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Expand Energy (EXE) investor relations material
Expand Energy Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Merger with Southwestern created the largest independent U.S. natural gas producer, exceeding initial synergy targets and driving record operational performance and free cash flow in 2025.
Achieved record drilling efficiency and highest average drilled footage per day across all business units in 2Q25.
Net income for Q2 2025 was $968 million, with significant revenue and cash flow growth post-merger.
Returned $585 million to shareholders in H1 2025 via dividends and share repurchases.
Released inaugural sustainability report, targeting 100% responsibly sourced gas and net zero Scope 1 & 2 GHG emissions by 2035.
Financial highlights
Q2 2025 revenues reached $3.69 billion, up from $505 million in Q2 2024, with net income of $968 million.
Adjusted EBITDAX for Q2 2025 was $1.2 billion; free cash flow after dividends and debt reduction was $415 million in H1 2025.
Annual synergy targets raised to $500 million in 2025 and $600 million by year-end 2026, driving $425 million incremental free cash flow in 2025.
Declared a quarterly dividend of $1.465 per share, including a $0.89 variable component; $100 million in share repurchases in H1 2025.
Net debt as of June 30, 2025, was $4.4 billion; $3.2 billion in liquidity including $0.7 billion cash and $2.5 billion undrawn credit.
Outlook and guidance
2025 production guidance: 7.0–7.2 Bcfe/d; capex guidance: $2.85–$3.0 billion, with 250–280 gross wells planned.
Net debt paydown target for 2025 increased to $1.0 billion.
Over half of projected 2025 gas volumes hedged; productive capacity CapEx up to $275 million, with flexibility to adjust production.
Guidance improved for G&A, LOE, capex, and taxes; revised tax outlook lowers current-year taxes due to legislative changes.
2025 production expected to remain relatively flat through 2H25, with potential to grow to ~7.5 Bcfe/d in 2026.
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