Expand Energy (EXE) official guidance

This past year, in 2026, you'll spend about $250 million on organic lease acquisitions.

The $2.50 is out when we deliver the 750 run rate on our marketing and commercial, and then the intermediate stop in 2028 will be around $2.60, and that includes dividend.

We will actually see about a 50% reduction in our diesel usage heading into 2027 as we have more e-fleets coming into the program.

We expect to drill probably two wells in 2027 there.

What we've also laid out is with the synergies, we have good line of sight to get the total number for marketing commercial up to $500 million by 2028.

We said for the fourth quarter, $80 million of EBITDA of the combined marketing and commercial business, which was our kind of business with the Twin Eagle business.

Based upon some of our early outlooks for 2027, we could anticipate a low to mid-single digit inflationary factor from heading from 2026 into 2027.

That translates to about $0.20 per Mcf.

The combined Expand and Twin Eagle marketing profits are expected to add $0.12 per Mcfe to our fourth quarter margin.

Included in our guide, and you'll notice there's a relatively wide range of production expectations from 7.4 Bcf to 7.6 Bcf a day for Q4.

We expect to see about a 2%-3% improvement in well productivity year over year.

For the full year 2026, Expand Energy expects to run 11 – 12 rigs and has updated its capital investment guidance to approximately $3 billion. Average daily production is expected to be approximately 7.45 – 7.55 Bcfe/d.

For the full year 2026, Expand Energy expects to run 11 – 12 rigs and has updated its capital investment guidance to approximately $3 billion. Average daily production is expected to be approximately 7.45 – 7.55 Bcfe/d.

During the fourth quarter, the Company expects $80 million of marketing EBITDA, reflecting the impact of the Twin Eagle acquisition (the "Twin Eagle Acquisition"), which closed in September 2026.

For the full year 2026, Expand Energy expects to run 11 – 12 rigs and has updated its capital investment guidance to approximately $3 billion. Average daily production is expected to be approximately 7.45 – 7.55 Bcfe/d.

As we think about that run rate coming out of the year, right now, again, our business is built around delivering that 7.5 Bcf a day, you will see us move above and below that, of course, across the year, again, trying to best align our production with price.

Q2 will end up being the high point of our CapEx for the year.

Really, I think the main thing there is, you know, we are in a position where we expect to deliver 7.5 Bcf a day at $2.85 billion in CapEx.

Expand Energy expects to utilize free cash flow generated during 2026 to further strengthen its balance sheet in order to create more capacity at cycle lows while also returning cash to shareholders through the base dividend and share repurchases.

Your budget outlines $75 million for the Western Haynesville this year.