Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent our lives looking for businesses that can raise prices, and Expand Energy cannot raise prices by a single penny. It is the largest natural gas producer in the United States, it is competently operated, and its balance sheet is the cleanest this asset base has carried in twenty years. It is also a pure price-taker on a commodity whose price is set by the marginal shale rig, sitting atop the corporate remains of Chesapeake Energy — one of the great capital incinerators of the shale era — and it is currently run by an interim CEO while the board searches for a permanent one. A good commodity producer is still a commodity producer. At $88.52 the stock is not expensive, but we do not buy average businesses because they are cheap. Two stars. The business is refreshingly easy to understand, which we appreciate.
Recent filings analysed: 8-K (2026-07-30), 10-Q (2026-07-28), 8-K (2026-07-28), 8-K (2026-07-27).
Stock screener · Superinvestor 13F holdings · Analyst sentiment · Market valuation