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Expand acquired approximately 33,000 acres in Louisiana and 3,000 acres in Pennsylvania as its 2026 program includes seven Haynesville rigs and approximately $75 million for Western Haynesville appraisal work.
Allstream Insiders Summary
Expand Energy is maintaining a $2.75 billion to $2.95 billion 2026 capital program while adding drilling inventory in Louisiana and Pennsylvania. The company expects to operate 11 to 12 rigs during the year and allocate $2.25 billion to $2.35 billion to drilling and completion activity.
The producer reported acquiring approximately 33,000 acres in Sabine and Natchitoches parishes, Louisiana, for approximately $46 million through the second quarter of 2026. The acreage is adjacent to the Natchitoches Fault Zone and adds more than 100 net locations, normalized to 10,000-foot laterals. Expand expects the first spud during the third quarter of 2026.
In Northeast Appalachia, Expand acquired approximately 3,000 acres in Bradford County, Pennsylvania, for approximately $15 million. The addition provides 15 net locations with planned average lateral lengths exceeding 16,000 feet. The company reported spudding the first well in July 2026.
Expand Energy 2026 Upstream Activity Tracker
| Program or area | Company-reported scale | 2026 activity or allocation | Reported stage |
|---|---|---|---|
| Companywide capital program | $2.75-$2.95 billion | 11-12 rigs | Active 2026 guidance |
| Drilling and completion program | $2.25-$2.35 billion | Approximately 52% Haynesville, 23% Northeast Appalachia and 25% Southwest Appalachia | Active 2026 guidance |
| Western Haynesville appraisal | Approximately $75 million | Included in the companywide capital range | Appraisal work planned during 2026 |
| Natchitoches Fault Zone extension | Approximately 33,000 acres; more than 100 net locations | Approximately $46 million through 2Q26 | First spud expected in 3Q26 |
| Bradford County addition | Approximately 3,000 acres; 15 net locations | Approximately $15 million | First well spudded in July 2026 |
| Haynesville development | Seven rigs | Two to three completion crews | Active 2026 program |
| Northeast Appalachia development | Three rigs | Two completion crews | Active 2026 program |
| Southwest Appalachia development | One to two rigs | One to two completion crews | Active 2026 program |
The capital percentages are approximate allocations of Expand’s total drilling and completion budget. They should not be treated as project-specific budgets for either lease acquisition.
Expand Energy Maintains $2.75-$2.95 Billion Capital Program
Expand Energy expects to invest approximately $2.75 billion to $2.95 billion during 2026. The company’s supplemental outlook assigns $2.25 billion to $2.35 billion to drilling and completions, $350 million to $450 million to other field capital and approximately $150 million to other corporate capital.
The company defines other field capital as including leasehold and workover expenditures.
Expand operated an average of 12 rigs during the second quarter, drilled 55 wells and turned 48 wells in line. Its full-year plan calls for 11 to 12 rigs, with the largest activity concentration in the Haynesville.
Second-quarter accrued capital expenditures totaled $851 million, including $656 million of drilling and completion capital. By operating area, the company reported second-quarter drilling and completion spending of:
- $335 million in the Haynesville
- $132 million in Northeast Appalachia
- $189 million in Southwest Appalachia
These amounts describe activity during the quarter. They are not the budgets for the Louisiana and Pennsylvania lease additions.
Louisiana Acreage Extends the Natchitoches Fault Zone Position
Expand Energy acquired approximately 33,000 acres in Sabine and Natchitoches parishes for approximately $46 million through the second quarter. The company said the acreage extends its Haynesville footprint next to the Natchitoches Fault Zone.
The acquisition adds more than 100 net locations, based on 10,000-foot normalized laterals. Expand calculates the acquisition cost at approximately $450,000 per location and expects its first spud on the acreage during the third quarter of 2026.
Expand’s broader Haynesville plan calls for seven rigs throughout 2026. The company operated three completion crews in the first and second quarters and expects to use two crews in the third and fourth quarters, resulting in a full-year range of two to three crews.
Bradford County Addition Enters the 2026 Drilling Schedule
Expand’s Northeast Appalachia addition covers approximately 3,000 acres in Bradford County, Pennsylvania. The company paid approximately $15 million and identified 15 net locations normalized to 10,000-foot laterals.
The planned wells have average lateral lengths exceeding 16,000 feet, and Expand reported spudding the first well in July 2026.
Expand’s Northeast Appalachia plan uses three rigs and two completion crews during 2026. The supplemental outlook assigns approximately 23% of the full-year drilling and completion budget to the operating area.
Western Haynesville Appraisal Receives Approximately $75 Million
Expand’s 2026 capital guidance includes approximately $75 million for Western Haynesville appraisal spending. The company presents the amount as part of the existing $2.75 billion to $2.95 billion capital range rather than as an additional program outside that guidance.
Expand identifies the amount as appraisal spending. The company does not characterize the allocation as a full-field development budget in its second-quarter presentation.
Haynesville Completion Testing Continues With Gen3 and GenX Designs
Expand reports that expansion of its Gen3 completion design has increased productivity and reduced the number of maintenance wells required. The company also says GenX testing is underway, with initial results showing lower decline rates.
The presentation also shows a company-reported 5% to 10% increase in six-month cumulative production between its 2024 and 2026 Haynesville well vintages. Expand attributes the change to completion optimization and also identifies an owned sand mine as part of its operating model.
Southwest Appalachia Reports Faster Drilling and Lower Cost per Foot
Expand described the second quarter as its best drilling quarter to date in Southwest Appalachia. The company’s Marcellus drilling performance reached an average 2,724 feet per day, approximately 33% higher than the third quarter of 2025.
The company reported 2026 drilling and completion capital of approximately $730 per foot, compared with $844 per foot in 2024, while completion intensity increased approximately 8% over the same period. Expand also reported:
- 2,724 feet per day as its highest quarterly average for Marcellus drilling
- 1,796 feet per day as its highest quarterly average for Utica drilling
- 2,163 feet per day for the fastest Utica well drilled in company history
The metrics are company-reported operating results and do not establish a separate capital project.
Allstream Perspective
Expand Energy’s second-quarter materials identify two drilling milestones for its new lease inventory. The Louisiana addition is expected to receive its first spud in the third quarter, while the company reported spudding the first Bradford County well in July.
Expand plans to direct approximately 52% of its $2.25 billion to $2.35 billion drilling and completion budget to the Haynesville, supported by a seven-rig plan. Northeast Appalachia carries a three-rig, two-crew program. Southwest Appalachia carries a one-to-two-rig and one-to-two-crew program for the year.
The company separately includes approximately $75 million of Western Haynesville appraisal spending in its 2026 capital guidance. Expand’s materials present the Louisiana first spud, the Bradford County first well and the Western Haynesville appraisal allocation as three distinct components of the wider 2026 upstream program.
