Expand Energy Corp. (NASDAQ:EXE)

The annual revenue data demonstrates a variety of different trends across the company's key operational regions and revenue streams over the four-year period.

Regional Revenue Trends

The Haynesville region saw a significant spike in revenue from 2021 to 2022, increasing from $1,051 million to $3,481 million, representing more than a threefold rise. However, this was followed by a sharp decline in 2023 to $1,300 million and a continued decrease in 2024 to $1,205 million, indicating volatility and potential challenges in sustaining the peak levels seen in 2022.

Similarly, the Northeast Appalachia region experienced strong growth from $1,489 million in 2021 to $4,041 million in 2022. This was again followed by a notable decline in the subsequent years, falling to $1,483 million in 2023 and further to $1,242 million in 2024. This mirrors the pattern observed in Haynesville, with a prominent peak in 2022 and subsequent reductions.

Southwest Appalachia shows a more moderate increase from $1,905 million in 2021 to $2,271 million in 2022 but then declines sharply to $764 million in 2023 and further to $522 million in 2024, indicating a significant reduction in revenue contributions from this area during the latter years.

The Powder River Basin exhibited a steep decline from $354 million in 2021 to just $99 million in 2022, followed by missing data for 2023 and 2024. The absence of data in the last two years may suggest a discontinuation of operations or a lack of reported revenues from this basin.

Overall Revenue Streams

Natural gas, oil, and NGL revenue more than doubled from $4,799 million in 2021 to $9,892 million in 2022, consistent with the pronounced growth in key operational regions during that year. However, a sharp contraction is seen in 2023, with revenue dropping to $3,547 million, and a further decrease to $2,969 million in 2024, showing a significant reduction in core product sales.

Marketing revenue followed a somewhat similar trajectory, rising from $2,502 million in 2021 to $4,231 million in 2022. The subsequent years witnessed a decrease to $2,500 million in 2023 and a more pronounced decline to $1,290 million in 2024, signaling challenges in marketing operations or reduced demand.

The total revenue closely aligns with the trends in the two primary revenue components. Total revenue peaked in 2022 at $14,123 million, nearly doubling from 2021’s $7,301 million. However, revenues fell sharply thereafter, dropping to $6,047 million in 2023 and declining further to $4,259 million in 2024. This overall pattern indicates that the company experienced substantial growth in 2022 but has since been facing steady declines across all revenue categories.

Summary of Observations

Overall, the data reveals a strong and broad-based revenue surge in 2022 across multiple regions and revenue streams. This growth was not sustained, as evidenced by the considerable declines in 2023 and 2024. The consistent downward trend after 2022 raises concerns about operational challenges, market conditions, or other external factors affecting the company’s ability to maintain its revenue levels.

The missing data in the Powder River Basin for the last two years may indicate a strategic shift or cessation of activity in that particular region.

Given these patterns, the company’s revenue profile appears concentrated around a peak year with subsequent normalization or contraction. Further analysis would be warranted to identify causes behind the dramatic revenue fluctuations and to inform potential strategic responses.