Expand Energy: hedges and marketing income help partially offset weak natural gas prices. Summary. * Expand's production slightly exceeded expectations in Q3 2026, and it maintained its guidance midpoint for full-year 2026 production. * It is dealing with weaker natural gas strip prices but is around 67% hedged on natural gas in Q4 2026 and 55% hedged in 2027. * Expand also expects increased marketing and commercial income going forward after integrating its Twin Eagle acquisition. * There is some cost inflation pressure from diesel prices and increased development activity (on the oil side). * Looking for more investing ideas like this one? Get them exclusively at Distressed Value Investing. Learn More" Expand Energy (EXE) reported Q3 2026 results with production that was slightly above expectations. It also maintained its production guidance midpoint for the full year despite some Appalachian curtailments due to weaker in-basin pricing. Natural gas strip prices have fallen considerably and are currently below $3 for both Q4 2026 and 2027. However, Expand is roughly 67% hedged on natural gas in Q4 2026 and approximately 55% hedged on natural gas in 2027, so that helps cushion the impact of those lower prices. Expand's natural gas hedges may have close to $1.3 billion in value from Q4 2026 to the end of 2027 at current strip prices. The lower natural gas prices still have some impact on Expand's free cash flow, and it is also dealing with cost inflation (partially driven by diesel prices). I have thus reduced my estimate of Expand's value from $131 per share to $127 per share in a long-term (after 2027) $3.75 NYMEX natural gas and $75 WTI oil environment. Expand's longer-term outlook still looks good, though, with its Twin Eagle acquisition also expected to boost its results. Q3 2026 results. Expand generated 7.538 Bcfe per day in production during Q3 2026, which was a 1% increase from Q2 2026. This was also slightly above its guidance for 7.4 to 7.5 Bcfe per day in Q3 2026 production. Expand's capex was also a bit higher than expected for the quarter, with total capex at $794 million compared to its guidance range of $700 million to $780 million. NYMEX natural gas prices averaged $2.95 during Q3 2026. Expand realized $3.17 per Mcfe for its production after factoring in hedges and its higher-value liquids (8% of its total production). Expand generated $1.229 billion in adjusted EBITDAX in Q3 2026 (which was 4% above Q2 levels) and $354 million in adjusted free cash flow (3% above Q2 levels). Expand repurchased approximately 3.4 million shares of common stock in Q3 2026 at an average price of $89.49 per share. This adds up to $309 million, including the 1% excise tax. Expand also paid out $134 million in dividends in Q3 with its $0.575 per share quarterly dividend. While Expand's combined dividend and share repurchases significantly exceeded its adjusted free cash flow in Q3 2026, on a year-to-date basis it has paid out around 55% of its adjusted free cash flow. Expand generated approximately $1.7 billion in Q1 2026 adjusted free cash flow, but spent less than $100 million on share repurchases in that quarter. D&C capex inflation. The most significant change to Expand's guidance was a $150 million increase to its 2026 capex budget, including a $100 million increase in D&C capex. It now expects approximately $3 billion in 2026 capex, including $2.4 billion in D&C capex. Much of the D&C cost increase is attributed to higher diesel prices, as Expand has been using around 25 million gallons of diesel per year. Retail diesel prices are up around $2.60 per gallon year-over-year currently and may average around $1.70 per gallon higher for the full year 2026 compared to 2025. While Expand would buy diesel in bulk, it is still probably seeing around $30 million to $40 million in increased diesel costs in 2026. Expand is using more e-fleets going into 2027 to help reduce diesel consumption and expects around a 50% reduction in diesel usage. There are other inflationary pressures (with higher Haynesville rig counts as well as higher oil rig counts), so Expand still expects cost inflation in the low-to-mid single digits in 2027. Other guidance changes. Expand's other guidance changes were relatively minor. It tightened its full-year production guidance range but still expects to average 7.4 Bcfe per day at the guidance midpoint. This is despite some Appalachian production curtailments due to weaker pricing there. It also expects a 5-cent wider natural gas differential in 2026, while realized NGL prices are expected to be $4 higher (at $26 to $30 per barrel) now. The improved NGL prices and the wider natural gas differential basically cancel each other out in terms of their effect on 2026 Expand's free cash flow. Notes on valuation. I have trimmed my estimate of Expand's value by $4 from $131 per share to $127 per share. This is based on long-term (after 2027) $3.75 NYMEX natural gas along with $75 WTI oil. The decrease in Expand's estimated value is largely due to weaker near-term natural gas prices. The current NYMEX natural gas strip for both Q4 2026 and 2027 is slightly under $3. Expand's hedges do provide it some protection against lower natural gas prices. At current strip (which is a bit lower than the prices mentioned in its Q3 2026 presentation above), Expand should realize over $375 million from its Q4 2026 natural gas hedges and over $900 million from its 2027 natural gas hedges. However, the impact on Expand's unhedged 2027 free cash flow (from slightly under $3 NYMEX natural gas compared to $3.75 NYMEX natural gas) is close to $2 billion. Expand benefits from strong liquid prices, but liquids are less than 10% of its production, so that positive impact on its 2027 free cash flow is around $250 million. D&C cost inflation (from early 2026 to 2027) is probably over $200 million, though. That results in a reduction of over $5 per share in Expand's projected free cash flow (from Q4 2026 to the end of 2027) compared to what it would generate at $3.75 NYMEX natural gas and $75 WTI oil. The impact of reduced free cash flow on its estimated value is partially offset by Expand's share repurchases at a favorable price (around $90 per share in Q3 2026, including excise taxes). As well, Expand's Twin Eagle acquisition should help boost its results. It is aiming for $500 million in marketing and commercial run-rate EBITDA by the end of 2028, increasing to $750 million per year next decade. Conclusion. Expand Energy's Q3 2026 results were solid, with production slightly above expectations. Expand is dealing with weaker natural gas prices, though, with current strip averaging a bit under $3 for Q4 2026 and 2027. As well, there is also some cost inflation. I have thus reduced my estimate of Expand's value from $131 per share to $127 per share due to reduced near-term free cash flow. Expand is substantially protected by hedges, so that helps mitigate some of the impact of the lower natural gas prices. I believe Expand's long-term outlook is still good, though, with its increasing marketing and commercial income helping boost future results. 12.37K Followers Aaron Chow, aka Elephant Analytics has 15+ years of analytical experience and is a top rated analyst on TipRanks. Aaron previously co-founded a mobile gaming company (Absolute Games) that was acquired by PENN Entertainment. He used his analytical and modeling skills to design the in-game economic models for two mobile apps with over 30 million in combined installs. He is the author of the investing group Distressed Value Investing, which focuses on both value opportunities and distressed plays, with a significant focus on the energy sector. Learn more>> Analyst's Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in EXE over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

CEO's on the move: October 2026. October brought several notable CEO transitions across technology, energy, healthcare, automotive services, and consumer businesses. Established companies and emerging organizations alike announced new leadership appointments as they position themselves for continued growth, operational improvement, and evolving market opportunities. Here are 10 CEO appointments announced or taking effect during October 2026. Clorox appoints Fabian Garcia as CEO. Clorox appointed Unilever executive Fabian Garcia as its new chief executive officer. Garcia, who brings more than four decades of experience in consumer products leadership, currently serves as president of Unilever Personal Care and is a member of the Unilever Leadership Executive team. Boston Dynamics names Rohit Prasad as CEO. Boston Dynamics appointed Rohit Prasad Chief Executive Officer. Prasad previously led major AI initiatives at Amazon, including Alexa and the Amazon Nova foundation model family. He will lead Boston Dynamics as the company advances its Physical AI strategy and expands the commercialization of intelligent robotics. Expand Energy appoints danny brown as CEO. Expand Energy appointed Daniel E. Brown President and Chief Executive Officer. Brown brings extensive experience in the energy industry and a background in leading organizations through transformation. He succeeds interim CEO Michael Wichterich. ManpowerGroup names Becky Frankiewicz as CEO. ManpowerGroup named Becky Frankiewicz as chief executive officer. She becomes the company's first female CEO and the fifth chief executive in its nearly 80-year history. She joined ManpowerGroup in 2017 as North America President, with prior leadership experience at PepsiCo (Quaker Foods North America), Deloitte, Arthur Andersen, and Procter & Gamble. Chord Energy names Michael Lou as CEO. Chord Energy appointed Michael Lou President and Chief Executive Officer. Lou previously served as the company's Chief Strategy Officer and Chief Commercial Officer, as well as CFO. He brings more than 25 years of oil and gas industry experience. Shutterstock announced that founder Jon Oringer returned as Chief Executive Officer. Oringer previously served as CEO until 2020 and will continue as Chairman of the Board. The leadership change comes as Shutterstock focuses on its long-term strategy, strategic investments, and generative AI opportunities. Q2 Holdings appoints Jonathan price as co-ceo. Q2 Holdings appointed Jonathan A. Price co-chief executive officer and a director. Mr. Price has served as Q2's Chief Financial Officer since November 2024. He previously served as Executive Vice President, Strategy & Emerging Businesses, and has held roles of increasing responsibility across corporate development, business development, and emerging businesses since joining Q2 in 2018. Jackson Hole Airport announces kevin Bumen as CEO. Jackson Hole Airport will have a new face at the helm. Kevin Bumen will take over as chief executive officer after a career in California airports. He most recently served as chief commercial officer at San Francisco International Airport. Turning Point Brands names David glazek as CEO. Turning Point Brands appointed Executive Chairman David E. Glazek Chief Executive Officer. Glazek succeeds Graham Purdy and will lead the branded consumer products company through its next phase of business development. ModMed names Joe Harpaz as CEO. ModMed named Joe Harpaz Chief Executive Officer. Harpaz previously shared the CEO role with co-founder Dan Cane. The updated leadership structure positions Harpaz to lead the business while Cane transitions to the company's newly created Chief AI Officer position.

Expand Energy reports Q3 2026 earnings of $2.24 per share. M Alfathan Rahman Reviewed by Gotrade Internal Analyst Oct 28, 2026 Gotrade News - Expand Energy (EXE) reported third-quarter 2026 net income of $519 million, or $2.24 per fully diluted share, and adjusted net income of $338 million, or $1.46 per diluted share, according to the company's official release, published at 4:03 p.m. ET on Tuesday, October 27, 2026. EXE market data. | Ticker | Close | Daily change | Market cap | | EXE | $94.62 | +0.64% | $21.9 billion | Regular-session close on October 27, 2026, New York time. Prices and changes: Yahoo Finance, cross-checked against the closing price on Nasdaq.com. Market cap: that close times the shares outstanding on the latest 10-Q or 10-K cover (SEC EDGAR). Expand Energy earnings details. The company reported net cash provided by operating activities of $1,177 million for the quarter, which it said was driven by operational performance and liquids revenue. Adjusted EBITDAX, a non-GAAP measure, came to $1,229 million. Net production averaged 7.54 Bcfe/d, 92% of it natural gas, including 6.9 Bcf/d of natural gas, 17 MBbls/d of oil and 87 MBbls/d of natural gas liquids. Total debt stood at $4.6 billion at quarter-end, with a leverage ratio of 0.8x. The company repurchased $305 million of common stock in the quarter, and said year-to-date repurchases total approximately $900 million, or 4% of shares outstanding. It has $1 billion of capacity for additional repurchases under its previously announced expanded authorization. For the full year 2026, the company expects to run 11 to 12 rigs, has updated its capital investment guidance to approximately $3 billion and expects average daily production of approximately 7.45 to 7.55 Bcfe/d. It reported $150 million of marketing adjusted EBITDA for the nine months ended September 30, 2026, and expects $80 million of marketing EBITDA in the fourth quarter, reflecting the impact of the Twin Eagle acquisition. Why it matters for EXE. Expand Energy, which describes itself as the largest natural gas producer in the U.S., completed its acquisition of Twin Eagle Holdings, N.A., LLC on September 16, 2026. President and Chief Executive Officer Danny Brown said the company is "uniquely positioned to monetize the volatility we see in the gas market today, provide advantaged supply to premium markets and capitalize on the demand growth we expect in the future." He added that he looks forward to working with the team "to continue the momentum built and firmly establish Expand Energy as North America's leading integrated gas company." The company said it expects to continue an allocation of capital that includes opportunistic share repurchases, while preserving balance sheet capacity. It plans to pay its quarterly base dividend of $0.575 per share on Thursday, December 3, 2026, to shareholders of record at the close of business on Thursday, November 12, 2026. What to watch next: Expand Energy holds a conference call to discuss its third-quarter 2026 results and 2026 outlook at 9 a.m. ET on Wednesday, October 28, 2026. This article is for education and information only and is not investment advice. Investment decisions are yours to make after your own research. Sources. Disclaimer Gotrade is the trading name of Gotrade Securities Inc., which is registered with and supervised by the Labuan Financial Services Authority (LFSA). This content is for educational purposes only and does not constitute financial advice. Always do your own research (DYOR) before investing.