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Expand Energy Q3 Earnings Beat Estimates, Revenues Miss, Both Rise Y/Y
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Key Takeaways
Expand Energy's Q3 EPS of 97 cents beat estimates and rose sharply from 16 cents reported last year.
Total production soared 177% year over year, led by strong natural gas volumes and pricing.
Cash flow surged to $1.2B, supporting dividends and free cash flow of $426M in Q3.
Expand Energy Corporation (EXE - Free Report) reported third-quarter 2025 adjusted earnings per share of 97 cents, beating the Zacks Consensus Estimate of 88 cents. Additionally, the company’s bottom line increased from the year-ago adjusted profit of 16 cents, fueled by strong production and higher natural gas price realization.
Expand Energy’s ‘natural gas, oil and NGL’ revenues of $1.8 billion missed the Zacks Consensus Estimate of $2 billion. However, the top line was outstandingly higher than the year-ago figure of $407 million.
Expand Energy Corporation Price, Consensus and EPS Surprise
The company reported the average third-quarter daily production (comprising 92% natural gas) of 7,333 million cubic feet of gas equivalent (MMcfe/day), which jumped 177% from the year-ago level of 2,647 MMcfe/day. The daily production levels also surpassed the Zacks Consensus Estimate of 7,231 MMcfe/day. Natural gas volume for the period came in at 6,721 MMcfe/day, up 154% year over year. The consensus mark called for 6,681 MMcf/day of natural gas. EXE’s oil production was 17 thousand barrels per day (MBbl/d), while NGL output totaled 85 MBbl/d.
The average sales price for natural gas during the second quarter was $2.81 per Mcf, up 12% from the prior-year realization of $2.51 per Mcf, but was below the consensus mark of $2.84. The average realized oil price was $54.66 per barrel compared with the consensus mark of $54. Meanwhile, the average realized NGL price was $21.62 per barrel, below the Zacks Consensus Estimate of$23.27.
EXE’s Q3 Costs & Expenses
Total operating expenses in the quarter rose to $2.2 billion from the year-ago quarter’s $803 million. This was mainly due to an increase in gathering, processing and transportation costs, which were significantly up year over year to $608 million. The company’s marketing cost of $659 million also rose significantly from the year-ago level of $192 million. Furthermore, Expand Energy’s depreciation outlay increased 121% from the third quarter of 2024.
Dividend & Share Repurchases
In the third quarter, the company plans to pay its quarterly base dividend of 57.5 cents per share on Dec. 4, 2025, to its shareholders of record on Nov. 13.
Financial Position
Cash flow from operations totaled $1.2 billion, which increased significantly from the prior-year quarter levels of $422 million, while Expand Energy’s capital expenditure totaled $775 million, leading to a free cash flow of $426 million. It also paid out $349 million in dividends during the period.
As of Sept. 30, 2025, the company had $613 million in cash and cash equivalents. Expand Energy had a long-term debt of $5 billion, reflecting a debt-to-capitalization of 21.6%.
Expand Energy’s Guidance for Q4 & 2025
Expand Energy is targeting an average daily production in the range of 7,200-7,300 MMcfe for the fourth quarter and 7,100-7,200 MMcfe for full-year 2025. The company has budgeted its capital spending between $685 million and $765 million for the upcoming quarter, while for 2025, the figure is between $2.8 billion and $2.9 billion.
While we have discussed EXE’s third-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 third-quarter 2025 adjusted earnings of 75 cents per share, which beat the Zacks Consensus Estimate of 65 cents. The bottom line also topped the year-ago quarter’s reported profit of 64 cents. The outperformance is primarily driven by strong results in the Subsea segment.
Houston, TX-based oil and gas equipment and services provider’s revenues of $2.6 billion beat the Zacks Consensus Estimate by 1.2%. Moreover, the top line increased from the year-ago quarter’s reported figure of $2.3 billion.
As of Sept. 30, FTI had cash and cash equivalents worth $876.6 million and long-term debt of $404.1 million, with a debt-to-capitalization of 10.8%.
The oil and gas equipment and services company NOV Inc. (NOV - Free Report) reported third-quarter 2025 adjusted earnings of 11 cents per share, which missed the Zacks Consensus Estimate of 24 cents. The bottom line also decreased from the year-ago quarter’s 33 cents due to the underperformance of the Energy Products and Services segment.
The company’s total revenues of $2.2 billion beat the Zacks Consensus Estimate by 1.9%, driven by stronger-than-expected revenues from the Energy Equipment segment, which was backed by its growing backlog. However, revenues declined 0.7% from the year-ago quarter’s figure due to the challenging macro environment and softening of oilfield activity.
As of Sept. 30, 2025, the company had cash and cash equivalents of $1.2 billion and long-term debt of $1.7 billion with a debt-to-capitalization of 20.6%. NOV had $1.5 billion available on its primary revolving credit facility during the same time.
Another oil and gas equipment and services provider, Halliburton Company (HAL - Free Report) , reported a third-quarter 2025 adjusted net income per share of 58 cents, beating the Zacks Consensus Estimate of 50 cents. The outperformance primarily reflects successful cost reduction initiatives. However, the bottom line fell from the year-ago adjusted profit of 73 cents due to softer activity in the North American region.
Revenues of $5.6 billion declined 1.7% year over year but beat the Zacks Consensus Estimate by 4%.
As of Sept. 30, 2025, the company had approximately $2 billion in cash/cash equivalents and $7.2 billion in long-term debt, representing a debt-to-capitalization ratio of 41.1. HAL generated $488 million of cash flow from operations in the third quarter, leading to a free cash flow of $276 million.
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Expand Energy Q3 Earnings Beat Estimates, Revenues Miss, Both Rise Y/Y
Key Takeaways
Expand Energy Corporation (EXE - Free Report) reported third-quarter 2025 adjusted earnings per share of 97 cents, beating the Zacks Consensus Estimate of 88 cents. Additionally, the company’s bottom line increased from the year-ago adjusted profit of 16 cents, fueled by strong production and higher natural gas price realization.
Expand Energy’s ‘natural gas, oil and NGL’ revenues of $1.8 billion missed the Zacks Consensus Estimate of $2 billion. However, the top line was outstandingly higher than the year-ago figure of $407 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 third-quarter daily production (comprising 92% natural gas) of 7,333 million cubic feet of gas equivalent (MMcfe/day), which jumped 177% from the year-ago level of 2,647 MMcfe/day. The daily production levels also surpassed the Zacks Consensus Estimate of 7,231 MMcfe/day. Natural gas volume for the period came in at 6,721 MMcfe/day, up 154% year over year. The consensus mark called for 6,681 MMcf/day of natural gas. EXE’s oil production was 17 thousand barrels per day (MBbl/d), while NGL output totaled 85 MBbl/d.
The average sales price for natural gas during the second quarter was $2.81 per Mcf, up 12% from the prior-year realization of $2.51 per Mcf, but was below the consensus mark of $2.84. The average realized oil price was $54.66 per barrel compared with the consensus mark of $54. Meanwhile, the average realized NGL price was $21.62 per barrel, below the Zacks Consensus Estimate of$23.27.
EXE’s Q3 Costs & Expenses
Total operating expenses in the quarter rose to $2.2 billion from the year-ago quarter’s $803 million. This was mainly due to an increase in gathering, processing and transportation costs, which were significantly up year over year to $608 million. The company’s marketing cost of $659 million also rose significantly from the year-ago level of $192 million. Furthermore, Expand Energy’s depreciation outlay increased 121% from the third quarter of 2024.
Dividend & Share Repurchases
In the third quarter, the company plans to pay its quarterly base dividend of 57.5 cents per share on Dec. 4, 2025, to its shareholders of record on Nov. 13.
Financial Position
Cash flow from operations totaled $1.2 billion, which increased significantly from the prior-year quarter levels of $422 million, while Expand Energy’s capital expenditure totaled $775 million, leading to a free cash flow of $426 million. It also paid out $349 million in dividends during the period.
As of Sept. 30, 2025, the company had $613 million in cash and cash equivalents. Expand Energy had a long-term debt of $5 billion, reflecting a debt-to-capitalization of 21.6%.
Expand Energy’s Guidance for Q4 & 2025
Expand Energy is targeting an average daily production in the range of 7,200-7,300 MMcfe for the fourth quarter and 7,100-7,200 MMcfe for full-year 2025. The company has budgeted its capital spending between $685 million and $765 million for the upcoming quarter, while for 2025, the figure is between $2.8 billion and $2.9 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 third-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 third-quarter 2025 adjusted earnings of 75 cents per share, which beat the Zacks Consensus Estimate of 65 cents. The bottom line also topped the year-ago quarter’s reported profit of 64 cents. The outperformance is primarily driven by strong results in the Subsea segment.
Houston, TX-based oil and gas equipment and services provider’s revenues of $2.6 billion beat the Zacks Consensus Estimate by 1.2%. Moreover, the top line increased from the year-ago quarter’s reported figure of $2.3 billion.
As of Sept. 30, FTI had cash and cash equivalents worth $876.6 million and long-term debt of $404.1 million, with a debt-to-capitalization of 10.8%.
The oil and gas equipment and services company NOV Inc. (NOV - Free Report) reported third-quarter 2025 adjusted earnings of 11 cents per share, which missed the Zacks Consensus Estimate of 24 cents. The bottom line also decreased from the year-ago quarter’s 33 cents due to the underperformance of the Energy Products and Services segment.
The company’s total revenues of $2.2 billion beat the Zacks Consensus Estimate by 1.9%, driven by stronger-than-expected revenues from the Energy Equipment segment, which was backed by its growing backlog. However, revenues declined 0.7% from the year-ago quarter’s figure due to the challenging macro environment and softening of oilfield activity.
As of Sept. 30, 2025, the company had cash and cash equivalents of $1.2 billion and long-term debt of $1.7 billion with a debt-to-capitalization of 20.6%. NOV had $1.5 billion available on its primary revolving credit facility during the same time.
Another oil and gas equipment and services provider, Halliburton Company (HAL - Free Report) , reported a third-quarter 2025 adjusted net income per share of 58 cents, beating the Zacks Consensus Estimate of 50 cents. The outperformance primarily reflects successful cost reduction initiatives. However, the bottom line fell from the year-ago adjusted profit of 73 cents due to softer activity in the North American region.
Revenues of $5.6 billion declined 1.7% year over year but beat the Zacks Consensus Estimate by 4%.
As of Sept. 30, 2025, the company had approximately $2 billion in cash/cash equivalents and $7.2 billion in long-term debt, representing a debt-to-capitalization ratio of 41.1. HAL generated $488 million of cash flow from operations in the third quarter, leading to a free cash flow of $276 million.