HIGHBuilt-inCommodity
natural gas
“10-K Item 1: 'we held a working interest in approximately 6,600 (4,600 net) wells of which substantially all were classified as productive natural gas wells'”
EXE · Concentration risk · 10-K extracted
Expand Energy (EXE) concentration risks
Updated
The most significant concentration Expand Energy discloses is natural gas, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
Show full disclosure ▾Hide full disclosure ▴
About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.
Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.
Conflicts and positions. The TrendMatrix editorial team frequently holds personal long-term positions in securities discussed. We disclose positions held at the time of publication on each piece. We maintain a trading-window policy: we do not initiate or close positions in the same direction as a TrendMatrix publication within 24 hours before or 72 hours after publication.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security. Our sole compensation is subscription revenue.
No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.
Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.
Source: Expand Energy’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH1
MEDIUM1
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inGeographic
42%
Northeast Appalachia
“10-K Item 1: 'Haynesville, Northeast Appalachia and Southwest Appalachia accounted for approximately 23%, 42% and 35%, respectively, of our estimated proved reserves by volume'”
LOWOutside partyCustomer
11%
one purchaser
“10-K Item 1: 'we had sales to one purchaser that accounted for 11% of our total revenues (before the effects of hedging)'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentration profile is dominated by a high-share commodity focus combined with a medium-share basin concentration and a small customer dependency. Substantially all productive wells are classified as natural gas wells, a high-share structural concentration that ties production economics entirely to natural gas price cycles; there is no meaningful crude oil or liquids offset that might cushion a natural gas price downturn. This commodity singularity is structural — it reflects the company's deliberate positioning in natural gas basins rather than a transient portfolio tilt. Within the natural gas footprint, Northeast Appalachia accounted for approximately 42% of estimated proved reserves by volume, with Haynesville at 23% and Southwest Appalachia at 35% making up the remainder. By disclosed size the Northeast Appalachia share is moderate, and its structural character means the price realizations, transportation costs, and takeaway constraints specific to that basin are an ongoing consideration alongside commodity-level exposure. The only disclosed customer concentration is modest: one purchaser accounted for 11% of total revenues before hedging effects, a low share by disclosed size. This dependency is limited and would not by itself materially constrain revenue flexibility if that buyer relationship were disrupted. On balance, the dominant risk in the disclosed profile is the high-share commodity concentration — both the basin and the customer exposures sit within a natural gas framework, meaning all three concentrations compound rather than offset each other when natural gas fundamentals weaken.
For the engine’s reasoning on EXE’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Oil & Gas E&P
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| BKV | BKV Corporation | 4 | 0 | 0 | 4 |
| CHRD | Chord Energy Corporation | 2 | 1 | 0 | 3 |
| BSM | Black Stone Minerals, L.P. | 1 | 1 | 1 | 3 |
| EXE● | Expand Energy Corporation | 1 | 1 | 1 | 3 |
| APA | APA Corporation | 0 | 0 | 0 | 0 |
| AR | Antero Resources Corporation | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.