Expand Energy (EXE) is delivering strong Haynesville results and is on track to generate $3+ billion in annual free cash flow (FCF) starting in 2026, assuming current natural gas strip prices of around $4/MMBtu. The company remains heavily gas-weighted, with Haynesville operations representing nearly half of its total production and capital expenditures.
Haynesville Wells Drilled Last 12 Months – $10
Includes: Account, Well Name, Locations, Contractor and Rig….
Haynesville Focus
- 42% of 2H 2025 production and 54% of D&C capex are allocated to the Haynesville.
- 7 active rigs are currently operating in the play, supported by ~$1.2 billion in 2025 D&C spend.
- Expand’s production is projected to reach ~2.9 Bcfe/d in 2025, significantly outpacing peers such as Comstock Resources (CRK), whose output has dipped to ~1.3 Bcfe/d despite similar capital budgets.
This performance underscores Expand’s capital efficiency advantage and strategic positioning within one of North America’s most critical natural gas supply corridors — feeding Gulf Coast LNG growth and data center power demand.
2025 Drilling Activity Snapshot
Expand Energy’s latest drilling dataset highlights a focused operational footprint across Louisiana, Pennsylvania, and Oklahoma, with clear momentum in the Haynesville and Marcellus plays.
Regional Breakdown
A total of 116 wells were drilled, spanning three U.S. states:
- Louisiana (LA) – 72 wells
- Pennsylvania (PA) – 43 wells
- Oklahoma (OK) – 1 well
Louisiana remains the dominant hub, accounting for over 60% of total wells drilled, consistent with the company’s Haynesville expansion strategy and LNG-linked development push.
County-Level Hotspots
Activity concentrated heavily in key producing counties:
County Wells Drilled De Soto, LA 31 Bradford, PA 22 Sabine, LA 13 Red River, LA 12 Wyoming, PA 10 Natchitoches, LA 9 Caddo, LA 7
De Soto Parish leads all counties — reaffirming its position as one of the most productive natural gas regions in the Haynesville Shale. Bradford County, Pennsylvania, remains Expand’s top-performing area in the Marcellus region.
Contractor & Rig Activity
Rig utilization data reflects the scale and consistency of Expand’s drilling operations:
Contractor & Rig Wells Drilled Patterson 583 20 Precision 569 20 Cactus 149 12 Patterson 586 12 Cactus 158 10 SWN Drilling 502/504/503 19 combined
Patterson-UTI and Precision Drilling account for more than one-third of all wells, reinforcing strong relationships with top-tier contractors. The presence of SWN Drilling rigs highlights integration within shared infrastructure zones and JV acreage positions.
Takeaway
Expand Energy’s 2025 dataset and operational strategy tell a consistent story — gas-weighted growth, capital discipline, and high efficiency in the Haynesville and Marcellus basins.
With rising LNG export demand and power-sector load from AI-driven data centers, Expand’s Haynesville footprint positions it among the best-leveraged natural gas producers heading into 2026.
