Expand Energy reports strong Q4, targets higher gas output in 2026

(WO) — Expand Energy reported strong fourth-quarter and full-year 2025 results, highlighting rising natural gas production, improved cash flow and continued balance sheet strengthening as the company positions for higher output in 2026.

Fourth-quarter production averaged approximately 7.4 Bcfd, up 15% year over year, with natural gas accounting for about 92% of volumes. The company generated $956 million in operating cash flow during the quarter and $4.6 billion for full-year 2025, supported by strong operating performance and increased scale following its merger.

For full-year 2025, Expand produced about 7.18 Bcfd and reduced gross debt by roughly $660 million, while returning $865 million to shareholders through dividends and share repurchases. The company also exceeded synergy targets and lowered breakeven costs in its core Haynesville position by approximately 15%.

Looking ahead, Expand expects 2026 production to average about 7.5 Bcfd on capital spending of roughly $2.85 billion, including appraisal activity in the Western Haynesville. The company plans to operate 11–12 rigs during the year and continue prioritizing debt reduction of at least $1 billion, while maintaining shareholder returns.

Management said the company is focused on delivering higher volumes with lower capital intensity, positioning its predominantly gas-weighted portfolio to supply growing demand from LNG exports, power generation and industrial markets.