Expand Energy, a US-based natgas producer, reports a second-quarter profit despite higher prices and output.

Expand Energy, the U.S. natural-gas producer, reported a profit for its second quarter on Tuesday. This was compared to a loss in the same period last year, due to higher production and commodity prices.

After-hours, shares of the company rose 2.4% to $101,76.

Expand, previously Chesapeake Energy became the largest independent natural gas producer in the United States after its $7.4-billion acquisition of Southwestern Energy was completed in October 2024.

The company has also benefitted from the higher U.S. Natural Gas prices. These have recovered from multi-year lows reached last year. This is due to record flows of liquefied gas exported from export facilities, and an increase in electricity consumption.

According to the U.S. Energy Information Administration, the average market natural gas production was 116.8 Bcf (Bcf/day) in the United States in the second quarter. This is a 4.7 billion cubic feet per day increase compared with the same period of 2024.

Expand Energy's second-quarter average realized price of natural gas was $2.98 for 1,000 cubic feet equivalent. This compares to $2.51 a year ago.

During the quarter reported, the company produced an average of 6.6 Bcf/day (Bcf/d), up from 2.75 Bcf/d in the previous year.

Oklahoma City's company, reported a $968 million net profit, or $4.02 a share, for three months ending June 30. This compares to a $227 million loss, or $1.73 a share, one year ago. (Reporting from Bengaluru by Vallari Srivastava; editing by Mohammed Safi Shamsi).

(source: Reuters)