Expand Energy is the largest independent natural gas producer in the U.S., operating across three shale basins: Haynesville (Louisiana and Texas), Northeast Appalachia (Pennsylvania Marcellus), and Southwest Appalachia (West Virginia and Ohio, Marcellus and Utica). Natural gas accounts for roughly 92% of total production volumes, with the remainder split between oil and NGLs. Expand sells gas primarily to utilities, intermediary purchasers, and industrial end users under index-linked or spot contracts, with revenue largely tied to Henry Hub and regional pricing. The company is building direct commercial relationships with power generators, LNG facilities, and industrial customers. Expand's profitability is driven by the spread between realized commodity prices and per-unit drilling, completion, and gathering costs. The company runs a hedging program targeting 50-60% of near-term production, which reduces downside exposure in low-price environments. Expand formed in October 2024 through the merger of Chesapeake and Southwestern, which generated over $500M in annual synergies and materially reduced Haynesville well costs. The company owns drilling rigs and a sand mine in the Haynesville, giving it operational control over well costs. Expand's growth strategy centers on operational efficiency gains and building a commercial business to move gas to premium markets, including Gulf Coast LNG export facilities. Management targets roughly $0.20/Mcfe improvement in realized prices over three to five years through better market access, storage utilization, and new downstream offtake contracts. Capital allocation priorities are, in order: a base dividend, debt reduction, and shareholder returns via variable dividends and buybacks.