Keep reading about U.S. natural gas companies.

If the market has been trading AI and chips over the past few years, then the next undervalued main theme that could really be overlooked is—natural gas.

Because natural gas is in a very delicate position right now:
Low prices + demand about to surge (LNG + AI power)

What does that mean?
An early stage of a typical “cycle bottom + demand inflection point.”

And at this stage, picking the right ticker matters more than ever.

1. EXE: “The natural gas king”?

Expand Energy Corporation (ticker: EXE)

is currently the largest independent natural gas producer in the U.S. (by daily output).

A lot of people will say: didn’t we say yesterday that EQT Corporation is also #1?

The key difference is this: EQT is “pure natural gas production,” while EXE’s output includes total production of natural gas + oil + NGL.

2. From bankruptcy to a comeback: EXE’s turnaround path

EXE’s predecessor was Chesapeake Energy:

• Founded: 1989
• Went public: 1993
• In 2020: filed for bankruptcy protection (debts of roughly $7 billion)
• In 2021: completed the reorganization

The real turning point was:

October 1, 2024: acquisition of Southwestern Energy (SWN)

• All-stock merger
• Enterprise value of about $24 billion
• Renamed to Expand Energy (EXE)

At its core, this deal effectively put it on the path to becoming an industry leader.

3. Core assets: the best gas field portfolio in the U.S.

EXE’s resource layout is very clear:

• Marcellus (Appalachia)
• Haynesville (about 745,000 net acres)
• Eagle Ford (liquid resources)

These three are basically the core lifelines of U.S. natural gas.

4. Revenue structure: almost the same as EQT

Production mix:

• 92% natural gas
• 8% crude oil + NGL

2025 revenue breakdown:

• Natural gas: $10.3 billion
• NGL: $860 million
• Crude oil: $450 million
• Hedging gains: $550 million

The conclusion is simple: EXE and EQT are essentially the same in nature—they’re both “pure natural gas players,” and they mainly sell natural gas!

5. 2025 financials: a standard cash-flow machine

Key numbers:

• Net profit: $1.819 billion
• Adjusted net profit: $1.467 billion
• Adjusted EBITDAX: $5.078 billion
• Operating cash flow: $4.575 billion
• Daily production: 7.18 Bcfe/d
• Shareholder returns: $865 million (dividends + buybacks)
• Debt optimization: total debt down about $660 million

In one sentence: this is a standard “energy money-printing machine.”

Key metrics (TTM as of 2026.3):

• Revenue: $11.64 billion
• PE (TTM): 14.99
• Market cap: about $27.29 billion (share price about $113.50/share)
• 52-week range: $91.02–$126.62
• EV/EBITDAX = 5.3

So purely from data comparison, EXE’s numbers look much better than EQT’s: higher revenue, similar net profit, lower market cap, lower PE, and lower EV/EBITDAX!

6. Key question: why is EXE cheaper?

This is the most important research-and-investment point.

1) M&A risk (the market’s biggest concern)

EXE has just completed an acquisition:

• Asset integration
• Cost control
• Synergy delivery

Market uncertainty → discount applied.

2) EQT’s “deeper moat”

EQT’s biggest advantage:

Industry-lowest cost

This means:

• If gas prices crash, EQT can still make money and survive
• Other companies may lose money

It shows that EQT is more resilient across the cycle, so the market assigns a higher valuation expectation!

7. Stock performance and valuation

Current share price (2026.3.27 close): $113.50 (after-hours: $113.83)

Total return in 2026 to date: +3.41% (slightly underperforming the broader market); 1-year return: +6.74%. From the low point in 2021 of 45, it’s already roughly a 3x return.

It’s currently trading in a range at higher levels (93–123), and lately it hasn’t been affected by the broader market. The average target price given by Wall Street institutions is: 131–135.

8. Industry opportunities

Consistent with yesterday’s take on EQT: expansion of first LNG exports—by 2030, added capacity will make U.S. LNG exports exceed 30 Bcf/d.

Second is data center / AI power—new natural-gas power demand is expected to rise significantly (some analysts estimate an additional 4 billion cubic feet per day from 2026–2030).

Third, the natural gas cycle’s subsequent strength!

Summary

If you’re bullish on a surge in future natural gas demand and a surge in AI electricity demand, then EXE feels like it offers better value than EQT. After all, whether it’s the ratio of PE or EV/EBITDAX, or the market cap itself, EXE is lower than EQT’s. Still, the journey of U.S. stock research has just started—we’ll look more and compare more going forward!

Next, I’ll keep connecting everything—energy, power, compute infrastructure centers, AI, and more—into a complete framework. Feel free to chat together, and if you have different views, you’re also welcome to message me directly.