U.S. natural gas prices have remained under pressure from elevated storage levels and lukewarm demand, which offset gains from production shut-ins by various producers.
The company, earlier known as Chesapeake Energy before its $7.4 billion acquisition of Southwestern Energy, also approved a fresh share buyback program worth $1 billion.
The top U.S. natural gas producer also raised annual cost-savings estimates from the merger by 25% to $500 million.
Its shares rose 2.4% at $87.75 after the bell.
Expand Energy, which has now dethroned EQT (EQT.N) to become the biggest U.S. natural gas producer, forecast 2025 production to remain flat and average at about 7 billion cubic feet equivalent per day.
The company also expects to use between 10 and 12 rigs and spend about $2.7 billion next year.
The Oklahoma City-based company added that it is currently running 12 rigs but would drop two in the first quarter of 2025 under current market conditions.
Truist Securities analysts said the 2025 activity plans mirror the "legacy Chesapeake's commitment to suppressing volumes until fundamentals warrant a change, not only improving the supply demand situation for itself but for the entire gassy E&P group."
Third-quarter production for standalone Chesapeake declined by 21.6% to 2.65 bcf/d, compared to last year.
Its average sales price of gas also fell compared to the year-ago quarter. However, it rose 10.6% compared to the second quarter, tracking a slight uptick in benchmark prices as Hurricane Helene forced producers to shut production.
Expand Energy reported adjusted net income of 16 cents per share for the three months ended Sept. 30, compared with the average analyst estimate of a loss of 6 cents per share, according to data compiled by LSEG.
