The merger between Chesapeake Energy and Southwestern Energy closed on October 1, 2024, meaning that the Q3 2025 results mark a full year of performance for the combined and rebranded Expand Energy. Performance to date validates the deal rationale. Productivity benefits from optimized development across the combined footprint, drilling efficiencies continue to be realized, per unit operating expenses have trended down, and strong initial capitalization has improved even further.
- Unrivaled gas scale with line of sight to maintain ~7.5 Bcfe/d of net production.
- Consolidating the core of the Haynesville creates multiple decades of low-cost Gulf Coast gas inventory that differentiates Expand from other Appalachian-centric pure-play gas peers. Over 70% of remaining Haynesville inventory sits in Tier-1 or Tier-2 rock quality.
- Novi models >9,300 gross operated locations remaining across ~68 MM lateral feet. Expand’s 1H 2025 TIL cadence in lateral feet implies a total remaining inventory life of almost 19 years.
Figure 1: Expand Haynesville Shale Drilled Wells Figure 2. Expand Haynesville Shale Remaining Inventory
Figure 3: Expand Marcellus Shale Drilled Wells Figure 4. Expand Marcellus Shale Remaining Inventory
Get the full Expand Energy Corporation corporate report
Our Q3 2025 corporate update covers Expand’s inventory depth in both basins, inventory breakeven’s by operating area, financial objectives, and other notable updates for the company. https://intelligence.novilabs.com/login/
Key Takeaways
- The Chesapeake Energy and Southwestern Energy merger closed on October 1, 2024, and Q3 2025 marks the first full year of Expand Energy’s combined performance.
- Expand Energy reported productivity gains from optimized development across the combined footprint and ongoing drilling efficiencies since the merger.
- Expand Energy reported per-unit operating expenses trending down and initial capitalization strengthening further post-merger.
- Expand Energy has line of sight to maintain approximately 7.5 Bcfe/d of net production.
- Expand Energy’s consolidated Haynesville position provides multiple decades of low-cost Gulf Coast gas inventory, with over 70% in Tier-1 or Tier-2 rock quality.
- Novi Labs models more than 9,300 gross operated locations remaining across approximately 68 MM lateral feet for Expand Energy.
- Expand Energy’s 1H 2025 TIL cadence in lateral feet implies a remaining inventory life of almost 19 years, per Novi Labs.
