Stock Analysis on Net
Stock Analysis on Net

Expand Energy Corp. (NASDAQ:EXE)

This company has been moved to the archive! The financial data has not been updated since April 29, 2025.

Common-Size Balance Sheet: Assets 
Quarterly Data

Expand Energy Corp., common-size consolidated balance sheet: assets (quarterly data)

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Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Cash and cash equivalents 1.25 1.14 7.80 7.49 8.41 7.51 5.00 6.26 0.89 0.84 0.53 0.12 0.14 8.22 11.59 8.74 4.92
Restricted cash 0.28 0.28 0.57 0.56 0.54 0.51 0.51 0.50 0.46 0.40 0.40 0.06 0.07 0.08 0.12 0.14 0.98
Accounts receivable, net 4.87 4.40 1.95 2.57 2.24 4.12 4.81 4.65 5.92 9.30 12.47 12.98 10.40 10.13 11.12 9.63 10.20
Derivative assets 0.00 0.30 1.49 2.65 4.22 4.43 2.53 2.89 3.18 0.22 0.03 0.01 0.01 0.05 0.00 0.00 0.06
Assets held for sale 0.00 0.00 0.00 0.00 0.00 0.00 3.65 0.00 5.91 5.29 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other current assets 1.16 1.05 1.62 1.52 1.56 1.57 1.14 1.09 1.66 1.39 1.19 1.28 0.56 0.63 0.83 0.83 1.07
Current assets 7.56% 7.16% 13.42% 14.79% 16.96% 18.15% 17.65% 15.39% 18.02% 17.44% 14.61% 14.46% 11.19% 19.10% 23.67% 19.35% 17.24%
Proved natural gas and oil properties 85.47 82.79 92.39 88.96 84.37 79.77 77.22 77.63 73.97 71.74 81.18 77.82 77.18 69.78 70.48 70.87 68.77
Unproved properties 20.67 21.14 13.49 13.23 12.83 12.56 13.38 13.86 13.72 13.07 15.56 15.91 17.02 13.90 5.75 6.32 7.00
Natural gas and oil properties, successful efforts method 106.14% 103.93% 105.88% 102.18% 97.20% 92.33% 90.60% 91.49% 87.69% 84.81% 96.74% 93.73% 94.20% 83.68% 76.22% 77.18% 75.77%
Other property and equipment 2.43 2.34 3.87 3.76 3.56 3.46 3.48 3.47 3.41 3.23 3.59 3.58 3.72 4.50 6.72 7.02 7.11
Property and equipment 108.56% 106.27% 109.74% 105.95% 100.76% 95.79% 94.08% 94.96% 91.10% 88.04% 100.33% 97.31% 97.92% 88.17% 82.94% 84.20% 82.88%
Accumulated depreciation, depletion and amortization -21.72 -19.22 -35.42 -32.43 -29.02 -25.56 -23.15 -21.13 -18.98 -15.72 -15.49 -12.57 -9.78 -8.25 -7.79 -4.94 -1.74
Property and equipment held for sale, net 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.04 0.02 0.03 0.04 0.04 0.03
Property and equipment, net 86.85% 87.05% 74.33% 73.52% 71.74% 70.24% 70.93% 73.83% 72.12% 72.32% 84.85% 84.78% 88.17% 79.95% 75.18% 79.30% 81.17%
Long-term derivative assets 0.01 0.00 0.11 0.14 0.33 0.51 0.21 0.54 0.84 0.30 0.00 0.09 0.06 0.00 0.00 0.00 0.03
Deferred income tax assets 2.24 2.11 7.75 7.31 6.61 6.49 7.24 6.60 6.67 8.73 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other long-term assets 3.34 3.67 4.39 4.24 4.36 4.61 3.97 3.65 2.36 1.20 0.54 0.67 0.59 0.94 1.15 1.36 1.56
Long-term assets 92.44% 92.84% 86.58% 85.21% 83.04% 81.85% 82.35% 84.61% 81.98% 82.56% 85.39% 85.54% 88.81% 80.90% 76.33% 80.65% 82.76%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The data exhibits significant fluctuations and evolving patterns across the various asset categories over multiple quarters.

Cash and Cash Equivalents
The percentage of cash and cash equivalents relative to total assets shows a volatile trend. Initially, it increased from 4.92% in early 2021 to a peak of 11.59% in September 2021, followed by a sharp decline to below 1% around the first quarter of 2022. It climbed again during 2023, reaching around 8.41% in early 2024 before dropping precipitously towards 1.25% by the end of the period. This pattern suggests variable liquidity levels, possibly reflecting cash management strategies or operational cash flows variability.
Restricted Cash
Restricted cash remains a minor but relatively stable component of assets, fluctuating narrowly between 0.06% and 0.57%. There is a slight increasing trend from mid-2022 to early 2024, indicating a modest rise in cash subject to restrictions.
Accounts Receivable, Net
Accounts receivable percentages peak in mid-2022 at approximately 12.98%, then experience a marked decline through 2023 and into early 2024, reaching a low point below 2.0%. This decrease may imply improvement in collection efficiency or changes in credit policy.
Derivative Assets
Derivative assets show a notable increase starting in late 2022, peaking at 4.43% by the fourth quarter of 2023, before decreasing again. This rise suggests increased utilization of derivative instruments during this period, potentially for hedging or speculative purposes.
Assets Held for Sale
This asset class appears intermittently, with a notable presence around the end of 2022 at around 5.29% to 5.91%, and again in early 2024 at 3.65%, indicating occasional divestitures or classification of certain assets for disposal.
Other Current Assets
Other current assets maintain relative stability around the 1.0% to 1.6% range, suggesting consistent minor asset components not categorized elsewhere.
Current Assets
Current assets as a whole exhibit fluctuations correlating to changes in cash, receivables, and other current assets, moving between approximately 7.16% and 23.67%. A decline is visible around the first quarter of 2022, followed by some recovery and a subsequent gradual decrease toward 7.56% by the end of the timeline.
Proved Natural Gas and Oil Properties
This asset category shows a generally increasing share of total assets, from roughly 69% in early 2021 to a high of over 92% in late 2024, albeit with a dip around the end of 2024. This suggests ongoing investment or reclassification favoring proved resource properties.
Unproved Properties
Unproved properties rise sharply from 5.75% in late 2021 to over 20% near the end of the timeline, with intermittent fluctuations. This indicates heightened focus or capital allocation towards exploration or undeveloped assets.
Natural Gas and Oil Properties (Successful Efforts Method)
The combined measure for natural gas and oil properties reflecting successful efforts method shows a marked increase from 75.77% to about 106% (suggesting adjustments or classification impacts) over the assessed period, underscoring asset growth under this accounting method.
Other Property and Equipment
This category experiences a decrease from over 7% to under 3% by the later periods, implying divestments or reclassifications away from ancillary property and equipment.
Property and Equipment
Overall property and equipment as a portion of total assets follows a rising trend, peaking above 109% in late 2024 (likely due to accounting adjustments), with fluctuations indicating varying capital expenditure or asset disposals.
Accumulated Depreciation, Depletion, and Amortization
Accumulated depreciation presents a consistent increasing negative figure, extending from -1.74% to a peak near -35.42% before a sudden reduction around the end of the timeline. This trend reflects ongoing asset aging and usage offset by potential asset retirements or impairments.
Property and Equipment, Net
Net property and equipment percentages show variability with an overall tendency to decrease in early phases, reaching lows near 70%, then increasing towards 87% by the end, highlighting the influence of accumulated depreciation and new investments or asset revaluations.
Long-term Derivative Assets
These assets increase modestly from negligible levels in early 2021 to peaks of approximately 0.84% in late 2022 but taper off towards nearly zero by early 2025, indicating reduced long-term derivative holdings recently.
Deferred Income Tax Assets
Deferred tax assets emerge prominently around late 2022, fluctuating between 2.11% and 8.73%, potentially indicating recognition of tax benefits or timing differences in asset valuation.
Other Long-term Assets
Other long-term assets appear steady, generally increasing from about 1.15% up to around 4.6% during 2023 before slightly declining, reflecting growing diversification of long-term holdings.
Long-term Assets and Total Assets
Long-term assets maintain a dominant share around 80% to 93% of total assets, emphasizing the capital-intensive nature of the asset base. Total assets remain the base of 100% throughout, with internal allocation changes reflecting strategic asset management.

Overall, the data reveals a strong and increasing commitment to proved and unproved natural gas and oil asset categories, fluctuating liquidity levels, growing use of derivative instruments especially in short-term assets, and dynamic changes in accumulated depreciation and deferred taxes highlighting evolving asset aging and tax positions.