Company: EXEEZ
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0000895126-25-000098
Chunk: 36

Company: EXPAND ENERGY Corp
Filing Date: 2025-10-28
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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 years.RSU and PSU Compensation. We recognized the following compensation costs, net of actual forfeitures, related to RSUs and PSUs for the periods presented: Three Months Ended September 30,Nine Months Ended September 30,2025202420252024General and administrative expenses$10 $8 $28 $25 Natural gas and oil properties2 2 6 6 Production expense2 1 4 3 Separation and other termination costs2 — 2 9 Marketing expense— — 2 — Other operating expense, net1 — 4 — Total RSU and PSU compensation$17 $11 $46 $43 Related income tax benefit$4 $1 $12 $10 

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 September 30, 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)

September 30, 2025December 31, 2024Notional VolumeFair ValueNotional VolumeFair ValueNatural gas (Bcf):Fixed-price swaps471 $40 369 $(28)Collars1,239 133 1,098 (27)Three-way collars41 20 161 60 Call options (purchased)18 — 73 1 Call options (sold)110 (5)219 (16)Basis protection swaps410 (62)279 (39)Total natural gas2,289 126 2,199 (49)Oil (MMBbls):Three-way collars