Expand Energy reports improved earnings

Natural gas producer plans $1 billion in debt relief and 20th straight dividend

Published on Feb. 19, 2026

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Expand Energy Corporation, the country's largest natural gas producer, reported strong fourth quarter and full-year 2025 earnings, including a 150% jump in net cash from operating activities to $956 million. The company plans to pay a $0.575 per share quarterly dividend and expects to reduce debt by at least $1 billion in 2026.

Why it matters

Expand Energy's improved financial performance and debt reduction efforts signal the company's ability to navigate market volatility and capitalize on growing demand for natural gas in the power, industrial, and LNG sectors. The earnings report comes shortly after the company announced plans to move its headquarters from Oklahoma City to Houston, Texas.

The details

Expand Energy reported net income of $553 million, or $2.30 per fully diluted share, for the fourth quarter of 2025. For the full year, the company recorded net income of $1.8 billion, or $7.57 per share, and adjusted net income of $1.4 billion, or $6.10 per share. The company reduced gross debt by $660 million in 2025 and $1.25 billion since the close of its merger. Expand Energy operated an average of 12 rigs during the quarter, drilling 51 wells and turning 66 wells in line, resulting in net production of approximately 7.40 Bcfe/d (92% natural gas).

  • Expand Energy announced plans to move its headquarters from Oklahoma City to Houston, Texas, a week before the earnings report.
  • Expand Energy reported its fourth quarter and full-year 2025 earnings on February 17, 2026.

The players

Expand Energy Corporation

The country's largest natural gas producer, which plans to move its headquarters from Oklahoma City to Houston, Texas.

Mike Wichterich

Interim President and Chief Executive Officer of Expand Energy, who took over after the removal of Domenic (Nick) J. Dell'Osso, Jr. as President.

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What they’re saying

“In 2025, Expand Energy took clear action to meet the world's need for affordable, reliable, lower carbon energy. In our first year since announcing the merger, we exceeded our synergy targets and improved our Haynesville breakevens by approximately 15%, while achieving double-digit production growth.”

— Mike Wichterich, Interim President and Chief Executive Officer (okenergytoday.com)

“This year-over-year improvement reflects our scale, financial strength, and capital efficiency. We're creating more value from every molecule, and we're in an advantaged position to meet growing demand in the power, industrial, and LNG markets. In 2026, we expect to deliver higher volumes with less capital, leverage our productive capacity and flexibility to manage volatility, and consistently grow free cash flow.”

— Mike Wichterich, Interim President and Chief Executive Officer (okenergytoday.com)

What’s next

Expand Energy said it expects to pay a $0.575 per share quarterly dividend and reduce debt by at least $1 billion in 2026.

The takeaway

Expand Energy's strong financial performance and debt reduction efforts demonstrate the company's ability to navigate market challenges and capitalize on growing demand for natural gas, positioning it for continued success as it transitions its headquarters to Houston, Texas.