Expand Energy Corporation is one of the largest natural gas producers in the United States, extracting natural gas from shale formations using horizontal drilling and hydraulic fracturing techniques, formed through the combination of Chesapeake Energy and Southwestern Energy. As a natural gas producer, the company's revenue and profitability are directly tied to natural gas prices, which can be volatile based on weather patterns, storage levels and broader supply and demand balances across the natural gas market. The combination that formed Expand Energy created one of the largest independent natural gas producers by volume, giving the combined company greater scale and operational efficiency across its shale drilling operations than either predecessor company had independently. The company's results benefit from growing demand for natural gas as a power generation fuel and increasingly for export as liquefied natural gas, giving it exposure to both domestic electricity demand and international gas markets.