Slides
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3Q 2026 Earnings OCTOBER 27, 2026
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Forward-Looking Statements 3Q 2026 Earnings2 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. Particular 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 due to the potential broadening of the military con flict between the U.S. and Iran beyond the Strait of Hormuz, instability in Venezuela, changes in China-Taiwan relations, along with the effects of the current global economic environment, on our business, financial condition, employees, contrac tors, 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 results, effects and benefits of the acquisition of Twin Eagle Holdings N.A., LLC ("Twin Eagle" and, such acquisition, th e "Twin Eagle Acquisition") , future opportunities for the Company, other 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 position, 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 our 2025 Form 10 -K, as updated by our Form 10-Qs and other filings 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.
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Operational and Financial Highlights 3Q 2026 Earnings (1) Adjusted EBITDAX and Adjusted Free Cash Flow are non-GAAP financial measures, see Appendix for more information and reconciliati on to the most directly comparable GAAP financial measure. (2) As of 9/30/2026. (3) Net Debt to trailing 12-month Adjusted EBITDAX. Adjusted EBITDAX and Net Debt are non -GAAP financial measures, see Appendix for more information and reconciliation to the most directly comparable GAAP financial measure. 3 Realized $311mm hedge gains Effective risk management providing downside protection Investment Grade balance sheet Leverage ratio(3) of 0.8x at quarter-end post-Twin Eagle Acquisition Closed the acquisition of Twin Eagle Creating North America’s leading integrated natural gas company; integration progress on-track $900mm of shares repurchased YTD(2) Reduced shares outstanding ~4%; repurchased $305mm in 3Q26 Appointed Danny Brown as President & CEO Complementing Expand Energy’s proven leadership team Strong operational performance: 7.5 Bcfe/d $1.2bn of Adjusted EBITDAX(1) $794mm of capex $354mm of Adjusted FCF (1)
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NORTHEAST APPALACHIA ~704,000 net acres >1,500 gross locations FY26E Prod: ~2,655 MMcfe/d SOUTHWEST APPALACHIA ~592,000 net acres >1,500 gross locations FY26E Prod: ~1,670 MMcfe/d North America’s Leading Integrated Natural Gas Company 3Q 2026 Earnings4 (1) Incorporates all marketed volumes, including fixed-differential-to-Henry Hub sales excluded from FERC Form 552. (2) >5,000 gross locations divided by ~225 annual TILs. Net acres and gross locations as of 12/31/2025. Marketed sales locations represent counties with Twin Eagle sales in last 12 months. EXE Acreage LTM Marketed Sales Locations HAYNESVILLE ~745,000 net acres >2,000 gross locations FY26E Prod: ~3,175 MMcfe/d Scale: ~7.5 Bcfe/d of production in 2026 and 14 Bcf/d (1) of marketed volumes to customers coast-to-coast Longevity: High-quality inventory supports 20+ years of returns (2) Connectivity: Integrated transportation connected to customers in premium markets Location: Diverse portfolio in proximity to high-growth demand centers Flexibility: Complementary assets enable flexible capital allocation Growth: Ability to accretively grow volumes as demand requires Advantaged Supply Premium Market Access Monetizing Volatility
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3,148 3,187 3,178 ~ 3,175 ~ 3,175 1Q26A 2Q26A 3Q26A 4Q26E FY26E 2026 Production Outlook 3Q 2026 Earnings5 ▪ SW Appalachia new well outperformance drove production growth and increased exposure to strong liquids pricing • Reported 17 MBbls/d of oil and 87 MBbls/d of NGL production in 3Q ▪ Weaker Appalachia in-basin pricing resulted in curtailments in 3Q ▪ Production remains responsive to market conditions 2,785 2,625 2,593 ~ 2,600 ~ 2,655 1Q26A 2Q26A 3Q26E 4Q26E FY26E Northeast Appalachia Production (MMcfe/d) 1Q26A 2Q26A 3Q26A 4Q26E FY26E Rig Count 3 3 3 2 3 Crew Count 2 2 2 2 2 1,503 1,670 1,767 ~ 1,725 ~ 1,670 1Q26A 2Q26A 3Q26A 4Q26E FY26E Southwest Appalachia Production (MMcfe/d) 1Q26A 2Q26A 3Q26A 4Q26E FY26E Rig Count 2 2 1 1 1 – 2 Crew Count 1 2 1 1 1 – 2 Haynesville Production (MMcfe/d) 1Q26A 2Q26A 3Q26A 4Q26E FY26E Rig Count 7 7 7 7 7 Crew Count 3 3 2 2 2 – 3
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Positioned for Growing Demand 3Q 2026 EARNINGS
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A Historic Wave of Structural Domestic Demand Growth is Underway 3Q 2026 Earnings7 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 feed gas growth is measured from a 2025 feed gas baseline of ~16.5 Bcf/d. Sources: External industry estimates, company public disclosures and internal estimates.
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Structural Demand Growth Accelerates in 2027 3Q 2026 Earnings Source: LNG feed gas based on Expand Energy estimates from operator -published capacity and in-service guidance. Other sectors based on EIA Short-Term Energy Outlook (September 2026) and Expand Energy estimates. Bars show structural, seasonally -adjusted demand growth relative to the 3Q26 average of ~112 Bcf/d (actual, not weather -adjusted). Because natural demand peaks with winter heating load, 3Q26 sits below the 2026 annual average of ~117 Bcf/d, itself up from ~115 Bcf/d in 2025 (see slide 9). 8 +13 0 +2 +4 +6 +8 +10 +12 +14 4Q26 1Q27 2Q27 3Q27 4Q27 1Q28 2Q28 3Q28 4Q28 Bcf/d vs 3Q26 LNG Feed Gas Power Industrial Pipeline Exports Other >10% increase in natural gas demand by YE 2028 outpacing anticipated supply additions and tightening market balances, supports mid-cycle price view of $3.50 to $4.00
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U.S. Gulf Coast: Where Global LNG Supply Begins 3Q 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. 9 0 10 20 30 Online in 2028+ Online in 2027 Online in 2026 2025 Expected LNG Feed Gas Capacity (Bcf) Perryville Gillis The critical energy corridor • Growing global call on natural gas will be met predominantly with new North American LNG export capacity • Resulting domestic feed gas demand estimated to increase 13 – 15 Bcf/d by 2030 • Infrastructure-friendly Gulf Coast region ensures local supply reaches new demand • Expand Energy will leverage its position as the largest Haynesville producer to attract premium prices and enhance margins Katy Agua Dulce Expand Energy 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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WESTERN 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 3Q 2026 Earnings10 Connects Demand with Supply in Key Markets Our platform reaches demand centers coast- to-coast across the United States and Canada Storage Capacity Transmission Rights EXE Operating Basins Key Supply Basins 2025 Demand Bcf/d 2030 Demand Gain Bcf/d
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Positioned for Growing Demand Advantaged supply as leading integrated gas company Reaching premium markets and growing demand centers Monetizing volatility and enhancing optionality • Extends natural gas value chain coast-to-coast across the U.S. and Canada • Combines Expand Energy’s scale and balance sheet with Twin Eagle’s premier platform and customer relationships • Supply security for long-term customer commitments • Access to constrained markets, Northeast power and data center demand • New market access across the Midwest, Southeast and Southwest • Direct connection to Gulf Coast LNG facilities and growing global demand • Flexible assets and storage capacity enables structured solutions for customers • Productive capacity to supply markets when needed most • Leveraging market insights for effective hedge execution, protecting downside while providing upside exposure 3Q 2026 Earnings11 (1) Incorporates all marketed volumes, including fixed -differential-to-Henry Hub sales excluded from FERC Form 552. (2) Marketing EBITDA is a non-GAAP financial measure, see Appendix for more information and reconciliation to the most directly comp arable GAAP financial measure. Includes the impact of Twin Eagle post-close starting on 9/16/2026. 14 Bcf/d (1) leading marketer of natural gas in North America 49 Bcf storage capacity provides flexible response to market conditions 9 Bcf/d contracted transportation capacity to key markets 1,350 active counterparties $150mm YTD realized marketing EBITDA (2)
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2026 YTD M&C EBITDA Twin Eagle Contribution Announced Synergies by Year-End 2028 M&C Run Rate by Year-End 2028 New Demand Growth M&C Run Rate Target Marketing and Commercial Enhances Cash Flow Resilience 3Q 2026 Earnings12 (1) EBITDA 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 Expand Energy as a result of the acquisition. Note: Marketing EBITDA approximates free cash flow, adjusted for working capital. Free cash flow is a non -GAAP financial measure. $750mm incremental EBITDA(1) $500mm incremental EBITDA(1) Line of sight to $0.20/Mcfe M&C EBITDA contribution Marketing EBITDA guidance $80mm for 4Q ($0.12/Mcfe) Facilitating & Capturing New DemandMonetizing Volatility + Reaching Premium Markets 2026 2028 2030+ $150mm realized YTD $200mm projected annual EBITDA(1)(2) $150mm projected synergies Primarily related to LNG
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Strengthening Resilient Financial Foundation 3Q 2026 EARNINGS
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Investment Grade Balance Sheet Supports Through-Cycle Value Creation 3Q 2026 Earnings14 (1) Does not include Twin Eagle Credit Facility, which as of 9/30/2026, had no borrowings outstanding, $266mm of letters of credi t outstanding and ~$0.7bn available for borrowing under its elected $1bn commitments. We expect the Twin Eagle Credit Facility to remain outstanding for a limited period of time. (2) As of 9/30/2026. Does not include Twin Eagle Receivables Purchase agreement, which had $86 million of trade receivables accounts sold under the agreem ent and is reflected within other current liabilities within our condensed consolidated balance sheets as of 9/30/2026 . ▪ Deleveraging at favorable prices facilitates more consistent shareholder returns through-cycle ▪ Balance sheet quality reflected by Investment Grade credit ratings (S&P BBB-, Moody’s Baa3, Fitch BBB) ▪ Extended $3.5bn credit facility maturity to 2031 ▪ Quarter-end liquidity exceeds $3bn (1) ▪ Hedge strategy further bolsters financial strength ▪ Complemented debt reduction with shareholder returns throughout 2026 Debt Maturity Profile ($mm)(1)(2) $638 $1,200 $500 $1,150$450 $3,050 $750 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 5.375% ~5.40% 5.375% 4.75% 5.70% Callable EXE RCF Capacity RCF Borrowings Callable 5.65%
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▪ Annual Base Dividend • Remains priority and is paid through-cycle • $2.30/share annually • 3Q26 DPS of $0.575/sh to be paid in December ▪ Gross Debt Reduction • Allocated ~$1.3bn to gross debt reduction in 2026, prior to Twin Eagle Acquisition • $4.7bn in net debt (1) as of quarter-end, with efficient pathway to reduce gross debt ▪ Additional Shareholder Returns • Opportunistic share repurchases concentrated in periods of share price weakness • $900mm of share repurchases YTD (2) • $1bn capacity remaining under share repurchase authorization Balancing Debt Reduction and Shareholder Returns 3Q 2026 Earnings 15 Financial strength provides flexibility for accretive capital allocation $370 $554 $411 $18 $211 $100 $900 $591 $661 $1,287 2024 2025 2026 YTD $2,598 $979 $1,526 Strong balance sheet provides for opportunistic repurchases through-cycle (2) (1) Net debt is a non-GAAP financial measure, see Appendix for more information and reconciliation to the most directly comparable GAAP finan cial measure. (2) As of 9/30/2026. Historical Returns ($mm) Gross Debt Reduction Share Repurchases Variable Dividend Base Dividend
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$221 ~$325 ~$185 ~$325 ~$175 ~$65 YTD 2026A 4Q26E 1Q27E 2Q27E 3Q27E 4Q27E Estimated Natural Gas Hedge Realizations ($mm)(1)(2) Hedge Strategy Preserves Upside and Protects Downside (1) As of 10/20/2026. (2) Natural gas hedge realizations calculated based on strip as of 10/20/2026. Includes estimated hedge realization for E&P NYMEX and basis derivatives. Note: 2027 percent hedged and 2027 per Mcfe Margin Uplift are illustrative based on 2026 production guidance 16 3Q 2026 Earnings FY 2027E ~$750mmFY 2026E ~$545mm $0.20/Mcfe Margin Uplift ~$0.25/Mcfe Margin Uplift Disciplined hedge strategy creates value by monetizing volatility $3.09 $3.21 $2.62 $3.02 $3.55 $4.55 $4.79 $3.92 $3.77 $3.94 $3.72 $3.85 $3.53 $3.54 $3.67 4Q26E 1Q27E 2Q27E 3Q27E 4Q27E 67% hedged in 4Q26 ~55% hedged in 2027 Ceiling and Floor (1) ($/MMbtu) Ceiling and Floor Spread Strip
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Appendix 3Q 2026 EARNINGS
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Management’s Guidance as of October 27, 2026 3Q 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 – $200mm net liability for out-of-market contracts assumed in the Southwestern Merger. 18 Production (MMcfe/d) 3Q26A 4Q26E 2026E Total Production 7,538 7,400 – 7,600 7,450 – 7,550 Haynesville 3,178 3,175 3,175 Northeast Appalachia 2,593 2,600 2,655 Southwest Appalachia 1,767 1,725 1,670 Capital Expenditures ($mm) 3Q26A 4Q26E 2026E Total D&C $643 $535 $2,400 Haynesville 51% 61% 53% Northeast Appalachia 27% 23% 23% Southwest Appalachia 22% 16% 24% Other Capex (Field)(1) $106 $65 $430 Other Capex (Corporate)(2) $45 $40 $170 Total Capital Expenditures $794 $640 ~$3,000 Marketing ($mm) 3Q26A 4Q26E 2026E Marketing EBITDA $35 $80 $230 Corporate Expenses ($mm) 3Q26A 2026E Interest Expense $44 $195 – $205 Cash Income Tax Ranges at Flat Prices ($41) $3.50 $0 $4.00 $0 – $25 $4.50 $25 – $50 Operating Costs (per Mcfe of Projected Production) 3Q26A 2026E Production Expense $0.24 $0.23 – $0.28 Gathering, Processing and Transportation (GP&T) $1.04 $1.01 – $1.13 GP&T Expense $0.98 $0.95 – $1.05 GP&T FMV Liability (3) $0.06 $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 $1.08 $1.05 – $1.10 Basis Differentials (excluding hedges) 3Q26A 2026E Estimated (E) Basis Deduct to NYMEX Prices, based on 10/20/2026 Strip Prices: Natural Gas ($/Mcf) ($0.51) ($0.35) – ($0.45) Oil ($/Bbl) ($8.74) ($8.00) – ($10.00) NGL ($/Bbl, realized price) $25.95 $26 – $30 Sales Points Haynesville: 50% Perryville, 50% WLA/NYMEX Northeast Appalachia: 55% In-basin, 25% East, 20% NYMEX/Other Southwest Appalachia: 50% In-basin, 50% Perryville Bold / Italicized = updated guidance range
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3Q26 EXE Business Unit Results 3Q 2026 Earnings (1) NE App Upper Marcellus category is inclusive of hybrid wells. 19 Haynesville Northeast Appalachia Southwest Appalachia Production (MMcfe/d) 3,178 2,593 1,767 Production Expense ($/Mcfe) $0.30 $0.17 $0.24 Differential to NYMEX ($/Mcf) $(0.27) $(0.80) $(0.51) GP&T ($/Mcfe) $0.79 $0.87 $1.48 Rigs 7 3 1 Spuds (by zone) Haynesville 14 Bossier 6 Lower 9 Upper(1) 10 Marcellus 0 Utica 7 TILs (by zone) Haynesville 11 Bossier 10 Lower 1 Upper(1) 24 Marcellus 13 Utica 0 D&C Capex ($mm) $325 $173 $145 Total Capital ($mm) $403 $206 $185
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Reducing Risk, Protecting Returns Through Hedge Program (1) As of 10/20/2026. Includes E&P NYMEX derivative positions. 20 403 361 333 262 209 163 58 39 39 19 1 42 68 73 72 134 90 52 4Q26 1Q27 2Q27 3Q27 4Q27 1Q28 2Q28 3Q28 4Q28 Added since 2Q Earnings (Bcf) Last Public Disclosure (Bcf) 3Q 2026 Earnings Hedged Natural Gas Volumes (Bcf)
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Reducing Risk, Protecting Returns Through Hedge Program 3Q 2026 Earnings Hedge position as of 10/20/2026. 21 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 143.7 3.86 194.8 3.47 4.44 104.9 3.68 4.54 2.64 313 4Q26 131.6 3.88 181.0 3.50 4.73 109.3 3.88 5.04 2.75 FY26 508.4 $3.90 897.5 $3.48 $4.72 316.7 $3.71 $4.63 $2.64 1Q27 90.7 3.95 160.9 3.75 5.14 110.3 3.91 4.96 2.78 2Q27 180.0 3.63 81.4 3.50 4.36 113.8 3.40 4.05 2.52 3Q27 188.4 3.63 58.4 3.36 3.88 83.7 3.47 4.02 2.53 4Q27 143.4 3.75 54.1 3.47 3.98 84.3 3.65 4.25 2.62 FY27 602.4 $3.71 354.9 $3.59 $4.58 392.1 $3.61 $4.35 $2.62 1Q28 104.7 3.85 26.4 3.75 4.50 102.8 3.72 4.55 2.70 2Q28 75.5 3.42 51.0 3.04 3.62 63.7 3.41 4.16 2.52 3Q28 57.0 3.50 25.8 3.15 3.73 45.1 3.54 4.41 2.57 4Q28 36.3 3.56 8.7 3.15 3.73 45.1 3.54 4.41 2.57 FY28 273.5 $3.62 111.8 $3.24 $3.86 256.7 $3.58 $4.41 $2.61
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Hedged Financial Basis 3Q 2026 Earnings22 HAYNESVILLE APPALACHIA TOTAL Date CGT ML TETCO WLA TGT Z1 TETCO M3 LEIDY EASTERN GAS TCO CGT ML 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 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 1.5 (0.29) 4.1 (0.08) 3.2 (0.29) 40.7 (0.70) 23.0 (1.11) 18.0 (1.07) 2.7 (0.69) 2.4 (0.32) (5) 3Q26 0.9 (0.28) 6.0 (0.11) 7.4 (0.30) 41.2 (0.70) 23.2 (1.11) 18.2 (1.07) 9.2 (0.73) 4.6 (0.32) 5 4Q26 15.7 (0.34) 2.9 (0.04) 2.6 (0.30) 37.4 0.28 25.8 (0.76) 15.9 (0.94) 9.8 (0.67) 4.6 (0.34) FY26 18.1 ($0.33) 14.4 ($0.07) 27.9 ($0.26) 155.5 ($0.19) 94.9 ($0.92) 65.5 ($1.00) 21.8 ($0.70) 11.6 ($0.33) 1Q27 24.3 (0.29) 9.0 (0.15) 9.5 (0.27) 30.6 2.12 28.8 (0.63) 15.3 (0.82) 25.2 (0.63) 6.3 (0.29) 2Q27 24.6 (0.29) 9.1 (0.15) 9.6 (0.27) 24.1 (0.69) 28.0 (0.74) 18.2 (0.83) 25.5 (0.63) 6.4 (0.29) 3Q27 24.8 (0.29) 9.2 (0.15) 9.7 (0.27) 24.4 (0.69) 28.3 (0.74) 18.4 (0.83) 25.8 (0.63) 6.4 (0.29) 4Q27 24.8 (0.29) 9.2 (0.15) 9.7 (0.27) 8.2 (0.69) 17.5 (0.70) 13.5 (0.81) 25.8 (0.63) 6.4 (0.29) FY27 98.6 ($0.29) 36.5 ($0.15) 38.3 ($0.27) 87.3 $0.30 102.5 ($0.70) 65.4 ($0.82) 102.2 ($0.63) 25.6 ($0.29) Hedge position as of 10/20/2026.
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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 (1) 690.0 72.33 88.82 – – – – (2) 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 1Q27 180 1.00 – – – – – – – 2Q27 182 1.00 – – – – – – – FY27 362 $1.00 - - - - - - - Reducing Risk, Protecting Returns Through Hedge Program 3Q 2026 Earnings23 Hedge position as of 10/20/2026.
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As a supplement to the financial results prepared in accordance with U.S. GAAP, Expand Energy’s quarterly earnings presentations contain certain financial measures that are not prepared or presented in accordance with U.S. GAAP. These non-GAAP financial measures include Adjusted EBITDAX, Marketing Adjusted EBITDA, Free Cash Flow, Adjusted Free Cash Flow and Net Debt. A reconciliation of each financial measure to its most directly comparable GAAP financial measure is included in the following 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 financial 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 are 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. Due to the forward-looking nature of projected Adjusted EBITDAX, projected Marketing Adjusted EBITDA, projected Free Cash Flow and projected Adjusted Free Cash Flow used herein, management cannot reliably predict certain of the necessary components 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 securities 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, depletion and amortization expense, exploration expense, unrealized (gains) losses on derivatives, separation and other termination costs, (gains) losses on sales of assets, and certain items management 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 activities 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 presented in accordance with GAAP. Marketing Adjusted EBITDA: Marketing Adjusted EBITDA is defined as Marketing segment income (loss) from operations, adjusted to eliminate intersegment gathering, processing and transportation fees included in Marketing segment income from operations that are eliminated in consolidation, exclude unrealized gains and losses on Marketing derivat ives, and add back depreciation and amortization attributable to the Marketing segment. Marketing Adjusted EBITDA is presented as a performance measure because management believes it provides investors with additional information regarding the operating performance of the Marketing segment after giving effect to the elimination of intersegment gathering, processing and transportation fees and excluding the impact of unrealized gains and losses on Marketing derivatives, and facilitates comparisons of the Marketing segment’s operating performance across periods. Marketing Adjusted EBITDA should not be considered an alternative to, or more meaningful than, Marketing segment income (loss) from operations as presented 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 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. Adjusted Free Cash Flow: Adjusted Free Cash Flow is defined as net cash provided by operating activities less cash capital expenditures and cash contributions 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, as well as secured borrowings under the Twin Eagle receivable purchase agreement less cash and cash equivalents. 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 debt presented in accordance with GAAP. 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 mor e meaningful than, total debt or net income (loss) as presented in accordance with GAAP. Non-GAAP Financial Measures 3Q 2026 Earnings24
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3Q 2026 Earnings25 Three Months Ended September 30, 2026 Three Months Ended June 30, 2026 Three Months Ended March 31, 2026 Three Months Ended December 31, 2025 Trailing Twelve Months Three Months Ended September 30, 2025 ($ in millions) Net Income (GAAP) $ 519 $ 522 $ 1,159 $ 553 $ 2,753 $ 547 Adjustments: Interest expense 44 43 59 59 205 57 Income tax expense 89 150 330 134 703 139 Depreciation, depletion and amortization 750 722 711 759 2,942 741 Exploration 19 16 14 16 65 3 Unrealized gains on derivatives (153) (153) (279) (179) (764) (309) Separation and other termination costs 3 – 9 – 12 5 (Gains) losses on sales of assets (14) – 1 68 55 1 Other operating expense (income), net 22 3 10 11 46 (40) Impairments – – – 37 37 – Gains on purchases, exchanges or extinguishments of debt – (37) – – (37) (1) Contract amortization (39) (68) (30) (32) (169) (47) Other (11) (15) (16) (1) (43) (14) Adjusted EBITDAX (Non-GAAP) $ 1,229 $ 1,183 $ 1,968 $ 1,425 $ 5,805 $ 1,082 Reconciliation of Net Income to Adjusted EBITDAX (Unaudited)
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3Q 2026 Earnings26 Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 Nine Months Ended September 30, 2026 Nine Months Ended September 30, 2025 ($ in millions) Marketing segment income from operations (GAAP) $ 94 $ 62 $ 371 $ 184 Adjustments: Intersegment GP&T fees eliminated in consolidation (52) (55) (214) (189) Unrealized gains on marketing derivatives (14) – (14) – Depreciation and amortization 7 – 7 – Marketing Adjusted EBITDA (Non-GAAP) $ 35 $ 7 $ 150 $ (5) Reconciliation of Marketing Segment Income to Marketing Adjusted EBITDA (Unaudited)
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3Q 2026 Earnings27 Reconciliation of Total Debt to Net Debt (Unaudited) September 30, 2026 December 31, 2025 ($ in millions) Total Debt (GAAP) $ 4,632 $ 5,009 Premiums, discounts and issuance costs on debt 56 16 Principal Amount of Debt 4,688 5,025 Twin Eagle receivable purchase agreement 86 – Principal Amount of Debt and Other Borrowings 4,774 5,025 Cash and cash equivalents (118) (616) Net Debt (Non-GAAP) 4,656 4,409 Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDAX (Unaudited) Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 ($ in millions) Net Cash Provided by Operating Activities (GAAP) $ 1,177 $ 1,201 Changes in assets and liabilities (29) (72) Interest expense 44 57 Current income tax expense (benefit) 4 (47) Share-based compensation (11) (12) Other 44 (45) Adjusted EBITDAX (Non-GAAP) $ 1,229 $ 1,082 Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 ($ in millions) Net Cash Provided by Operating Activities (GAAP) $ 1,177 $ 1,201 Cash capital expenditures (838) (775) Free Cash Flow (Non-GAAP) 339 426 Cash contributions to investments (1) (5) Cash paid for merger expenses 16 2 Adjusted Free Cash Flow (Non-GAAP) $ 354 $ 423 Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow (Unaudited) Net Debt to Adjusted EBITDAX (Unaudited) September 30, 2026 ($ in millions) Net Debt (Non-GAAP) $ 4,656 Adjusted EBITDAX – Trailing Twelve Months (Non-GAAP) $ 5,805 Net Debt to Adjusted EBITDAX (Non-GAAP) 0.8