exe-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 001-13726

EXPAND ENERGY CORPORATION

(Exact name of registrant as specified in its charter)

Oklahoma

73-1395733

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

10000 Energy Drive,

Spring,

Texas

77389

(Address of principal executive offices)

(Zip Code)

(346)

535-0990

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $0.01 par value per share

EXE

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☒ Accelerated Filer ☐ Non-accelerated Filer ☐

Smaller Reporting Company ☐ Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 24, 2026, there were 239,228,849 shares of our $0.01 par value common stock outstanding.

EXPAND ENERGY CORPORATION AND SUBSIDIARIES

INDEX TO FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2026


	PART I. FINANCIAL INFORMATION
Item 1.	Condensed Consolidated Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets	5
	Condensed Consolidated Statements of Operations	6
	Condensed Consolidated Statements of Cash Flows	7
	Condensed Consolidated Statements of Stockholders’ Equity	8
	Notes to Condensed Consolidated Financial Statements (Unaudited)
	Note 1. Basis of Presentation and Summary of Significant Accounting Policies	9
	Note 2. Natural Gas and Oil Property Transactions	10
	Note 3. Earnings Per Share	10
	Note 4. Debt	11
	Note 5. Contingencies and Commitments	12
	Note 6. Other Current Liabilities	13
	Note 7. Revenue	13
	Note 8. Income Taxes	14
	Note 9. Equity	15
	Note 10. Share-Based Compensation	15
	Note 11. Derivative and Hedging Activities	17
	Note 12. Investments	19
	Note 13. Supplemental Cash Flow Information	20
	Note 14. Segment Information	20
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21
	Liquidity and Capital Resources	23
	Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	33
Item 4.	Controls and Procedures	34
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	36
Item 3.	Defaults Upon Senior Securities	36
Item 4.	Mine Safety Disclosures	36
Item 5.	Other Information	36
Item 6.	Exhibits	37
Signatures		39


Definitions

Unless the context otherwise indicates, references to “us,” “we,” “our,” “ours,” “Expand Energy,” the “Company” and “Registrant” refer to Expand Energy Corporation and its consolidated subsidiaries. All monetary values, other than per unit and per share amounts, are stated in millions of U.S. dollars unless otherwise specified. The following are other abbreviations and definitions of certain terms used within this Quarterly Report on Form 10-Q:

“ASU” means Accounting Standards Update.

“Bankruptcy Code” means Title 11 of the United States Code, 11 U.S.C. §§ 101–1532, as amended.

“Bankruptcy Court” means the United States Bankruptcy Court for the Southern District of Texas.

“Bbl” or “Bbls” means one stock tank barrel, or 42 U.S. gallons liquid volume, used in reference to oil or other liquid hydrocarbons.

“Bcf” means billion cubic feet.

“Bcfe” means billion cubic feet of natural gas equivalent.

“Chapter 11 Cases” refers to the voluntary petitions for reorganization under Chapter 11 of the Bankruptcy Code filed in the Bankruptcy Court by the Debtors.

“Chesapeake” means Chesapeake Energy Corporation, prior to the Southwestern Merger.

“Class A Warrants” means warrants to purchase 10 percent of the common stock (after giving effect to the Rights Offering, but subject to dilution by the Management Incentive Plan, the Class B Warrants, and the Class C Warrants), at an initial exercise price per share of $27.63. The Class A Warrants were exercisable from the Effective Date until February 9, 2026.

“Class B Warrants” means warrants to purchase 10 percent of the common stock (after giving effect to the Rights Offering, but subject to dilution by the Management Incentive Plan and the Class C Warrants), at an initial exercise price per share of $32.13. The Class B Warrants were exercisable from the Effective Date until February 9, 2026.

“Class C Warrants” means warrants to purchase 10 percent of the common stock (after giving effect to the Rights Offering, but subject to dilution by the Management Incentive Plan), at an initial exercise price per share of $36.18. The Class C Warrants were exercisable from the Effective Date until February 9, 2026.

“Confirmation Order” means the order confirming the Fifth Amended Joint Chapter 11 Plan of Reorganization of Chesapeake Energy Corporation and its Debtor Affiliates, Docket No. 2915, entered by the Bankruptcy Court on January 16, 2021.

“Credit Facility” means the amended and restated credit facility entered into on September 30, 2025.

“Current Quarter” means the three months ended March 31, 2026.

“DD&A” means depreciation, depletion and amortization.

“Debtors” means Chesapeake Energy Corporation prior to the Southwestern Merger, together with all of its direct and indirect subsidiaries that have filed the Chapter 11 Cases.

“Effective Date” means February 9, 2021.

“FASB” means the Financial Accounting Standards Board.

“G&A” means general and administrative expenses.

“GAAP” means U.S. generally accepted accounting principles.

“General Unsecured Claim” means any Claim against any Debtor that is not otherwise paid in full during the Chapter 11 Cases pursuant to an order of the Bankruptcy Court and is not an Administrative Claim, a Priority Tax Claim, an Other Priority Claim, an Other Secured Claim, a Revolving Credit Facility Claim, a FLLO Term Loan Facility Claim, a Second Lien Notes Claim, an Unsecured Notes Claim, an Intercompany Claim, or a Section 510(b) Claim.

“LNG” means liquefied natural gas.

“LTIP” means the Expand Energy Corporation 2021 Long Term Incentive Plan.

“MBbls” means one thousand barrels of oil or other liquid hydrocarbons.

“MMBbls” means one million barrels of oil or other liquid hydrocarbons.

“Mcf” means thousand cubic feet.

“Mcfe” means one thousand cubic feet of natural gas equivalent, with one barrel of oil or NGL converted to an equivalent volume of natural gas using the ratio of one barrel of oil or NGL to six Mcf of natural gas.

“MMcf” means million cubic feet.

“MMcfe” means million cubic feet of natural gas equivalent.

“NGL” means natural gas liquids.

“NYMEX” means New York Mercantile Exchange.

“OPEC+” means the Organization of the Petroleum Exporting Countries Plus.

“Petition Date” means June 28, 2020, the date on which the Debtors commenced the Chapter 11 Cases.

“Plan” means the Fifth Amended Joint Chapter 11 Plan of Reorganization of Chesapeake Energy Corporation and its Debtor Affiliates, attached as Exhibit A to the Confirmation Order.

“Prior Quarter” means the three months ended March 31, 2025.

“Rights Offering” means the common stock rights offering for the Rights Offering Amount consummated by the Debtors on the Effective Date.

“SEC” means United States Securities and Exchange Commission.

“SOFR” means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator, the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

“Southwestern” means Southwestern Energy Company.

“Southwestern Merger” means Chesapeake’s merger with Southwestern, which closed on October 1, 2024.

“Warrants” means, collectively, the Class A Warrants, Class B Warrants and Class C Warrants.

"Winter Storm Fern" means the severe winter weather event that occurred in January 2026, which affected portions of the United States and resulted in, among other things, significant increases in natural gas and electricity demand and power supply disruptions.

“WTI” means West Texas Intermediate.

“/Bbl” means per barrel.

“/Mcf” means per Mcf.

“/Mcfe” means per Mcfe.

Table of Contents

PART I. FINANCIAL INFORMATION


ITEM 1.			Condensed Consolidated Financial Statements

EXPAND ENERGY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)


($ in millions, except per share data)	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	2,220	$	616
Restricted cash	85		80
Accounts receivable, net	1,290		1,599
Derivative assets	429		264

Other current assets	363		357
Total current assets	4,387		2,916
Property and equipment:
Natural gas and oil properties, successful efforts method
Proved natural gas and oil properties	27,336		26,606
Unproved properties	5,429		5,478
Other property and equipment	528		509
Total property and equipment	33,293		32,593
Less: accumulated depreciation, depletion and amortization	(8,978)		(8,278)
Property and equipment held for sale, net	—		40
Total property and equipment, net	24,315		24,355
Long-term derivative assets	127		47
Deferred income tax assets	—		168
Other long-term assets	692		801
Total assets	$	29,521	$	28,287

Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	881	$	753
Current maturities of long-term debt, net	875		—
Accrued interest	59		100
Derivative liabilities	—		3
Other current liabilities	2,135		2,045
Total current liabilities	3,950		2,901
Long-term debt, net	4,133		5,009
Long-term derivative liabilities	—		1
Asset retirement obligations, net of current portion	703		688
Long-term contract liabilities	911		975
Other long-term liabilities	278		135
Total liabilities	9,975		9,709
Contingencies and commitments (Note 5)
Stockholders' equity:
Common stock, $0.01 par value, 450,000,000 shares authorized: 240,085,572 and 239,249,874 shares issued	2		2
Additional paid-in capital	13,759		13,746
Retained earnings	5,785		4,830
Total stockholders' equity	19,546		18,578
Total liabilities and stockholders' equity	$	29,521	$	28,287

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

EXPAND ENERGY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended March 31,
($ in millions, except per share data)	2026		2025
Revenues and other:
Natural gas, oil and NGL	$	3,315	$	2,300
Marketing	1,212		910
Losses on derivatives	(129)		(1,014)
Losses on sales of assets	(1)		—
Total revenues and other	4,397		2,196
Operating expenses:
Production	185		147
Gathering, processing and transportation	690		563
Severance and ad valorem taxes	60		48
Exploration	14		7
Marketing	1,121		919
General and administrative	63		47
Separation and other termination costs	9		—
Depreciation, depletion and amortization	711		711

Other operating expense, net	13		22
Total operating expenses	2,866		2,464
Income (loss) from operations	1,531		(268)
Other income (expense):
Interest expense	(59)		(59)

Other income, net	17		8
Total other income (expense)	(42)		(51)
Income (loss) before income taxes	1,489		(319)
Income tax expense (benefit)	330		(70)
Net income (loss)	$	1,159	$	(249)


Earnings (loss) per common share:
Basic	$	4.83	$	(1.06)
Diluted	$	4.81	$	(1.06)
Weighted average common shares outstanding (in thousands):
Basic	239,900		234,434
Diluted	240,759		234,434

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

EXPAND ENERGY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Three Months Ended March 31,
($ in millions)	2026		2025
Cash flows from operating activities:
Net income (loss)	$	1,159	$	(249)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization	711		711
Deferred income tax expense (benefit)	319		(37)
Derivative losses, net	129		1,014
Cash payments on derivative settlements, net	(386)		(45)
Share-based compensation	10		9
Losses on sales of assets	1		—
Contract amortization	(30)		(52)


Other	35		(4)
Changes in assets and liabilities	454		(251)
Net cash provided by operating activities	2,402

SEC Form 10-Q filed by Expand Energy Corporation