Expand Energy Corporation 2Q26 Earnings Recap - Investing In Itself

Research evidence excerpt

Expand Energy Corporation 2Q26 Earnings Recap - Investing In Itself

Global Research

28 July 2026ab

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EquitiesExpand Energy Corporation

2Q26 Earnings Recap - Investing In Itself United States

Oil Companies, Major

12-month rating Buy *

2Q CFPS Beat & Buybacks Ramp Amidst YTD Underperformance

We view EXE’s 2Q update as mostly positive. 2Q CFPS beat and buybacks were robust, 12m price target US$127.00

offset by capex now trending to the high end of the FY26 guide on higher leasehold.

Operational performance was also strong across the core regions, including new

Price (28 Jul 2026) US$88.52

completions leading to stronger Haynesville well productivity and lower breakeven costs.

EXE clearly took advantage of its stock trading near 52-week lows with $530mm of RIC: EXE.O BBG: EXE US

buybacks vs. our $400mm estimate and announcing a new $1Bn authorization to Trading data and key metrics

further support shareholder returns. We look for additional Twin Eagle details tomorrow,

52-wk range US$122.89-86.95

but we see the transaction as a platform to support EXE’s goal of improving FCF

Market cap. US$21.3b

generation from the existing Upstream asset base.

Shares o/s 240m (COM)

Free float 84%

Key Highlights from EXE's 2Q26 Earnings Release:

Avg. daily volume ('000) 3,590

2Q26 Results. EXE reported 2Q26 CFPS $4.79, a beat vs. UBSe/Street $4.59/ Avg. daily value (m) US$329.2

$4.55 with the beat vs. UBSe largely driven by lower opex. 2Q26 total production Common s/h equity (12/26E) US$19.2b

averaged 7.48Bcfepd, topping UBSe/Street's 7.46Bcfepd and near the high end of P/BV (12/26E) 1.1x

the 7.4-7.5Bcfepd guide. 2Q26's $851mm total capex was above UBSe/Street Net debt to EBITDA (12/26E) 0.4x

$820/$818mm, and above the $770-$845mm guide's high end.

EPS (UBS, diluted) (USD)