Company: EXEEZ
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000895126-25-000021
Chunk: 15

Company: EXPAND ENERGY Corp
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 15
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During 2024, exploration expense of $10 million was primarily the result of $6 million of non-cash impairment charges on unproved properties and $3 million of geological and geophysical expense. During 2023, exploration expense of $27 million was primarily the result of $12 million of non-cash impairment charges on unproved properties and $11 million of geological and geophysical expense. 

65

General and Administrative Expenses

Years Ended December 31,20242023Total G&A, net$186 $127 G&A, net per Mcfe$0.14 $0.09 

Total general and administrative expenses, net during 2024 increased $59 million compared to 2023, primarily due to a decrease in our producing well count following the Eagle Ford divestitures, which reduced our allocations and reimbursements of G&A. Additionally, compensation and other corporate expenses increased following the Southwestern Merger.

Separation and Other Termination Costs

During 2024 and 2023, we recognized $23 million and $5 million, respectively, of separation and other termination costs related to one-time termination benefits for certain employees.

Depreciation, Depletion and Amortization

Years Ended December 31,20242023DD&A$1,729 $1,527 DD&A per Mcfe$1.26 $1.14 

The absolute increase in depreciation, depletion and amortization for 2024 compared to 2023 is primarily related to the Southwestern Merger. Depreciation, depletion and amortization per Mcfe increased for 2024 compared to 2023 primarily related to production curtailments during 2024.

Other Operating Expense, Net

Years Ended December 31,20242023Other operating expense, net$332 $18 

During 2024, we recognized approximately $312 million of costs related to the Southwestern Merger, which included $148 million related to employee expenses and the remainder of the costs relating to transaction fees,  consulting and legal fees and other fees related to the transaction.

Interest Expense

Years Ended December 31,20242023Interest expense on debt$181 $143 Amortization of premium, discount, issuance costs and other(7)(9)Capitalized interest(51)(30)Total interest expense$123 $104 

The increase in total interest expense 2024 compared to 2023, was primarily due to our assumption of Southwestern’s Senior Notes