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Expand Energy Q2 Earnings & Revenues Miss Estimates, Both Increase Y/Y
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Key Takeaways
EXE's Q2 EPS and revenues missed estimates but soared year over year on production and pricing gains.
Daily production jumped 162% YoY to 7,202 MMcfe/day, beating estimates driven by natural gas output.
Cash flow rose to $1.3B from $209M YoY, supporting $448M in shareholder returns via dividends and buybacks.
Expand Energy Corporation (EXE - Free Report) reported second-quarter 2025 adjusted earnings per share of $1.10, which missed the Zacks Consensus Estimate of $1.14. However, the company’s bottom line surpassed the year-ago adjusted profit of 1 cent, fueled by strong production and higher natural gas price realization.
Expand Energy’s ‘natural gas, oil and NGL’ revenues of $2 billion missed the Zacks Consensus Estimate by $74 million. However, the top line was outstandingly higher than the year-ago figure of $378 million.
Expand Energy Corporation Price, Consensus and EPS Surprise
The company reported the average second-quarter daily production (comprising 92% natural gas) of 7,202 million cubic feet of gas equivalent (MMcfe/day), which jumped 162% from the year-ago level of 2,745 MMcfe/day. The daily production levels also surpassed the Zacks Consensus Estimate of 7,150 MMcfe/day. Natural gas volume for the period came in at 6,596 MMcf/day, up 140% year over year. The consensus mark called for 6,600 MMcf/day of natural gas. EXE’s oil production was 18 thousand barrels per day (MBbl/d), while NGL output totaled 83 MBbl/d.
The average sales price for natural gas during the second quarter was $2.98 per Mcf, up 18.7% from the prior-year realization of $2.51 per Mcf, but was below the consensus mark of $3.02. The average realized oil price was $55.89 per barrel compared with the consensus mark of $53. Meanwhile, the average realized NGL price was $23.08 per barrel, below the Zacks Consensus Estimate of$26.05.
EXE’s Costs & Expenses
Total operating expenses in the quarter rose to $2.4 billion from the year-ago quarter’s $799 million. This was mainly due to an increase in gathering, processing and transportation costs, which were up nearly threefold year over year to $563 million. The company’s marketing cost of 791 million also rose significantly from the year-ago level of $141 million. Furthermore, Expand Energy’s depreciation outlay increased 121% from the second quarter of 2024.
Dividend and Share Repurchases
In the second quarter, the company will return a total of $448 million to shareholders through a quarterly base dividend of $137 million, a variable dividend of $211 million, and share repurchases totaling $100 million. The base and variable dividends are scheduled to be paid on Sept. 4, 2025, to shareholders of record as of Aug. 14, 2025.
Financial Position
Cash flow from operations totaled $1.3 billion, which increased significantly from the prior-year quarter levels of $209 million, while Expand Energy’s capital expenditure totaled $657 million, leading to a free cash flow of $665 million. It also paid out $137 million in dividends during the period.
As of June 30, 2025, the company had $731 million in cash and cash equivalents. Expand Energy had a long-term debt of $5.1 billion, reflecting a debt-to-capitalization of 22.2%.
Expand Energy’s Guidance for Q3 & 2025
Expand Energy is targeting an average daily production in the range of 7,150-7,250 MMcfe for the third quarter and 7,000-7,200 MMcfe for full-year 2025. The company has budgeted its capital spending between $760 million and $840 million for the upcoming quarter, while for 2025, the figure is between $2.9 billion and $3 billion.
While we have discussed EXE’s second-quarter results in detail, let us take a look at three other key reports in this space.
Oil and gas equipment and services provider TechnipFMC plc (FTI - Free Report) reported second-quarter 2025 adjusted earnings of 68 cents per share, which beat the Zacks Consensus Estimate of 57 cents. The bottom line also topped the year-ago quarter’s reported profit of 43 cents. The outperformance is primarily driven by strong results in the Subsea segment.
The Company’s revenues of $2.5 billion beat the Zacks Consensus Estimate by 2.2%. Moreover, the top line increased from the year-ago quarter’s reported figure of $2.3 billion.
As of June 30, FTI had cash and cash equivalents worth $950 million and long-term debt of $425.1 million, with a debt-to-capitalization of 11.6%.
Oil and gas equipment and services provider, Liberty Energy (LBRT - Free Report) , reported a second-quarter 2025 adjusted net income of 12 cents per share, missing the Zacks Consensus Estimate of 14 cents. Moreover, the bottom line decreased sharply from the year-ago quarter’s reported figure of 61 cents. The company's underperformance can be attributed to increased macroeconomic uncertainty combined with energy sector volatility and a reduction in customer activity.
LBRT's revenues totaled $1 billion, which beat the Zacks Consensus Estimate by $37 million. Moreover, the top line decreased from the prior-year quarter’s level of $1.2 billion by 10% due to softening of completions activity.
As of June 30, Liberty Energy had approximately $19.6 million in cash and cash equivalents. The pressure pumper’s long-term debt of $160 million represented a debt-to-capitalization of 7.3%.
Core Laboratories Inc. (CLB - Free Report) reported second-quarter 2025 adjusted earnings of 19 cents per share, which beat the Zacks Consensus Estimate of 18 cents. However, the bottom line decreased from the year-ago quarter’s reported figure of 22 cents due to the underperformance of the Reservoir Description segment.
This oil-field service provider reported operating revenues of $130.2 million, beating the Zacks Consensus Estimate of $128 million. This can be attributed to the rebound of the maritime movement and trading of crude oil and the company’s associated laboratory assay services. However, the top line decreased marginally by 0.3% from the year-ago quarter’s $130.6 million due to decreased revenues from the Production Enhancement segment.
As of June 30, 2025, the company had cash and cash equivalents of $31.2 million and long-term debt of $124.6 million. CLB’s debt-to-capitalization was 31.8%.
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Expand Energy Q2 Earnings & Revenues Miss Estimates, Both Increase Y/Y
Key Takeaways
Expand Energy Corporation (EXE - Free Report) reported second-quarter 2025 adjusted earnings per share of $1.10, which missed the Zacks Consensus Estimate of $1.14. However, the company’s bottom line surpassed the year-ago adjusted profit of 1 cent, fueled by strong production and higher natural gas price realization.
Expand Energy’s ‘natural gas, oil and NGL’ revenues of $2 billion missed the Zacks Consensus Estimate by $74 million. However, the top line was outstandingly higher than the year-ago figure of $378 million.
Expand Energy Corporation Price, Consensus and EPS Surprise
Expand Energy Corporation price-consensus-eps-surprise-chart | Expand Energy Corporation Quote
EXE’s Production & Price Realizations
The company reported the average second-quarter daily production (comprising 92% natural gas) of 7,202 million cubic feet of gas equivalent (MMcfe/day), which jumped 162% from the year-ago level of 2,745 MMcfe/day. The daily production levels also surpassed the Zacks Consensus Estimate of 7,150 MMcfe/day. Natural gas volume for the period came in at 6,596 MMcf/day, up 140% year over year. The consensus mark called for 6,600 MMcf/day of natural gas. EXE’s oil production was 18 thousand barrels per day (MBbl/d), while NGL output totaled 83 MBbl/d.
The average sales price for natural gas during the second quarter was $2.98 per Mcf, up 18.7% from the prior-year realization of $2.51 per Mcf, but was below the consensus mark of $3.02. The average realized oil price was $55.89 per barrel compared with the consensus mark of $53. Meanwhile, the average realized NGL price was $23.08 per barrel, below the Zacks Consensus Estimate of$26.05.
EXE’s Costs & Expenses
Total operating expenses in the quarter rose to $2.4 billion from the year-ago quarter’s $799 million. This was mainly due to an increase in gathering, processing and transportation costs, which were up nearly threefold year over year to $563 million. The company’s marketing cost of 791 million also rose significantly from the year-ago level of $141 million. Furthermore, Expand Energy’s depreciation outlay increased 121% from the second quarter of 2024.
Dividend and Share Repurchases
In the second quarter, the company will return a total of $448 million to shareholders through a quarterly base dividend of $137 million, a variable dividend of $211 million, and share repurchases totaling $100 million. The base and variable dividends are scheduled to be paid on Sept. 4, 2025, to shareholders of record as of Aug. 14, 2025.
Financial Position
Cash flow from operations totaled $1.3 billion, which increased significantly from the prior-year quarter levels of $209 million, while Expand Energy’s capital expenditure totaled $657 million, leading to a free cash flow of $665 million. It also paid out $137 million in dividends during the period.
As of June 30, 2025, the company had $731 million in cash and cash equivalents. Expand Energy had a long-term debt of $5.1 billion, reflecting a debt-to-capitalization of 22.2%.
Expand Energy’s Guidance for Q3 & 2025
Expand Energy is targeting an average daily production in the range of 7,150-7,250 MMcfe for the third quarter and 7,000-7,200 MMcfe for full-year 2025. The company has budgeted its capital spending between $760 million and $840 million for the upcoming quarter, while for 2025, the figure is between $2.9 billion and $3 billion.
Expand Energy currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Important Earnings at a Glance
While we have discussed EXE’s second-quarter results in detail, let us take a look at three other key reports in this space.
Oil and gas equipment and services provider TechnipFMC plc (FTI - Free Report) reported second-quarter 2025 adjusted earnings of 68 cents per share, which beat the Zacks Consensus Estimate of 57 cents. The bottom line also topped the year-ago quarter’s reported profit of 43 cents. The outperformance is primarily driven by strong results in the Subsea segment.
The Company’s revenues of $2.5 billion beat the Zacks Consensus Estimate by 2.2%. Moreover, the top line increased from the year-ago quarter’s reported figure of $2.3 billion.
As of June 30, FTI had cash and cash equivalents worth $950 million and long-term debt of $425.1 million, with a debt-to-capitalization of 11.6%.
Oil and gas equipment and services provider, Liberty Energy (LBRT - Free Report) , reported a second-quarter 2025 adjusted net income of 12 cents per share, missing the Zacks Consensus Estimate of 14 cents. Moreover, the bottom line decreased sharply from the year-ago quarter’s reported figure of 61 cents. The company's underperformance can be attributed to increased macroeconomic uncertainty combined with energy sector volatility and a reduction in customer activity.
LBRT's revenues totaled $1 billion, which beat the Zacks Consensus Estimate by $37 million. Moreover, the top line decreased from the prior-year quarter’s level of $1.2 billion by 10% due to softening of completions activity.
As of June 30, Liberty Energy had approximately $19.6 million in cash and cash equivalents. The pressure pumper’s long-term debt of $160 million represented a debt-to-capitalization of 7.3%.
Core Laboratories Inc. (CLB - Free Report) reported second-quarter 2025 adjusted earnings of 19 cents per share, which beat the Zacks Consensus Estimate of 18 cents. However, the bottom line decreased from the year-ago quarter’s reported figure of 22 cents due to the underperformance of the Reservoir Description segment.
This oil-field service provider reported operating revenues of $130.2 million, beating the Zacks Consensus Estimate of $128 million. This can be attributed to the rebound of the maritime movement and trading of crude oil and the company’s associated laboratory assay services. However, the top line decreased marginally by 0.3% from the year-ago quarter’s $130.6 million due to decreased revenues from the Production Enhancement segment.
As of June 30, 2025, the company had cash and cash equivalents of $31.2 million and long-term debt of $124.6 million. CLB’s debt-to-capitalization was 31.8%.