Stock Analysis on Net
Stock Analysis on Net

Expand Energy Corp. (NASDAQ:EXE)

$22.49

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

Common-Size Income Statement

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Expand Energy Corp., common-size consolidated income statement

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Natural gas, oil and NGL
Marketing
Revenues
Natural gas, oil and NGL derivatives
Gains on sales of assets
Revenues and other
Production
Gathering, processing and transportation
Severance and ad valorem taxes
Exploration
Marketing
General and administrative
Separation and other termination costs
Depreciation, depletion and amortization
Impairments
Other operating expense, net
Operating expenses
Income (loss) from operations
Interest expense
Losses on purchases, exchanges or extinguishments of debt
Other income, net
Reorganization items, net
Other income (expense)
Income (loss) before income taxes
Income tax (expense) benefit
Net income (loss)
Deemed dividend on warrants
Net income (loss) available to common stockholders

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Revenue Composition and Changes
The proportion of revenues derived from natural gas, oil, and NGL fluctuated over the observed periods, initially increasing from 65.73% in 2021 to 70.04% in 2022, then decreasing significantly to 58.66% in 2023, before rising again to 69.71% in 2024. Marketing revenues demonstrated an inverse pattern, reducing from 34.27% in 2021 to 29.96% in 2022, peaking at 41.34% in 2023, and declining to 30.29% in 2024.
Derivative and Asset Sales Impact
Natural gas, oil, and NGL derivatives showed substantial volatility, with negative contributions in 2021 and 2022 (-20.67% and -18.98%), a sharp positive spike to 28.58% in 2023, and returning near neutral at -0.89% in 2024. Gains on sales of assets remained minimal but increased markedly in 2023 to 15.64% before falling back to 0.33% in 2024.
Operational Revenue Components
Revenues and other income components indicated a significant surge in 2023 at 144.22%, suggesting exceptional or one-time revenue recognition, before normalizing close to 100% in 2024. Production, gathering, processing and transportation, severance and ad valorem taxes, exploration, and marketing operating expenses consistently represented negative percentages relative to revenues, with gathering, processing, and transportation costs becoming particularly burdensome in 2024 at -24.3%.
Operating Expenses Trends
General and administrative expenses increased notably over the timeframe, more than doubling from -1.62% in 2021 to -4.37% in 2024. Depreciation, depletion, and amortization expenses showed a dramatic rise, especially from 2022 onward, spiking to -40.6% in 2024. Other operating expenses became increasingly negative, reaching -7.8% in 2024. Overall operating expenses escalated significantly, from -69.92% in 2021 to an exceptionally high -118.29% of revenues in 2024, indicating substantial cost pressures.
Profitability and Income Measures
Income from operations experienced strong growth up to 2023, peaking at 51.96%, but reversed to a loss of -18.85% in 2024. A similar pattern is observed in income before income taxes, which declined from 85.22% in 2021 to a negative -19.75% in 2024. Net income available to common stockholders also mirrored this trend, declining sharply to a loss of -16.76% in 2024 after positive performance in previous years.
Additional Income and Expense Items
Interest expense gradually increased its burden from -1.15% to -2.89%. Other income, net, improved over time, rising from 0.45% in 2021 to 2.02% in 2024, although this was insufficient to offset rising expenses. The company incurred minor losses on debt transactions in 2022 and 2024, but these were negligible overall.
Taxation Effects
Income tax expense benefited the company in 2022 with a 9.1% contribution relative to revenues but turned into a significant expense of -11.54% in 2023 before improving again to a positive 2.98% in 2024. This volatility likely reflects fluctuating profitability and tax strategy impacts.
Summary of Financial Performance
The data indicates a company experiencing considerable fluctuations in revenue sources and operational costs, with an unusual spike in derivative-related revenue and asset sales in 2023. Rising operating costs, particularly in depreciation and transportation, and increased general administrative expenses exerted downward pressure on operating margins. Despite strong income from operations and net income in 2021 through 2023, the company reported a notable loss in both operating income and net income in 2024, reflecting challenges in cost management or market conditions.