Natural Gas and Oil Property Transactions (Tables)

6 Months Ended

Jun. 30, 2025

Property, Plant and Equipment [Abstract]

Schedule of the Allocation of the Total Purchase Price

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 awards	17
Total consideration	$	8,473
Fair Value of Assets Acquired:
Cash and cash equivalents and restricted cash	$	126
Other current assets	828
Proved natural gas and oil properties	10,002
Unproved properties	4,270
Other property and equipment	128
Other long-term assets	496
Amounts attributable to assets acquired	$	15,850
Fair Value of Liabilities Assumed:
Current liabilities	$	1,955
Long-term debt	3,305
Deferred tax liabilities	479
Long-term contract liabilities	1,287
Other long-term liabilities	351
Amounts attributable to liabilities assumed	$	7,377
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.

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.

	Three Months Ended June 30, 2024		Six Months Ended June 30, 2024
Revenues	$	1,684	$	4,434
Net loss available to common stockholders	$	(424)	$	(341)
Loss per common share:
Basic	$	(1.87)	$	(1.51)
Diluted	$	(1.87)	$	(1.51)