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Expand Energy 47th Annual Raymond James Institutional Investor Conference summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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47th Annual Raymond James Institutional Investor Conference summary2 Mar, 2026

Company overview and strategic positioning

  • Formed from the 2024 merger of two shale pioneers, now the largest U.S. natural gas producer with 7.5 Bcf/day net output and assets in both Haynesville and Appalachia basins.

  • Maintains an investment grade balance sheet with leverage under 1x, supporting flexibility for integration and downstream market opportunities.

Capital allocation and production strategy

  • Capital allocation is based on supply-demand fundamentals, with a mid-cycle price view of $3.50–$4.00/MMBtu guiding investment decisions.

  • Production targets for 2026 are set at 7.5 Bcf/day, with sustaining CapEx just under $2.8 billion, focusing on durable market signals over transitory price spikes.

Operational improvements and cost reductions

  • Achieved a 15% reduction in Haynesville breakeven price over the past year through vertical integration and operational synergies post-merger.

  • Reduced well costs by 13% and improved drilling efficiency by over 30%, with a 40% drop in sand input costs and an 8% reduction in field production expenses.

  • Increased proppant intensity by 20%, leading to an 11% improvement in well productivity over five years.

What is the timeline for M&C strategy's $0.20 FCF uplift?
How will Haynesville supply meet future demand?
What levers remain for breakeven reduction?
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Chesapeake Energy Corporation engages in the acquisition, exploration, and development of properties for the production of oil, natural gas, and natural gas liquids from underground reservoirs in the United States. Its primary operations are in Oklahoma, Louisiana, Texas, Arkansas, New Mexico, Ohio, Wyoming, Colorado and Pennsylvania. The company was founded in 1989 and is based in Oklahoma City, Oklahoma.

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