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.…
2Q25 Operational and Financial Highlights Largest Domestic Natural 425mm of Incremental Annual Synergy Outlook Gas Producer: 7.2 Bcfe/d FCF Uplift in 2025 Increased to 600mm (2) 2Q25 beat with: Improved guidance for G&A, LOE,…
Attractive, Connected Portfolio Superior Portfolio Characteristics Northeast Appalachia 700,000 net acres 1,500 gross locations Scale: Largest natural gas producer in FY25E Prod: 2,625 MMcfe/d North America with 1.9mm net acres,…
Merger Synergies Continue to Exceed Expectations 50% improvement in synergies compared to announcement 100 100 600 500 500 400 400 Initial Synergy Target Additional Synergies Synergy Target Synergy Delivery Total…
Improved 2025 Capital Outlook 2025 Capital Expenditures (Implied Midpoints of 2025 Guidance, mm) Reduced FY25 D&C capex spend by 100mm 2.9bn Productive capacity build 275 (+300 MMcfe/d Record drilling 195 by 1Q26) performance…
Record Drilling Performance Haynesville Northeast Appalachia Southwest Appalachia Delivered record quarterly footage/day Delivered record quarterly FPD during 2Q25 Delivered record quarterly FPD during 2Q25 (FPD) during 2Q25 Drilled…
AI and Machine Learning Supports Record Performance Rapid integration of telemetry data across the rig fleet has enhanced operational learnings Research Engine Optimizing drilling operations through proprietary machine learning…
2025 Production Outlook Northeast Appalachia Quarterly Production Haynesville Quarterly Production (MMcfe/d) (MMcfe/d) 2,978 3,050 3,050 2,925 2,668 2,662 2,600 2,600 2,625 2,617 1Q25A 2Q25A 3Q25E 4Q25E FY25E 1Q25A 2Q25A…
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)…
Haynesville Positioned to Capture Premium Gas Markets Advantaged transportation portfolio provides deliverability, diversification and flexibility EXEs Perryville Capacity: EXE Haynesville Marketing Portfolio 2 Bcf/d EXEs…
Enhanced Capital Returns Framework Tranche 1 Annual Base Dividend 2.30/share Remains priority and is paid through-cycle 2.30/ Annual Base Dividend share 2Q25 DPS of 0.575/sh to be paid in September EXCESS FCF 274mm base dividend…
Investment Grade Balance Sheet Supports Through-Cycle Value Creation Current balance sheet is strong, however Unhedged Run-Rate EBITDAX additional deleveraging creates more capacity (bn)(1) at cycle-lows Further prioritization of…
Current Hedge Position Preserves Upside and Downside Protection Hedged Natural Gas Volumes Added since 1Q Earnings (Bcf) Last Public Disclosure (Bcf) 2 3 10 8 20 362 342 311 22 246 215 153 60 53 44 - 3Q25 4Q25 1Q26 2Q26…
2024 Sustainability Performance Highlights Inaugural report highlights our commitments and progress Achieved 100% Responsibly Sourced Gas (RSG) across portfolio (MiQ and EO100 ) Transparent and Serious Incident and Fatality (SIF)…
Expanding Returns, Expanding Opportunities Attractive, Peer-leading Resilient Responsible Connected Returns Financial Stewardship Portfolio Foundation Premium rock, returns, Most efficient operator Investment Grade Connecting…
Appendix 2Q 2025 EARNINGS
Managements Guidance as of July 29, 2025 Bold / Italicized = updated guidance range Production (MMcfe/d) 2Q25A 3Q25E 2025E Operating Costs (per Mcfe of Projected Production) 2Q25A 2025E Total Production 7,202 7,150 7,250 7,000 7,200…
2Q25 EXE Business Unit Results Haynesville NE Appalachia SW Appalachia Production (MMcfe/d) 2,978 2,662 1,562 Production Expense (/Mcfe) 0.25 0.15 0.33 Differential to NYMEX (/Mcf) (0.32) (0.79) (0.33) GP&T (/Mcfe) 0.66 0.84…
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)…
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) EXE portfolio uniquely positioned to meet growing LNG demand 32 Bcf/d of…
Revised Tax Outlook Passage of the One Big, Beautiful Bill (OBBB) on July 4 restores the incentives for domestic capital investment and research expenditures, as well as creates parity amongst types of capital investments for purposes…
Haynesville Productivity by Vintage EXE 12-Month Cumulative Production Remains Consistent Haynesville productivity 2020-2023 Internal 2024 Internal 2025 Internal remains strong and on trend 2020-2023 State Data 2024 State Data 2025…
Minimal Near-term Impact from Tariffs Illustrative AFE Components and Cost Trends YE24 compared to YE25 expectations Supply Chain outlook unchanged from 1Q as service pricing offsets potential tariff impacts PHASE SUB-CATEGORY % OF…
Fully Diluted Share Count Breakdown Shares in millions, as of 7/24/2025 2 238 238 240 Shares Warrants Fully Diluted Shares Outstanding 27 2Q 2025 Earnings
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…
Shareholder Returns (Unaudited) Six Months Ended June 30, 2025 ( and shares in millions, except per share amounts) Net Cash Provided by Operating Activities (GAAP) 2,418 Less cash capital expenditures (1,220) Less contributions to…
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 June 30, 2025 June 30, 2024 June 30,…
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