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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 Income Statement
Quarterly Data

Expand Energy Corp., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: 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
Natural gas, oil and NGL 71.65 71.08 67.83 73.54 65.37 59.80 48.51 51.51 69.03 70.18 71.24 69.52 68.82 68.53 65.11 62.33 64.83
Marketing 28.35 28.92 32.17 26.46 34.63 40.20 51.49 48.49 30.97 29.82 28.76 30.48 31.18 31.47 34.89 37.67 35.17
Revenues 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%
Natural gas and oil derivatives -31.59 -10.92 7.67 -2.14 19.09 41.77 7.54 12.62 44.18 31.51 -24.54 -12.81 -76.41 18.30 -50.64 -51.71 -22.90
Gains (losses) on sales of assets 0.00 0.09 0.33 0.39 0.89 10.89 0.00 37.46 15.91 0.06 -0.05 0.52 10.03 0.12 0.17 0.14 0.61
Revenues and other 68.41% 89.17% 108.00% 98.25% 119.98% 152.66% 107.54% 150.08% 160.10% 131.57% 75.41% 87.71% 33.62% 118.42% 49.53% 48.43% 77.71%
Production -4.58 -7.04 -8.33 -9.53 -6.55 -4.94 -5.19 -7.06 -6.22 -4.02 -2.89 -2.94 -3.96 -3.95 -4.45 -5.17 -4.91
Gathering, processing and transportation -17.54 -24.78 -25.33 -29.96 -19.20 -14.89 -13.66 -16.43 -12.54 -8.20 -6.82 -6.83 -8.70 -9.17 -12.19 -14.74 -14.52
Severance and ad valorem taxes -1.50 -1.74 -1.83 -3.50 -3.22 -2.43 -1.92 -3.17 -3.28 -1.75 -1.60 -1.42 -2.27 -2.00 -2.28 -2.87 -2.86
Exploration -0.22 -0.13 -0.33 -0.58 -0.22 -0.63 -0.28 -0.63 -0.33 -0.29 -0.05 -0.17 -0.18 -0.12 -0.11 -0.07 -0.20
Marketing -28.63 -29.14 -32.00 -27.43 -35.85 -40.28 -51.42 -48.49 -30.93 -29.85 -28.62 -30.60 -30.60 -31.35 -34.78 -37.39 -35.24
General and administrative -1.46 -2.36 -6.50 -9.14 -5.22 -2.51 -2.06 -2.46 -1.66 -1.28 -0.95 -0.90 -0.93 -1.07 -1.67 -1.68 -2.45
Separation and other termination costs 0.00 0.00 0.00 -4.47 0.00 -0.16 0.00 -0.24 0.00 -0.16 0.00 0.00 0.00 0.00 0.00 -0.77 -1.50
Depreciation, depletion and amortization -22.15 -28.83 -55.83 -67.70 -44.28 -29.70 -27.17 -29.84 -18.53 -14.45 -10.49 -11.24 -14.71 -13.05 -12.69 -16.00 -13.22
Impairments 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.07 0.00
Other operating income (expense), net -0.69 -12.34 -3.67 -3.11 -1.89 -0.24 -0.21 -0.71 -0.14 -0.54 -0.02 -0.20 -0.83 -3.18 -0.17 0.28 0.68
Operating expenses -76.76% -106.37% -133.83% -155.45% -116.43% -95.77% -101.92% -109.05% -73.63% -60.52% -51.44% -54.30% -62.17% -63.89% -68.34% -78.48% -74.23%
Income (loss) from operations -8.35% -17.20% -25.83% -57.20% 3.55% 56.90% 5.62% 41.03% 86.46% 71.05% 23.97% 33.42% -28.55% 54.53% -18.81% -30.05% 3.48%
Interest expense -1.84 -2.85 -3.33 -3.89 -2.11 -1.72 -1.64 -1.75 -1.76 -1.28 -1.24 -0.90 -1.15 -1.00 -0.95 -1.26 -1.57
Losses on purchases, exchanges or extinguishments of debt 0.00 0.04 0.00 -0.39 0.00 0.00 0.00 0.00 0.00 -0.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other income, net 0.25 1.25 2.83 4.09 2.22 2.43 1.07 1.83 0.48 0.22 0.10 0.22 0.58 0.00 0.00 0.63 1.64
Reorganization items, net 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 379.62
Other income (expense) -1.59% -1.56% -0.50% -0.19% 0.11% 0.71% -0.57% 0.08% -1.28% -1.21% -1.14% -0.67% -0.58% -1.00% -0.95% -0.63% 379.69%
Income (loss) before income taxes -9.94% -18.76% -26.33% -57.39% 3.66% 57.60% 5.05% 41.11% 85.18% 69.83% 22.82% 32.74% -29.13% 53.53% -19.76% -30.68% 383.16%
Income tax (expense) benefit 2.18 0.98 7.33 13.23 -0.78 -13.01 -0.07 -10.08 -19.19 44.32 -1.76 -1.92 1.65 1.50 0.56 0.00 3.89
Net income (loss) -7.76% -17.78% -19.00% -44.16% 2.89% 44.59% 4.98% 31.03% 65.99% 114.16% 21.06% 30.82% -27.47% 55.03% -19.20% -30.68% 387.05%
Deemed dividend on warrants 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -2.14 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net income (loss) available to common stockholders -7.76% -17.78% -19.00% -44.16% 2.89% 44.59% 4.98% 31.03% 65.99% 112.02% 21.06% 30.82% -27.47% 55.03% -19.20% -30.68% 387.05%

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 financial performance of Expand Energy Corp. over the analyzed period is characterized by extreme volatility in both top-line revenue composition and bottom-line profitability. While core production revenues typically constitute the majority of income, significant fluctuations in derivative settlements and non-recurring asset sales have created substantial distortions in the common-size income statement. A notable shift is observed starting in mid-2024, where operating expenses surged, leading to a period of sustained net losses.

Revenue Composition and Diversification
Core revenues from natural gas, oil, and NGLs generally fluctuate between 60% and 74% of total revenues. However, a temporary inversion occurred in mid-2023, where marketing revenues peaked at 51.49%, while core production fell to 48.51%. This suggests a periodic shift in the business mix or pricing dynamics between production and marketing activities.
Impact of Derivatives and Non-Core Gains
The "Revenues and other" metric exhibits severe volatility due to the influence of natural gas and oil derivatives. Derivative impacts have swung from a loss of 76.41% of revenues in early 2022 to a gain of 44.18% in early 2023. Additionally, sporadic gains on the sale of assets, peaking at 37.46% in June 2023, have occasionally offset operational deficits, indicating a reliance on non-operational income to bolster reporting during certain quarters.
Operating Expense Trends
Operating expenses have trended upward as a percentage of revenue, culminating in a peak of 155.45% in June 2024. This increase is primarily driven by a surge in depreciation, depletion, and amortization (DD&A), which spiked from approximately 13-18% in earlier periods to 67.70% in mid-2024. Gathering, processing, and transportation costs also expanded significantly, rising from roughly 14% in 2021 to a peak of 29.96% in mid-2024, reflecting increased midstream costs relative to revenue.
Profitability and Net Income Trajectory
Net income has been subject to extreme variance. A massive anomaly occurred in March 2021, where net income reached 387.05% of revenues, almost entirely attributable to reorganization items. Following this, the company experienced a period of operational profitability throughout 2022 and early 2023. However, from June 2024 through March 2025, the company transitioned into a consistent loss-making position, with net income available to common stockholders remaining negative, ranging from -44.16% to -7.76% of revenues.
Financial Obligations and Tax Impacts
Interest expense has remained relatively stable but showed a gradual increase from roughly 1% of revenues in 2021 to a peak of 3.89% in June 2024, coinciding with the period of highest operating losses. Income tax benefits became more prominent during the loss-making quarters of 2024, providing a partial buffer against the deepening operational deficits.

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