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Expand Energy
EXE · NASDAQOil & Gas E&P (natural gas)
The economic chain
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Raw inputs
Equipment
Foundry
Chip design
Software
AI demand
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Company details
Market cap
~$25B
Production
7.5 Bcf/d
Div yield
~2.2%
Dividend (annual base)
$2.30
2026 capex
$2.85B
Haynesville low-breakeven inventory
72% owned
Debt reduced
>$1B
Rev. growth (YoY)
+60%
In plain English
Expand Energy is America's largest natural-gas producer, formed in October 2024 when Chesapeake Energy bought Southwestern Energy in a ~$7.4B all-stock merger and took a new name. It is a pure-play gas company: it drills thousands of low-cost wells in the Haynesville shale of Louisiana and the Marcellus in Appalachia, then pipes ~7.5 billion cubic feet a day toward Gulf Coast LNG export terminals, power plants and the AI data-centre load now booming in both basins.
In simple terms
From rock rights to a ship of LNG
Expand leases gas-bearing rock from mineral owners, hires rig and frac contractors to drill it, then pipes the gas through gatherers and interstate lines toward Gulf Coast LNG terminals, power plants and data centres. It owns the wells; almost everything around them is someone else's.
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Risk read
SteadierMore speculative
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