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The information in this Preliminary Prospectus Supplement is not complete and may be changed. This Preliminary Prospectus Supplement and the accompanying Base Prospectus are not an offer to sell these securities and we are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.

Filed pursuant to Rule 424(b)(5)
Registration Nos. 333-283348

Subject to Completion, dated September 15, 2026

PRELIMINARY PROSPECTUS SUPPLEMENT
(To prospectus dated November 20, 2024)

Expand Energy Corporation

$ % Senior Notes due 2031

Expand Energy Corporation (the “Company”) is offering $ aggregate principal amount of our % Senior Notes due 2031 (the “notes”).

Interest on the notes will accrue from , 2026. Interest on the notes will be payable semi-annually on and of each year, beginning on , 2027. The notes will mature on , 2031.

We may redeem some or all of the notes at any time and from time to time prior to , 2031 (the “Par Call Date”). Any such redemption of the notes will be at a redemption price equal to the greater of 100% of the principal amount of the notes to be redeemed and a “make-whole” redemption price, plus, in each case, accrued and unpaid interest thereon to but not including the redemption date. On or after the Par Call Date, we may redeem some or all of such notes at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest thereon to but not including the redemption date. See “Description of the Notes — Optional Redemption.” The notes will not be entitled to the benefit of any sinking fund payment.

The notes will be our senior unsecured obligations. The notes will be effectively subordinated to any future secured indebtedness of the Company to the extent of the assets securing such indebtedness and structurally subordinated to any indebtedness incurred by any of the Company’s subsidiaries, including the Twin Eagle Credit Facility (as defined herein). If we default, your right to payment under the notes will rank equally with the right to payment of the holders of our other current and future unsecured senior debt, including debt under our revolving credit facility and our existing senior notes, and senior in right of payment to any future subordinated debt that we may incur. None of our subsidiaries will guarantee the notes upon their issuance.

The notes are a new issue of securities with no established trading market. We do not intend to apply for the listing of the notes on any securities exchange or for the quotation of the notes on any automated dealer quotation system.

Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the accompanying base prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Investing in the notes involves risks. See “Risk Factors” beginning on page S-10 of this prospectus supplement and on page 1 of the accompanying base prospectus.

Per note

Total

Public offering price(1)

Underwriting discount

Proceeds to Expand Energy Corporation (before expenses)

(1)

Plus accrued interest from , 2026, if any.

The underwriters expect to deliver the notes in registered book-entry form only through the facilities of The Depository Trust Company, including Clearstream Banking, societe anonyme, Luxembourg and Euroclear Bank NV/SA, on or about , 2026.

Joint Book-Running Managers

Citigroup

J.P. Morgan

The date of this prospectus supplement is , 2026.

	FORWARD-LOOKING STATEMENTS					S-1
	SUMMARY					S-3
	THE OFFERING					S-5
	SUMMARY HISTORICAL CONSOLIDATED FINANCIAL INFORMATION					S-7
	RISK FACTORS					S-10
	USE OF PROCEEDS					S-13
	CAPITALIZATION					S-14
	DESCRIPTION OF THE NOTES					S-15
	MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES					S-28
	UNDERWRITING					S-34
	LEGAL MATTERS					S-40
	EXPERTS					S-41
	WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE					S-42

	ABOUT THIS PROSPECTUS					1
	CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS					2
	WHERE YOU CAN FIND MORE INFORMATION; INCORPORATION BY REFERENCE					4
	OUR COMPANY					6
	RISK FACTORS					7
	USE OF PROCEEDS					8
	DESCRIPTION OF CAPITAL STOCK					9
	DESCRIPTION OF DEBT SECURITIES					14
	DESCRIPTION OF OTHER SECURITIES					22
	GLOBAL SECURITIES					23
	PLAN OF DISTRIBUTION					27
	LEGAL MATTERS					28
	EXPERTS					28

	Six months Ended June 30,						Years Ended December 31,
($ in millions)	2026			2025			2025			2024
Financial Review
Statements of Operations Data:
Revenues and Other:
Natural gas, oil and NGL		$	5,145		$	4,321		$	8,476		$	2,969
Marketing			1,893			1,698			3,163			1,290
Gains (losses) on derivatives			320			(137)			550			(38)
Gains (losses) on sales of assets			(1)			4			(65)			14
Total revenues and other			7,357			5,886			12,124			4,235
Operating expenses:
Production			353			298			635			316
Gathering, processing and transportation			1,324			1,126			2,376			1,035
Severance and ad valorem taxes			120			97			193			97
Exploration			30			27			46			10
Marketing			1,770			1,710			3,160			1,310
General and administrative			113			87			181			186
Separation and other termination costs			9			—			5			23
Depreciation, depletion and amortization			1,433			1,480			2,980			1,729
Impairments			—			—			37			—
Other operating expense, net			13			60			40			332
Total operating expenses			5,165			4,885			9,653			5,038
Income (loss) from operations			2,192			1,001			2,471			(803)
Other income (expense):
Interest expense			(102)			(119)			(235)			(123)
Gains (losses) on purchases, exchanges or extinguishments of debt			37			3			4			(1)
Other income, net			34			24			42			86
Total other income (expense)			(31)			(92)			(189)			(38)
Income (loss) before income taxes			2,161			909			2,282			(841)
Income tax expense (benefit)			480			190			463			(127)
Net income (loss)		$	1,681		$	719		$	1,819		$	(714)

	As of June 30,						As of December 31,
($ in millions)	2026			2025			2025			2024
Balance Sheets Data:
Total liabilities		$	8,620		$	9,831		$	9,709		$	10,329
Total stockholders’ equity		$	19,410		$	17,937		$	18,578		$	17,565
Total liabilities and stockholders’ equity		$	28,030		$	27,768		$	28,287		$	27,894
Total assets		$	28,030		$	27,768		$	28,287		$	27,894
Non-GAAP Financial Data:
Adjusted EBITDAX(a)		$	3,151		$	2,571		$	5,078		$	2,195
Net Debt(b)		$	3,075		$	4,404		$	4,409		$	5,369

	June 30,						December 31,
($ in millions)	2026			2025			2025			2024
Total Debt (GAAP)		$	3,685		$	5,122		$	5,009		$	5,680
Premiums, discounts and issuance costs on debt			53			13			16			6
Principal amount of debt			3,738			5,135			5,025			5,686
Cash and cash equivalents			(663)			(731)			(616)			(317)
Net Debt (Non-GAAP)		$	3,075		$	4,404		$	4,409		$	5,369

	As of June 30, 2026
(in millions)	Actual			As Adjusted
Cash and cash equivalents		$	663		$
Debt:
Revolving Credit Facility(1)		$	—		$	—
5.875% senior notes due 2029(2)			—			—
6.75% senior notes due 2029(2)			—			—
5.375% senior notes due 2029			638			638
5.375% senior notes due 2030			1,200			1,200
4.75% senior notes due 2032			1,150			1,150
5.70% senior notes due 2035			750			750
Notes offered hereby			—
Discounts on senior notes, net			(47)
Debt issuance costs			(6)
Total debt, net		$	3,685		$
Stockholders’ equity:
Common stock, $0.01 par value, 450,000,000 shares authorized: 234,349,727 shares issued		$	2		$
Additional paid-in capital			13,774
Retained earnings			5,634
Total stockholders’ equity			19,410
Total capitalization		$	23,095		$

Underwriters	Principal Amount of the notes
Citigroup Global Markets Inc.		$
J.P. Morgan Securities LLC
Total		$