Expand Energy Closes Twin Eagle Deal and Lifts 2026 Capital Plan

The Tip Desk · November 8, 2026 · 3 min read

The company completed the Twin Eagle acquisition on September 16 and raised 2026 capital guidance to about $3 billion after third-quarter net income of $519 million.

Expand Energy Corporation (EXE) completed the Twin Eagle Holdings acquisition on September 16 and lifted its 2026 capital-investment outlook to approximately $3 billion after a third quarter in which net production reached 7.54 Bcfe/d.

The integrated natural gas producer said it operated an average of 11 rigs, drilled 46 wells and turned 59 wells in line. That rig count was down from 12 in the second quarter and 13 in the first.

Net income was $519 million, or $2.24 a share, compared with $522 million, or $2.19 a share, in the second quarter. Adjusted net income was $338 million, or $1.46 a share. Adjusted EBITDAX was $1,229 million. Net cash from operations was $1,177 million.

Production mix remained gas-heavy: 6.9 Bcf/d of natural gas, 17 MBbls/d of oil and 87 MBbls/d of NGLs, with 92% of volumes in natural gas. Haynesville contributed 3,178 MMcf/d at $2.68 a Mcf, Northeast Appalachia 2,593 MMcf/d at $2.15 a Mcf, and Southwest Appalachia 1,145 MMcf/d of gas plus oil and NGLs. Average realized prices including derivatives were $2.94 a Mcf for gas, $75.97 a barrel for oil and $25.87 a barrel for NGLs.

Total revenues and other were $3.29 billion. Natural gas, oil and NGL revenue was $1.88 billion, marketing revenue $927 million, and gains on derivatives $464 million. Income from operations was $640 million.

The Twin Eagle close added $1.40 billion of cash used in business combinations in the quarter. Total debt rose to $4.6 billion at quarter-end from $3.7 billion after the April senior-note redemption. Leverage was 0.8x. Cash and cash equivalents were $118 million.

Marketing Adjusted EBITDA was $35 million in the third quarter, versus $7 million a year earlier. For the nine months ended September 30, the company reported $150 million of marketing adjusted EBITDA. It expects $80 million of marketing EBITDA in the fourth quarter, reflecting Twin Eagle.

Capital expenditures accrued were $794 million in the quarter, including $643 million of drilling and completion spending. For the full year 2026, Expand Energy expects to run 11 to 12 rigs and has updated capital investment guidance to approximately $3 billion, from the $2.75 billion to $2.95 billion range given after the second quarter. Average daily production is expected at approximately 7.45 to 7.55 Bcfe/d.

The company repurchased $305 million of common stock in the third quarter. Year-to-date repurchases total approximately $900 million, or 4% of shares outstanding. It has $1 billion of remaining capacity under its expanded authorization and plans to pay a $0.575 a share quarterly dividend on December 3, 2026.

President and Chief Executive Officer Danny Brown said Expand Energy is positioned to monetize gas-market volatility, supply premium markets and capitalize on expected demand growth. The company said it expects to continue a returns-focused allocation of capital, including opportunistic share repurchases, while preserving balance-sheet capacity.