Company: EXEEZ
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000895126-25-000053
Chunk: 31

Company: EXPAND ENERGY Corp
Filing Date: 2025-04-29
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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 expense1 1 Marketing expense1 — Other operating expense, net2 — Total RSU and PSU compensation$13 $11 Related income tax benefit$4 $2 

11.Derivative and Hedging ActivitiesWe use derivative instruments to reduce our exposure to fluctuations in future commodity prices and to protect our expected operating cash flow against significant market movements or volatility. These commodity contract  derivative financial instruments include financial price swaps, collars, call options and basis protection swaps. All of our commodity contract derivative instruments are net settled based on the difference between the fixed-price payment and the floating-price payment, resulting in a net amount due to or from the counterparty. We do not intend to hold or issue derivative financial instruments for speculative trading purposes and have elected not to designate any of our derivative instruments for hedge accounting treatment.The estimated fair values of our natural gas, oil and NGL derivative instrument assets (liabilities) as of March 31, 2025 and December 31, 2024 are provided below: 

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Table of ContentsEXPAND ENERGY CORPORATION AND SUBSIDIARIESNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)(Unaudited)

March 31, 2025December 31, 2024Notional VolumeFair ValueNotional VolumeFair ValueNatural gas (Bcf):Fixed-price swaps391 $(279)369 $(28)Collars1,499 (695)1,098 (27)Three-way collars121 (9)161 60 Call options (purchased)55 7 73 1 Call options (sold)183 (49)219 (16)Basis protection swaps237 14 279 (39)Total natural gas2,486 (1,011)2,199 (49)Oil (MMBbls):Three-way collars1 $4 2 $4 Total oil1 4 2 4 NGLs (MMBbls):Fixed-price swaps5 $(16)7 $(9)Total NGL5 (16)7 (9)Total estimated fair value$(1,023)$(54)The following table presents the fair value and location of each classification of derivative instrument included in the condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024 on a gross basis and after same-counterparty net