Expand Energy (EXE)
Energy · Natural Gas & Oil Upstream Production
The largest independent U.S. natural gas producer, leveraging premier shale assets in the Haynesville, Marcellus, and Utica to deliver affordable energy with strong cash generation and a fortified balance sheet.
What Expand Energy does
Expand Energy is the largest independent natural gas producer in the United States by net daily production, operating approximately 6,600 wells across major shale plays in the Haynesville (Louisiana and Texas), Marcellus (Pennsylvania), and Marcellus/Utica (West Virginia and Ohio). The company produces and sells natural gas, oil, and natural gas liquids (NGLs) to domestic and international markets, with operations positioned adjacent to major demand centers. Following the October 2024 merger with Southwestern Energy, the company has strengthened its balance sheet by reducing debt by approximately $1.2 billion and achieving investment-grade credit ratings.
Themes: ["Natural gas supply","Shale energy production","Energy independence","Energy infrastructure","U.S. domestic energy","Clean energy transition","LNG exports","Energy security"]
Fundamentals
- Price$88.97 as of 2026-07-09 close
- Market cap$21.3B as of 2026-07-10
- 1-year return-15.4% as of 2026-07-09 close
- P/E6.60 as of 2026-07-10
- Net margin+22.4% as of 2026-07-10
- Gross margin+76.5% as of 2026-07-10
- ROE+17.4% as of 2026-07-10
- Debt / equity0.26 as of 2026-07-10
- Revenue growth (YoY)+170.6% as of 2026-07-10
- Revenue CAGR (3y)+1.1% SEC XBRL
- Beta0.33 as of 2026-07-10
Dividend: yield +2.6%; 2-year non-decreasing per-share dividend streak (SEC XBRL).
Key risks (from latest filing)
["Commodity price volatility: Material revenue and profitability exposure to natural gas, oil, and NGL prices, which are subject to significant fluctuations driven by global supply, demand, geopolitical factors, and OPEC+ actions.","Operational and regulatory risks: Regulatory changes, environmental compliance requirements, and operational disruptions from adverse weather events (as evidenced by Winter Storm Fern impacts) can materially affect production volumes and costs.","Capital intensity and execution: Large ongoing capital requirements for drilling, completion, and infrastructure, with execution risks and geological uncertainties inherent in shale development and well performance."]
Fundamentals: Finnhub, as of 2026-07-10. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-07-09.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & Finnhub, shown with their as-of date.