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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Expand Energy (EXE) investor relations material
Expand Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Completed the Southwestern Merger, creating the largest independent U.S. natural gas producer, rebranded as Expand Energy Corporation, and achieving record operational performance with 7.33 Bcfe/d production in Q3 2025.
Achieved significant cost reductions and operational efficiencies, especially in Hanzo/Haynesville, reducing well costs by over 25% since merger and delivering with fewer rigs.
Net income for Q3 2025 was $547 million, with adjusted EBITDAX of $1.1 billion and free cash flow of $423 million.
Signed a 15-year premium-priced supply agreement with Lake Charles Methanol, supporting long-term value creation.
Upsized credit facility to $3.5 billion, extending maturity to 2030 and enhancing liquidity.
Financial highlights
Q3 2025 revenues were $2,966 million, with net income of $547 million and adjusted EBITDAX of $1,082 million.
Full-year 2025 CapEx guidance reduced by $75 million to $2.8–$2.9 billion, reflecting improved efficiency.
Gross debt reduced by ~$1.2 billion over the last 12 months as part of a multi-year deleveraging effort.
Cash and cash equivalents at quarter-end were $613 million, with liquidity of $4.1 billion.
Quarterly dividend of $0.575 per share, with $628 million paid YTD.
Outlook and guidance
2025 production guidance midpoint increased to 7.15 Bcfe/d, with CapEx of $2.8–$2.9 billion and 250–280 gross wells planned.
Positioned to deliver ~7.5 Bcfe/d in 2026 for ~$2.85 billion CapEx, with flexibility to adjust volumes.
Enhanced capital returns framework: $2.30/share base dividend, $1 billion annual net debt reduction, and 75% of remaining FCF to equity returns.
47% of 2026 production hedged, with a disciplined rolling eight-quarter hedging strategy.
Annual synergy capture on track for $500 million in 2025, targeting $600 million by end of 2026.
Lake Charles Methanol SPA's strategic value?
Sustaining synergy gains beyond 2026?
Conditions for 2026 production growth?
Quantify Haynesville breakeven improvement.
Marketing strategy: How is value creation measured?
Western Haynesville: What are key uncertainties?
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Next Expand Energy earnings date
Stephens Annual Investment Conference20 Nov, 2025
Next Expand Energy earnings date
Stephens Annual Investment Conference20 Nov, 2025
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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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