文章核心观点 - 公司是在2024财年第四季度第一个工作日成立的,因此报告的业绩是切萨皮克能源(CHK)单独的 [2] - 分析师认为石油天然气行业是周期性的,需要耐心和经验 [2] - 分析师持有公司股票的长期头寸 [3] 公司概况 - 公司名称为Expand Energy,股票代码为NASDAQ: EXE [2] 行业分析 - 分析师认为石油天然气行业是周期性的,需要耐心和经验 [2]

公司概况和战略 - 完成Southwestern Merger，创建一家领先的能源公司，拥有优质的天然气资产组合[102] - 成为美国最大的独立天然气生产商，专注于负责任地开发丰富的天然气、石油和天然气液体资源[103] - 通过提高运营效率和财务纪律、改善ESG表现来创造股东价值[104] - 目标实现2035年范围1和2的温室气体排放净零[106] - 在全部资产组合中维持100%的负责任采购天然气认证[107] 财务表现 - 获得标普和惠誉的投资级评级，提升财务灵活性[111] - 完成出售Eagle Ford资产交易,获得约27亿美元收益[112][113][114] - 签订LNG出口交易,每年出口约50万吨LNG[115] - 投资建设天然气集输管线和碳捕集项目,预计2025年第四季度投产[117] - 公司在第四季度完成了对西南公司的并购,承接了约37亿美元的西南公司高级票据[129] - 公司预计在2024年第四季度完成30至35口新井的投产,并计划投资6.2亿至6.9亿美元的资本支出[130] - 公司2024年第三季度的经营活动现金流为11.83亿美元,较上年同期的19.1亿美元有所下降,主要是由于天然气销售价格下降以及销量下降所致[132] - 公司在2024年第三季度收到了1.16亿美元的延期对价,与之前的页岩油资产出售交易相关[134] - 公司2024年第三季度的资本支出较上年同期有所下降,主要是由于在马塞勒斯和海尼斯维尔地区的钻井及完井活动减少,以及页岩油资产出售后页岩油地区的活动减少[136] - 公司2024年第三季度的天然气产量为26.47亿立方英尺/天,平均实现价格为1.67美元/千立方英尺[143] - 公司2024年前三季度的天然气产量为33.78亿立方英尺/天,平均实现价格为1.89美元/千立方英尺[144] - 公司2023年前三季度的天然气产量为28.62亿立方英尺/天,平均实现价格为1.75美元/千立方英尺[145] - 公司2023年前三季度的页岩油产量为26,000桶/天,平均实现价格为77.41美元/桶,NGL产量为12,000桶/天,平均实现价格为25.61美元/桶[147] - 公司2023年前三季度的总产量为37.37亿立方英尺/天,平均实现价格为2.99美元/千立方英尺[147] - 天然气、原油和天然气液体销售额在当前季度较上一季度减少2.75亿美元[148] - 天然气、原油和天然气液体销售额在当前期间较上一期间减少14.1亿美元[149] - 生产费用在当前季度较上一季度减少2300万美元[150] - 生产费用在当前期间较上一期间减少1.35亿美元[151] - 集输、加工和运输费用在当前季度较上一季度减少4000万美元[151] - 集输、加工和运输费用在当前期间较上一期间减少1.84亿美元[152] - 天然气衍生品总收益在当前季度为4600万美元[155] - 天然气衍生品总收益在当前期间为2.07亿美元[155] - 一般及行政费用在当前季度和当前期间较上一年同期有所增加[156] - 折旧、折耗和摊销费用在当前季度和当前期间较上一年同期有所增加[160] - 公司在本期和本期间分别确认了约1700万美元和4300万美元与西南合并相关的成本[161] - 总利息费用在本期间较上期有所下降,主要是由于平均债务余额下降以及资本化利息增加所致[162] - 本期其他收入增加主要是由于平均现金余额增加导致利息收入增加[163] - 本期确认了1.05亿美元的所得税收益,主要是由于递延联邦和州所得税的预测[164] 风险管理 - 公司计划通过各种衍生工具来降低天然气、原油和天然气液体价格波动的风险敞口[173][174][176] - 本期天然气收入为13.74亿美元,如果价格上下波动10%,收入将相应增减1.37亿美元[175] - 本期天然气衍生工具的公允价值净资产为1.91亿美元,价格上下波动10%将使其估值分别减少1.76亿美元或增加1.8亿美元[175] - 西南合并后,公司约有37亿美元的固定利率优先票据,并已偿还了5.85亿美元的浮动利率贷款[178] - 公司主要面临的利率风险来自于信贷融资,利率为浮动利率[177] 内部控制和合规 - 公司维持有效的信息披露控制和程序,确保信息的准确性和及时性[179,180] - 公司内部控制未发生重大变化,有效保障财务报告的可靠性[181] - 公司涉及一些日常经营过程中的诉讼和监管程序,但预计不会对未来的财务状况和经营业绩产生重大不利影响[183,184,185] - 公司高度重视环境风险管理,建立了相应的政策和程序来识别和应对环境责任[186]

Exhibit 99.1 N E W S R E L E A S E Expand Energy Corporation Reports Third Quarter 2024 Results, Provides Preliminary 2025 Capital and Operating Plan and Announces Enhanced Capital Return Framework OKLAHOMA CITY, October 29, 2024 – Expand Energy Corporation (NASDAQ:EXE) ("Expand Energy" or the "company") today reported third quarter 2024 financial and operating results. In addition, the company provided its preliminary 2025 capital and operating plan and announced details regarding its enhanced capital retu ...

Laura Starks is the founder and CEO of Starks Energy Economics, LLC (since 2007). She has a degree in chemical engineering and an MBA with a concentration in finance which she has used for many years to invest personally and to share her ideas about energy companies. Her coverage includes utilities, independent power producers, energy service companies and contractors, a few petrochemical companies, and all sectors of oil and natural gas: upstream, midstream, and downstream Analyst's Disclosure: I/we have a ...

OKLAHOMA CITY, Oct. 01, 2024 (GLOBE NEWSWIRE) -- Chesapeake Energy Corporation (NASDAQ: CHK) and Southwestern Energy Company (NYSE: SWN) today closed on their previously announced combination. The combined company has been rebranded as Expand Energy Corporation. Expand Energy's common stock will commence public trading on the NASDAQ under the ticker "EXE" at the open of trading on October 2, 2024, and will continue to trade today under the symbol "CHK". "As America's largest natural gas producer and a top p ...

Shares of Chesapeake Energy Corp CHK climbed in early trading on Friday, as oil prices moved slightly higher after the Personal Consumption Expenditures (PCE) Price Index report showed lower inflation in August than expected. Gas prices are likely to rise over the next few years, and the company will be the largest natural gas producer following the merger with Southwestern Energy Co SWN, according to Roth Capital Partners. Analyst Leo Mariani initiated coverage of Chesapeake Energy with a Buy rating and pr ...

Hart-Scott-Rodino Act waiting period has expired Company to be rebranded as Expand Energy and trade on NASDAQ under "EXE" ticker symbol OKLAHOMA CITY and SPRING, Texas, Sept. 26, 2024 /PRNewswire/ -- Chesapeake Energy Corporation (NASDAQ: CHK) and Southwestern Energy Company (NYSE: SWN) today announced the waiting period in connection with the companies' pending combination under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 ("HSR Act") has expired. The companies expect the merger to close in the ...

Chesapeake Energy Corporation (CHK) has announced that the pending merger with Southwestern Energy (SWN) is anticipated to close early in the fourth quarter of this year. Chesapeake Energy had announced the acquisition of rival natural gas firm Southwestern Energy in an all-stock deal, in January 2024. The deal was valued at approximately $7 billion. The acquisition was originally anticipated to be closed by the end of the second quarter. However, the U.S. Federal Trade Commission's (FTC) request for additi ...

When the market gets too long or too short in any given set of stocks or asset classes, investors must eventually watch out for the changing tides. Just like anything that is priced openly to the public, stocks that run out of buyers will need to see lower prices to attract new business, just like stocks that run out of sellers need to see higher prices instead. Today, a few stocks stand out as potential names that could be running out of buyers soon. The catalyst to bring higher prices to them and shake ol ...

A commodity cycle is underway again, and this time, Warren Buffett is backing up the new views on the energy sector's potential rally higher. According to the CME's FedWatch tool prediction for September 2024, interest rate cuts could be underway soon. If the Fed ends up delivering these cuts, demand for oil due to business activity could soon soar. More than that, recovering economies like China, which represented roughly 40% of global oil demand preCOVID, could help deliver the sort of tailwinds that the ...