HighGravityDataExpand Energy — Oct 29, 2024 release
Fiscal 2024 third-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000895126-24-000133
Showing in the filing
Base dividend under enhanced capital return framework
“$2.30 per share”
Period
No period stated
Measure
Declared action
Source
Prose
All guidance in this release · 16
Annual synergy target for FY2025
“approximately $225 million”
Annual synergy target (full run-rate) for FY2027
“approximately $500 million”
Capital expenditures for FY2025
“approximately $2.7 billion”
Share repurchase authorization
“$1 billion”
Rig count reduction for Q1 FY2025
“drop two rigs”
Rigs to be dropped for Q1 FY2025
“two”
Annual synergies for FY2025
“approximately $225 million”
Annual synergies for FY2027
“the full $500 million”
Rig count for FY2025
“10 to 12 rigs”
Estimated daily production for FY2025
“approximately 7 bcfe per day”
Quarterly base dividend for FY2024
“$0.575 per share”
Base dividend
“$2.30 per share”
Base dividend under enhanced capital return …
“$2.30 per share”
Annual net debt reduction target for FY2024
“$500 million”
Free cash flow distribution target
“75%”
Remaining free cash flow distributed between…
“75%”
Exhibit 99.1 · the passage around this item
… earlier in the release
The company announced today its enhanced capital return framework which is designed to more effectively return cash to shareholders and reduce net debt. The plan is expected to go into effect January 1, 2025, and prioritizes the base dividend of $2.30 per share and $500 million of annual net debt reduction. Once both have been funded, it is anticipated that 75% of remaining free cash flow be distributed as market conditions warrant, between share repurchases and additional dividend payments. The remaining free cash flow would be maintained on the balance sheet. In conjunction with the enhanced framework, Expand Energy’s Board of Directors approved a $1 billion repurchase authorization. 2 Conference Call Information A conference call to discuss the results and preliminary 2025 plan has been scheduled for 9 a.m. EDT on October 30, 2024. Participants can access the live webcast at https://edge.media-server.com/mmc/p/mdfco2xg/. Participants who would like to ask a question, can register at https://register.vevent.com/register/BI547bab40e4fe448382fe18b31ab58c03, and will receive the dial-in info and a unique PIN to join the call. Links to the conference call will be provided at https://investors.expandenergy.com/. A replay will be available on the website following the call. Financial Statements, Non-GAAP Financial Measures and 2024 Guidance and Outlook Projections Reconciliations of each non-GAAP financial measure used in this news release t
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.