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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 Balance Sheet: Liabilities and Stockholders’ Equity

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

Microsoft Excel
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).

The capital structure experienced significant fluctuations between 2021 and 2024, characterized by a substantial reduction in total liabilities and a corresponding increase in stockholders' equity through 2023, followed by a partial reversal in 2024. Total liabilities declined from 48.49% of the total balance sheet in 2021 to a low of 25.37% in 2023, before rising back to 37.03% by the end of 2024.

Current Liabilities Trends
Current liabilities showed a consistent downward trend from 2021 to 2023, falling from 22.23% to 9.14%, with a slight recovery to 11.20% in 2024. A primary driver of this decrease was the sharp contraction in derivative liabilities, which plummeted from 8.17% in 2021 to 0.25% in 2024. Other current liabilities also saw a reduction, decreasing from 10.92% in 2021 to 6.40% in 2024. The appearance of current maturities of long-term debt at 1.39% and contract liabilities at 1.02% in 2024 suggests a shift in the short-term obligation profile.
Long-Term Liability Dynamics
Long-term liabilities followed a similar U-shaped trajectory, moving from 26.26% in 2021 down to 16.23% in 2023, and rebounding to 25.83% in 2024. Long-term debt, net, remained the most significant component, dipping to 14.11% in 2023 before returning to 18.97% in 2024. Notably, long-term contract liabilities emerged as a new significant line item in 2024, representing 4.40% of the total balance sheet.
Stockholders' Equity Composition
Stockholders' equity peaked in 2023 at 74.63% of total liabilities and equity, compared to 51.51% in 2021, before settling at 62.97% in 2024. This volatility is most evident in retained earnings, which grew steadily from 7.49% in 2021 to 34.60% in 2023, only to drop sharply to 13.90% in 2024. Simultaneously, additional paid-in capital increased from 40.03% in 2023 to 49.07% in 2024, indicating a reallocation of equity components or new capital infusions during the final period.

Overall, the balance sheet shifted toward a more equity-heavy position over the four-year period. The significant reduction in derivative-related liabilities and the fluctuation in retained earnings suggest a period of aggressive deleveraging and capital restructuring that culminated in the redistribution of equity and a slight increase in long-term obligations by the end of 2024.

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