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: Liabilities and Stockholders’ Equity 

Expand Energy Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Accounts payable 2.79 2.96 3.90 2.80
Current maturities of long-term debt, net 1.39 0.00 0.00 0.00
Accrued interest 0.36 0.27 0.27 0.35
Derivative liabilities 0.25 0.02 2.79 8.17
Revenues and royalties due to others 2.63 2.50 4.75 5.60
Accrued drilling and production costs 1.06 1.47 1.64 1.29
Contract liabilities 1.02 0.00 0.00 0.00
Accrued compensation and benefits 0.44 0.45 0.47 0.83
Taxes payable 0.51 0.58 0.54 0.78
Current operating lease liabilities 0.25 0.58 0.56 0.26
Joint interest prepayments received 0.05 0.06 0.22 0.13
Accrued hedging costs 0.03 0.01 0.70 1.03
Current liabilities held for sale 0.00 0.00 0.93 0.00
Other 0.41 0.24 0.72 1.00
Other current liabilities 6.40% 5.89% 10.52% 10.92%
Current liabilities 11.20% 9.14% 17.48% 22.23%
Long-term debt, net, excluding current maturities 18.97 14.11 20.00 20.69
Long-term derivative liabilities 0.24 0.06 1.12 2.26
Asset retirement obligations, net of current portion 1.79 1.84 2.09 3.17
Long-term contract liabilities 4.40 0.00 0.00 0.00
Other long-term liabilities 0.43 0.22 0.32 0.14
Long-term liabilities 25.83% 16.23% 23.53% 26.26%
Total liabilities 37.03% 25.37% 41.01% 48.49%
Common stock, $0.01 par value 0.01 0.01 0.01 0.01
Additional paid-in capital 49.07 40.03 37.01 44.01
Retained earnings 13.90 34.60 21.97 7.49
Accumulated other comprehensive income 0.00 0.00 0.00 0.00
Stockholders’ equity 62.97% 74.63% 58.99% 51.51%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00%

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).

Liabilities Trends
The total liabilities as a percentage of total liabilities and stockholders’ equity decreased significantly from 48.49% in 2021 to 25.37% in 2023, before rising again to 37.03% in 2024. This decline and subsequent partial increase suggest a reduction in the company's leverage in the earlier years followed by a moderate rebound.
Current liabilities showed a marked decrease from 22.23% in 2021 to 9.14% in 2023, then increased slightly to 11.2% in 2024. Major components such as accounts payable fluctuated but remained generally stable, with a slight dip from 3.9% in 2022 to 2.79% in 2024. Other current liabilities almost halved from 10.92% in 2021 to 5.89% in 2023, before a modest rise to 6.4% in 2024.
Some current liabilities emerged or became significant only in 2024, such as current maturities of long-term debt (1.39%) and contract liabilities (1.02%). The occurrence of these items indicates an evolving liability structure, potentially reflecting new financing or contractual arrangements.
Long-term debt, net excluding current maturities, trended downward from 20.69% in 2021 to 14.11% in 2023, then rose notably to 18.97% in 2024. This trend aligns with overall liabilities and may indicate a strategy of debt repayment followed by new borrowings or refinancing in 2024.
Long-term liabilities decreased from 26.26% in 2021 to 16.23% in 2023, in line with total liabilities, but rebounded sharply to 25.83% in 2024, largely driven by the increase in long-term debt and the introduction of long-term contract liabilities (4.4%).
Derivative liabilities experienced a substantial decline from 8.17% in 2021 to near negligible levels by 2023, with a slight uptick to 0.25% in 2024, suggesting reduced hedging activity or exposure over the period.
Equity and Capital Structure
Stockholders’ equity increased from 51.51% in 2021 to a peak of 74.63% in 2023, then decreased to 62.97% in 2024. This rise corresponds with a reduction in liabilities, indicating strengthened equity base during the middle years.
Additional paid-in capital saw a decline from 44.01% in 2021 to 37.01% in 2022, followed by a recovery and growth to 49.07% by 2024, implying possible equity issuance or retained earnings reinvestment.
Retained earnings increased substantially from 7.49% in 2021 to 34.6% in 2023, then decreased to 13.9% in 2024. This volatility signals fluctuating profitability or dividend policies impacting the accumulation of earnings.
Other Observations
Certain liabilities like accrued compensation and benefits, taxes payable, and accrued hedging costs generally declined over the period, indicating improved operational cost controls or changes in operational practices.
The presence of current liabilities held for sale at 0.93% in 2022 only may point to specific asset divestitures or restructuring activities during that year.
Asset retirement obligations decreased steadily from 3.17% in 2021 to 1.79% in 2024, reflecting possible asset disposals, changes in liability estimations, or diminished environmental obligations.