EXPAND ENERGY Corp (EXE) reported that on September 16, 2026 it completed the previously announced acquisition of Twin Eagle Holdings N.A., LLC. In connection with the closing, the company announced that Dan Turco will transition from Executive Vice President—Marketing and Commercial to Executive Vice President of Commercial Activities, focusing on LNG and assisting with gas marketing integration.
Expand Energy Corporation (EXE) entered into an underwriting agreement for an underwritten public offering of $500,000,000 aggregate principal amount of its 5.650% Senior Notes due 2031, issued off its existing shelf registration statement on Form S-3. The notes were priced at 99.889% of face value and the offering is expected to close on September 17, 2026, subject to customary conditions.
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are acting as representatives of the underwriters and as joint book-running managers. Expand Energy states that it intends to use the net proceeds from the notes offering for general corporate purposes.
EXPAND ENERGY Corp (EXE) is offering a new series of senior unsecured notes due 2031 under a Rule 424(b)(5) prospectus supplement. The notes bear a fixed interest rate, payable semi-annually beginning in 2027, and mature in 2031. Before the Par Call Date, the company may redeem the notes at the greater of 100% of principal or a make-whole redemption price; on or after the Par Call Date, it may redeem at 100% of principal, in each case plus accrued interest.
The notes rank equally with Expand Energy’s existing senior unsecured debt, are effectively subordinated to any future secured debt and structurally subordinated to subsidiary debt, including the Twin Eagle Credit Facility. As of June 30, 2026, Expand Energy and its subsidiaries had no secured borrowings and held approximately $3,738 million of unsecured debt for borrowed money, all in senior notes with no subsidiary guarantees. Net proceeds are expected to be used for general corporate purposes.
Recent developments include the announced Twin Eagle Acquisition, an approximately $1.25 billion cash-and-borrowings transaction expected to close in the third quarter of 2026, and the repayment of two 2029 senior note series totaling about $1.32 billion. For the six months ended June 30, 2026, total revenues were $7,357 million, net income was $1,681 million, net cash from operating activities was $3,498 million, Adjusted EBITDAX was $3,151 million, and Net Debt was $3,075 million. Key risks highlighted include subordination to secured and subsidiary debt, the ability to incur additional indebtedness, redemption and reinvestment risk, the absence of change-of-control protection, interest-rate and market risk for the notes, credit-rating sensitivity, and expanded commodity-price, liquidity and counterparty-credit risks from enlarged natural gas marketing and trading activities after the Twin Eagle Acquisition.
State Street Corporation reports a passive ownership stake in Expand Energy Corp common stock. It beneficially owns 15,631,873 shares, representing 6.5% of the outstanding class.
All reported voting and dispositive authority is shared, with 11,794,045 shares subject to shared voting power and 15,619,193 shares subject to shared dispositive power, and no sole power to vote or dispose. The holdings are attributed across several investment advisory subsidiaries, including SSGA Funds Management, Inc. and other State Street Global Advisors entities in Japan, Asia, Europe, the United Kingdom, Singapore, and Australia. The filing states that no other person is known to have rights to dividends or sale proceeds exceeding 5% of the class.
Expand Energy Corporation agreed to acquire Twin Eagle N.A., LLC, whose subsidiaries operate an asset-backed natural gas marketing and optimization business, through a merger in which Twin Eagle will become a wholly owned subsidiary. The aggregate consideration includes a $1.25 billion base purchase price, subject to post-closing adjustments, and a $62.5 million cash deposit has been paid.
The transaction is conditioned on customary matters, including accurate representations and warranties, expiration or termination of the Hart-Scott-Rodino waiting period, approvals under Canada’s Competition Act, and Federal Energy Regulatory Commission approval under Section 203(a) of the Federal Power Act. Holders of a majority of Twin Eagle’s equity have delivered irrevocable written consent, and either party may terminate if the merger is not consummated by January 24, 2027, subject to specified extensions.
Expand Energy Corporation reported strong first-half 2026 results, with total revenues and other of $7,357 million and net income of $1,681 million, up from $5,886 million and $719 million in the prior-year period, supported by higher natural gas prices, including Winter Storm Fern impacts, and increased production volumes.
Operating cash flow rose to $3,498 million, while capital expenditures were $1,460 million. The company used cash to redeem $1,287 million of senior notes, reducing long-term debt to $3,685 million, and returned capital via $279 million of dividends and $601 million of share repurchases under a $2.0 billion authorization.
Liquidity remained strong at about $4.2 billion, including cash and an undrawn $3.5 billion credit facility, alongside investment grade ratings. Strategically, Expand agreed to acquire Twin Eagle Holdings N.A., LLC for approximately $1.25 billion, subject to customary closing conditions, and entered a 20-year LNG sales and purchase agreement for ~1.15 MTPA with estimated fixed commitments of $2.9 billion, further linking its portfolio to LNG and marketing demand.
Expand Energy Corporation reported second quarter 2026 net income of $522 million, or $2.19 per diluted share, on total revenues and other income of $2,960 million, compared with net income of $968 million and revenues of $3,690 million a year earlier. Adjusted net income was $317 million, or $1.33 per diluted share, and Adjusted EBITDAX was $1,183 million. Net cash provided by operating activities was $1,096 million.
Net production averaged about 7.48 Bcfe/d (92% natural gas), and full-year 2026 production guidance of 7.4–7.6 Bcfe/d was reaffirmed. The company ran an average of 12 rigs, with capital expenditures of $851 million in the quarter and a 2026 capex outlook of $2.75–$2.95 billion while planning to run 11–12 rigs.
Total debt was $3.7 billion at quarter-end, with net debt of $3.1 billion and a net debt-to-Adjusted EBITDAX ratio of about 0.5x, reflecting approximately $1.3 billion of year-to-date debt redemption. The company repurchased about $530 million of stock in the quarter and roughly $850 million year-to-date, authorized an additional ~$1 billion buyback, declared a quarterly dividend of $0.575 per share, and announced the acquisition of Twin Eagle Holdings, N.A. LLC.
Expand Energy Corporation entered into a definitive merger agreement to acquire Twin Eagle Holdings N.A., LLC, a private asset-backed natural gas marketing and optimization business, for $1.25 billion from Five Point Infrastructure. The purchase price is subject to typical adjustments and is expected to close in the third quarter of 2026, pending customary closing conditions and required regulatory approvals. Funding is expected from cash on hand and borrowings under Expand’s revolving credit facility.
The combination is described as immediately accretive and initially expected to contribute more than $200 million of projected annual EBITDA, with $150 million per year of synergies by year-end 2028. Twin Eagle currently markets more than 5 Bcf/d of natural gas, manages roughly 44 Bcf of storage and approximately 2 Bcf/d of firm transportation, serving over 1,000 customers across the U.S. and Canada. On a pro forma basis, the combined portfolio will have approximately 14 Bcf/d of marketed volume, supported by roughly 9 Bcf/d of firm transportation and 49 Bcf of storage capacity, reaching about 90% of the natural gas market. Expand now expects $750 million per year of incremental free cash flow from its marketing and commercial strategy, a 50% increase from its previous target, with Twin Eagle to operate as a wholly owned subsidiary and key Twin Eagle management, including its CEO Jeremy Davis, continuing after closing.
Expand Energy Corporation disclosed that Gregory M. Larson, Vice President – Accounting & Controller, informed the company on June 23, 2026 of his intention to resign. The filing states his decision was not due to any disagreement with the company’s operations, policies or practices.
Executive Vice President and Chief Financial Officer Marcel Teunissen has assumed the role of interim principal accounting officer effective June 23, 2026 while a search is conducted for a permanent Vice President – Accounting & Controller. Teunissen, appointed CFO on April 6, 2026, has no special arrangements tied to this interim role and no related-party interests requiring disclosure.
EXPAND ENERGY Corp director and interim president and CEO Michael Wichterich reported an open-market purchase of 1,000 shares of Common Stock at $88.90 per share. This transaction increased his direct ownership to 85,498 shares of EXPAND ENERGY Corp common stock.