Expand Energy: Excellent Q1 2026 Free Cash Flow After Winter Storm Fern

Expand generated approximately $1.7 billion in Q1 2026 adjusted free cash flow, helped by NYMEX natural gas averaging around $5. NYMEX gas strip is a bit over $3 during the rest of the year, but Expand is still projected to generate $1.47 billion FCF during that period. The strong Q1 free cash flow allowed Expand to redeem nearly $1.3 billion in debt and reduce its annual interest costs by over $80 million.