Expand Energy
29 named things its latest annual report says its results depend on, each in the company's own words. 17 of them are also named by other companies we've read.
Customers
Customer receivables (energy companies, end users and refineries)
earns from · $1,363 millionnamed as a riskIn addition to credit risk related to receivables from commodity derivative contracts, our principal exposures to credit risk are through receivables resulting from the sale of our natural gas, oil and NGL production that we market to energy companies, end users and refineries ($1,363 million as of December 31, 2025).Risk factors (Item 1A)
Unnamed major purchaser
earns from · 11% of our total revenuesFor the year ended December 31, 2025, we had sales to one purchaser that accounted for 11% of our total revenues (before the effects of hedging).Business (Item 1)
U.S. LNG export market
earns fromnamed as a riskU.S. LNG exports have helped drive domestic demand for natural gas, and, as a natural gas producer, we could be materially and adversely impacted by a deterioration in the U.S. LNG export industry, which could in turn reduce demand for natural gas.Risk factors (Item 1A)
Suppliers
Third-party pipelines and gathering systems
depends onnamed as a riskWe rely heavily on third parties to meet our natural gas, oil and NGL gathering needs.Risk factors (Item 1A)
Partners and platforms
New Generation Gas Gathering (NG3) pipeline
depends on · approximately 900 MMcf per daynamed as a riskWe have a gathering agreement in which approximately 900 MMcf per day, on average, of natural gas are to be gathered and processed by the NG3 pipeline over the course of the next 12 years.Risk factors (Item 1A)
Momentum Sustainable Ventures LLC
35% interestnamed as a riskWe have a 35% interest in the joint venture entity.Risk factors (Item 1A)
Other companies
Derivative counterparties (financial institutions)
net assets of $305 millionnamed as a riskNatural gas, oil and NGL derivative transactions expose us to the risk that our counterparties, which are generally financial institutions, may be unable to satisfy their obligations to us.Risk factors (Item 1A)
Long-term gathering, processing and transportation delivery commitments
depends on · approximately 7,800 Bcf and 42 MMBblsnamed as a riskAs of December 31, 2025, we had delivery commitments for gas and NGLs of approximately 7,800 Bcf and 42 MMBbls over the next 20 and 17 years, respectively.Business (Item 1)
Southwestern Energy senior notes
approximately $3.7 billionnamed as a riskAs of December 31, 2025, we had indebtedness of approximately $5.0 billion, which included approximately $3.7 billion of Southwestern’s senior notes we assumed as a result of the Southwestern Merger during the year ended December 31, 2024.Risk factors (Item 1A)
Places
Marcellus Shale (Pennsylvania, Northeast Appalachia)
concentrated in · 42%Haynesville, Northeast Appalachia and Southwest Appalachia accounted for approximately 23%, 42% and 35%, respectively, of our estimated proved reserves by volume as of December 31, 2025.Business (Item 1)
Also named by AM, CHRD, CNX, EQT, MPLX, RRC, UGI, WMB and 1 more
Haynesville Shale (Louisiana and Texas)
concentrated in · approximately 23%Haynesville, Northeast Appalachia and Southwest Appalachia accounted for approximately 23%, 42% and 35%, respectively, of our estimated proved reserves by volume as of December 31, 2025.Business (Item 1)
Also named by WMB
Marcellus and Utica Shales (West Virginia and Ohio, Southwest Appalachia)
concentrated in · 35%Haynesville, Northeast Appalachia and Southwest Appalachia accounted for approximately 23%, 42% and 35%, respectively, of our estimated proved reserves by volume as of December 31, 2025.Business (Item 1)
Oklahoma City, Oklahoma
operates innamed as a riskIn addition, our headquarters is currently located in Oklahoma City, Oklahoma, an area that experiences earthquakes and severe weather events, including tornadoes.Risk factors (Item 1A)
Also named by AIR
Hazards
Earthquakes and tornadoes (Oklahoma)
concentrated innamed as a riskOur information systems and administrative and management processes are primarily provided to our various drilling projects and producing wells throughout the United States from this location, which could be disrupted if a catastrophic event destroyed or severely damaged our headquarters.Risk factors (Item 1A)
Commodities and inputs
Natural gas
exposed to its price · $7,433 millionnamed as a riskFor the year ended December 31, 2025, natural gas, oil and NGL revenues, excluding any effect of our derivative instruments, were $7,433 million, $319 million, and $724 million, respectively.Market risk (Item 7A)
Also named by AA, ADM, AEE, AEP, AES, AESI, AGX, ALB and 132 more
Crude oil (NYMEX WTI)
exposed to its price · $319 millionnamed as a riskOil production is sold under short-to-long-term market-sensitive and spot price contracts using a differential to NYMEX WTI.Business (Item 1)
Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more
Natural gas liquids (NGL)
exposed to its price · $724 millionnamed as a riskBased on production, natural gas, oil and NGL revenue for the year ended December 31, 2025 would have increased or decreased by approximately $743 million, $32 million, and $72 million, respectively, for each 10% increase or decrease in prices.Market risk (Item 7A)
Also named by AM, APA, AR, CHRD, CNX, CRGY, DOW, DVN and 17 more
Henry Hub natural gas
exposed to its pricenamed as a riskLNG and natural gas are traded according to prices determined with reference to a variety of international indices, including the Japan Korea Marker (JKM) and the Dutch TTF market, each of which may materially differ from prices that use the U.S. Henry Hub index as a reference price.Risk factors (Item 1A)
Also named by AM, AR, ATI, BSM, BTU, CNX, CRGY, DVN and 13 more
Water supply for hydraulic fracturing
depends onnamed as a riskOur inability to secure sufficient amounts of water, or to dispose of or recycle the water used in our operations, could adversely impact our operations in certain areas.Risk factors (Item 1A)
Regulators
Pipeline and Hazardous Materials Safety Administration (PHMSA)
subject tonamed as a riskThe pipeline assets in which we own interests are subject to stringent and complex regulations related to pipeline safety and integrity management.Risk factors (Item 1A)
Also named by AM, ATO, BKH, CHRD, CNX, CP, CRC, CRGY and 29 more
U.S. Department of Energy (DOE) LNG export authorizations
subject tonamed as a riskAccordingly, the regulatory landscape governing the LNG industry remains subject to change.Business (Item 1)
Laws and programs
Inflation Reduction Act corporate alternative minimum tax (CAMT)
subject to · 15%named as a riskBased on our book income for the past three years, we believe we are subject to the CAMT and will remain subject to the CAMT for the foreseeable future.Risk factors (Item 1A)
Also named by HESM, JXN, KLAC, NRG, Q, RRC, SO, TRGP and 2 more
Credit Agreement (2025 Credit Facility)
not to exceed 65%named as a riskAs an example, our Amended and Restated Credit Agreement dated September 30, 2025 (the “Credit Agreement”) requires us to comply with a total indebtedness to capitalization ratio not to exceed 65%.Risk factors (Item 1A)
Also named by CELH, COHR, GTX, IRM, MP, RBA, RRGB, STRL and 1 more
Hydraulic fracturing regulation
subject tonamed as a riskFurther restrictions of hydraulic fracturing could make it difficult or impossible to conduct our drilling and completion operations, and thereby reduce the amount of natural gas, oil and NGLs that we are ultimately able to produce from our properties.Business (Item 1)
Also named by AESI, AGX, AM, COP, CVX, DTM, EPD, HESM and 7 more
Internal Revenue Code Section 382
subject tonamed as a riskUpon the completion of the Southwestern Merger, we experienced an ownership change under Section 382 of the Internal Revenue Code of 1986, as amended (the “Code” and such change, a “Section 382 Ownership Change”), for purposes of both Southwestern’s tax attributes as well as for our own.Risk factors (Item 1A)
EPA methane rules (Subparts OOOOb and OOOOc)
subject tonamed as a riskThese rules and policy priorities could have a material adverse effect on our financial position, results of operations and cash flows.Business (Item 1)
Inflation Reduction Act Waste Emissions Charge
subject tonamed as a riskTo the extent the WEC rule is again promulgated and implemented, the emissions fee and funding provisions of the law could increase operating costs within the oil and gas industry and accelerate the transition away from fossil fuels, which could in turn adversely affect our business and results of operations.Business (Item 1)
EU methane regulation
subject tonamed as a riskIn April 2024, the European Union adopted a regulation to track and reduce methane emissions in the energy sector, including requiring new monitoring, reporting and verification measures to be applied by importers of oil, natural gas and coal into the European Union by January 1, 2027, and the “maximum methane intensity values” must be met by 2030 and every year thereafter.Business (Item 1)
Also named by BKR
BLM waste prevention rule
subject tonamed as a riskAny future restrictions surrounding onshore drilling and restrictions on the ability to obtain required permits could have a material adverse impact on our operations.Business (Item 1)
Also named by EOG