Forward-Looking Statements This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934,…
Expanding Returns, Expanding Opportunities Attractive, Peer-leading Resilient Responsible Connected Returns Financial Stewardship Portfolio Foundation Premium rock, returns, Most efficient operator Investment grade Connecting…
Highlights Largest Domestic Accelerating 2025 Synergy Investment Grade Natural Gas Producer Capture to 400mm Credit Rating 4Q24 beat with net production of 6.41 Bcfe/d, 500mm of total synergies expected annually Debut 750mm IG…
2025 Outlook 4Q & FY 2024 EARNINGS
Production Outlook Growing Annual Production from 2025 Production Plan: 2024 Productive Capacity Activation (MMcfe/d) 7.1 Bcfe/d Actual Estimates Generating attractive FCF from 2024 productive 7,500 capacity 300 Expecting to…
Historical and Future Expected Rig and Production Activity Average Rig Count(1) Historical and Future Estimated Production(1) 15 rigs Running up to 15 rigs 300 MMcfe/d of as of in 2H25 creates productive capacity merger productive…
Capital Outlook 2025 Capital Expenditures Demonstrate Significant 3.0bn of total capital Efficiency Relative to Standalone 2024 Programs (Implied Midpoints of 2025 Guidance, mm) spend for 2025 3.0bn 2.7bn capital delivers…
Optimizing Maintenance Production to Maximize Free Cash Flow (1) Centering activity to deliver 7.5 Bcfe/d through-cycle maximizes FCF at mid-cycle prices between 3.50 to 4.00 Illustrative Annual FCF(2) at Various Mid-cycle Prices,…
Long-term Production Strategy Focused on Remaining Flexible Illustrative Productive Capacity Strategy Once at run-rate, production flexes above and below midpoint based on temporary market dislocations Capital activity is expected to…
Attractive, Connected Portfolio Superior Portfolio Characteristics Northeast Appalachia 700,000 net acres 1,500 gross locations Scale: Largest natural gas producer in FY25E Prod: 2,600 MMcfe/d North America with 1.9mm net acres,…
Consistently Outperforming Peers Capital Efficiency Leader Across the Premier Gas Basins (/12-month Mcfe) (1) Haynesville Northeast App Southwest App(2) 3.33 3.35 2.10 2.15 4.80 3.01 1.84 2.67 1.72 3.72 2.16 1.41 2.00…
Accelerating 2025 Synergy Capture to 400mm Annual Synergy Outlook (mm) 2025 Synergy 100 500/yr expected by YE26 2026+ Synergy 70 40 130 50 400/yr 400 expected in 2025 100 200 110 200 Corporate & D&C Other Operating…
+20% Improvement of Haynesville Drilling Performance Initial synergies highly Post-Close Performance Improvements on Legacy SWN Acreage leveraged to Haynesville Mobilization 2.8 days 8.8 days / Standardizing how we Surface Section…
Material Progress with Completions Synergies in 2025 EXE-owned Louisiana sand mine Began providing sand to operations on 2/1/2025 Reduced cost per ton that scales as utilization increases Completions design standardization in NE…
Southwest Appalachia: Liquids Exposure and Upside Potential Southwest Appalachia Production (MMcfe/d) OHIO Actuals Guidance PENNSYLVANIA 65% Gas 1,649 1,600 30% NGLs 1,475 5% Oil 4Q24 1Q25 FY25 WEST VIRGINIA Rig Count 2…
Marketing & Commercial: Answering the Call for Growing Demand 4Q & FY 2024 EARNINGS
Ready to Answer the Call for Growing Demand APP: Greater Appalachia 33% Advantaged transportation portfolio provides: APP: Canada 1% Deliverability Diversification APP: Northeast/ Flexibility Citygate 11% Established supplier of…
Ready to Answer the Call for Growing Demand Advantaged transportation portfolio expected to provide deliverability, diversification and flexibility Haynesville NE Appalachia Haynesville portfolio balanced between growing LNG demand 1…
Being LNG Ready Will Create Meaningful Value and Enhance Returns Growing Exports Expected to be Significant to U.S. Gas Demand (U.S. LNG Capacity, Bcf/d)(1) Fully financed, under construction LNG projects Plaquemines increase U.S.…
Peer-Leading Returns 4Q & FY 2024 EARNINGS
Enhanced Capital Returns Framework Program designed to return cash to shareholders and reduce net debt 2.30/ Annual Base Dividend share Tranche 1 Annual Base Dividend EXCESS FCF 2.30/share Remains priority and is paid…
Resilient Financial Foundation 4Q & FY 2024 EARNINGS
Investment Grade Rating Demonstrates Resilient Financial Foundation Investment Grade Ratings Expand Energy Debt Maturity Profile (mm)(2) BBB- from S&P 6.00% BBB- from Fitch EXE 6.10% Ba1 from Moodys RBL Capacity (positive…
EXEs Recurring Hedge Strategy Preserves Upside and Minimizes Downside Through-Cycle Illustrative Hedge-the-Wedge Approach (% Volume Hedged) 50% 60% of Production Hedged 20% 45% of Production Hedged 1st Quarter 2nd Quarter…
Current Hedge Position Preserves Upside as Prices Strengthen Hedged Natural Gas Volumes Added since 3Q Earnings (Bcf) Last Public Disclosure (Bcf) 75 95 80 75 167 251 246 258 232 169 126 104 98 21 32 14 1Q25 2Q25 3Q25 4Q25…
Responsible Stewardship 4Q & FY 2024 EARNINGS
Connecting Affordable, Reliable and Lower Carbon Energy to Markets in Need Five fundamentals that drive our decision-making and increase our ability to deliver for our stakeholders: 1 Ensure a safe and inclusive workplace, promoting…
Appendix 4Q & FY 2024 EARNINGS
Managements Guidance as of February 26, 2025 Production (MMcfe/d) 4Q24A 1Q25E 2025E Operating Costs (per Mcfe of Projected Production) 4Q24A 2025E Total Production 6,412 6,700 6,800 7,000 7,200 Production Expense 0.27 0.25 0.30…
4Q24 EXE Business Unit Results Haynesville NE Appalachia SW Appalachia Production (MMcfe/d) 2,338 2,425 1,649 Production Expense (/Mcfe) 0.33 0.18 0.32 Differential to NYMEX (/Mcfe) (0.22) (0.45) (0.36) GP&T (/Mcfe) 0.74 0.87…
Haynesville, Northeast and Southwest Appalachia Sales Points Haynesville Sales Points Northeast Appalachia Sales Points Southwest Appalachia Sales Points DEDUCT FROM NYMEX ()(1) DEDUCT FROM NYMEX ()(1) DEDUCT FROM NYMEX ()(1)…
Return Framework Mechanics New return framework effective on 1/1/2025 Tranche 2 and Tranche 3 are filled based on how much FCF is generated above the base dividend within a six-month evaluation period 2025 Tranche 2 target is set…
Reducing Risk, Protecting Returns Through Hedge Program NATURAL GAS ESTIMATED NYMEX GAS SETTLEMENT (mm) SWAPS COSTLESS COLLARS THREE-WAY COLLARS 2.00 3.00 4.00 5.00 Date Bought Bought Date Volume Price Volume Sold Call Volume Sold…
Reducing Risk, Protecting Returns Through Hedge Program NATURAL GAS LIQUIDS ESTIMATED NGL SETTLEMENT (mm) C2 SWAPS C3 SWAPS C4 SWAPS C5 SWAPS Date Date 0.25 0.50 1.00 1.50 Volume Price Volume Price Volume Price Volume Price MBbl…
Reducing Risk, Protecting Returns Through Hedge Program CRUDE OIL ESTIMATED NYMEX WTI SETTLEMENT (mm) SWAPS COSTLESS COLLARS THREE-WAY COLLARS 60.00 70.00 80.00 90.00 Date Bought Bought Date Volume Price Volume Sold Call Volume…
Non-GAAP Financial Measures As a supplement to the financial results prepared in accordance with U.S. GAAP, Expand Energys quarterly earnings presentations contain certain financial measures that are not prepared or presented in…
Reconciliation of Net Income (Loss) to Adjusted Reconciliation of Net Cash Provided by Operating EBITDAX (Unaudited) Activities to Adjusted Free Cash Flow (Unaudited) Three Months Three Months Three Months Three Months Ended Ended…
Reconciliation of Net Cash Provided by Operating Reconciliation of Total Debt to Total Capitalization Activities to Adjusted EBITDAX (Unaudited) (Unaudited) Three Months Three Months Ended Ended Year Ended Year Ended December 31,…
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