Expand Energy management check
EXE · Energy · Oil & Gas Exploration & Production · CEO Michael Wichterich (since the last proxy; previously Mr. Dell’Osso)
Filings as of
5 good · 2 to watch · 0 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $308, against $193 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.65 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.5% of net income$9.9m of reported pay in fiscal 2025, against $1.8bn of net income.
- Good
Do they own the stock?
New CEO since the proxyMichael Wichterich filed as Interim President and CEO after the last proxy (which named Mr. Dell’Osso) and holds 85,498 shares, about $7.6m. Their pay will be in the next proxy. 2 insiders bought $561k on the open market in the last six months, with their own money, near the lows.
- Watch
Are owners being diluted?
Stock pay 0.4% of revenueStock-based pay was 0.4% of revenue in the latest year.
- Watch
Is leadership stable?
New CEO: Michael WichterichMichael Wichterich has filed as CEO since the last proxy. CEO in the pay table: Mr. Dell’Osso. 11 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Energy.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 100 | 64 | |
| Pay for performance | 83 | 65 | |
| CEO cost | 72 | 66 | |
| Skin in the game | — | — | 49 |
| Dilution | 97 | 58 | |
| Stable leadership | 70 | 73 | |
| Clean books | 100 | 100 |
Closest peers
Others in Oil & Gas Exploration & Production, by management score. Expand Energy is 1st of 20 in its sector.
Pay versus performance
From the proxy statement filed April 24, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Dell’Osso | $9.9m | $14.3m | $4.4m | $308 | $193 | $1.8bn |
| 2024 | — | $9.0m | $15.2m | $3.7m | $269 | $196 | −$714.0m |
| 2023 | — | $7.4m | $2.3m | $2.9m | $202 | $198 | $2.4bn |
| 2022 | — | $8.2m | $15.9m | $3.8m | $237 | $191 | $4.9bn |
| 2021 | — | $7.7m | $7.9m | $2.2m | $146 | $131 | $6.3bn |
The board says pay is tied most to Free Cash Flow. Its other key measures: Absolute Total Shareholder Return, Relative Total Shareholder Return, Capital Efficiency, Cash Generation, Sustainability Performance.
Insiders and the CEO's stake
Michael Wichterich (Interim President and CEO) held 85,498 shares directly after their latest Form 4 on Jun 12, 2026, roughly $7.6m at that filing's price.
2 insiders bought $561k on the open market in the last six months, with their own money, near the lows.
- BoughtMarcel TeunissenEVP & CFO$379kJun 4, 2026
- BoughtMichael WichterichInterim President and CEO$182kJun 12, 2026
Leadership and governance on file
- Oct 19, 2026Leadership change8-K 5.02
- Oct 13, 2026Leadership change8-K 5.02
- Sep 16, 2026Leadership change8-K 5.02
- Jun 26, 2026Leadership change8-K 5.02
- Apr 10, 2026Leadership change8-K 5.02
- Apr 6, 2026Leadership change8-K 5.02
- Feb 9, 2026Leadership change8-K 5.02
- Aug 14, 2025Leadership change8-K 5.02
- Nov 7, 2024Leadership change8-K 5.02
- Oct 1, 2024Leadership change8-K 5.02
- Jan 11, 2024Leadership change8-K 5.02
- Dec 12, 2022Leadership change8-K 5.02
Latest shareholder vote results: Jun 4, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $4.5bn returned to owners in buybacks and dividends, 30% of net income, and $148.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $5.5bn | $11.7bn | $8.7bn | $4.2bn | $12.1bn |
| Net income | $6.3bn | $4.9bn | $2.4bn | −$714.0m | $1.8bn |
| Stock-based pay | $9.0m | $22.0m | $33.0m | $38.0m | $46.0m |
| Buybacks | $0 | $1.1bn | $355.0m | $0 | $100.0m |
| Dividends | $119.0m | $1.2bn | $487.0m | $388.0m | $765.0m |
| Diluted shares | 116m | 146m | 143m | 157m | 240m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.