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Natural Gas and Oil Property Transactions (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of purchase price allocation We expect to complete the purchase price allocation during the 12-month period following the acquisition date, during which time the value of the assets and liabilities may be revised as appropriate.
Preliminary Purchase Price Allocation
Consideration:
Cash(a)
$585 
Fair value of Expand Energy common stock issued(b)
7,871 
Restricted stock unit and performance stock unit replacement awards17 
Total consideration$8,473 
Fair Value of Assets Acquired:
Cash and cash equivalents and restricted cash$126 
Other current assets828 
Proved natural gas and oil properties10,002 
Unproved properties4,270 
Other property and equipment128 
Other long-term assets496 
Amounts attributable to assets acquired$15,850 
Fair Value of Liabilities Assumed:
Current liabilities$1,955 
Long-term debt3,305 
Deferred tax liabilities479 
Long-term contract liabilities1,287 
Other long-term liabilities351 
Amounts attributable to liabilities assumed7,377 
Total identifiable net assets$8,473 
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(a)Reflects the repayment of $585 million outstanding on Southwestern's 2022 revolving credit facility including $2 million of accrued interest and fees, as the facility was repaid and retired upon close of the Southwestern Merger.
(b)The fair value of our common stock is a Level 1 input, as our stock price is a quoted price in an active market as of the acquisition date.
We have accounted for the Marcellus Acquisition as a business combination, using the acquisition method. The following table represents the allocation of the total purchase price to the identifiable assets acquired and the liabilities assumed based on the fair values as of the acquisition date.
Purchase Price Allocation
Consideration:
Cash
$2,000 
Fair value of common stock issued in the merger (a)
764 
Working capital adjustments6 
Total consideration
$2,770 
Fair Value of Liabilities Assumed:
Current liabilities
$459 
Other long-term liabilities
129 
Amounts attributable to liabilities assumed
$588 
Fair Value of Assets Acquired:
Cash, cash equivalents and restricted cash$39 
Other current assets
218 
Proved natural gas and oil properties2,309 
Unproved properties
788 
Other property and equipment
1 
Other long-term assets
3 
Amounts attributable to assets acquired
$3,358 
Total identifiable net assets
$2,770 
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(a)The fair value of our common stock is a Level 1 input, as our stock price is a quoted price in an active market as of the acquisition date.
Schedule of pro forma financial information The information below reflects pro forma adjustments based on available information and certain assumptions that we believe are reasonable, including the estimated tax impact of the pro forma adjustments.
Years Ended December 31,
20242023
Revenues$8,193 $14,247 
Net income (loss) available to common stockholders$(607)$3,852 
Earnings (loss) per common share:
Basic$(2.65)$16.86 
Diluted$(2.65)$16.14