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Expand Energy

Logo: Chesapeake Energy Corporation, Public domain, via Wikimedia Commons6

American energy company

Expand Energy Corporation (known as Chesapeake Energy until 2024) is the largest independent natural gas producer in the U.S., based on net daily production. Headquartered in Spring, Texas, the company operates in the Appalachian Basin of the Marcellus Formation in Pennsylvania and West Virginia, as well as the Haynesville Shale in Northwestern Louisiana. In 2025, the company produced 7,183 MMcfe of natural gas per day.3 It was founded by Aubrey McClendon and Tom L. Ward.1 Its revenue was $11.7 billion in 2022.1 Its shares trade on Nasdaq under the symbol EXE.1 Wikipedia text CC BY-SA 4.0

$93.44 up 2.64 (2.91%)Price as of Oct 16, 2026 at 19:58 UTC

Last updated Oct 21, 2026.

Overview

1989Founded1

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  • TickerEXE on Nasdaq1
  • Industrypetroleum industry1
  • HeadquartersOklahoma City1
  • Founded inOklahoma City1
  • Websitewww.chk.com
  • Incorporated inOK7
  • Business address10000 Energy Drive, Spring, Tx 773897
  • Filer categoryLarge accelerated filer7
  • Legal formProfit Corporation4
  • LEIX2MT1W32SPAZ9WSKLE784
  • StatusActive4
  • LEI statusIssued and current4
  • Registered addressC/O C T CORPORATION SYSTEM, 73128 Oklahoma City, United States4
  • Registered withBusiness Filing Department (Oklahoma Secretary of State), 19005757724

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Expand Energy Corporation (known as Chesapeake Energy until 2024) is the largest independent natural gas producer in the U.S., based on net daily production. Headquartered in Spring, Texas, the company operates in the Appalachian Basin of the Marcellus Formation in Pennsylvania and West Virginia, as well as the Haynesville Shale in Northwestern Louisiana.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

20.4%Operating margin10
15.0%Net margin10
186.3%Revenue growth, 202510
9.8%Return on equity10
0.27×Debt to equity10
$1.8BFree cash flow10

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Natural Gas Sales brought in 64% of the revenue Expand Energy broke down this way in fiscal 2025.

  1. Natural Gas Sales$7.4B1064%up 177% from 2024
  2. Natural Gas Marketing Sales$2.9B1025%up 164% from 2024
  3. Natural Gas Liquids Sales$724.0M106%up 238% from 2024
  4. Oil Sales$319.0M103%up 362% from 2024
  5. Natural Gas Liquids Marketing Sales$142.0M101%up 80% from 2024
  6. Oil Marketing Sales$132.0M101%up 14% from 2024
Products and services by year
Products and services202320242025
Natural Gas Sales$2.9B$2.7B$7.4B
Natural Gas Marketing Sales$989.0M$1.1B$2.9B
Natural Gas Liquids Sales$98.0M$214.0M$724.0M
Oil Sales$596.0M$69.0M$319.0M
Natural Gas Liquids Marketing Sales$179.0M$79.0M$142.0M
Oil Marketing Sales$1.3B$116.0M$132.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs81¢$9.8B
  • Income tax4¢$463.0M
  • Profit15¢$1.8B

Out of $12.1B in revenue.10

Where each dollar of operating cash went, fiscal 2025

  • Capital spending60¢$2.7B
  • Dividends paid17¢$765.0M
  • Share buybacks2¢$100.0M
  • Kept or used elsewhere21¢$974.0M

Out of $4.6B of cash from operations.10

Financial statements

Revenue11121310$12.1B in 2025+42% since 2019
0$5.0B$10.0B$15.0B2019: $8.5B$8.5B20192020: $5.2B$5.2B2020−39%2022: $11.7B$11.7B2022+124%2023: $8.7B$8.7B2023−26%2024: $4.2B$4.2B2024−51%2025: $12.1B$12.1B2025+186%
Operating income11121310$2.5B in 2025
-$10.0B-$5.0B0$5.0B2019: -$31.0M-$31.0M20192020: -$8.7B-$8.7B2020+27974%2022: $3.8B$3.8B20222023: $3.1B$3.1B2023−17%2024: -$803.0M-$803.0M20242025: $2.5B$2.5B2025
Net income11121310$1.8B in 2025
-$10.0B-$5.0B0$5.0B2019: -$308.0M-$308.0M20192020: -$9.7B-$9.7B2020+3060%2022: $4.9B$4.9B20222023: $2.4B$2.4B2023−51%2024: -$714.0M-$714.0M20242025: $1.8B$1.8B2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.10

Period ending2025-12-312024-12-312023-12-31
Gain (loss) on derivatives$550.0M-$38.0M$1.7B
Gains (losses) on sales of assets-$65.0M$14.0M$946.0M
Total revenues and other$12.1B$4.2B$8.7B
Production$635.0M$316.0M$356.0M
Gathering, processing and transportation$2.4B$1.0B$853.0M
Severance and ad valorem taxes$193.0M$97.0M$167.0M
Exploration$46.0M$10.0M$27.0M
General and administrative$181.0M$186.0M$127.0M
Separation and other termination costs$5.0M$23.0M$5.0M
Depreciation, depletion and amortization$3.0B$1.7B$1.5B
Impairments$37.0M$0$0
Other operating expense, net$40.0M$332.0M$18.0M
Total operating expenses$9.7B$5.0B$5.6B
Income (loss) from operations$2.5B-$803.0M$3.1B
Interest expense-$235.0M-$123.0M-$104.0M
Gains (losses) on purchases, exchanges or extinguishments of debt$4.0M-$1.0M$0
Other income, net$42.0M$86.0M$79.0M
Total other income (expense)-$189.0M-$38.0M-$25.0M
Income (loss) before income taxes$2.3B-$841.0M$3.1B
Income tax expense (benefit)$463.0M-$127.0M$698.0M
Net income (loss)$1.8B-$714.0M$2.4B
Basic (in dollars per share)$7.67-$4.55$18.21
Diluted (in dollars per share)$7.57-$4.55$16.92
Basic (in shares)237.3M shares157.0M shares132.8M shares
Diluted (in shares)240.4M shares157.0M shares143.0M shares

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Corporate structure

Expand Energy sits at the top of its group. 6 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Expand Energy

  • Expand Energy Oklahoma City, Oklahoma, United States
    • Expand Appalachia LLC Subsidiary · Oklahoma, United States
    • Expand Energy Marketing LLC Subsidiary · Texas, United States
    • Expand Exploration LLC Subsidiary · Oklahoma, United States
    • Expand Gulf Coast LLC Subsidiary · Oklahoma, United States
    • Expand Operating LLC Subsidiary · Oklahoma, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Expand Energy reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$32.6B10 Dec 31, 2025$29.6B10 Dec 31, 2024+9.9%
Accumulated depreciation$8.3B10 Dec 31, 2025$5.4B10 Dec 31, 2024+54.4%
Property and equipment, net$24.4B10 Dec 31, 2025$24.3B10 Dec 31, 2024+0.3%
Operating-lease assets (leased space)$99.0M10 Dec 31, 2025$145.0M10 Dec 31, 2024−31.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$616.0M10 Dec 31, 2025$317.0M10 Dec 31, 2024+94.3%

Properties, in its own words

Information regarding our properties is included in Item 1. Business of Part I of this report and in the Supplementary Information included in Item 8 of Part II of this report.

Item 2 of the 10-K filed Feb 18, 2026.18

The story

Founded by Aubrey McClendon and Tom L. Ward in 1989, in Oklahoma City.1

The company was founded in 1989 as Chesapeake Energy by Aubrey McClendon and Tom L. Ward with an initial investment of $50,000. McClendon named the company after Chesapeake Bay due to his love of the region. Ward left the company in 2006 to establish SandRidge Energy. In 1993, the company became a public company via an initial public offering, with a valuation of $25 million. Focusing on a strategy of drilling horizontal natural gas wells in unconventional reservoirs, the company built a sizable position in the Golden Trend and Sholem Alechem fields of South-central Oklahoma and in the Giddings field of Southeast Texas. In the mid-1990s, the company unsuccessfully attempted to extend the Austin Chalk play into western and central Louisiana. In 1997, the company wrote down the value of its assets by over $200 million, approximately equal to shareholder's equity at the time, due to low commodity prices and implemented a turnaround plan.

In the early 2000s, after a rise in natural gas prices made it economically feasible, the company focused on unconventional drilling in carbonates, tight sandstone, and shale particularly in the Barnett Shale, Fayetteville Shale, and the Marcellus Formation. In 2008, the company announced its discovery of the Haynesville Shale in East Texas and northwestern Louisiana. In 2009, the company partnered with Orange County Choppers to create the first chopper powered by compressed natural gas.

In April 2011, due to a failed seal assembly in a wellhead, the company lost control of a natural gas well in Bradford County, Pennsylvania that was being fracture stimulated, causing a large spill of salt water and chemicals, such as 2-butoxyethanol and methanol, into the surrounding countryside. After three days, the leak had been stemmed. Maryland announced its intention to sue the company for violation of the Resource Conservation and Recovery Act and the Clean Water Act since fracking fluids from the well blowout wound up in the Chesapeake Bay. In July 2011, the company agreed to a 12-year naming rights partnership with the Oklahoma City Thunder for naming and branding rights of the Paycom Center at a cost of $3 million per year, with annual increases of 3%. In April 2021, the agreement was terminated.

In June 2012, in response to shareholder concerns about corporate governance issues under McClendon's watch, the company appointed Archie W. Dunham as chairman, while Aubrey McClendon remained CEO. In mid-2012, the U.S. Department of Justice (DOJ) began an investigation into whether Encana, Canada's largest natural gas company, "illegally colluded with Chesapeake Energy Corp to lower the price of Michigan exploration lands during a public land auction in May 2010". The antitrust probe ended in 2014 with a letter to Chesapeake by the U.S. Department of Justice. Internal investigations by the companies found no evidence of collusion. In December 2012, the company sold midstream assets for $2.16 billion.

Effective April 2013, Aubrey McClendon was forced to leave the company after revelations that he took a personal stake in wells owned by the company and then used those investments as collateral for up to $1.1 billion in loans from banks that also financed the company, prompting an investigation by the U.S. Securities and Exchange Commission. He was also accused of several conflicts of interest. In May 2013, Robert Douglas Lawler, an executive of Anadarko Petroleum, was named CEO of the company. In September 2013, the company agreed to pay $7.5 million to settle a class action lawsuit by Pennsylvania landowners. In 2013, the company sold 55,000 net acres in the Northern Eagle Ford Shale and 9,600 net acres in the Haynesville Shale to EXCO for aggregate proceeds of $1 billion. In December 2013, the United States Environmental Protection Agency fined a subsidiary of the company $3.2 million, and ordered it to pay an estimated $6.5 million for the restoration of sites that were damaged by the company from unauthorized discharge of material.

In February 2014, the company sold additional midstream assets for $520 million. In June 2014, the state of Michigan filed felony fraud and racketeering charges against the company, alleging that the company canceled hundreds of land leases on false pretenses after it sought to obtain oil and gas rights. Michigan attorney general Bill Schuette claimed that the company "obtained uncompensated land options from these landowners by false pretenses, and prevented competitors from leasing the land". Chesapeake Energy disputed all charges. In 2015, the company settled the lawsuits by agreeing to pay $25 million to the landowners. In December 2014, the company sold a large portion of its oil and gas assets in the Marcellus Formation and Utica Shale to Southwestern Energy for net proceeds of $4.975 billion. The transaction included approximately 413,000 net acres and 1,500 wells in northern West Virginia and southern Pennsylvania. Net production of the sold assets was 57,000 barrels of oil equivalent per day in December 2014.

In September 2015, the company announced layoffs of hundreds of people in Oklahoma City. In November 2015, the company was fined $1.4 million in Pennsylvania for a landslide caused by the company in 2011 that resulted in clogged waterways. By 2015, after the rise in hydraulic fracturing, there were more than 900 earthquakes in Oklahoma, compared to just a single earthquake in 2007. After the 2011 Oklahoma earthquake in Prague, Oklahoma, having suffered home damage and physical injury, a resident sued the company. The Sierra Club also filed a lawsuit against the company and Devon Energy over damages suffered in a magnitude 5.8, 2016 Oklahoma earthquake near Pawnee, which was tied for the largest such shock in the eastern United States in 70 years. A judge dismissed the lawsuit in April 2017.

In March 2016, a DOJ federal grand jury indicted Aubrey McClendon for allegedly rigging the bidding process for land leases between December 2007 and March 2012. McClendon was charged of orchestrating a conspiracy in which two oil and gas companies, not named in the indictment, colluded not to bid against each other for the purchase of land in northwestern Oklahoma. According to the indictment, the companies decided ahead of time who would win bids, with the winner then allocating an interest in the leases to the other company, eliminating open competitive bidding. The DOJ said this was the first case resulting from a continuing federal antitrust investigation into price fixing, bid rigging, and other anti-competitive conduct in the petroleum industry. The next day, McClendon died in a single-occupant single-vehicle crash when he drove his vehicle directly into a concrete bridge embankment in Oklahoma City. The charges were dropped by the DOJ as a result of the death.

Read the full text

In 2017, the company sold assets in the Haynesville shale for $465 million. In December 2017, the company agreed to pay $30 million to Pennsylvania landowners. In January 2018, the company laid off 400 employees. In the first quarter of 2018, the company sold assets in Oklahoma for $500 million. In February 2019, the company acquired Texas oil producer WildHorse Resource Development for $4 billion in cash and stock. In June 2020, the company filed for bankruptcy protection with $7 billion in debt. It emerged from bankruptcy protection in February 2021.

In April 2021, Doug Lawler resigned as CEO of the company and Mike Wichterich, Chair of the Board of Directors, was named interim-CEO. In November 2021, the company acquired Vine Energy, which operated in the Haynesville Shale. In March 2022, the company acquired Chief Oil & Gas for approximately $2.6 billion. The company also sold its assets in the Powder River Basin to Continental Resources for $450 million. In 2023, in three transactions, the company sold all of its assets in the Eagle Ford shale to Ineos, WildFire Energy (a subsidiary of Warburg Pincus and Kayne Anderson), and SilverBow Resources for a total of $3.5 billion.

In January 2024, a class action lawsuit was filed accusing the company, along with seven other US oil and gas producers, of engaging in an anti-competitive business practice in the form of an illegal price fixing scheme to constrain production of shale oil, allegedly leading to drivers in the US paying more for gasoline than they would have in a competitive market. In October 2024, the company acquired Southwestern Energy in a $7.4 billion all-stock deal and was rebranded as Expand Energy. In 2026, the company acquired Twin Eagle Holdings for $1.25 billion.

From Wikipedia’s article on Expand Energy, shared under CC BY-SA 4.0.8

Leadership

Who has led Expand Energy, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Aubrey McClendon2006–2013
  2. Robert D. Lawler2013–2020
  3. Michael Wichterich2021
  4. Domenic J. Dell'Osso Jr.2021–now

Chair

  1. Aubrey McClendon2006–2012
  2. Michael Wichterich2021–2022

President

  1. Tom L. Ward2006
  2. Domenic J. Dell'Osso Jr.2021–2026
  3. Michael Wichterich2026–now

Chief financial officer

  1. Marcus C. Rowland2006–2011
  2. Domenic J. Dell'Osso Jr.2010–2021
  3. Mohit Singh2021–2025
  4. Brittany Raiford2025–2026
  5. Marcel Teunissen2026–now

Chief operating officer

  1. Tom L. Ward2006
  2. Steven C. Dixon2006–2013
  3. Joshua J. Viets2022–now
19901995200020052010201520202025
Board members and other officers (53)

Products and brands

  • petroleum

Listed on Wikidata.1

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Expand Appalachia LLC Oklahoma9
  • Expand Energy Marketing LLC Texas9
  • Expand Exploration LLC Oklahoma9
  • Expand Gulf Coast LLC Oklahoma9
  • Expand Operating LLC Oklahoma9

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • CHESAPEAKE ENERGY CORPDec 11, 1995 to Sep 26, 20247

Timeline

  1. Oct 13, 20268-K Executive or director change84
  2. Oct 6, 20268-K Entered a material agreement; New debt or obligation85
  3. Sep 17, 20268-K Entered a material agreement; New debt or obligation; Other events86
  4. Sep 16, 20268-K Entered a material agreement; Regulation FD disclosure87
  5. Sep 16, 20268-K Executive or director change; Other events88
  6. Jul 30, 20268-K Other events89
  7. Jul 28, 20268-K Results of operations; Regulation FD disclosure90
  8. Jul 27, 20268-K Regulation FD disclosure91
  9. Jun 26, 20268-K Executive or director change92
  10. Jun 4, 20268-K Shareholder vote93
  11. Apr 28, 20268-K Results of operations; Regulation FD disclosure94
  12. Apr 10, 20268-K Executive or director change95
  13. Oct 2024Went public Listed on NASDAQ1
  14. Oct 13, 2021New chief executive Domenic J. Dell'Osso Jr. becomes CEO20
  15. May 4, 2021New chief executive Michael Wichterich becomes CEO19
  16. Jun 19, 2013New chief executive Robert D. Lawler becomes CEO21
  17. Jan 4, 2006New chief executive Aubrey McClendon becomes CEO22
  18. 1989Founded Founded in Oklahoma City1

Calendar

Coming up

  1. Oct 27, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.97 a share, on Oct 28, 2025.96

When it reported results

  1. Jul 28, 2026Reported quarterly or annual results90
  2. Apr 28, 2026Reported quarterly or annual results94
  3. Feb 17, 2026Reported quarterly or annual results97
  4. Oct 28, 2025Reported quarterly or annual results98
  5. Jul 29, 2025Reported quarterly or annual results99
  6. Apr 29, 2025Reported quarterly or annual results100
  7. Feb 26, 2025Reported quarterly or annual results101
  8. Oct 29, 2024Reported quarterly or annual results102

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

417 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 73 major events, 166 insider forms, 56 large holders, 102 other. The latest 20:

  1. Oct 13, 20268-K EDGAR
  2. Oct 6, 20268-K EDGAR
  3. Sep 17, 20268-K EDGAR
  4. Sep 17, 2026424B2 EDGAR
  5. Sep 16, 20268-K EDGAR
  6. Sep 16, 20268-K EDGAR
  7. Sep 15, 2026FWP EDGAR
  8. Sep 15, 2026424B5 EDGAR
  9. Sep 8, 2026SD EDGAR
  10. Aug 7, 2026SCHEDULE 13G EDGAR
  11. Jul 30, 20268-K EDGAR
  12. Jul 28, 202610-Q EDGAR
  13. Jul 28, 20268-K EDGAR
  14. Jul 27, 20268-K EDGAR
  15. Jun 26, 20268-K EDGAR
  16. Jun 15, 20264 EDGAR
  17. Jun 8, 20264 EDGAR
  18. Jun 8, 20264 EDGAR
  19. Jun 8, 20264 EDGAR
  20. Jun 8, 20264 EDGAR

The 417 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

25 open-market trades by officers, directors and large owners since October 2021: 14 buys and 11 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 12, 2026Wichterich MichaelInterim President and CEOBuy1,000$88.90$88.9KForm 4
Jun 4, 2026Wichterich MichaelInterim President and CEOBuy1,000$93.36$93.4KForm 4
Jun 4, 2026Teunissen MarcelEVP & CFOBuy2,000$92.88$185.8KForm 4
May 7, 2026Teunissen MarcelEVP & CFOBuy2,000$96.43$192.9KForm 4
Mar 6, 2026Wichterich MichaelInterim President and CEOBuy2,000$107.50$215.0KForm 4
Feb 19, 2026Gallagher MatthewDirectorBuy1,000$100.66$100.7KForm 4
Aug 18, 2025Viets Joshua J.EVP & COOBuy2,000$92.16$184.3KForm 4
Aug 15, 2025DELL'OSSO DOMENIC J JRPresident and CEOBuy2,500$95.86$239.7KForm 4
Mar 5, 2025DELL'OSSO DOMENIC J JRPresident and CEOBuy2,500$99.50$248.8KForm 4
Nov 22, 2024Kehr Catherine ADirectorSale43,623$99.58$4.3MForm 4
Jun 27, 2022Wichterich MichaelInterim President and CEOBuy2,000$85.65$171.3KForm 4
Jun 24, 2022Wichterich MichaelInterim President and CEOBuy3,000$81.50$244.5KForm 4
Jun 24, 2022DELL'OSSO DOMENIC J JRPresident and CEOBuy3,000$82.04$246.1KForm 4
Jun 23, 2022Viets Joshua J.EVP & COOBuy1,700$75.19$127.8KForm 4
Jun 16, 2022Viets Joshua J.EVP & COOBuy2,450$84.41$206.8KForm 4
May 26, 2022Blackstone Holdings III GP L.P.10% ownerSale145,764$100.55$14.7MForm 4
May 26, 2022Blackstone Management Associates VI L.L.C.10% ownerSale145,764$100.55$14.7MForm 4
May 25, 2022Blackstone Holdings III GP L.P.10% ownerSale4,236$100.11$424.1KForm 4
May 25, 2022Blackstone Management Associates VI L.L.C.10% ownerSale4,236$100.11$424.1KForm 4
May 5, 2022SCHWARZMAN STEPHEN A10% ownerSale8,700$95.08$827.2KForm 4

All 25 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.19,497,795$1.8B0.0%+860,316
Vanguard Capital Management LLC15,619,960$1.4B0.0%+72,466
State Street Corp15,619,193$1.4B0.0%+1,124,635
Vanguard Portfolio Management LLC11,834,044$1.1B0.0%+476,607
Geode Capital Management, LLC6,732,861$611.7M0.0%+110,468
Capital Research Global Investors6,643,659$605.8M0.1%−155,105
Invesco Ltd.6,060,800$552.7M0.0%+1,141,874
Victory Capital Management Inc5,396,426$492.1M0.3%+635,677
Aqr Capital Management LLC5,384,978$491.1M0.2%+1,530,775
Oaktree Capital Management LP5,237,477$477.6M12.6%No change
Capital World Investors3,291,597$300.2M0.0%−2,919,974
Morgan Stanley3,256,729$297.0M0.0%−58,844
Bank of New York Mellon Corp2,929,145$267.1M0.0%−1,569,760
Dimensional Fund Advisors LP2,776,965$253.1M0.0%+310,193
Goldman Sachs Group Inc2,705,214$246.7M0.0%+398,123
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC2,677,536$244.2M0.0%−93,118
Massachusetts Financial Services Co /ma/2,520,895$229.9M0.1%−1,205,012
UBS Group AG2,384,737$217.5M0.0%+1,016,104
Assenagon Asset Management S.A.2,366,196$215.8M0.1%+2,245,738
Disciplined Growth Investors Inc /mn2,346,927$214.0M3.6%−26,375
Phoenix Financial Ltd.2,080,338$189.7M1.3%+289,868
CIBC Bancorp USA Inc.2,057,938$188.0M0.2%−735,411
Northern Trust Corp2,025,120$184.7M0.0%+66,254
Glendon Capital Management LP2,019,894$184.1M23.9%No change
D. E. Shaw & Co., Inc.1,983,146$180.8M0.1%+1,285,385

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

7 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Feb 17, 2026Julia LetlowRepublican, HouseSale$1,001 - $15,000+22.1%Report
Feb 10, 2026Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−20.1%Report
Dec 19, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseSale$1,001 - $15,000+27.5%Report
Nov 18, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$1,001 - $15,000−37.2%Report
Jul 25, 2025Julia LetlowRepublican, HousePartial sale$1,001 - $15,000+26.0%Report
Apr 8, 2025Robert P. Bresnahan, Jr.Republican, HouseBuy$1,001 - $15,000−62.1%Report
Oct 23, 2024Julia LetlowRepublican, HouseBuy$1,001 - $15,000−21.4%Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

SEC filer profile

How Expand Energy is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGAREXPAND ENERGY Corp2
  • CIK0000895126
  • Employer ID (EIN)73-139573318
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company18
  • Incorporated inOklahoma18
  • Fiscal year endsDecember 312
  • Industry code (SIC)1311 Crude Petroleum & Natural Gas2
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
  • Business address10000 Energy Drive, Spring, TX 773892
  • Phone346-535-09902
  • Shares outstanding231,503,789 as of Jul 24, 202615
  • Public float$19.6B as of Jun 30, 202518
  • AuditorPricewaterhouseCoopers LLP, Oklahoma City, Oklahoma PCAOB ID 238; it also attests to the company’s internal control over financial reporting18
  • On EDGAR sinceFeb 6, 19952
  • Filings4,045 in all: 4 (1,810), 8-K (844), SC 13G/A (111), 424B3 (100), 10-Q (91), 3 (79), UPLOAD (59), CORRESP (58)2
    All 80 form types

    SC 13G (46), 4/A (45), 425 (40), 8-A12B (37), S-8 POS (34), 424B5 (30), DEF 14A (30), S-4 (30), SC TO-I/A (30), 424B2 (29), SC 13D/A (29), 10-K (28), S-8 (28), DEFA14A (26), CERTNYS (25), EFFECT (24), FWP (24), 11-K (22), 25-NSE (22), POS AM (22), 8-K/A (21), SC 13D (20), 5 (18), S-3 (18), S-3ASR (16), S-4/A (16), SCHEDULE 13G/A (16), ARS (15), S-3/A (14), 144 (12), PRE 14A (12), SC TO-I (12), 10-K/A (10), PX14A6G (6), SC TO-T/A (6), 25 (5), 3/A (5), SCHEDULE 13G (5), NO ACT (4), NT 11-K (4), POSASR (4), 10-Q/A (3), 15-12G (3), DFAN14A (3), S-1 (3), SC 13E4/A (3), SC TO-C (3), SD (3), 10-K405 (2), 305B2 (2), 424B1 (2), 8-A12B/A (2), CERT (2), CT ORDER (2), NT 10-K (2), S-3MEF (2), 10-K405/A (1), 10-KT (1), 424A (1), 424B4 (1), 8-B12B (1), CERTNAS (1), DEFM14A (1), DEFR14A (1), NT 10-K/A (1), NT 10-Q (1), PRER14A (1), RW (1), S-1/A (1), S-4MEF (1), SC 13E4 (1), SC TO-T (1)

  • Latest filingsAnnual report (10-K) Feb 18, 2026
    Quarterly report (10-Q) Jul 28, 2026
    Proxy statement (DEF 14A) Apr 24, 2026
    Latest 8-K (8-K) Oct 13, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.01 par value per shareEXEThe Nasdaq Stock Market LLC
Class A Warrants to purchase Common StockEXEEWThe Nasdaq Stock Market LLC
Class B Warrants to purchase Common StockEXEEZThe Nasdaq Stock Market LLC
Class C Warrants to purchase Common StockEXEELThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Feb 18, 2026 (Section 12(b) of the Exchange Act).18

Risk factors and legal proceedings

The risks Expand Energy names in Item 1A of its 10-K filed Feb 18, 2026: 39 risks under these headings, as written.18

  • Natural gas, oil and NGL prices fluctuate widely, and lower prices for an extended period of time are likely to have a material adverse effect on our business.
  • Conservation measures and technological advances could reduce demand for natural gas and oil.
  • Negative public perception regarding us or our industry could have an adverse effect on our operations.
  • The gas and oil exploration and production industry is very competitive; some of our competitors have greater financial and other resources than we do, and there is competition to attract and retain talent and competition over access to certain industry equipment.
  • Risks related to potential acquisitions or dispositions may adversely affect our business.
  • If commodity prices fall or drilling efforts are unsuccessful, we may be required to record write-downs of the carrying value of our natural gas and oil properties.
  • Significant capital expenditures are required to replace our reserves and conduct our business.
  • If we are not able to replace reserves, we may not be able to sustain production.
  • The actual quantities of and future net revenues from our proved reserves may be less than our estimates.
  • Our development and exploratory drilling efforts and our well operations may not be profitable or achieve our targeted returns.
  • Certain of our undeveloped properties are subject to leases that will expire over the next several years unless production is established on units containing the acreage or the leases are renewed.
  • Our commodity price risk management activities may limit the benefit we would receive from increases in commodity prices, may require us to provide collateral for derivative liabilities and involve risk that our counterparties may be unable to satisfy their obligations to us.
The other 27 risks
  • Natural gas and oil operations are uncertain and involve substantial costs and risks.
  • Our ability to produce natural gas, oil and NGL economically and in commercial quantities could be impaired if we are unable to acquire adequate supplies of water for our operations or are unable to dispose of or recycle the water we use economically and in compliance with environmental laws.
  • Our operations may be adversely affected by pipeline, trucking and gathering system capacity constraints and may be subject to interruptions that could adversely affect our cash flow.
  • We entered into a joint venture, and may in the future enter into additional or modify existing joint ventures, that might restrict our operational and corporate flexibility. In addition, we exercise no control over joint venture partners and it may be difficult or impossible for us to cause these joint ventures or partners to take actions that we believe would be in our or the joint venture's best interests and these joint ventures are subject to many of the same risks to which we are subject.
  • The departure of key management personnel and the failure to attract and retain talent could adversely affect our operations.
  • Cyber-attacks targeting systems and infrastructure used by the gas and oil industry and related regulations may adversely impact our operations and, if we or our third-party providers are unable to obtain and maintain adequate protection for our key systems and data, our business may be harmed.
  • We collect, process, store and use personal information and other data, and our actual or perceived failure to protect such information and data or comply with data privacy and security laws and regulations could damage our reputation and brand and harm our business and operating results.
  • A deterioration in general economic, political, business or industry conditions would have a material adverse effect on our results of operations, liquidity and financial condition.
  • We may be unable to dispose of assets on attractive terms, and may be required to retain liabilities for certain matters.
  • Military and other armed conflicts, including terrorist activities, and related price volatility and geopolitical instability could materially and adversely affect our business and results of operations.
  • Regional epidemics or pandemics and related economic turmoil, including supply chain constraints, have affected, and could in the future adversely affect our business, financial condition, results of operations and cash flows.
  • We have significant capital needs, and our ability to access the capital and credit markets to raise capital on favorable terms is limited by industry conditions.
  • Restrictive covenants in certain of our existing and future debt instruments may limit our ability to finance our operations, fund our capital needs, respond to changing conditions and engage in other business activities that may be in our best interests.
  • Changes to the ability of our customers to receive our products or meet their financial, performance and other obligations to us could adversely impact our business and financial condition.
  • We have a significant amount of indebtedness, which will limit our liquidity and financial flexibility. We may also incur additional indebtedness in the future.
  • Any failure to meet our debt obligations could harm our business, financial condition and results of operations.
  • Our ability to comply with the covenants and other restrictions in our financing agreements may be affected by events beyond our control, including prevailing economic and financial conditions.
  • Our common stockholders will be diluted if additional shares are issued.
  • Our ability to declare and pay dividends, and to repurchase common stock, is subject to limitations.
  • The trading price and volume of our common stock may be volatile, and you could lose a significant portion of your investment.
  • We are subject to extensive governmental regulation, which can change and could adversely impact our business.
  • Climate Change and Regulation of Methane and Other Greenhouse Gas Emissions.
  • Costs to comply with environmental, health and safety regulations and initiatives can be significant.
  • Increasing attention to sustainability matters and our ability to achieve and maintain sustainability certifications, goals and commitments may impact our business, financial results or stock price.
  • The taxation of independent producers is subject to change, and changes in tax law could increase our cost of doing business.
  • The completion of the Southwestern Merger in 2024 triggered an annual limitation on the utilization of our tax attributes, reducing our ability to offset future taxable income, which may result in an increase to income tax liabilities. In addition, trading in our common stock, additional issuance of common stock, and certain other stock transactions could lead to an additional, potentially more restrictive, annual limitation.
  • Judicial decisions can affect our rights and obligations.

Legal proceedings

Litigation and Regulatory Proceedings

We are involved in various regulatory proceedings, lawsuits and disputes arising in the ordinary course of our business operations, including commercial disputes, personal injury claims, royalty claims, property damage claims and contract actions. We are also party to the consolidated Chapter 11 Cases pending for the Debtors in the Bankruptcy Court. Legal proceedings that were in existence prior to the Petition Date and have not yet been settled as part of the Chapter 11 Cases will be resolved in connection with the claims reconciliation process before the Bankruptcy Court. Any allowed claim related to such prepetition litigation will be treated in accordance with the Plan. Any legal proceeding pending against Southwestern and assumed by us in connection with the Southwestern Merger is not subject to discharge or resolution as part of the Chapter 11 Cases.

The opening of Item 3, Legal Proceedings.18

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