Expand Energy Records $150 Million in Adjusted Marketing Earnings Over Nine Months
Key Facts
Expand Energy’s marketing business recorded adjusted earnings before interest, taxes, depreciation and amortization of $150 million during the nine months ended September 30, 2026, according to the company’s third-quarter results statement. The company expects this measure to reach $80 million in the fourth quarter, citing the impact of its acquisition of Twin Eagle. Marketing operates alongside its gas production business and gives the company an additional source of earnings. CEO Danny Brown said the company’s scale, diversity and nationwide customer reach support gas marketing in premium markets. He added that the company is positioned to “capture value from the volatility we are seeing today in the gas market and provide advantaged supply to premium markets.”
In the second quarter of 2026, the company recorded net income of $522 million and adjusted net income of $317 million, while Adjusted EBITDAX reached $1,183 million. Net production at the time was about 7.48 billion cubic feet equivalent per day, of which natural gas accounted for 92%. The company then reaffirmed its annual production guidance range of 7.4 to 7.6 billion cubic feet equivalent per day. In announcing his appointment, Brown linked the company’s growth opportunities to rising liquefied natural gas exports, energy demand and industrial investment. He said these factors “create a greater need for reliable energy.”
The company ended the third quarter with total debt of $4.6 billion and a leverage ratio of 0.8 times. It repurchased $305 million of common stock during the quarter and said its purchases since the start of the year totaled about $900 million, equivalent to 4% of shares outstanding. For its 2026 guidance, the company expects daily production of between 7.45 and 7.55 billion cubic feet equivalent and to operate 11 to 12 drilling rigs. It also updated its capital investment estimate to about $3 billion for the year. The company plans to pay a quarterly base dividend of $0.575 per share on December 3 to shareholders of record on November 12.
The company announced that Daniel E. Brown became president and executive chairman effective October 26, succeeding Michael A. Wichterich, who had held the role on an interim basis since February 2026. Company officials will hold a conference call to discuss third-quarter results and the full-year outlook on October 28 at 9 a.m. Eastern Time. Ahead of the results announcement, the stock closed at $92.67 on October 20, then rose to $92.83 on October 21 and $92.96 on October 22. The stock recorded $93.23 on October 23 and closed at $94.02 on October 26. This price sequence covers the available days before the results announcement.