Company: EXEEZ
Filing Date: 2025-10-28
Form Type: 10-Q
Source: 0000895126-25-000098
Chunk: 37

Company: EXPAND ENERGY Corp
Filing Date: 2025-10-28
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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1 $3 2 $4 Total oil1 3 2 4 NGLs (MMBbls):Fixed-price swaps2 $(1)7 $(9)Total NGL2 (1)7 (9)Total estimated fair value$128 $(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 September 30, 2025 and December 31, 2024 on a gross basis and after same-counterparty netting:Gross Fair Value(a)Amounts Netted in the Condensed Consolidated Balance SheetsNet Fair Value Presented in the Condensed Consolidated Balance SheetsAs of September 30, 2025Commodity Contracts:Short-term derivative asset$258 $(101)$157 Long-term derivative asset31 (21)10 Short-term derivative liability(113)101 (12)Long-term derivative liability(48)21 (27)Total derivatives$128 $— $128 As of December 31, 2024Commodity Contracts:Short-term derivative asset$191 $(107)$84 Long-term derivative asset6 (5)1 Short-term derivative liability(178)107 (71)Long-term derivative liability(73)5 (68)Total derivatives$(54)$— $(54)___________________________________________(a)These financial assets (liabilities) are measured at fair value on a recurring basis utilizing significant other observable inputs; see further discussion on fair value measurements below. 

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

Fair ValueThe fair value of our commodity derivatives is based on third-party pricing models, which utilize inputs that are either readily available in the public market, such as natural gas, oil and NGL forward curves and discount rates, or can be corroborated from active markets or broker quotes, and, as such, are classified as Level 2. These values are compared to the values given by our counterparties for reasonableness. Derivatives are also subject to the risk that either party to a contract will be unable to meet its obligations. We factor non-performance risk into the valuation of our derivatives using current published credit default swap rates. To date, this has not had a material impact on the values of our derivatives. Credit Risk Consider