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2Q 2026 Earnings JULY 28, 2026
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This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Sect ion 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). Forward-looking statements include our current expectations or forecasts of future events, including matters relating to armed conflict between Russia and Ukraine, instability in the Middle East and Venezuela and cha nges in China-Taiwan relations, along with the effects of the current global economic environment, and the impact of each on our bu siness, financial condition, results of operations and cash flows, actions by, or disputes among or between, members of OPEC+ and other foreign oil -exporting countries, market factors, market prices, our ability to meet debt service requirements, our ability to continue to pay cash dividends, the amount and timing of any cash dividends and our sustainability initiatives. Forward-looking and other statements in this presentation regarding our environmen tal, social and other sustainability plans and goals are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the Securities and Exchange Commission (“SEC”). In addition, historical, current, and forward -looking environmental, social and sustainability-related statements may be based on standards for measuring progress that are still developing, inter nal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Forward -looking statements often address our expected futur e business, financial performance and financial condition, and often contain words such as “aim”, “predict”, “should”, “expec t,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy.” The absence of such words or expressions does not necessarily mean the statements are not forwar d-looking. Although we believe the expectations and forecasts reflected in our forward -looking statements are reasonable, they are inherent ly subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our contr ol. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Partic ular uncertainties that could cause our actual results to be materially different than those expressed in our forward -looking statements include: ▪ Reduced demand for natural gas, oil and natural gas liquids (“NGLs”); ▪ negative public perceptions of our industry; ▪ competition in the natural gas and oil exploration and production industry; ▪ the volatility of natural gas, oil and NGL prices, which are affected by general economic and business conditions, as well as increased demand for (and availability of) alternative fuels and electric vehicles; ▪ risks from regional epidemics or pandemics and related economic turmoil, including supply chain constraints; ▪ write-downs of our natural gas and oil asset carrying values due to low commodity prices; ▪ significant capital expenditures are required to replace our reserves and conduct our business; ▪ our ability to replace reserves and sustain production; ▪ uncertainties inherent in estimating quantities of natural gas, oil and NGL reserves and projecting future rates of productio n and the amount and timing of development expenditures; ▪ drilling and operating risks and resulting liabilities; ▪ our ability to generate profits or achieve targeted results in drilling and well operations; ▪ leasehold terms expiring before production can be established; ▪ risks from our commodity price risk management activities; ▪ uncertainties, risks and costs associated with natural gas and oil operations; ▪ our need to secure adequate supplies of water for our drilling operations and to dispose of or recycle the water used; ▪ pipeline and gathering system capacity constraints and transportation interruptions; ▪ risks related to our plans to participate in the global LNG value chain; ▪ terrorist activities and/or cyber-attacks adversely impacting our operations; ▪ risks from failure to protect personal information and data and compliance with data privacy and security laws and regulation s; ▪ disruption of our business by natural or human causes beyond our control; ▪ a deterioration in general economic, business or industry conditions; ▪ the impact of inflation and commodity price volatility, including as a result of decisions made by OPEC+ and armed conflict between Russia and Ukraine, instability in the Middle East and Venezuela and changes in China -Taiwan relations, along with the effects of the current global economic environment, on our business, financial condition, employees, contractors, vendors and the global demand for natural gas and oil and on U.S. and global financial markets; ▪ our inability to access the capital markets on favorable terms; ▪ the limitations on our financial flexibility due to our level of indebtedness and restrictive covenants from our indebtedness ; ▪ challenges with employee recruitment and retention and an increasingly competitive labor market; ▪ risks related to acquisitions or dispositions, or potential acquisitions or dispositions; ▪ security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our informa tion technology systems, or from breaches of information technology systems of third parties with whom we transact business; ▪ our ability to achieve and maintain sustainability certifications, goals and commitments; ▪ environmental and sustainability legislation and regulatory initiatives, including those addressing the impact of climate cha nge or further regulating hydraulic fracturing, greenhouse gas emissions, flaring or water disposal; ▪ federal and state tax proposals affecting our industry; ▪ risks related to an annual limitation on the utilization of our tax attributes, which was triggered upon the completion of ou r merger with Southwestern Energy Company (“the Southwestern Merger”), as well as trading in our common stock, additional issuan ce of common stock, and certain other stock transactions, which could lead to an additional, potentially more restrictive, annual limitation; ▪ the actual consummation of the Twin Eagle Holdings N.A., LLC (the “Twin Eagle Acquisition”) and the expected timetable for co mpletion thereof, the results, the effects and benefits of the Twin Eagle Acquisition, future opportunities for the Company, oth er plans with respect to the Twin Eagle Acquisition, and the anticipated impact of the Twin Eagle Acquisition on the Company’s results of operations, financial posit ion, growth opportunities and competitive position; ▪ the integration of acquisitions, including the Twin Eagle Acquisition; and ▪ other factors that are described under Risk Factors in Item 1A of Part I of our Annual Report on Form 10 -K filed with the SEC. This presentation references non-GAAP financial measures and metrics, including certain forward -looking information regarding such measures that are not reconcilable with GAAP measures due to their inherent uncertainty. Please see Appendix, which includ es definitions of non-GAAP measures and metrics used in this presentation and reconciliations of non -GAAP measures to the most directly comparable GAAP mea sure. We caution you not to place undue reliance on the forward-looking statements contained in this presentation, which speak only as of the filing date, and we undertake no obligation and have no intention to update any forward -looking statement, except as req uired by law. We urge you to carefully review and consider the disclosures in this presentation and our filings with the SEC that attempt to advise interested parti es of the risks and factors that may affect our business. All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement. Forward-Looking Statements 2Q 2026 Earnings2
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Operational and Financial Highlights 2Q 2026 Earnings (1) Adjusted EBITDAX, Free Cash Flow and Net Debt are non -GAAP financial measures, see Appendix for more information and reconciliat ion to the most directly comparable GAAP financial measure. (2) Midpoint of annual production and capital expenditure guidance. (3) As of 7/24/2026. (4) Net Debt to trailing 12-month Adjusted EBITDAX. Adjusted EBITDAX is a non-GAAP financial measure, see Appendix for more informat ion and reconciliation to the most directly comparable GAAP financial measure. 3 Largest domestic natural gas producer: ~7.5 Bcfe/d ~$1.2bn of Adjusted EBITDAX (1) ~$851mm of capex ~$343mm of FCF (1) ~$849mm shares repurchased YTD(3) Reduced shares outstanding ~4%; repurchased ~$530mm in 2Q26 Reaffirmed 2026 guide: ~7.5 Bcfe/d; ~$2.85bn capex(2) Inclusive of ~$75mm Western Haynesville appraisal spend Announced new ~$1bn buyback authorization Expanding prior authorization for continued opportunistic share repurchases Peer-leading leverage ratio(1)(4) of ~0.5x Gross debt reduction of ~$1.3bn complemented by ~$1.1bn to shareholders YTD 2026 (3) Announced acquisition of Twin Eagle Creating North America’s leading integrated natural gas company
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Scale: Largest natural gas producer in North America with ~2.0mm net acres, ~7.5 Bcfe/d in 2026 Flexibility: Highly complementary asset base offers capital allocation flexibility Growth: Differentiated ability to accretively grow volumes (when supply is needed) Attractive, Connected Portfolio 2Q 2026 Earnings Net acres and gross locations as of 12/31/2025. (1) >5,000 gross locations divided by ~225 annual TILs. 4 Location: Geographically diverse portfolio co-located with highest growth demand centers Longevity: High-quality inventory supporting returns for decades (20+ years) (1) Connectivity: Inter-connected transportation portfolio links assets to premium markets Superior Portfolio Characteristics NORTHEAST APPALACHIA ~704,000 net acres >1,500 gross locations FY26E Prod: ~2,680 MMcfe/d HAYNESVILLE ~745,000 net acres >2,000 gross locations FY26E Prod: ~3,160 MMcfe/d SOUTHWEST APPALACHIA ~592,000 net acres >1,500 gross locations FY26E Prod: ~1,660 MMcfe/d
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3,148 3,187 ~ 3,155 ~ 3,155 ~ 3,160 1Q26A 2Q26A 3Q26E 4Q26E FY26E 2026 Production Outlook 2Q 2026 Earnings5 ▪ SW App production bolstered by strong new well performance in 2Q ▪ Will remain flexible and responsive to market conditions ▪ Guidance contemplates seasonal curtailments ▪ Production peaking in 4Q to align with anticipated demand 2,785 2,625 ~ 2,590 ~ 2,720 ~ 2,680 1Q26A 2Q26A 3Q26E 4Q26E FY26E Northeast Appalachia Production (MMcfe/d) 1Q26A 2Q26A 3Q26E 4Q26E FY26E Rig Count 3 3 2 – 3 2 3 Crew Count 2 2 2 2 2 1,503 1,670 ~ 1,705 ~ 1,760 ~ 1,660 1Q26A 2Q26A 3Q26E 4Q26E FY26E Southwest Appalachia Production (MMcfe/d) 1Q26A 2Q26A 3Q26E 4Q26E FY26E Rig Count 2 2 1 1 – 2 1 – 2 Crew Count 1 2 1 – 2 1 1 – 2 Haynesville Production (MMcfe/d) 1Q26A 2Q26A 3Q26E 4Q26E FY26E Rig Count 7 7 7 7 7 Crew Count 3 3 2 2 2 – 3
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Mid-cycle Price ($/Mcf) $2.50 $2.75 $3.00 $3.25 $3.50 $3.75 $4.00 $4.25 $4.50 6.75 $2.5 7.00 $2.6 7.25 $2.7 7.50 $2.8 7.75 $2.9 8.00 $3.1 8.25 $3.2 Optimizing Maintenance Production to Maximize Free Cash Flow (1) 2Q 2026 Earnings (1) FCF is a non-GAAP financial measure, see Appendix for more information. (2) Modeled FCF is not specific to a particular forward year, but representative of run -rate / maintenance production and capital at a given price excluding any hedges and inclusive of all forecasted synergies. (3) Total capital inclusive of D&C, non-D&C field and non-D&C corporate; growth capital is not included; utilizes cost assumptions as of February 2026. 6 Selected mid-cycle production target is continually evaluated for changing market dynamics Centering activity to deliver ~7.5 Bcfe/d through-cycle maximizes FCF at mid-cycle prices between $3.50 to $4.00 Maximum FCF Minimum FCF *For a given mid-cycle price Outlook (e.g., column) Maintenance Capital ($bn) (3) Maintenance Production (Bcfe/d) Illustrative Annual FCF (2) at Various Mid-cycle Prices, Maintenance Production and Capital
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Driving Southwest Appalachia Efficiency Forward 2Q 2026 Earnings7 2,050 2,218 2,385 2,724 3Q25 4Q25 1Q26 2Q26 Marcellus Drilling Performance (ft/day) (1) ~33% increase over last year $844 $747 $730 2024 2025 2026 Demonstrating Continued Capital Improvements ($/ft) (2) ~14% decrease in cost per foot since 2024 ▪ Knowledge transfer between assets leading to record setting results across Appalachia ▪ 2Q26 was best drilling quarter in SW App history ▪ Well costs decreasing despite larger completion designs • Completions intensity has grown ~8% since 2024 • Design optimization expected to continue as development plans evolve • Drives better returns and lower reinvestment rate 2,724 ft/day highest average FPD quarter for Marcellus 1,796 ft/day highest average FPD quarter for Utica 2,163 ft/day fastest Utica well drilled in company history (1) Calculated using spud to rig-release timing. (2) Total D&C capital.
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EXE Haynesville Productivity by Vintage (1) Incremental FCF (2) Associated with Enhanced Completions $0.0 $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 0 5 10 15 20 25 30 35 $mm Time (Months) Cumulative Incremental FCF (Undiscounted) Cumulative Incremental Discounted FCF (10%) Advancing Haynesville Productivity 2Q 2026 Earnings8 $0.05 – $0.10 improvement to well-level breakeven ▪ Completions optimization driving sustainable productivity improvements ▪ Owned sand mine creates structural economic benefit versus rest of basin ▪ Gen3 design expansion proven to increase productivity and reduce maintenance well count ▪ Facilitates lower well and asset breakevens, now below $2.75/Mcf ▪ GenX testing underway, with initial results further reducing decline rates (1) Sourced from internal data. (2) Utilizing $3.50 HH gas price for a 10k normalized lateral. Free cash flow is a non -GAAP financial measure, see Appendix for more information. 0 100 200 300 400 500 0 30 60 90 120 150 180 Cumulative Production (Bcf/1,000') Time (Days) 2024 2025 2026 5 – 10% increase in 6-month cumes Incremental Capex for Enhanced Completion
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$0.0 $1.0 $2.0 $3.0 $4.0 $1.50 $1.75 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25 $3.50 $ per Location ($mm) Breakeven Gas Price ($/Mcf) Lease Acquisitions: Cost-Effective Inventory Replenishment 2Q 2026 Earnings (1) Source: Enverus Intelligence, Enverus M&A Analytics. Reflects 2023+ Haynesville, Marcellus and Utica deals. Average breakeven ($/Mcf, WTI:HH 20:1). (2) 10K normalized laterals. 9 Haynesville: Creating Growth Optionality in the NFZ ▪ Acquired ~33,000 acres in Sabine and Natchitoches Parishes in Louisiana for ~$46mm through 2Q26 ▪ Adds >100 net locations (2) at ~$450,000 per location ▪ Extends overall play footprint adjacent to Natchitoches Fault Zone (NFZ) ▪ First spud expected in 3Q26 NE App: Near-Term Enhancement of Core Inventory ▪ Acquired ~3,000 acres in core Bradford County, PA for ~$15mm ▪ Adds 15 net locations (2) at ~$1mm per location ▪ Average development plan lateral lengths exceed 16,000′ ▪ Spud first well in July 2026 Attractive, Low-Cost Inventory Additions (1) Disciplined, high-return investment delivers future free cash flow growth SW App Core Marcellus (3Q25) NE App Core Marcellus Peer transactions Haynesville Marcellus Utica Sustains depth and enhances inventory quality Creates growth optionality in premium markets Leverages operational capability in proven plays Early entry provides upside for full-cycle returns S T R A T E G Y HSVL NFZ Extension
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Positioned for Growing Demand 2Q 2026 EARNINGS
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Largest natural gas producer to become leading marketer • Extends the natural gas value chain and reaches growing demand coast-to-coast across the United States and Canada Accelerates and enhances Marketing and Commercial strategy • Delivers $350mm of estimated annual EBITDA post-synergies • Increasing Marketing and Commercial annual free cash flow target by 50% to $750mm Creates differentiated platform to serve customers • Combines Expand’s scale and balance sheet with Twin Eagle’s premier platform and long-standing customer relationships E X P A N D T O A C Q U I R E T W I N E A G L E Creating North America’s Leading Integrated Natural Gas Company 11 T R A N S A C T I O N O V E R V I E W (1) Subject to typical purchase price adjustments, including working capital. (2) Includes initial synergy target of $150mm, expect to realize by year -end 2028. NOTE: EBITDA is a non-GAAP financial measure. Immediately accretive all-cash transaction $1.25bn (1) funded by cash on hand and borrowings under revolving credit facility Accretive transaction projected to contribute $200mm of estimated annual EBITDA Twin Eagle to become wholly-owned subsidiary of Expand with key members of Twin Eagle’s management continuing with Expand after close Annual EBITDA projected to grow to $350mm as synergies are realized(2) Expected to close in 3Q 2026 2Q 2026 Earnings
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Expands Opportunity to Capture Greater Value for Every Molecule 2Q 2026 Earnings12 Pro Forma Natural gas marketing leader • Expanding access to key supply basins and customer demand • Flexibility to optimize sales across the portfolio 9 Bcf/d primarily associated with equity production 5 Bcf/d spanning North America coast-to-coast 14 Bcf/d leading marketer of natural gas in North America Geographically diverse storage capacity • Effective management of physical supply and demand imbalances • Enables strategic deployment of production 5 Bcf proximal to Gulf Coast assets 44 Bcf with access to all relevant markets 49 Bcf of flexible response to market conditions Enhanced firm transport portfolio • Larger portfolio enhances optimization opportunities • Lowers exposure to regional bottlenecks and basis blowouts 7 Bcf/d primarily from operating areas to premium hubs 2 Bcf/d from a diverse market and customer base 9 Bcf/d of contracted capacity to additional key markets
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Builds on Strengths of Both Companies to Create Integrated Platform 13 Facilitating & Capturing New Demand CONNECTING OUR MOLECULES TO NEW MARKETS ▪ Coast-to-coast pipeline network positioned to supply growing power, industrial and LNG demand ▪ Expand production provides supply security for long-term customer commitments ▪ Established marketing platform with durable customer relationships • 1,350 active counterparties and 3,000 enabling agreements • 650 blue-chip C&I customers • Already the largest supplier to Gulf Coast liquefaction facilities Reaching Premium Markets ACCESS TO HIGH -VALUE DEMAND CENTERS ▪ Last-mile firm deliverability to match demand with supply ▪ Unparalleled access to constrained markets • Supplements deliverability to Gulf Coast LNG corridor • Strengthens opportunities to supply Northeast data center and power sector demand • Unlocks access to new customers in Midwest, Southeast and Southwest ▪ Financial strength and scale provides enhanced reliability Monetizing Volatility OPTIONALITY ACROSS THE FULL VALUE CHAIN ▪ Productive capacity to supply markets when needed most ▪ Gathering and transportation logistics manage basis exposure and flow assurance ▪ 49 Bcf of storage capacity enables structured solutions for customers ▪ Enhanced valuation capabilities to recognize and capture market dislocations ▪ Diversified portfolio with best practice risk management capabilities Delivers on all aspects of marketing and commercial strategy 2Q 2026 Earnings
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$400 $550 $500 $100 $200 $250 $50 $500 Initial M&C Free Cash Flow Target Announced Synergies by Year-End 2028 Twin Eagle New M&C Free Cash Flow Target Accelerates Delivery of Marketing and Commercial Free Cash Flow Target ~50% increase incremental M&C FCF(1) $500mm incremental FCF(1) $750mm incremental FCF(1) 2Q 2026 Earnings14 (1) Free Cash Flow is a non-GAAP financial measure, see Appendix for more information. (2) EBITDA for existing Twin Eagle business. Does not include the potential impact of incremental income taxes or interest for Expan d as a result of the acquisition. NOTE: EBITDA and Free Cash Flow are non -GAAP financial measures. • Facilitating & Capturing New Demand 3 – 5 years (back-end weighted) • Reaching Premium Markets 1 – 5 years (ratable expansion) • Monetizing Volatility 1 – 5 years (ratable expansion) ~$120mm realized in 1H26 • $100mm: Synergies delivered by accelerated realization of existing goal of Reaching Premium Markets and Monetizing Volatility • $50mm: Expanded access to end-users • $200mm: Twin Eagle projected EBITDA(2) o Origination capabilities in all major markets o Premium-priced sales o Vast storage portfolio • Facilitating & Capturing New Demand 3 – 5 years (back-end weighted) • Reaching Premium Markets 1 – 3 years (ratable expansion) • Monetizing Volatility 1 – 3 years (ratable expansion) Increase of $250mm/yr and accelerated timing relative to previous target
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A Historic Wave of Structural Domestic Demand Growth is Underway 2Q 2026 Earnings15 20402030 POWER Appalachia & U.S. Gulf Coast 4 – 6 Bcf/d 7 – 10 Bcf/d Only dispatchable, scalable and affordable option to support multi-gigawatt loads on accelerated data center timeline INDUSTRIAL U.S. Gulf Coast 2 – 3 Bcf/d 3 – 5 Bcf/d Modern manufacturing expansion, petrochemical and refining upgrades and renewed industrial investment LNG U.S. Gulf Coast 13 – 15 Bcf/d 21 – 25 Bcf/d LNG provides reliable, flexible, lower carbon supply to meet surging global energy demand DEMAND GROWTH from 2025 +19 – 24 Bcf/d +31 – 40 Bcf/d New era of Demand-Pull replaces historical Supply-Push dynamics across the U.S. Note: Demand growth numbers for 2030 and 2040 are compared to a 2025 baseline of ~115 Bcf/d; LNG feedgas growth is measured f rom a 2025 feedgas baseline of ~16.5 Bcf/d. Sources: S&P Global, Bloomberg NEF, Wood Mackenzie, Enverus, Grid Status, East Daley, Arbo, RBN, PointLogic, IIR, Webber Rese arch, PJM Interconnect, MISO, ERCOT, company public disclosures and internal estimates.
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Scalable, Affordable Energy Underpins Electrification 2Q 2026 Earnings Mapped power facilities sourced from IIR Energy and include announced data center and gas -fired power plants through 2030. (1) EXE internal demand growth outlook for Northeast and Gulf Coast regions based on S&P Global Commodity Insights, Natura l Gas Intelligence, Argus Media, EIA, company press releases and internal estimates. 16 APPALACHIA: The power generation hub • Accelerating AI-driven power demand and electrification • Natural gas backstops renewable intermittency and supports grid stability • Expand can supply low-cost natural gas to meet growing in-basin demand U.S. GULF COAST: The epicenter of demand growth • Industrial customers and growing power generation competing with growing LNG demand • Consumer competition creates premium market dynamics, focus on securing long-term supply • Expand is the basin cost-leader with deepest inventory and ability to grow when needed 0 2 4 6 Power Industrial Appalachia & Gulf Coast Demand Growth (1) by 2030 (Bcf/d) EXE Acreage Proposed Industrial Facility Proposed Power Facility
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U.S. Gulf Coast: Where Global LNG Supply Begins 2Q 2026 Earnings Sources: EIA, public reports and internal estimates. Facilities include Corpus Christi 3 expansion, Golden Pass Phase 1 & 2, Port Arthur Phase 1 & 2, Calcasieu Pass 2, Rio Grande, Louisiana LNG, Sabine Pass expansion, Plaquemines expansion and account f or efficiency gains. 17 0 10 20 30 Online in 2028+ Online in 2027 Online in 2026 2025 Expected LNG Feedgas Capacity (Bcf) Perryville Gillis Gillis Perryville Katy Agua Dulce 4.4 Bcf/d POWER/INDUSTRIAL DEMAND +2.3 Bcf/d The critical energy corridor • Growing global call on natural gas will be met predominantly with new North American LNG export capacity • Resulting domestic feedgas demand estimated to increase 13 – 15 Bcf/d by 2030 • Infrastructure-friendly Gulf Coast region ensures local supply reaches new demand • Expand will leverage its position as the largest Haynesville producer to attract premium prices and enhance margins Katy Agua Dulce Single most important energy corridor in the world: Expanding LNG export terminals Scaling Industrial & petrochemical facilities Growing power demand Expand is built to serve LNG demand L O U I S I A N A T E X A S HSC Henry Hub Delfin Delfin FLNG SPA 20-year 1.15 MTPA LNG FOB offtake with 2031 anticipated in-service; FID reached June 2026 EXE Haynesville Acreage Market Hub
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-5 0 5 10 15 20 China Europe SE Asia Rest of World India Japan South Korea South America LNG Demand (Bcf/d) 2025 Demand Growth to 2040 Elastic Demand Global LNG Demand Growing >50% from 2025 to 2040 2Q 2026 Earnings Sources: Wood Mackenzie, Poten & Partners, Rystad Energy, S&P Global, Timera Energy and internal models. 18 2025 Demand = 55 Bcf/d 2040 Demand = ~86 Bcf/d +31 Bcf/d of demand growth Price-sensitive demand regions in Asia expected to contribute additional 3 – 6 Bcf/d of demand at <$8.00/MMBtu JKM, supporting price resilience
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Strengthening Resilient Financial Foundation 2Q 2026 EARNINGS
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Investment Grade Balance Sheet Supports Through-Cycle Value Creation 2Q 2026 Earnings20 (1) As of 6/30/2026. ▪ Deleveraging at favorable prices facilitates more consistent shareholder returns through-cycle ▪ Balance sheet is peer leading, evidenced by recent Fitch upgrade to BBB ▪ Quarter-end liquidity exceeds $4bn ▪ Hedge strategy further bolsters financial strength ▪ Complemented debt reduction with shareholder returns Debt Maturity Profile (BBB-, Baa3, BBB) ($mm)(1) $638 $1,200 $1,150 $3,500 $750 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 5.375% ~5.15% 5.375% 4.75% 5.70% Callable debt EXE RBL Capacity
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▪ Annual Base Dividend • Remains priority and is paid through-cycle • $2.30/share annually • 2Q26 DPS of $0.575/sh to be paid in September ▪ Net Debt Reduction • Allocated ~$1.3bn to gross debt reduction in 2026 • $3.1bn in net debt(1) as of quarter-end ▪ Additional Shareholder Returns • Opportunistic share repurchases concentrated in periods of share price weakness • ~$849mm in share repurchases YTD(2) • Added $1bn to current share repurchase authorization Balancing Debt Reduction and Shareholder Returns 2Q 2026 Earnings 21 Financial strength provides flexibility for accretive capital allocation $370 $554 $279 $18 $211 $100 $849$591 $661 $1,287 2024 2025 2026 YTD $2,415 $979 $1,526 Strong balance sheet provides for opportunistic repurchases through-cycle (2) (1) Net Debt is a non-GAAP financial measure, see Appendix for more information and reconciliation to the most directly comparable G AAP financial measure. (2) As of 7/24/2026. Historical Returns ($mm) Gross Debt Reduction Share Repurchases Variable Dividend Base Dividend
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$2.98 $3.22 $3.62 $2.85 $3.18 $3.65 $4.02 $3.14 $4.27 $4.65 $4.79 $4.09 $3.97 $4.03 $4.40 $4.62 $3.64 $3.75 $3.85 $3.60 $3.65 $3.73 $3.79 $3.40 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 1Q28 2Q28 Hedge Strategy Preserves Upside and Provides Downside Protection 2Q 2026 Earnings (1) As of 7/24/2026. 22 445 393 361 298 227 165 78 11 10 0 36 36 44 84 47 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 1Q28 2Q28 Hedged Natural Gas Volumes Current Hedge Book Supports Near-Term Realizations and Preserves Upside Ceiling and Floor (1) ($/MMbtu) Realized Price Strip Added since 1Q Earnings (Bcf) Last Public Disclosure (Bcf) 66% hedged in 2026 41% hedged in 2027
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Built for Long-Term Value 2Q 2026 EARNINGS
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W. CANADA SOUTHWEST GULF COAST LNG FEED GAS NORTHEAST +4 Bcf/d 19 Bcf/d SOUTHEAST +1 Bcf/d MIDWEST +1 Bcf/d 18 Bcf/d TEXAS +3.5 Bcf/d 15 Bcf/d 7 +2 Bcf/d MEXICO EXPORT 17 Bcf/d +12 Bcf/d 12 Bcf/d +1 Bcf/d 7 +1 Bcf/d 10 Bcf/d 12 Bcf/d +2.3 Bcf/d 2Q 2026 Earnings24 Connects Demand with Supply in Key Markets Reaches demand coast-to-coast, not simply a regional player Twin Eagle Storage Capacity EXE Storage Capacity Twin Eagle Transmission Rights EXE Transmission Rights EXE Operating Basins Key Supply Basins 2025 Demand Bcf/d 2030 Demand Gain Bcf/d
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Expanding Returns, Expanding Opportunities 2Q 2026 Earnings25 Attractive, Connected Portfolio Peer-leading Returns Resilient Financial Foundation Responsible Stewardship Premium rock, returns, runway with access to premium markets Most efficient operator with proven track record of delivering returns to shareholders Investment Grade balance sheet provides strategic through-cycle advantages Connecting affordable, reliable and lower carbon energy to markets in need
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Appendix 2Q 2026 EARNINGS
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Consistent, transparent performance data disclosure ▪ Largest producer to achieve 100% Responsibly Sourced Gas (RSG) across portfolio (MiQ and EO100 ) ▪ Supported lower-carbon natural gas delivery through equity ownership in New Generation Gas Gathering (NG3) project, which recently commenced carbon capture, transport and storage operations ▪ Net zero Scope 1 and 2 GHG emissions target by 2035 ▪ Employee and executive compensation tied to sustainability performance ▪ Donated ~$5 million to charitable organizations and environmental conservation projects across operating areas 2025 Sustainability Performance Highlights 2Q 2026 Earnings (1) Calculated as metric tons CO2e / gross operated MBoe produced. (2) Calculated as volume methane emissions / volume gross natural gas produced. 27 Transparent and measurable disclosures: 0.13 Combined TRIR 3.5 Scope 1 and 2 Greenhouse gas emissions intensity (1) 17 MMBbls recycled produced water 0.03% Scope 1 Methane emissions intensity (2) 100% produced water recycled in NE App Download the report at expandenergy.com/sustainability
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Management’s Guidance as of July 28, 2026 2Q 2026 Earnings (1) Other Capex (Field) includes Leasehold and Workover expenses. (2) Other Capex (Corporate) includes PP&E, Capitalized G&A and Interest expenses. (3) GP&T fair market liability related to the amortization of the $150mm – $200mm net liability for out-of-market contracts assumed in the Southwestern Merger. 28 Production (MMcfe/d) 2Q26A 3Q26E 2026E Total Production 7,482 7,400 – 7,500 7,400 – 7,600 Haynesville 3,187 ~3,155 ~3,160 Northeast Appalachia 2,625 ~2,590 ~2,680 Southwest Appalachia 1,670 ~1,705 ~1,660 Capital Expenditures ($mm) 2Q26A 3Q26E 2026E Total D&C $656 $550 – $600 $2,250 – $2,350 Haynesville 51% ~49% ~52% Northeast Appalachia 20% ~28% ~23% Southwest Appalachia 29% ~23% ~25% Other Capex (Field)(1) $152 $115 – $145 $350 – $450 Other Capex (Corporate)(2) $43 $35 ~$150 Total Capital Expenditures $851 $700 – $780 $2,750 – $2,950 Corporate Expenses ($mm) 2Q26A 2026E Interest Expense $43 $180 – $190 Cash Income Tax Ranges at Flat Prices $0 $3.50 $0 $4.00 $0 – $25 $4.50 $25 – $50 Operating Costs (per Mcfe of Projected Production) 2Q26A 2026E Production Expense $0.25 $0.23 – $0.28 Gathering, Processing and Transportation (GP&T) $1.03 $1.01 – $1.13 GP&T Expense $0.93 $0.95 – $1.05 GP&T FMV Liability (3) $0.10 $0.06 – $0.08 Severance and Ad Valorem Taxes $0.09 $0.08 – $0.10 General and Administrative $0.07 $0.07 – $0.10 Depreciation, Depletion and Amortization $1.06 $1.05 – $1.10 Basis Differentials (excluding hedges) 2Q26A 2026E Estimated (E) Basis Deduct to NYMEX Prices, based on 7/24/2026 Strip Prices: Natural Gas ($/Mcf) ($0.48) ($0.30) – ($0.40) Oil ($/Bbl) ($8.08) ($8.00) – ($10.00) NGL ($/Bbl, realized price) $26.26 $22 – $26 Sales Points Haynesville: 50% Perryville, 50% WLA/NYMEX Northeast Appalachia: 55% In-basin, 25% East, 20% NYMEX/Other Southwest Appalachia: 50% In-basin, 50% Perryville Bold / Italicized = updated guidance range
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2Q26 EXE Business Unit Results 2Q 2026 Earnings (1) NE App Upper Marcellus category is inclusive of hybrid wells. 29 Haynesville Northeast Appalachia Southwest Appalachia Production (MMcfe/d) 3,187 2,625 1,670 Production Expense ($/Mcfe) $0.30 $0.17 $0.26 Differential to NYMEX ($/Mcf) $(0.28) $(0.75) $(0.43) GP&T ($/Mcfe) $0.77 $0.85 $1.36 Rigs 7 3 2 Spuds (by zone) Haynesville 15 Bossier 7 Lower 16 Upper(1) 6 Marcellus 11 Utica 0 TILs (by zone) Haynesville 10 Bossier 10 Lower 9 Upper(1) 3 Marcellus 10 Utica 6 D&C Capex ($mm) $335 $132 $189 Total Capital ($mm) $409 $193 $249
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Reducing Risk, Protecting Returns Through Hedge Program 2Q 2026 Earnings30 NATURAL GAS Date SWAPS COSTLESS COLLARS THREE-WAY COLLARS REALIZED GAIN/ (LOSS) Volume Bcf Price $/Mcf Volume Bcf Bought Put $/Mcf Sold Call $/Mcf Volume Bcf Bought Put $/Mcf Sold Call $/Mcf Sold Put $/Mcf $mm 1Q26 100.8 3.98 307.8 3.50 5.09 13.3 3.92 4.73 2.67 $(287) 2Q26 132.4 3.89 213.9 3.43 4.42 89.2 3.52 4.23 2.48 $309 3Q26 144.4 3.85 194.8 3.47 4.44 104.9 3.68 4.54 2.64 4Q26 120.8 3.95 172.5 3.52 4.79 109.3 3.88 5.04 2.75 FY26 498.4 $3.91 888.9 $3.48 $4.73 316.7 $3.71 $4.63 $2.64 1Q27 90.1 3.96 160.9 3.75 5.14 110.3 3.91 5.06 2.82 2Q27 159.9 3.70 68.7 3.61 4.55 104.7 3.53 4.23 2.59 3Q27 161.7 3.70 26.2 3.68 4.31 74.5 3.63 4.17 2.62 4Q27 111.5 3.79 24.4 3.68 4.27 73.3 3.66 4.20 2.64 FY27 523.2 $3.77 280.2 $3.70 $4.84 362.7 $3.68 $4.45 $2.65 1Q28 81.5 3.84 15.5 3.75 4.61 65.5 3.72 4.74 2.76 2Q28 19.8 3.59 – – – 38.2 3.51 4.62 2.50 3Q28 20.1 3.60 – – – 19.3 3.51 4.62 2.50 4Q28 20.1 3.62 – – – 19.3 3.51 4.62 2.50 FY28 141.4 $3.74 15.5 $3.75 $4.61 142.4 $3.62 $4.69 $2.64 Hedge position as of 7/24/2026.
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Hedged Financial Basis 2Q 2026 Earnings31 Hedge position as of 7/24/2026. HAYNESVILLE APPALACHIA TOTAL Date CGT ML TETCO WLA TGT Z1 TETCO M3 LEIDY EASTERN GAS TCO REALIZED GAIN/ (LOSS) Volume Bcf Avg. Price $/Mcf Volume Bcf Avg. Price $/Mcf Volume Bcf Avg. Price $/Mcf Volume Bcf Avg. Price $/Mcf Volume Bcf Avg. Price $/Mcf Volume Bcf Avg. Price $/Mcf Volume Bcf Avg. Price $/Mcf $mm 1Q26 – – 1.4 0.11 14.9 (0.22) 36.2 0.47 23.0 (0.73) 13.5 (0.86) – – $(114) 2Q26 4.0 (0.31) 4.1 (0.08) 3.2 (0.29) 40.7 (0.70) 23.0 (1.11) 18.0 (1.07) 2.7 (0.69) $(5) 3Q26 5.5 (0.32) 4.6 (0.07) 7.4 (0.30) 41.2 (0.70) 23.2 (1.11) 18.2 (1.07) 9.2 (0.73) 4Q26 1.9 (0.38) 2.5 (0.01) 2.6 (0.30) 28.2 (0.25) 17.0 (0.94) 12.8 (1.00) 6.2 (0.75) FY26 11.3 ($0.32) 12.5 ($0.04) 27.9 ($0.26) 146.3 ($0.32) 86.1 ($0.97) 62.5 ($1.01) 18.1 ($0.73) 1Q27 12.6 (0.30) 9.0 (0.15) 9.5 (0.27) 6.8 0.98 22.5 (0.71) 11.7 (0.85) 25.2 (0.63) 2Q27 12.7 (0.30) 9.1 (0.15) 9.6 (0.27) 19.6 (0.70) 21.8 (0.74) 14.6 (0.86) 25.5 (0.63) 3Q27 12.9 (0.30) 9.2 (0.15) 9.7 (0.27) 19.8 (0.70) 22.1 (0.74) 14.7 (0.86) 25.8 (0.63) 4Q27 12.9 (0.30) 9.5 (0.15) 9.7 (0.27) 6.7 (0.70) 15.4 (0.70) 9.8 (0.84) 25.8 (0.63) FY27 51.1 ($0.30) 36.5 ($0.15) 38.3 ($0.27) 52.8 ($0.48) 81.8 ($0.72) 50.8 ($0.85) 102.2 ($0.63)
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NATURAL GAS LIQUIDS CRUDE OIL Date C3 SWAPS REALIZED GAIN/ (LOSS) COSTLESS COLLARS THREE-WAY COLLARS REALIZED GAIN/ (LOSS) Volume MBbl Price $/Gal $mm Volume MBbl Bought Put $/Bbl Sold Call $/Bbl Volume MBbl Bought Put $/Bbl Sold Call $/Bbl Sold Put $/Bbl $mm 1Q26 – – $ - – – – 225.0 70.00 83.32 60.00 $1 2Q26 1,183 0.75 $(3) 682.5 72.33 88.82 – – – – $(5) 3Q26 1,196 0.75 690.0 72.33 88.82 – – – – 4Q26 1,196 0.75 690.0 72.33 88.82 – – – – FY26 3,575 $0.75 2,062.5 $72.33 $88.82 225.0 $70.00 $83.32 $60.00 Reducing Risk, Protecting Returns Through Hedge Program 2Q 2026 Earnings32 Hedge position as of 7/24/2026.
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As a supplement to the financial results prepared in accordance with U.S. GAAP, Expand Energy’s quarterly earnings presentati ons contain certain financial measures that are not prepared or presented in accordance with U.S. GAAP. These non-GAAP financial measures include Adjusted EBITDAX, Free Cash Flow, Adjusted Free Cash Flow, Net Debt and Total Capitalization. A reconciliation of each financial measure to its most directly comparable GAAP financial measure is included in the followin g tables. Management believes these adjusted financial measures are a meaningful adjunct to earnings and cash flows calculated in accordance with GAAP because (a) management uses these financia l measures to evaluate the company’s trends and performance, (b) these financial measures are comparable to estimates provided by securities analysts, and (c) items excluded generally ar e one-time items or items whose timing or amount cannot be reasonably estimated. Accordingly, any guidance provided by the company generally excludes information regarding these types of items. D ue to the forward-looking nature of projected Adjusted EBITDAX, projected Free Cash Flow and projected Adjusted Free Cash Flow used herein, management cannot reliably predict certain of the necessary comp onents of the most directly comparable forward-looking GAAP measures. Accordingly, the Company is unable to present a quantitative reconciliation of such forward -looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures without unreasonable effort. Amounts excluded from these non -GAAP measures in future periods could be significant. Expand Energy’s definitions of each non-GAAP measure presented herein are provided below. Because not all companies or securitie s analysts use identical calculations, Expand Energy’s non -GAAP measures may not be comparable to similarly titled measures of other companies or securities analysts. Adjusted EBITDAX: Adjusted EBITDAX is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation, depleti on and amortization expense, exploration expense, unrealized (gains) losses on derivatives, separation and other termination costs, (gains) losses on sales of assets, and certain items m anagement believes affect the comparability of operating results. Adjusted EBITDAX is presented as it provides investors an indication of the company's ability to internally fund exploration and development a ctivities and service or incur debt. Adjusted EBITDAX should not be considered an alternative to, or more meaningful than, net income (loss) or net cash provided by (used in) operating activities as presente d in accordance with GAAP. Free Cash Flow: Free Cash Flow is defined as net cash provided by operating activities less cash capital expenditures. Free Cash Flow is a li quidity measure that provides investors additional information regarding the company’s ability to service or incur debt and return cash to shareholders. Free Cash Flow should not be consid ered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP. Adjusted Free Cash Flow: Adjusted Free Cash Flow is defined as net cash provided by operating activities less cash capital expenditures and cash contr ibutions to investments, adjusted to exclude certain items management believes affect the comparability of operating results. Adjusted Free Cash Flow is a liquidity measure that provides investors additional information regarding the company’s ability to service or incur debt and return cash to shareholders. Adjusted Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP. Net Debt: Net Debt is defined as GAAP total debt excluding premiums, discounts, and deferred issuance costs less cash and cash equivale nts. Net Debt is useful to investors as a widely understood measure of liquidity and leverage, but this measure should not be considered as an alternative to, or more meaningful than, total deb t presented in accordance with GAAP. Total Capitalization: Total Capitalization is defined as Net Debt plus total stockholders’ equity and is used in the Net Debt to Capitalization rat io. Net Debt to Adjusted EBITDAX: Net debt to Adjusted EBITDAX is a non-GAAP measure and is defined as Net Debt divided by an annualized Adjusted EBITDAX measure on a trailing twelve-month calculation. Management uses Net Debt to Adjusted EBITDAX to assess liquidity and leverage. The Company believes this measure is useful to investors because it provides supplemental information to investors regarding its ability internally fund exploration and development activities and service or incur debt. However, this measure should not be considered as an alternative to, or more meaningful than, total debt or net income (loss) as presented in accordance with GAAP. Non-GAAP Financial Measures 2Q 2026 Earnings33
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2Q 2026 Earnings34 Three Months Ended June 30, 2026 Three Months Ended March 31, 2026 Three Months Ended December 31, 2025 Three Months Ended September 30, 2025 Trailing Twelve Months Three Months Ended June 30, 2025 ($ in millions) Net Income (GAAP) $ 522 $ 1,159 $ 553 $ 547 $ 2,781 $ 968 Adjustments: Interest expense 43 59 59 57 218 60 Income tax expense 150 330 134 139 753 260 Depreciation, depletion and amortization 722 711 759 741 2,933 769 Exploration 16 14 16 3 49 20 Unrealized gains on derivatives (153) (279) (179) (309) (920) (842) Separation and other termination costs – 9 – 5 14 – (Gains) losses on sales of assets – 1 68 1 70 (4) Other operating expense (income), net 3 10 11 (40) (16) 32 Impairments – – 37 – 37 – Gains on purchases, exchanges or extinguishments of debt (37) – – (1) (38) (3) Contract amortization (68) (30) (32) (47) (177) (72) Other (15) (16) (1) (14) (46) (12) Adjusted EBITDAX (Non-GAAP) $ 1,183 $ 1,968 $ 1,425 $ 1,082 $ 5,658 $ 1,176 Reconciliation of Net Income to Adjusted EBITDAX (Unaudited)
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2Q 2026 Earnings35 Reconciliation of Total Debt to Total Capitalization (Unaudited) June 30, 2026 December 31, 2025 ($ in millions) Total Debt (GAAP) $ 3,685 $ 5,009 Premiums, discounts and issuance costs on debt 53 16 Principal Amount of Debt 3,738 5,025 Cash and cash equivalents (663) (616) Net Debt (Non-GAAP) 3,075 4,409 Total stockholders’ equity 19,410 18,578 Total Capitalization (Non-GAAP) $ 22,485 $ 22,987 Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDAX (Unaudited) Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 ($ in millions) Net Cash Provided by Operating Activities (GAAP) $ 1,096 $ 1,322 Changes in assets and liabilities 45 (321) Interest expense 43 60 Current income tax expense 4 89 Share-based compensation (12) (13) Other 7 39 Adjusted EBITDAX (Non-GAAP) $ 1,183 $ 1,176 Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 ($ in millions) Net Cash Provided by Operating Activities (GAAP) $ 1,096 $ 1,322 Cash capital expenditures (753) (657) Free Cash Flow (Non-GAAP) 343 665 Cash contributions to investments – (5) Cash paid for merger expenses – 32 Adjusted Free Cash Flow (Non-GAAP) $ 343 $ 692 Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow (Unaudited) Net Debt to Adjusted EBITDAX (Unaudited) June 30, 2026 ($ in millions) Net Debt (Non-GAAP) $ 3,075 Adjusted EBITDAX – Trailing Twelve Months (Non-GAAP) $ 5,658 Net Debt to Adjusted EBITDAX (Non-GAAP) 0.5