 | 1,565,000,000 | 4,575,000,000 | | Capital expenditures | | | | | | | | | 1,142,000,000 | 669,000,000 | 1,823,000,000 | 1,829,000,000 | 1,557,000,000 | 2,736,000,000 | | Dividends paid | | | | 118,000,000 | 0.00 | 0.00 | | 0.00 | 0.00 | 119,000,000 | 1,212,000,000 | 487,000,000 | 388,000,000 | 765,000,000 | | Share buybacks | 0.00 | 5,000,000 | 7,000,000 | | | | | | 0.00 | 0.00 | 1,073,000,000 | 355,000,000 | 0.00 | 100,000,000 | | Assets | | | | | 13,028,000,000 | 12,425,000,000 | 12,735,000,000 | 16,193,000,000 | 6,584,000,000 | 6,814,000,000 | 15,468,000,000 | 14,376,000,000 | 27,894,000,000 | 28,287,000,000 | | Liabilities | | | | | | | | 11,792,000,000 | 11,925,000,000 | 3,228,000,000 | 6,344,000,000 | 3,647,000,000 | 10,329,000,000 | 9,709,000,000 | | Stockholders' equity | | | | | -1,331,000,000 | -496,000,000 | 2,092,000,000 | 4,364,000,000 | -5,341,000,000 | 5,671,000,000 | 9,124,000,000 | 10,729,000,000 | 17,565,000,000 | 18,578,000,000 | | Cash and cash equivalents | | | | | 882,000,000 | 5,000,000 | 4,000,000 | 6,000,000 | 279,000,000 | 905,000,000 | 130,000,000 | 1,079,000,000 | 317,000,000 | 616,000,000 | | Free cash flow | | | | | | | | | 22,000,000 | 1,140,000,000 | 2,302,000,000 | 551,000,000 | 8,000,000 | 1,839,000,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2007 | 2008 | 2009 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | -55.77% | -5.03% | 2.25% | -3.61% | | 17.03% | 42.03% | 27.74% | -16.86% | 15.00% | | Operating margin | | | | | -56.03% | -1.37% | 3.81% | -0.36% | | 16.90% | 32.19% | 36.03% | -18.96% | 20.38% | | Return on equity | | | | | | | 10.80% | -7.06% | | 16.66% | 54.10% | 22.55% | -4.06% | 9.79% | | Return on assets | | | | | -33.70% | -4.06% | 1.77% | -1.90% | -147.84% | 13.87% | 31.91% | 16.83% | -2.56% | 6.43% | | Liabilities / equity | | | | | | | | 2.70 | | 0.57 | 0.70 | 0.34 | 0.59 | 0.52 | | Current ratio | | | | | 0.59 | 0.65 | 0.55 | 0.52 | 0.36 | 0.65 | 1.00 | 1.99 | 0.64 | 1.01 | ## As-reported value updates 12 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/EXE/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-28. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000895126.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q2 | 2022-06-30 | | | 8.27 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | 6.12 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 9.60 | reported discrete quarter | | 2023-Q2 | 2023-03-31 | | 1,389,000,000 | | reported discrete quarter | | 2023-Q2 | 2023-06-30 | 1,891,000,000 | | 2.73 | reported discrete quarter | | 2023-Q3 | 2023-06-30 | | 391,000,000 | | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 1,512,000,000 | | 0.49 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 1,948,000,000 | 569,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 1,081,000,000 | 26,000,000 | 0.18 | reported discrete quarter | | 2024-Q2 | 2024-03-31 | | 26,000,000 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 505,000,000 | | -1.73 | reported discrete quarter | | 2024-Q3 | 2024-06-30 | | -227,000,000 | | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 648,000,000 | | -0.85 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 2,001,000,000 | -399,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 2,196,000,000 | -249,000,000 | -1.06 | reported discrete quarter | | 2025-Q2 | 2025-03-31 | | -249,000,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 3,690,000,000 | | 4.02 | reported discrete quarter | | 2025-Q3 | 2025-06-30 | | 968,000,000 | | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 2,966,000,000 | | 2.28 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 3,272,000,000 | 553,000,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 4,397,000,000 | 1,159,000,000 | 4.81 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from EXE's latest 10-K: [/company/EXE/business/](/company/EXE/business/). ## Risk Factors Verbatim Item 1A Risk Factors from EXE's latest 10-K: [/company/EXE/risk-factors/](/company/EXE/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/895126/000089512626000047/exe-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-07-28 Report date: 2026-06-30 ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Introduction This Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to provide a reader of our financial statements with management’s perspective on our financial condition, liquidity, results of operations and certain other factors that may affect our future results. The following discussion should be read together with the condensed consolidated financial statements included in Item 1 of Part I of this report and the consolidated financial statements included in Item 8 of our 2025 Form 10-K. Expand Energy is the largest independent natural gas producer in the U.S., based on net daily production, and is focused on responsibly developing an abundant supply of natural gas, oil and NGL to expand energy access for all. Our operations are located in Louisiana and Texas in the Haynesville and Bossier Shales (“Haynesville”), in Pennsylvania in the Marcellus Shale (“Northeast Appalachia”) and in West Virginia and Ohio in the Marcellus and Utica Shales (“Southwest Appalachia”). Our strategy is to create resilient shareholder value through the responsible development of our significant resource plays while continuing to be a leading provider of natural gas to growing markets. We continue to focus on improving margins through operating efficiencies, marketing and commercial efforts and financial discipline and improving our safety and sustainability performance. To accomplish these goals, we plan to allocate our human resources and capital expenditures to projects we believe offer the highest cash return on capital invested, to deploy leading drilling and completion technology throughout our portfolio, and to take advantage of acquisition and divestiture opportunities to strengthen our portfolio. We also intend to continue to invest in projects designed to reduce the environmental impact of our production activities. Additionally, we aim to be conscientious in our efforts and how they will shape our approach to sustainability for the future and have established the following goals: •Net zero (Scope 1 and 2) greenhouse gas emissions by 2035. •Maintain 100% responsibly sourced gas (RSG) certification across our portfolio. 23 Table of Contents Recent Developments Twin Eagle Acquisition On July 24, 2026, we entered into an agreement and plan of merger with Twin Eagle, a provider of natural gas marketing and logistics services, and one of our wholly owned subsidiaries whereby we will acquire Twin Eagle. The transaction is subject to customary closing conditions, including certain regulatory approvals, and is expected to close in the third quarter of 2026. The purchase price is approximately $1.25 billion, subject to typical purchase price adjustments, including for working capital. The Company expects to fund the transaction through a combination of cash on hand and borrowings under our Credit Facility. Senior Notes Repayment During the Current Period, the 6.75% Senior Notes due 2029 were repaid and terminated for approximately $875 million, including accrued interest. Additionally, the 5.875% Senior Notes due 2029 were repaid and terminated for approximately $446 million, including accrued interest. These series of senior notes were repaid using cash on hand. See Note 4 of the notes to our condensed consolidated financial statements included in Item 1 of Part I of this report for further discussion. Shareholder Returns In October 2024, our Board of Directors authorized the Company to repurchase up to $1.0 billion, in aggregate, of the Company’s common stock and/or warrants. On July 24, 2026, our Board of Directors authorized an expansion of the share repurchase program by $1.0 billion, bringing the total authorized share repurchase amount to $2.0 billion for our common stock. In 2025, we prioritized paying the base dividend of $2.30 per share and $1.0 billion of annual net debt reduction, with 75% of the remaining free cash flow distributed, as market conditions warranted, through share repurchases and additional dividend payments. In 2026, the Company plans to continue to effectively return cash to shareholders and preserve balance sheet strength. During the Current Period, we repurchased 6.4 million shares for an aggregate price of $601 million, which includes the impact of the 1% excise tax on share repurchases. Additionally, following the end of the Current Period, we repurchased approximately 2.8 million shares for an aggregate price of $254 million through July 24, 2026. LNG Agreement On April 22, 2026, we executed a Sales and Purchase Agreement (“SPA”) for long-term liquefaction offtake with Delfin FLNG 1 LLC. Under the SPA, we will purchase approximately 1.15 MTPA of LNG from Delfin FLNG 1 LLC at a Henry Hub price with a contract targeted start date in 2031. The previously announced SPAs with Delfin and Gunvor Group Ltd have been terminated. Economic and Market Conditions Elevated geopolitical tensions and episodic supply disruptions have continued to amplify price volatility across energy commodity markets, with attendant risks to the broader global economic outlook. During the first half of 2026, for example, renewed military conflict and instability in the Middle East raised concerns over potential disruptions to oil, natural gas, and LNG production and to regional shipping routes; issues that may continue to feed price volatility for an indeterminate period, particularly as the growth of LNG trade increasingly links previously regional gas markets. Domestically, a confluence of mild weather and robust production has negatively impacted natural gas prices during the first half of 2026. However, structural demand drivers, led by the commissioning of new LNG export capacity, accelerating industrial onshoring, and the rapid expansion of AI-powered data centers, are expected to tighten market conditions, reinforcing upward pressure on future supply requirements and increasing volatility in price. Our future estimated cash flow is partially protected from commodity price movements through our current hedge positions that provide a floor price on over 65% of our projected gas volumes through the end of 2026 with significant upside participation via costless collars and three-way collars. For the foreseeable future, we believe our operational flexibility, cost structure and liquidity position will enable us to successfully navigate continued price volatility. 24 Table of Contents We continue to monitor factors impacting commodity supply and demand situations, including tariffs on steel and oil related cost inputs such as diesel fuel, to assess their impact on our business, business partners and customers. For additional discussion regarding risk associated with price volatility and economic uncertainty, see Part I, Item 1A “Risk Factors” in our 2025 Form 10-K. Management Changes On February 6, 2026, the Board of Directors of the Company appointed Michael Wichterich, Chairman of the Board, as Interim President and Chief Executive Officer, replacing Domenic J. Dell’Osso, Jr., effective immediately. In connection with his separation, Mr. Dell’Osso also resigned from the Board of Directors, effective immediately. On April 6, 2026, the Board of Directors of the Company appointed Marcel Teunissen, as Executive Vice President and Chief Financial Officer, effective immediately. Liquidity and Capital Resources Liquidity Overview Our primary sources of capital resources and liquidity are internally generated cash flows from operations and borrowings under our Credit Facility, and our primary uses of cash are for the development of our natural gas and oil properties, acquisitions of additional natural gas and oil properties, repayments of debt and return of value to stockholders through dividends and equity repurchases. If needed, we also have the ability to issue equity or debt securities through public offerings or private placements. We believe our cash flow from operations, cash on hand and unused borrowing capacity under the Credit Facility, as discussed below, will provide sufficient liquidity during the next 12 months and the foreseeable future. As of June 30, 2026, we had $4.2 billion of liquidity available, including $0.7 billion of cash on hand and $3.5 billion of aggregate unused borrowing capacity available under the Credit Facility. As of June 30, 2026, we had no outstanding borrowings under our Credit Facility. Further, we may from time to time seek to retire, refinance or amend some or all of our outstanding debt or debt agreements through exchanges, open market purchases, privately negotiated transactions, tender offers or otherwise. Such transactions, if any, and the terms thereof, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved in such financing transactions may be material. See Note 4 of the notes to our condensed consolidated financial statements included in Item 1 of Part I of this report for further discussion of our debt obligations, including principal and carrying amounts of our senior notes. Investment Grade Ratings We have investment grade ratings with S&P Global Ratings (“S&P”), Fitch Ratings (“Fitch”) and Moody’s Ratings (“Moody’s”). S&P has an issuer-level rating of ‘BBB-’ on our unsecured debt and an issuer credit rating of ‘BBB-’, with a stable outlook. Moody’s has a rating of Baa3 on our senior unsecured notes, with a stable outlook. On May 6, 2026, Fitch upgraded the credit rating on our revolver credit rating as well as our senior notes from ‘BBB-’, to ‘BBB’ and maintains a stable outlook. Dividends On July 28, 2026, we declared a base quarterly dividend payable of $0.575 per share, which will be paid on September 3, 2026 to stockholders of record at the close of business on August 13, 2026. The declaration and payment of any future dividend, whether fixed or variable, will remain at the full discretion of the Board of Directors and will depend on the Company’s financial results, cash requirements, future prospects and other relevant factors. The Company’s ability to pay dividends to its stockholders is restricted by (i) Oklahoma corporate law, (ii) its Certificate of Incorporation, (iii) the terms and provisions of the Credit Agreement and (iv) the terms and provisions of the various indentures governing our senior notes. See Note 4 of the notes to our condensed consolidated financial statements included in Item 1 of Part I of this report for further discussion of our debt obligations. 25 Table of Contents Derivative and Hedging Activities Our results of operations and cash flows are impacted by changes in market prices for natural gas, oil and NGL. We enter into various derivative instruments to mitigate a portion of our exposure to commodity price declines, but these transactions may also limit our cash flows in periods of rising commodity prices. Our natural gas, oil and NGL derivative activities, when combined with our sales of natural gas, oil and NGL, allow us to better predict the total revenue we expect to receive. See Item 3. Quantitative and Qualitative Disclosures About Market Risk included in Part I of this report for further discussion on the impact of commodity price risk on our financial position. Shelf Registration We have a universal shelf registration statement on file with the SEC, as a “well-known seasoned issuer” as defined in Rule 405 under the Securities Act of 1933, as amended (the “Securities Act”), under which we have the ability to issue and sell an indeterminate amount of various types of debt and equity securities. The specific terms of any securities to be sold will be described in supplemental filings with the SEC. There were no sales of such securities during the Current Period or Prior Period. Our current shelf registration statement will expire in Novem [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/895126/000089512626000011/exe-20251231.htm Complete FY 2025 MD&A: /company/EXE/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-02-18 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations This Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to provide a reader of our financial statements with management’s perspective on our financial condition, liquidity, results of operations and certain other factors that may affect our future results. This information is intended to provide investors with an understanding of our past performance, current financial condition and outlook for the future and should be read in conjunction with Item 8 of Part II of this report. Introduction On October 1, 2024, we completed the Southwestern Merger, creating a premier energy company that we believe is underpinned by a leading natural gas portfolio adjacent to the highest demand markets, premium inventory, a resilient financial foundation and an investment grade balance sheet. We believe that this new company is uniquely positioned to deliver affordable, lower-carbon energy to meet growing domestic and international demand while creating sustainable value for stakeholders. In conjunction with the closing of the Southwestern Merger, Chesapeake Energy Corporation changed its name to Expand Energy Corporation. Expand Energy is the largest independent natural gas producer in the U.S., based on net daily production, and is focused on responsibly developing an abundant supply of natural gas, oil and NGL to expand energy access for all. Our operations are located in Louisiana and Texas in the Haynesville and Bossier Shales (“Haynesville”), in Pennsylvania in the Marcellus Shale (“Northeast Appalachia”) and in West Virginia and Ohio in the Marcellus and Utica Shales (“Southwest Appalachia”). Our strategy is to create resilient shareholder value through the responsible development of our significant resource plays while continuing to be a leading provider of natural gas to growing markets. We continue to focus on improving margins through operating efficiencies, marketing and commercial efforts and financial discipline and improving our safety and sustainability performance. To accomplish these goals, we plan to allocate our human resources and capital expenditures to projects we believe offer the highest cash return on capital invested, to deploy leading drilling and completion technology throughout our portfolio, and to take advantage of acquisition and divestiture opportunities to strengthen our portfolio. We also intend to continue to invest in projects designed to reduce the environmental impact of our production activities. Additionally, we aim to be conscientious in our efforts and how they will shape our approach to sustainability for the future and have established the following goals: •Net zero (Scope 1 and 2) greenhouse gas emissions by 2035. •Maintain 100% responsibly sourced gas (RSG) certification across our portfolio. 54 TABLE OF CONTENTS Recent and Significant Developments Southwestern Merger On October 1, 2024, we completed the Southwestern Merger and issued approximately 95.7 million shares of our common stock to Southwestern’s shareholders in connection with the Merger Agreement. Under the terms of the Merger Agreement, subject to certain exceptions, each share of Southwestern common stock was converted into the right to receive 0.0867 of a share of the Company’s common stock. Based on the closing price of our common stock, the total value of such shares of our common stock issued to Southwestern’s shareholders was approximately $7.9 billion. See Note 2 of the notes to our consolidated financial statements included in Item 8 of Part II of this report for further discussion. Investment Grade Rating On October 1, 2024, we received an investment grade rating from S&P Global Ratings (“S&P”). S&P assigned an issuer-level rating of ‘BBB-’ on our unsecured debt and raised our issuer credit rating to ‘BBB-’, with a stable outlook. Additionally, on October 2, 2024, we received an investment grade rating from Fitch Ratings (“Fitch”). Fitch affirmed our revolver credit rating at ‘BBB-’ and upgraded the rating on our senior notes to ‘BBB-’, with a stable outlook. Additionally, on April 16, 2025, we received an investment grade rating from Moody’s Ratings (“Moody’s”). Moody’s upgraded the rating on our senior unsecured notes from Ba1 to Baa3, with a stable outlook. Addition to the S&P 500 Index In March 2025, following the close of the Southwestern Merger and the receipt of investment grade ratings, our common stock was added to the S&P 500. Credit Facility On September 30, 2025, the Company entered into an Amended and Restated Credit Agreement that, among other things, extended the 2025 Credit Facility’s maturity date from December 2027 to September 2030, with two one-year extension options available, each subject to the Lenders’ consent, increased the aggregate commitments under the 2025 Credit Facility from $2.5 billion to $3.5 billion with incremental capacity for additional commitments in an amount up to $1.0 billion, subject to the receipt of commitments thereto and certain customary conditions. The Credit Agreement also increased the sublimit available for the issuance of letters of credit from $500 million to $1.0 billion and increased the sublimit available for swingline loans from $50 million to $100 million. See Note 4 of the notes to our consolidated financial statements included in Item 8 of Part II of this report for further discussion. Issuance of Senior Notes and Senior Notes Repayment In December 2024, we completed our underwritten public offering of $750 million aggregate principal amount of our 5.70% Senior Notes due 2035 (the “2035 Notes”). Additionally, we announced an offer to purchase for cash, any and all of our outstanding 2026 Notes (the “Tender Offer”). Upon expiration of the Tender Offer, approximately 91%, or $453 million, of the 2026 Notes were validly tendered and not validly withdrawn. In a separate transaction during the fourth quarter of 2024, we redeemed all of the $304 million aggregate principal of the SWN 2028 Notes for approximately $312 million, which included an $8 million premium to call the notes. In January 2025, the $389 million aggregate principal of the SWN 2025 Notes was repaid and terminated with cash on hand and borrowings on the Prior Credit Facility. Additionally, in March 2025, we redeemed the remaining $47 million aggregate principal of the 2026 Notes with cash on hand. During 2025, we also redeemed approximately $103 million of our 6.750% Senior Notes due 2029, approximately $60 million of our 5.875% Senior Notes due 2029 and approximately $62 million of our 5.375% Senior Notes due 2029 through open market repurchases using cash on hand. See Note 4 of the notes to our consolidated financial statements included in Item 8 of Part II of this report for further discussion. 55 TABLE OF CONTENTS Shareholder Returns In October 2024, our Board of Directors authorized the Company to repurchase up to $1.0 billion, in aggregate, of the Company’s common stock and/or warrants. In 2025, we prioritized paying the base dividend of $2.30 per share and $1.0 billion of annual net debt reduction, with 75% of the remaining free cash flow distributed, as market conditions warranted, through share repurchases and additional dividend payments. During 2025, we made dividend payments of $765 million, repurchased 0.9 million shares for an aggregate price of $100 million, reduced the principal amount of our debt through senior notes repayments as noted above, and increased our cash on hand. See Note 10 of the notes to our consolidated financial statements included in Item 8 of Part II of this report for further discussion on our dividend payments and share repurchases. In 2026, the Company will continue to prioritize debt reduction while continuing to effectively return cash to shareholders. Economic and Market Conditions Geopolitical risk and policy uncertainty continue to drive volatility in natural gas, oil and NGL prices, while macroeconomic headwinds in key consuming countries could impact global growth prospects, potentially affecting supply and demand for energy commodities. Domestically, the natural gas market balance has tightened through 2027 as robust demand, primarily driven by seasonal weather-driven consumption patterns and increasing structural demand gains from LNG, power generation, and industrials, has put upward pressure and additional volatility on near-term pricing. Our future estimated cash flow is partially protected from commodity price volatility due to our current hedge positions that provide a floor price on over 60% of our projected gas volumes through the end of 2026 with significant upside participation via costless collars and three-way collars. For the foreseeable future, we believe our operational flexibility, cost structure and liquidity position will enable us to successfully navigate continued price volatility. We continue to monitor factors impacting commodity supply and demand situations, including tariffs on steel, and assess their impact on our business, including business partners and customers. As part of the Southwestern Merger, we assumed Southwestern’s oilfield service business that will allow for some vertical integration of our exploration and production operations, which may help to control costs and secure inputs for our operations. For additional discussion regarding risk associated with price volatility and economic uncertainty, see Item 1A Risk Factors in this report. Management Changes On February 6, 2026, the Board of Directors of the Company appointed Mr. Wichterich, Chairman of the Board, as Interim President and Chief Executive Officer, replacing Domenic J. Dell’Osso, Jr., effective immediately. In connection with his separation, Mr. Dell’Osso also resigned from the Board of Directors, effective immediately. Mr. Dell’Osso will serve as an external advisor for a period of time. 56 TABLE OF CONTENTS Liquidity and Capital Resources Liquidity Overview Our primary sources of capital resources and liquidity are internally generated cash flows from operations and borrowings under our 2025 Credit Facility, and our primary uses of cash are for the development of our natural gas and oil properties, acquisitions of additional natural gas and oil properties, repayments of debt and return of value to stockholders through dividends and equity repurchases. If needed, we also have the ability to issue equity or debt securities through public offerings or private placements. We believe our cash flow from operations, cash on hand and unused borrowing capacity under the 2025 Credit Facility, as discussed below, will provide sufficient liquidity during the next 12 months and the foreseeable future. As of December 31, 2025, we had $4.1 billion of liquidity available, including $616 million of cash on hand and $3.5 billion of aggregate unused borrowing capacity available under the 2025 Credit Facility. As of December 31, 2025, we had no outstanding borrowings under our 2025 Credit Facility. Further, we may from time to time seek to retire, refinance or amend some or all of our outstanding debt or debt agreements through exchanges, open market purchases, privately negotiated transactions, tender offers or otherwise. Such transactions, if any, and the terms thereof, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved in such financing transactions may be material. See Note 4 of the notes to our consolidated financial statements included in Item 8 of Part II of this report for further discussion of our debt obligations, including principal and carrying amounts of our senior notes. Dividends On February 17, 2026, we declared a base quarterly dividend payable of $0.575 per share, which will be paid on March 26, 2026 to stockholders of record at the close of bu [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/EXE/mda/fy2025/ All MD&A years: /company/EXE/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/EXE/mda/fy2024/): filed 2025-02-26; accession 0000895126-25-000021 (https://www.sec.gov/Archives/edgar/data/895126/000089512625000021/exe-20241231.htm) - [FY 2023 MD&A](/company/EXE/mda/fy2023/): filed 2024-02-21; accession 0000895126-24-000013 (https://www.sec.gov/Archives/edgar/data/895126/000089512624000013/chk-20231231.htm) - [FY 2022 MD&A](/company/EXE/mda/fy2022/): filed 2023-02-22; accession 0000895126-23-000022 (https://www.sec.gov/Archives/edgar/data/895126/000089512623000022/chk-20221231.htm) - [FY 2021 MD&A](/company/EXE/mda/fy2021/): filed 2022-02-24; accession 0000895126-22-000029 (https://www.sec.gov/Archives/edgar/data/895126/000089512622000029/chk-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 1311 Crude Petroleum & Natural Gas) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/EXE.md · JSON record: /company/EXE.json · verified financials: /company/EXE/financials.json / /company/EXE/financials.csv · machine TOC for the whole site: /llms.txt