Expand Energy

EXE’s framework is to fund high‑return drilling, reduce net debt by ≥$1 billion annually, pay a $2.30/share base dividend, and return 75% of remaining FCF via buybacks/variable dividends. In 2025, the company repurchased 0.9 million shares for ~$100 million under its new $1 billion authorization while maintaining disciplined capex ($2.74 billion).

Integration synergy targets were raised post‑merger and management guides to full run‑rate by 2026. We view this as generally shareholder‑friendly, tempered by commodity cyclicality and modest SBC/warrant dilution from legacy instruments.