Expand Energy Corporation is the largest independent natural gas producer in North America, formed in October 2024 through the combination of Chesapeake Energy Corporation and Southwestern Energy Company. The company is primarily engaged in the acquisition, exploration, and development of unconventional reservoirs to produce natural gas, oil, and natural gas liquids (NGLs). Expand Energy's operations are concentrated in two major natural gas basins in the United States: the Appalachian Basin (including the Marcellus and Utica Shales in Pennsylvania, Ohio, and West Virginia) and the Haynesville Basin (including the Haynesville and Bossier Shales in Louisiana and Texas).
The company's business model centers on large-scale natural gas extraction, leveraging its extensive acreage and proved reserves to supply domestic markets and international liquefied natural gas (LNG) export facilities. Expand Energy's production is overwhelmingly weighted toward natural gas, which accounts for over 90% of its total production volume (approximately 92-93% in recent quarters). Geographically, its production is split between its core operating areas, with the Appalachian Basin providing proximity to Northeast and Mid-Atlantic population centers, and the Haynesville Basin offering access to the LNG export corridor along the U.S. Gulf Coast. To support its long-term strategy and diversify its demand sources, the company has secured long-term LNG offtake agreements, including a 20-year agreement with Delfin FLNG. Expand Energy generates revenue primarily through the sale of natural gas, oil, and NGLs to marketers, utilities, and industrial consumers.
