Company: EXEEZ
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000895126-25-000021
Chunk: 140

Company: EXPAND ENERGY Corp
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 140
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$83 $82.98 Second Quarter5,812$515 $88.67 Third Quarter750$69 $92.14 Fourth Quarter4,105$406 $98.90 2023First Quarter793$60 $74.95 Second Quarter1,444$115 $78.77 Third Quarter1,509$130 $86.16 Fourth Quarter627$52 $82.03 Total16,040$1,430 The repurchased shares of common stock were retired and recorded as a reduction to common stock and retained earnings. All share repurchases made after January 1, 2023 are subject to a 1% excise tax on share repurchases, as enacted under the Inflation Reduction Act of 2022. We are able to net this 1% excise tax on share repurchases against certain issuance of shares of our common stock. The impact of this 1% excise tax was immaterial during the year ended December 31, 2023.On October 22, 2024, our Board of Directors authorized the Company to repurchase up to $1.0 billion, in aggregate, of the Company’s common stock and/or warrants under a new share repurchase program. Enhanced Returns FrameworkIn October 2024, we announced our enhanced capital returns framework which is designed to more effectively return cash to shareholders and reduce net debt. The plan became effective January 1, 2025, and prioritizes the base dividend of $2.30 per share and a targeted $500 million of annual net debt reduction in 2025, which target will be redetermined annually. Once both have been funded, it is anticipated that 75% of remaining free cash flow will be distributed as market conditions warrant, between share repurchases and additional dividend payments. The remaining free cash flow will be maintained on the balance sheet.Warrants Class A WarrantsClass B WarrantsClass C Warrants(a)Outstanding as of December 31, 202110,856,852 12,313,273 11,388,371 Converted into common stock(b)(1,609,641)(29,679)(959,247)Converted in warrant exchange offer(b)(4,752,207)(7,879,030)(7,252,004)Issued for General Unsecured Claims— — 829,109 Outstanding as of December 31, 20224,495,004