
Expand Energy Corp., Spring, Tex., pulled back on some production during the third quarter, including by dropping a rig in Northeast Appalachia and a completion crew in the Haynesville, because of weaker prices for natural gas. Executives on Oct. 28 told analysts and investors that they’re prepared to curtail more work late this year and into 2027.
“As we’ve come into the fourth quarter, we’ve ended up reducing some of our activity,” chief operating officer Josh Viets said on a conference call following the release of Expand’s third-quarter results. “That activity reduction, moving from around 12 rigs down to 10, is in direct acknowledgement that the market is weakening.”
Viets was responding to a question from JPMorgan analyst Arun Jayaram, who neatly summed up the factors contributing to soft natural gas prices even though demand growth has been solid. The environment next year could be affected by Super El Niño weather patterns, more supply being transported out of the Permian basin and several LNG infrastructure owners being “a little bit more levered to the back end of the year.”
Viets agreed with that assessment of the supply-demand picture for the coming quarters and later said Expand is prepared to revisit the strategy it employed 2 years ago, when it built up its inventory of drilled but uncompleted wells while waiting for prices to climb.
“We pushed out about nine turn-in-lines out of Q3,” he added. “We are waiting on those still to think about the optimal time to bring them online.”



















