Newly minted Expand Energy has been named to the large-cap S&P 500 index, joining the U.S.’ second-largest gas-producer pureplay EQT Corp., which joined in 2022.

The move will take effect on March 24, according to S&P Global.

Booted from the index will be agriculture chemicals firm FMC Corp. as well as auto-parts-maker Borgwarner Inc., medical tech producer Teleflex Inc. and chemicals-maker Celanese Corp.

Besides by Expand, the foursome will be replaced by delivery service DoorDash, sports and entertainment firm TKO Group Holdings and retailer Williams-Sonoma Inc.

Expand was already in the S&P MidCap 400 index.

The Appalachian and Haynesville gas producer’s market cap at close March 7 was $22.2 billion.

Appalachia-exclusive gas producer EQT’s market cap at the March 7 close was $28 billion.

Energy had a 3.3% weighting in the index as of Feb. 28—or fourth-least—according S&P Global.

In addition to EQT, oil and gas producers in the 500 include Diamondback Energy, which joined in 2018; Coterra Energy (2008); EOG Resources (2000); Devon Energy (2000); APA Corp. (1997); Hess Corp. (1984); and Occidental Petroleum (1957).

Permian Basin land- and minerals-owner Texas Pacific Land joined in November 2024 to replace Marathon Oil, which merged at the time with ConocoPhillips.

In the S&P 100 as well as in the 500 are Chevron Corp. (1957); ConocoPhillips (1957); and Exxon Mobil (1957).

Chevron, ConocoPhillips, ExxonMobil and Oxy were founding E&P constituents of the S&P 500.

With an S&P 500 weighting smaller than energy’s 3.3% are other real-property-holders: utilities (2.4%), real estate (2.2%) and materials (2%).

The largest weighting is to the information-technology sector at 30.7%.

Comments