Expand Energy Corporation (EXE)

Expand Energy produces natural gas in the country's two largest shale basins at once.

The company was formed by merging two independent gas producers and operates both in Appalachia and in the south near the Gulf coast. That combination gives flexibility: Appalachian gas is cheap to produce but constrained by pipeline capacity, while southern gas costs more and sits next to the liquefaction plants.

The result is decided by the gas price, driven by winter, liquefied gas exports and power station consumption, to which data centre demand has been added. The company can pause drilling when prices are low and add rigs when they are high — that is its main lever. Risks: a warm winter, access to pipeline capacity and the debt level after the combination.