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(Bloomberg) — Expand Energy Corp. said Domenic “Nick” Dell’Osso, Jr. stepped down as chief executive officer as the largest US natural gas producer plans to relocate its headquarters to Houston from Oklahoma City in mid-2026.
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Michael Wichterich, Expand’s chairman, will assume the role of interim CEO while the board searches for a permanent replacement, the company said Monday in a statement. Dell’Osso will serve as an external adviser for an unspecified period.
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“The relocation, which will primarily focus on the executive leadership team, will strengthen Expand Energy’s relationships with key industry and commercial partners,” the company said in the statement. Moreover, “virtually all Oklahoma City employees will be unaffected” by the change in headquarters, beyond those executive leaders, Wichterich told employees in an internal email seen by Bloomberg.
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Expand’s shares dropped as much as 8.9%, the most since July. The abrupt change in leadership comes less than six months after the Chief Financial Officer Mohit Singh left the company, which cited his “termination without cause.”
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RBC Capital Markets equity analyst Scott Hanold, who said he met with Expand’s leadership Monday morning, wrote in a note to clients that the conversation indicated “there were no disagreements or anything improper” and the executive change is the result of Dell’Osso choosing to stay in Oklahoma City. Expand’s board of directors views the move of executive functions to Houston as “urgent” to supporting “marketing efforts and commercial efforts,” Hanold said.
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Dell’Osso joined Chesapeake Energy, which was renamed Expand Energy after acquiring rival driller Southwestern Energy, in 2008 after working as an investment banker at Jefferies.
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—With assistance from David Wethe.
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(Updates with analyst note in fifth paragraph.)
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