Expand Energy Posts $1.23B Adjusted EBITDAX in Q3 2026 and Sets $500M Marketing EBITDA Target by 2028

Expand Energy Corporation reported third quarter 2026 adjusted EBITDAX of $1.229 billion, with net income of $519 million, or $2.24 per fully diluted share, and adjusted net income of $338 million, or $1.46 per diluted share. Net cash provided by operating activities reached $1.177 billion, driven by operational performance and liquids revenue. Net production came in at 7.54 Bcfe per day, with natural gas representing 92% of the mix.

The company completed its $1.25 billion acquisition of Twin Eagle Holdings, N.A., LLC on September 16, integrating the leading private natural gas marketing and optimization business into its operations. Management outlined a target of $500 million in marketing and commercial EBITDA by 2028 as the Twin Eagle integration gets underway, underscoring the strategic rationale for the deal.

Expand Energy ended the quarter with total debt of $4.6 billion and a leverage ratio of 0.8x. During the quarter, the company repurchased $305 million of common stock, leaving $1 billion of remaining capacity under its previously announced expanded buyback authorization. The board declared a quarterly base dividend of $0.575 per share, payable December 3, 2026, to shareholders of record as of November 12, 2026.