Expand Energy Solid Operational Delivery as Gas Marketing Strategy Takes Center Stage

Research evidence excerpt

Expand Energy Solid Operational Delivery as Gas Marketing Strategy Takes Center Stage

Equity Research

U.S. Integrated Oil & E&P

28 July 2026

Expand Energy

Solid Operational Delivery as Gas

Marketing Strategy Takes Center

EXE EQUAL WEIGHTStage

Unchanged

2Q highlighted EXE's counter-cyclical cash return framework, U.S. Integrated Oil & E&P POSITIVE

continued Haynesville productivity gains and strategic Unchanged

leasing in NEPA core and Haynesville NFZ extension. We Price Target USDUnchanged110.00

expect investor focus to remain on Twin Eagle and the pace at Price (28-Jul-26) USD 88.52

which integrated gas earnings benefits become visible in Potential Upside/Downside +24.3% Source: Bloomberg, Barclays Research

results.

Market Cap (USD mn) 20492

We see 2Q as an overall neutral update. EBITDX came in 3% above Street on 4% higher capex, Shares Outstanding (mn) 231.50

and forward guidance is largely unchanged. Three things stand out from the quarter update: 1) Free Float (%) 99.70

robust share repurchases in 2Q underpinned by an opportunistic approach on buyback, though 52 Wk Avg Daily Volume (mn) 3.6

we expect the pace to slow in 2H26 given the cash purchase of Twin Eagle; 2) Larger Gen 3 Dividend Yield (%) 2.60

completion designs in the Haynesville that are delivering strong well performance, allowing EXE Return on Equity TTM (%) 17.57

to roughly maintain volumes with fewer wells in 2026. However, longer cycle times mean the Current BVPS (USD) 81.41

capital efficiency benefits are likely to become more evident in 2027: and 3) opportunistic Source: Bloomberg

leasing, highlighted by recent leasehold additions in core NEPA and a new position in the

Natchitoches Fault Zone (NFZ), an emerging Haynesville extension area adjacent to existing Price Performance Exchange-NYSE