Expand Energy (EXE)


Market Price (11/3/2026): $90.21 | Market Cap: $20.8 BilInvestor Relations Sector: Energy | Industry: Oil & Gas Exploration & Production

Expand Energy (EXE)


Market Price (11/3/2026): $90.21
Market Cap: $20.8 Bil
Sector: Energy
Industry: Oil & Gas Exploration & Production

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 16%, Dividend Yield is 2.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 12%

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 40%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%, CFO LTM is 5.6 Bil, FCF LTM is 2.5 Bil

Stock buyback support
Stock Buyback 3Y Total is 1.0 Bil

Low stock price volatility
Vol 12M is 30%

Megatrend and thematic drivers
Megatrends include Renewable Energy Transition. Themes include Solar Energy Generation, Wind Energy Development, and Battery Storage & Grid Modernization.

Weak multi-year price returns
2Y Excs Rtn is -19%, 3Y Excs Rtn is -71%

Key risks
EXE key risks include [1] a notable debt structure with significant interest expenses that could limit the company's financial flexibility.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 16%, Dividend Yield is 2.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 11%, FCF Yield is 12%
1 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 29%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 40%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 18%, CFO LTM is 5.6 Bil, FCF LTM is 2.5 Bil
3 Stock buyback support
Stock Buyback 3Y Total is 1.0 Bil
4 Low stock price volatility
Vol 12M is 30%
5 Megatrend and thematic drivers
Megatrends include Renewable Energy Transition. Themes include Solar Energy Generation, Wind Energy Development, and Battery Storage & Grid Modernization.
6 Weak multi-year price returns
2Y Excs Rtn is -19%, 3Y Excs Rtn is -71%
7 Key risks
EXE key risks include [1] a notable debt structure with significant interest expenses that could limit the company's financial flexibility.

EXE in ETFs

Weight = EXE's share of each fund

SPY0.03%
VOO0.03%
IVV0.03%
VTI0.03%
ITOT0.03%
IWB0.03%
RSP0.18%
VYM0.08%
+29 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

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Updated on 11/1/2026

Expand Energy (EXE) stock has lost about 5% since 7/31/2026 because of the following key factors:

1. Weakening Natural Gas Prices and Demand Outlook.

The natural gas futures curve for late fiscal year 2026 through the summer of fiscal year 2027 has deteriorated significantly since mid-June, with projections for spring fiscal year 2027 falling to below $2.50/MMBtu. This decline reflects increased probabilities of a mild winter heating season due to a record-setting El Niño and anticipated new Permian natural gas supply. Consequently, Expand Energy, which primarily produces natural gas (92% of its total production), has indicated it is curbing some production in response to these unfavorable pricing conditions, signaling softer near-term volumes and revenue expectations.

2. Increased Capital Expenditure Guidance and Reduced Free Cash Flow.

Expand Energy raised its full-year fiscal 2026 capital investment guidance to approximately $3 billion, an increase from the previously stated range of $2.75 billion to $2.95 billion in July 2026. This upward revision suggests a potential decrease in capital efficiency. Concurrently, in fiscal Q3 2026, free cash flow declined to $339 million from $426 million in fiscal Q3 2025, largely due to an increase in cash capital expenditures to $838 million.

Show more
Updated on 11/1/2026

Expand Energy (EXE) stock has lost about 5% since 7/31/2026 because of the following key factors:

1. Weakening Natural Gas Prices and Demand Outlook.

The natural gas futures curve for late fiscal year 2026 through the summer of fiscal year 2027 has deteriorated significantly since mid-June, with projections for spring fiscal year 2027 falling to below $2.50/MMBtu. This decline reflects increased probabilities of a mild winter heating season due to a record-setting El Niño and anticipated new Permian natural gas supply. Consequently, Expand Energy, which primarily produces natural gas (92% of its total production), has indicated it is curbing some production in response to these unfavorable pricing conditions, signaling softer near-term volumes and revenue expectations.

2. Increased Capital Expenditure Guidance and Reduced Free Cash Flow.

Expand Energy raised its full-year fiscal 2026 capital investment guidance to approximately $3 billion, an increase from the previously stated range of $2.75 billion to $2.95 billion in July 2026. This upward revision suggests a potential decrease in capital efficiency. Concurrently, in fiscal Q3 2026, free cash flow declined to $339 million from $426 million in fiscal Q3 2025, largely due to an increase in cash capital expenditures to $838 million.

3. Contraction in Profitability Margins.

Despite reporting better-than-expected revenue in fiscal Q3 2026, Expand Energy experienced a year-over-year contraction in key profitability metrics. The operating margin for fiscal Q3 2026 was 19.5%, down from 28.8% in fiscal Q3 2025. Similarly, the free cash flow margin decreased to 10.3% in fiscal Q3 2026 from 16.9% in the same period last year. Adjusted EBITDA margin also fell by 20.9 percentage points year-on-year to 37.4%, indicating that the company's expenses grew faster than its revenue.

4. Analyst Price Target Reductions.

Several Wall Street analysts lowered their 12-month price targets for Expand Energy around the fiscal Q3 2026 earnings period. For example, Morgan Stanley reduced its price target from $124.00 to $123.00, Barclays lowered its target from $110.00 to $107.00, Freedom Broker adjusted its target from $122.00 to $113.00, and UBS decreased its target from $120.00 to $117.00. These revisions, despite some firms maintaining "Buy" or "Overweight" ratings, signal a more cautious outlook from the analyst community.

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Stock Movement Drivers

Fundamental Drivers

The -4.3% change in EXE stock from 7/31/2026 to 11/2/2026 was primarily driven by a -6.0% change in the company's P/E Multiple.
(LTM values as of)731202611022026Change
Stock Price ($)93.4789.46-4.3%
Change Contribution By: 
Total Revenues ($ Mil)13,66513,9702.2%
Net Income Margin (%)20.4%19.7%-3.2%
P/E Multiple8.07.5-6.0%
Shares Outstanding (Mil)2382322.9%
Cumulative Contribution-4.3%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/2/2026
ReturnCorrelation
EXE-4.3% 
Market (SPY)0.7%-4.7%
Sector (XLE)12.9%57.6%

Fundamental Drivers

The -11.4% change in EXE stock from 4/30/2026 to 11/2/2026 was primarily driven by a -12.1% change in the company's Net Income Margin (%).
(LTM values as of)430202611022026Change
Stock Price ($)100.9389.46-11.4%
Change Contribution By: 
Total Revenues ($ Mil)14,39113,970-2.9%
Net Income Margin (%)22.4%19.7%-12.1%
P/E Multiple7.57.50.3%
Shares Outstanding (Mil)2402323.6%
Cumulative Contribution-11.4%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/2/2026
ReturnCorrelation
EXE-11.4% 
Market (SPY)4.9%-11.9%
Sector (XLE)13.6%54.4%

Fundamental Drivers

The -11.5% change in EXE stock from 10/31/2025 to 11/2/2026 was primarily driven by a -72.9% change in the company's P/E Multiple.
(LTM values as of)1031202511022026Change
Stock Price ($)101.0389.46-11.5%
Change Contribution By: 
Total Revenues ($ Mil)10,84813,97028.8%
Net Income Margin (%)8.0%19.7%146.6%
P/E Multiple27.87.5-72.9%
Shares Outstanding (Mil)2382322.9%
Cumulative Contribution-11.5%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/2/2026
ReturnCorrelation
EXE-11.5% 
Market (SPY)11.2%-5.1%
Sector (XLE)56.0%43.9%

Fundamental Drivers

The 13.1% change in EXE stock from 10/31/2023 to 11/2/2026 was primarily driven by a 290.8% change in the company's P/E Multiple.
(LTM values as of)1031202311022026Change
Stock Price ($)79.1289.4613.1%
Change Contribution By: 
Total Revenues ($ Mil)10,09013,97038.5%
Net Income Margin (%)53.8%19.7%-63.4%
P/E Multiple1.97.5290.8%
Shares Outstanding (Mil)132232-42.9%
Cumulative Contribution13.1%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/2/2026
ReturnCorrelation
EXE13.1% 
Market (SPY)86.0%23.4%
Sector (XLE)72.5%48.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
EXE Return46%62%-15%33%14%-18%154%
Peers Return148%59%-8%35%11%15%525%
S&P 500 Return27%-19%24%23%16%10%101%

Monthly Win Rates [3]
EXE Win Rate64%67%33%75%50%45% 
Peers Win Rate65%62%47%53%53%55% 
S&P 500 Win Rate75%42%67%75%67%36% 

Max Drawdowns [4]
EXE Max Drawdown--28%-23%-23%-23%-25% 
Peers Max Drawdown-28%-39%-29%-32%-31%-30% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: EQT, RRC, AR, DVN, CRK.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/2/2026 (YTD)

How Low Can It Go

EventEXES&P 500
2025 US Tariff Shock
  % Loss-10.6%-18.8%
  % Gain to Breakeven11.9%23.1%
  Time to Breakeven11 days79 days
2024 Yen Carry Trade Unwind
  % Loss-14.8%-7.8%
  % Gain to Breakeven17.4%8.5%
  Time to Breakeven52 days18 days
2023 SVB Regional Banking Crisis
  % Loss-12.8%-6.7%
  % Gain to Breakeven14.7%7.1%
  Time to Breakeven40 days31 days

Compare to EQT, RRC, AR, DVN, CRK

In The Past

Expand Energy's stock fell -10.6% during the 2025 US Tariff Shock. Such a loss loss requires a 11.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

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Compare to EQT, RRC, AR, DVN, CRK

In The Past

Expand Energy's stock fell -10.6% during the 2025 US Tariff Shock. Such a loss loss requires a 11.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Expand Energy (EXE)

Expand Energy (symbol: EXE) is America's premier natural gas company, established in 2024 through the combination of Chesapeake Energy Corporation and Southwestern Energy Company. As the largest natural gas producer in the U.S., the company's core business revolves around the exploration, production, and delivery of natural gas, aiming to fuel a more affordable, reliable, and lower-carbon future.

The company's main product is natural gas, which it provides to global energy markets. Expand Energy operates with the mission of addressing the global energy crisis by delivering critical energy to areas in need, positioning natural gas as an essential solution for human flourishing due to its affordability, reliability, and lower carbon footprint compared to other traditional energy sources.

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  • The ExxonMobil of natural gas.
  • America's largest natural gas producer, similar to Chevron's role in oil.
  • The Amazon of natural gas supply.

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  • Natural Gas: Expand Energy's primary product is the production and delivery of natural gas, serving as a crucial energy source for various markets.
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Expand Energy (symbol: EXE), as America's largest natural gas producer, sells its natural gas primarily to other companies rather than directly to individual consumers. While specific customer names and their public symbols are typically not disclosed for commodity producers of this scale due to the breadth of their customer base and proprietary agreements, its major customers would broadly fall into the following categories:

  • Electric Power Generators (Utilities): These are companies that operate natural gas-fired power plants to produce electricity for homes and businesses across the country. They represent a significant portion of natural gas demand, purchasing large volumes for electricity generation.
  • Local Distribution Companies (LDCs): These are regulated utilities or companies responsible for transporting and delivering natural gas through local pipeline networks to residential, commercial, and industrial end-users within specific geographic areas. Expand Energy would sell gas to these LDCs for distribution.
  • Industrial Users: A wide range of industrial facilities, including chemical plants, manufacturers, and refineries, utilize natural gas as a fuel for their operations, a feedstock for various products, or for process heat. These industrial consumers represent a substantial market for natural gas.
  • Liquefied Natural Gas (LNG) Exporters: These companies operate LNG liquefaction terminals. They purchase natural gas from producers like Expand Energy, process it into liquid form, and then ship it to international markets, playing a crucial role in global energy supply.

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Nick Dell'Osso, President and Chief Executive Officer

Nick Dell'Osso serves as the President and Chief Executive Officer of Expand Energy. Before this role, he was the President and Chief Executive Officer of Chesapeake Energy Corporation, a position he began in October 2021. He was also a member of Chesapeake's Board of Directors. Dell'Osso has been noted for his comments on the natural gas market and his vision for the combined company.

Mohit Singh, Executive Vice President and Chief Financial Officer

Mohit Singh is the Executive Vice President and Chief Financial Officer of Expand Energy. Previously, he served as the Executive Vice President and Chief Financial Officer at Chesapeake Energy Corporation since 2021. Prior to his time at Chesapeake, Mr. Singh was part of the leadership team at BPX Energy for six years.

Chris Lacy, Executive Vice President, General Counsel and Corporate Secretary

Chris Lacy holds the position of Executive Vice President, General Counsel and Corporate Secretary at Expand Energy. He previously served as the Senior Vice President, General Counsel and Secretary at Southwestern Energy Company, where he had been since 2014, accumulating nearly 20 years of legal experience.

Josh Viets, Executive Vice President and Chief Operating Officer

Josh Viets is the Executive Vice President and Chief Operating Officer of Expand Energy. He was appointed Executive Vice President and Chief Operating Officer of Chesapeake Energy Corporation in 2022. Before joining Chesapeake, Mr. Viets was the Vice President of the Delaware operation in the Permian Basin Business Unit for ConocoPhillips.

John Christ, Vice President – Chief Information Officer

John Christ was named Vice President – Chief Information Officer of Expand Energy in October 2024. His responsibilities include developing and implementing the company's information technology strategy, utilizing emerging technologies to enhance operational performance, and supporting the integration of acquired companies.

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Here are the key risks to Expand Energy's business:

  1. Natural Gas Price Volatility: As the largest natural gas producer in the U.S., Expand Energy's financial performance is highly susceptible to fluctuations in natural gas prices. These prices are inherently volatile, influenced by a complex interplay of global supply and demand dynamics, weather patterns, and broader economic conditions. Sudden and unpredictable swings in natural gas prices can directly impact the company's revenues, cash flow, and overall profitability.
  2. Regulatory and Environmental Pressures Amidst Energy Transition: Despite natural gas being positioned as a lower-carbon alternative, Expand Energy faces increasing regulatory and environmental scrutiny. The global push for decarbonization and cleaner energy sources leads to evolving environmental standards, potential carbon taxes, and stricter emission limits, which can increase operational costs and potentially reduce long-term demand for natural gas. Key concerns include methane emissions from production and transportation, water contamination risks associated with hydraulic fracturing, and regulations impacting infrastructure development.
  3. Geopolitical Tensions and Supply Chain Disruptions: The natural gas market is significantly affected by geopolitical events and international relations. Geopolitical tensions, trade disputes, and conflicts can disrupt global energy supply chains, impacting the availability and pricing of natural gas. For a large producer like Expand Energy, such events can affect export markets, infrastructure projects, and overall market stability, leading to unpredictable price spikes or demand shifts.

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Expand Energy's primary product is natural gas, including natural gas liquids, with operations concentrated in the United States. The company is also involved in the global liquefied natural gas (LNG) market through its "LNG Ready" capabilities.

Addressable Markets for Expand Energy's Main Products or Services:

  • U.S. Natural Gas Market: The addressable market for natural gas in the U.S. is projected to reach approximately $601.8 billion by 2032, growing from an estimated $473.4 billion in 2025.
  • Global Natural Gas Market: The global natural gas market was valued at approximately $1.2 trillion in 2024 and is projected to reach around $1.9 trillion by 2030. Another estimate indicates the global natural gas market is expected to reach $2108.1 billion by 2030.
  • Global Liquefied Natural Gas (LNG) Market: The global liquefied natural gas market, which Expand Energy contributes to, was valued at an estimated $122.60 billion in 2024 and is projected to reach $226.97 billion by 2030.

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Here are 3-5 expected drivers of future revenue growth for Expand Energy (symbol: EXE) over the next 2-3 years:

  1. Increased Sales Volume from Global Energy Demand: Expand Energy, as America’s largest natural gas producer, is positioned to capitalize on the increasing global demand for affordable, reliable, and lower-carbon energy. Growth in sales volume to existing and new markets, driven by the fundamental need for energy and natural gas’s role as a bridge fuel, is expected to be a significant revenue driver.

  2. Favorable Natural Gas Price Environment: As a major producer of natural gas, Expand Energy’s revenue growth will be heavily influenced by sustained or increasing natural gas commodity prices. A strong pricing environment, driven by global supply and demand dynamics, would directly translate into higher revenues.

  3. Strategic Market Penetration and Expansion: Leveraging its scale and combined assets from the merger of Chesapeake Energy and Southwestern Energy, Expand Energy is anticipated to expand its reach. This could involve deeper penetration into existing domestic markets or strategic entry into new international markets identified as "markets in need," thereby increasing its customer base and sales channels.

  4. Investment in and Monetization of Lower-Carbon Natural Gas Solutions: Given the company's commitment to a "lower carbon future," future revenue growth is expected from investments in and the subsequent commercialization of technologies and practices that further reduce the carbon footprint of natural gas production. This could include carbon capture, utilization, and storage (CCUS) projects, or offering differentiated "responsibly sourced gas" that commands a premium.

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Share Repurchases

  • Expand Energy authorized a new share buyback program of $1 billion in Q3 2024.
  • The company returned $865 million to shareholders through dividends and buybacks during 2025.
  • As of February 18, 2026, Expand Energy completed the repurchase of 851,661 shares for $99.99 million under the buyback announced on October 29, 2024.

Share Issuance

  • On October 1, 2024, Expand Energy issued approximately 95.7 million shares of its common stock to Southwestern Energy Company shareholders in connection with their merger, valued at approximately $7.9 billion.

Inbound Investments

  • Expand Energy attracted fresh institutional money and insider share purchases in recent months.
  • Institutional investors, including Mitsubishi UFJ, Intech Investment Management, and Sierra Summit Advisors, continued building positions in Q3 (likely 2025).

Outbound Investments

  • Expand Energy acquired approximately 82,500 net acres in Q3 2025.
  • The company acquired approximately 7,500 acres of undeveloped Core Marcellus for $57 million during Q3 2025.
  • Expand Energy established a 75,000+ net-acre position in Western Haynesville through targeted leasing and an undeveloped leasehold acquisition, including cash consideration of approximately $117 million in the second half of 2025.

Capital Expenditures

  • Expand Energy's full-year 2025 capital expenditure guidance was reduced to $2.85 billion, inclusive of approximately $250 million to build productive capacity.
  • For 2026, Expand Energy expects approximately $2.85 billion of capital investment, including ~$75 million for Western Haynesville appraisal spend.
  • The primary focus of capital expenditures is drilling and completion activities across its Haynesville, Northeast Appalachia, and Southwest Appalachia assets, aiming to deliver 7.5 Bcf per day of production in 2026.

Better Bets vs. Expand Energy (EXE)

Peer Outperformance in Oil & Gas Exploration & Production

EXE has outperformed 56% of its 50 Oil & Gas Exploration & Production peers over 5Y. Oil & Gas Exploration & Production ranks 6th of 7 industries in Energy by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Oil & Gas Exploration & Production constituents that EXE has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
17%
of 60 industry peers · -11.5% return
3Y
55%
of 56 industry peers · 8.9% return
5Y
56%
of 50 industry peers · 72.7% return
No Oil & Gas Exploration & Production peer with a comparable growth profile has beaten EXE by more than 20pp over 5Y.
Median price return by industry across the Energy sector, ranked by 5Y. Oil & Gas Exploration & Production is EXE's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Oil & Gas Refining & Marketing 11 90.0%122.1%348.1% MPC 644% · VLO 487% · PBF 478%
Integrated Oil & Gas 7 52.3%76.2%191.1% IMO 333% · SU 263% · XOM 230%
Oil & Gas Storage & Transportation 18 43.8%110.2%190.4% INSW 884% · LPG 796% · TRGP 490%
Oil & Gas Drilling 7 62.4%6.0%68.8% VAL 166% · NE 114% · RIG 69%
Oil & Gas Equipment & Services 33 21.2%19.9%52.8% SEI 863% · FTI 802% · TDW 566%
Oil & Gas Exploration & Production ← 51 34.0%4.6%46.7% BTE 884% · PR 280% · CNQ 221%
Coal & Consumable Fuels 14 -33.1%0.3%30.6% CNR 319% · CCJ 197% · BTU 92%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

EXEEQTRRCARDVNCRKMedian
NameExpand E.EQT Range Re.Antero R.Devon En.Comstock. 
Mkt Price90.2155.3054.4840.7749.0714.1651.78
Mkt Cap20.934.612.712.546.04.116.8
Rev LTM13,9709,3263,3985,81219,6761,8827,569
Op Inc LTM3,9103,9501,1461,2914,6783612,601
FCF LTM2,4573,8037381,7661,477-7351,622
FCF 3Y Avg1,3702,2645181,2451,278-5721,262
CFO LTM5,6316,3121,4192,2448,5538193,937
CFO 3Y Avg3,7624,5881,1681,5557,3677542,658

Growth & Margins

EXEEQTRRCARDVNCRKMedian
NameExpand E.EQT Range Re.Antero R.Devon En.Comstock. 
Rev Chg LTM28.8%18.2%18.1%19.1%14.6%13.8%18.2%
Rev Chg 3Y Avg45.9%19.8%5.9%6.9%5.5%-6.0%6.4%
Rev Chg Q10.3%-8.4%19.7%17.2%73.1%-25.2%13.7%
QoQ Delta Rev Chg LTM2.2%-1.6%4.0%3.5%18.9%-5.9%2.8%
Op Inc Chg LTM156.6%35.2%46.6%76.1%11.0%138.6%61.4%
Op Inc Chg 3Y Avg174.6%256.5%36.6%1,027.5%-8.3%738.0%215.5%
Op Mgn LTM28.0%42.4%33.7%22.2%23.8%19.2%25.9%
Op Mgn 3Y Avg16.3%23.8%25.2%12.6%26.2%9.3%20.0%
QoQ Delta Op Mgn LTM-1.3%-0.4%0.7%1.2%4.9%-2.3%0.1%
CFO/Rev LTM40.3%67.7%41.8%38.6%43.5%43.5%42.6%
CFO/Rev 3Y Avg39.4%61.4%40.8%30.6%42.2%45.9%41.5%
FCF/Rev LTM17.6%40.8%21.7%30.4%7.5%-39.1%19.7%
FCF/Rev 3Y Avg12.3%27.6%17.6%24.6%7.7%-35.7%14.9%

Valuation

EXEEQTRRCARDVNCRKMedian
NameExpand E.EQT Range Re.Antero R.Devon En.Comstock. 
Mkt Cap20.934.612.712.546.04.116.8
P/S1.53.73.72.22.32.22.3
P/Op Inc5.38.811.19.79.811.49.8
P/EBIT5.78.510.56.59.84.87.5
P/E7.613.014.39.114.07.711.1
P/CFO3.75.59.05.65.45.05.4
Total Yield15.9%8.9%7.7%11.0%9.0%13.0%10.0%
Dividend Yield2.6%1.2%0.7%0.0%1.8%0.0%1.0%
FCF Yield 3Y Avg6.8%7.4%6.1%12.5%4.3%-15.7%6.5%
D/E0.20.20.10.40.30.80.2
Net D/E0.20.20.10.40.20.80.2

Returns

EXEEQTRRCARDVNCRKMedian
NameExpand E.EQT Range Re.Antero R.Devon En.Comstock. 
1M Rtn5.5%10.2%42.5%19.6%3.0%10.8%10.5%
3M Rtn-4.1%3.6%35.3%11.8%10.8%5.6%8.2%
6M Rtn-9.4%-5.8%27.3%3.1%-3.0%-20.3%-4.4%
12M Rtn-10.7%4.4%54.8%31.9%54.9%-24.5%18.2%
3Y Rtn9.8%29.0%50.7%33.7%14.4%7.7%21.7%
1M Excs Rtn7.9%12.6%44.9%22.0%5.3%13.2%12.9%
3M Excs Rtn0.1%7.7%40.0%16.8%14.7%9.0%11.8%
6M Excs Rtn-14.2%-10.6%22.6%-1.6%-7.7%-25.1%-9.2%
12M Excs Rtn-18.9%-4.0%48.5%25.2%46.6%-33.6%10.6%
3Y Excs Rtn-70.3%-48.2%-21.9%-44.2%-68.3%-67.8%-58.0%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222020
Natural Gas10,3223,7813,84210,2581,685
Natural gas liquids (NGL)866293277454240
Losses on derivatives550-381,728-2,680596
Oil4511851,9283,4112,689
Total12,1894,2217,77511,4435,210


Assets by Segment
$ Mil20162015201420132012
Natural gas, oil and Natural gas liquids (NGL)11,249    
Marketing1,118    
Other1,0594,325   
Eliminations-398-311-891-3,757-2,328
Exploration and Production 11,81935,38135,34137,004
Marketing,Gathering and Compression 1,5241,9782,4302,291
Other Operations  4,2835,7502,529
Oilfield Services   2,0182,115
Total13,02817,35740,75141,78241,611


Price Behavior

Price Behavior
Market Price$89.46 
Market Cap ($ Bil)20.7 
First Trading Date02/10/2021 
Distance from 52W High-25.9% 
   50 Days200 Days
DMA Price$91.81$95.97
DMA Trenddowndown
Distance from DMA-2.6%-6.8%
 3M1YR
Volatility26.2%30.3%
Downside Capture-19.90-22.15
Upside Capture-45.79-30.62
Correlation (S&P 500)-2.1%-4.9%
EXE Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta-0.08-0.06-0.13-0.26-0.120.44
Up Beta0.76-0.12-0.40-0.45-0.200.31
Down Beta0.68-0.010.390.240.180.87
Up Capture22%-33%-24%-34%-14%8%
Bmk +ve Days12182862130427
Stock +ve Days13203458119380
Down Capture-95%32%-11%-35%-24%54%
Bmk -ve Days10253664121325
Stock -ve Days9232967128364

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with EXE
EXE-9.0%30.3%-0.31-
Sector ETF (XLE)57.5%22.6%1.9243.9%
Equity (SPY)11.6%12.8%0.57-4.9%
Gold (GLD)-2.3%28.6%-0.092.3%
Commodities (DBC)43.1%20.9%1.6031.1%
Real Estate (VNQ)11.0%13.7%0.50-5.0%
Bitcoin (BTCUSD)-28.8%43.6%-0.66-1.5%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with EXE
EXE10.8%34.1%0.36-
Sector ETF (XLE)22.1%25.6%0.7658.8%
Equity (SPY)12.0%17.1%0.5231.7%
Gold (GLD)16.5%19.0%0.6911.7%
Commodities (DBC)8.4%19.6%0.3142.6%
Real Estate (VNQ)1.1%18.9%-0.0527.5%
Bitcoin (BTCUSD)4.1%51.6%0.2611.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with EXE
EXE9.8%34.2%0.55-
Sector ETF (XLE)11.1%29.6%0.4157.9%
Equity (SPY)15.2%17.9%0.7231.1%
Gold (GLD)11.6%16.5%0.5712.0%
Commodities (DBC)7.8%18.1%0.3442.1%
Real Estate (VNQ)5.4%20.7%0.2226.5%
Bitcoin (BTCUSD)61.7%66.3%1.019.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity11.2 Mil
Short Interest: % Change Since 930202614.7%
Average Daily Volume2.9 Mil
Days-to-Cover Short Interest3.9 days
Basic Shares Quantity231.6 Mil
Short % of Basic Shares4.8%

Earnings Returns History

Updated 10/30/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/27/2026-3.2%  
7/28/20264.5%5.1%9.7%
4/28/20264.2%2.9%-2.9%
2/17/2026-3.1%0.4%3.3%
10/28/2025-0.6%9.0%18.2%
7/29/20254.9%1.7%-2.6%
4/29/2025-3.3%1.0%8.2%
2/26/2025-4.6%-0.8%7.7%
...
SUMMARY STATS   
# Positive141515
# Negative977
Median Positive3.0%3.3%9.7%
Median Negative-3.2%-2.5%-3.9%
Max Positive8.0%15.9%29.9%
Max Negative-4.6%-9.2%-6.2%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
10/27/2026-3.2%  
7/28/20264.5%5.1%9.7%
4/28/20264.2%2.9%-2.9%
2/17/2026-3.1%0.4%3.3%
10/28/2025-0.6%9.0%18.2%
7/29/20254.9%1.7%-2.6%
4/29/2025-3.3%1.0%8.2%
2/26/2025-4.6%-0.8%7.7%
10/29/20243.5%1.1%15.9%
7/29/2024-0.4%-7.1%-3.9%
4/30/2024-3.6%-1.4%0.8%
2/20/20248.0%5.5%11.8%
10/31/20231.0%-4.1%-6.0%
8/1/2023-2.3%3.3%4.7%
5/2/2023-3.8%-2.5%-3.5%
2/21/20232.1%3.5%-4.0%
11/1/20221.1%2.0%2.7%
8/2/20221.4%4.9%14.1%
5/4/20220.6%-9.2%6.8%
2/23/20223.5%15.9%29.9%
11/2/20213.3%3.1%-6.2%
8/10/20212.6%-1.3%9.9%
5/11/20210.9%4.6%14.1%
SUMMARY STATS   
# Positive141515
# Negative977
Median Positive3.0%3.3%9.7%
Median Negative-3.2%-2.5%-3.9%
Max Positive8.0%15.9%29.9%
Max Negative-4.6%-9.2%-6.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
09/30/202610/27/202610-Q
06/30/202607/28/202610-Q
03/31/202604/28/202610-Q
12/31/202502/18/202610-K
09/30/202510/28/202510-Q
06/30/202507/29/202510-Q
03/31/202504/29/202510-Q
12/31/202402/26/202510-K
09/30/202410/29/202410-Q
06/30/202407/29/202410-Q
03/31/202404/30/202410-Q
12/31/202302/21/202410-K
09/30/202310/31/202310-Q
06/30/202308/01/202310-Q
03/31/202305/02/202310-Q
12/31/202202/22/202310-K
Collapse to Preview
Report DateFiling DateFiling
09/30/202610/27/202610-Q
06/30/202607/28/202610-Q
03/31/202604/28/202610-Q
12/31/202502/18/202610-K
09/30/202510/28/202510-Q
06/30/202507/29/202510-Q
03/31/202504/29/202510-Q
12/31/202402/26/202510-K
09/30/202410/29/202410-Q
06/30/202407/29/202410-Q
03/31/202404/30/202410-Q
12/31/202302/21/202410-K
09/30/202310/31/202310-Q
06/30/202308/01/202310-Q
03/31/202305/02/202310-Q
12/31/202202/22/202310-K
09/30/202211/01/202210-Q
06/30/202208/02/202210-Q
03/31/202205/06/202210-Q
09/30/202111/02/202110-Q
06/30/202108/10/202110-Q
12/31/202003/01/202110-K
09/30/202011/09/202010-Q
06/30/202008/10/202010-Q
03/31/202005/11/202010-Q
12/31/201902/27/202010-K
09/30/201911/05/201910-Q
06/30/201908/06/201910-Q

Recent Forward Guidance

Updated 10/28/2026

Latest: Q3 2026 Earnings Reported 10/27/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 Quarterly Base Dividend Per ShareReported 0.58 0.0% Same NewGuidance: 0.58 for Q3 2026
Q4 2026 Marketing EBITDAReported 80.00 Mil    
2026 Rigs OperatedReported1111.5120.0% AffirmedGuidance: 11.5 for 2026
2026 Capital InvestmentReported 3.00 Bil 5.3% RaisedGuidance: 2.85 Bil for 2026
2026 Average Daily Production (Bcfe/d)Reported7.457.57.550.0% AffirmedGuidance: 7.5 for 2026


Prior: Q1 2026 Earnings Reported 4/28/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 ProductionReported 7.50 Bil   AffirmedGuidance: 7.50 Bil for 2026
2026 Rig CountReported1111.512   
2026 Capital ExpendituresReported 2.85 Bil   AffirmedGuidance: 2.85 Bil for 2026

Q4 2025 Earnings Reported 2/17/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Daily ProductionReported 7.50 Bil 0 AffirmedGuidance: 7.50 Bil for 2026
2026 Debt ReductionReported 1.00 Bil    
2026 Capital ExpendituresReported 2.85 Bil 0 AffirmedGuidance: 2.85 Bil for 2025
Q1 2026 DividendsReported 0.58 0 AffirmedGuidance: 0.58 for Q4 2025

Insider Activity

Updated 10/16/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Wichterich, MichaelInterim President and CEODirectBuy615202688.901,00088,9007,600,772Form
2Wichterich, MichaelInterim President and CEODirectBuy604202693.361,00093,3607,888,733Form
3Teunissen, MarcelEVP & CFODirectBuy604202692.882,000185,7601,035,055Form
4Teunissen, MarcelEVP & CFODirectBuy507202696.432,000192,860881,756Form
5Wichterich, MichaelInterim President and CEODirectBuy3092026107.502,000215,0008,976,035Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Wichterich, MichaelInterim President and CEODirectBuy615202688.901,00088,9007,600,772Form
2Wichterich, MichaelInterim President and CEODirectBuy604202693.361,00093,3607,888,733Form
3Teunissen, MarcelEVP & CFODirectBuy604202692.882,000185,7601,035,055Form
4Teunissen, MarcelEVP & CFODirectBuy507202696.432,000192,860881,756Form
5Wichterich, MichaelInterim President and CEODirectBuy3092026107.502,000215,0008,976,035Form
6Gallagher, MatthewDirectBuy2192026100.661,000100,6601,803,525Form

Investor Activity (13F)

Updated Nov 3, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Glendon Capital Management LP$221.6 Mil27.5%25Hold13F
Holowesko Partners Ltd.$27.4 Mil7.7%31ADD +96.2%13F
Kopernik Global Investors, LLC$89.3 Mil6.2%27ADD +19.4%13F
Pennant Investors, LP$21.5 Mil6.0%17TRIM -9.3%13F
Gemsstock Ltd.$48.1 Mil5.1%28ADD +9.3%13F
Palo Duro Investment Partners, LP$21.5 Mil4.2%29New13F
Alta Fundamental Advisers LLC$9.1 Mil3.6%21Hold13F
Fearnley Asset Management AS$8.7 Mil2.8%19ADD +420.3%13F
Mudita Advisors LLP$13.6 Mil2.8%28ADD +7.5%13F
RR Advisors, LLC$7.7 Mil2.1%27Hold13F
Goehring & Rozencwajg Associates, LLC$24.8 Mil1.3%43ADD +36.6%13F
Hancock Prospecting Pty Ltd$18.9 Mil0.6%36Hold13F
Slate Path Capital LP$14.7 Mil0.2%44TRIM -91.5%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Palo Duro Investment Partners, LP$21.5 Mil4.2%29New13F
Fearnley Asset Management AS$8.7 Mil2.8%19ADD +420.3%13F
Holowesko Partners Ltd.$27.4 Mil7.7%31ADD +96.2%13F
Goehring & Rozencwajg Associates, LLC$24.8 Mil1.3%43ADD +36.6%13F
Kopernik Global Investors, LLC$89.3 Mil6.2%27ADD +19.4%13F
Gemsstock Ltd.$48.1 Mil5.1%28ADD +9.3%13F
Mudita Advisors LLP$13.6 Mil2.8%28ADD +7.5%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
59 North Capital Management, LP$203.2 Mil6.3%13ExitedDec 31, 202513F
Dragoneer Investment Group, LLC$145.6 Mil3.2%27ExitedDec 31, 202513F
Ninepoint Partners LP$88.3 Mil10.5%158ExitedDec 31, 202513F
Two Creeks Capital Management, LP$38.1 Mil3.1%26ExitedDec 31, 202513F
Sourcerock Group LLC$35.9 Mil2.1%36ExitedDec 31, 202513F
NYL Investors LLC$18.8 Mil6.4%32ExitedDec 31, 202513F
Kettle Hill Capital Management, LLC$5.9 Mil1.3%39ExitedDec 31, 202513F
Hatch Cove Capital, LLC$5.2 Mil2.0%22ExitedDec 31, 202513F
Slate Path Capital LP$14.7 Mil0.2%44TRIM -91.5%Mar 31, 202613F
Pennant Investors, LP$21.5 Mil6.0%17TRIM -9.3%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Glendon Capital Management LP$221.6 Mil27.5%25Hold13F
Kopernik Global Investors, LLC$89.3 Mil6.2%27ADD +19.4%13F
Gemsstock Ltd.$48.1 Mil5.1%28ADD +9.3%13F
Holowesko Partners Ltd.$27.4 Mil7.7%31ADD +96.2%13F
Goehring & Rozencwajg Associates, LLC$24.8 Mil1.3%43ADD +36.6%13F
Pennant Investors, LP$21.5 Mil6.0%17TRIM -9.3%13F
Palo Duro Investment Partners, LP$21.5 Mil4.2%29New13F
Hancock Prospecting Pty Ltd$18.9 Mil0.6%36Hold13F
Slate Path Capital LP$14.7 Mil0.2%44TRIM -91.5%13F
Mudita Advisors LLP$13.6 Mil2.8%28ADD +7.5%13F
Alta Fundamental Advisers LLC$9.1 Mil3.6%21Hold13F
Fearnley Asset Management AS$8.7 Mil2.8%19ADD +420.3%13F
RR Advisors, LLC$7.7 Mil2.1%27Hold13F
Core Cache Last Updated: 11/2/2026