Forward-Looking Statements This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.…
1Q25 Operational and Financial Highlights Largest Domestic On Track to Capture Upgraded to Investment Natural Gas Producer 400mm of Synergies Grade from Moodys 1Q25 beat with net production of 6.8 Bcfe/d, 1.4bn of Adj. EBITDAX(1)…
Expanding Returns, Expanding Opportunities Attractive, Peer-leading Resilient Responsible Connected Returns Financial Stewardship Portfolio Foundation Premium rock, returns, Most efficient operator Investment Grade Connecting…
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,…
2025 Synergy Capture Annual Synergy Outlook 500/yr (mm) 2025 Synergy 100 expected by YE26 2026+ Synergy 70 40 130 50 400/yr 400 expected in 2025 200 110 200 Corporate & D&C Other Operating Initial Synergy Additional…
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…
Minimal Near-term Impact from Tariffs Illustrative AFE Components and Cost Trends YE24 compared to YE25 expectations Favorable near-term outlook for service pricing offsets potential tariff impacts PHASE SUB-CATEGORY % OF AFE…
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…
EXE is Positioned to Meet Demand NE App Quarterly Production Haynesville Quarterly Production (MMcfe/d) (MMcfe/d) 2,950 2,900 2,425 2,668 2,615 2,600 2,617 2,338 4Q24A 1Q25A 2Q25E FY25E 4Q24A 1Q25A 2Q25E FY25E Rigs 2 2 2 23…
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,…
Productive Capacity Success Story Illustrative Productive Capacity Strategy 2024 Productive Capacity Generated Significant Value 225mm increase in FCF over first (1) 12 months of volume from productive capacity wells(2)…
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.…
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…
Investment Grade Rating Demonstrates Resilient Financial Foundation Investment Grade Ratings Expand Energy Debt Maturity Profile (mm)(2) Baa3 from Moodys (New) 6.00% BBB- from S&P EXE 6.10% RBL Capacity BBB- from Fitch 700…
Current Hedge Position Preserves Upside as Prices Strengthen Hedged Natural Gas Volumes Added since 4Q Earnings (Bcf) Last Public Disclosure (Bcf) 23 24 35 40 56 57 341 338 307 271 41 190 158 17 112 36 2Q25 3Q25 4Q25 1Q26…
Appendix 1Q 2025 EARNINGS
Managements Guidance as of April 29, 2025 Production (MMcfe/d) 1Q25A 2Q25E 2025E Operating Costs (per Mcfe of Projected Production) 1Q25A 2025E Total Production 6,788 7,100 7,200 7,000 7,200 Production Expense 0.24 0.25 0.30…
1Q25 EXE Business Unit Results Haynesville NE Appalachia SW Appalachia Production (MMcfe/d) 2,617 2,668 1,503 Production Expense (/Mcfe) 0.30 0.16 0.29 Differential to NYMEX (/Mcf) (0.17) 0.10 (0.27) GP&T (/Mcfe) 0.75 0.94…
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)…
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…
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 Three Three Three Three Months Months Months Months Months…
Reconciliation of Net Cash Provided by Operating Reconciliation of Total Debt to Total Capitalization Activities to Adjusted EBITDAX (Unaudited) (Unaudited) Three Months Ended Three Months Ended March 31, 2025 March 31, 2024 March…
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