Corporate Analysis: Expand Energy Corporation Q2 2026

Expand Energy is the largest U.S. natural gas producer on both a gross operated and total net basis, with leading positions in the Haynesville and Marcellus and more low-cost gas inventory than any other peer. Novi models more than 10,000 remaining gross locations across Expand’s portfolio, with a median NPV25 wet-gas breakeven of $2.77/Mcf. Its Haynesville position is particularly differentiated, providing more than 30 years of inventory at the current development pace with a median NPV25 breakeven of $2.56/Mcf, while its Marcellus and Utica positions provide additional scale and optionality across Appalachia.

This Q2 2026 Corporate Note examines how Expand is leveraging that inventory and production scale to create additional value through commercial integration, including its $1.25 billion acquisition of Twin Eagle Holdings.

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