Expand Energy

Cyclicality is material. 2024 results were weak on low gas prices, while 2025 rebounded sharply: total revenues and other of ~$12.1 billion, net income ~$1.82 billion, CFO ~$4.58 billion, and FCF ~$1.84 billion.

Hedging helps near‑term visibility (2.48 Tcf notional gas derivatives at YE25, positive fair value), and long‑dated delivery commitments provide partial volume certainty. However, free cash flow remains highly sensitive to commodity prices and basis. Regulatory and legal risks (LNG permitting dynamics; shale antitrust MDL) add uncertainty.