Expand Energy Corporation · NASDAQ:EXE
Expand Energy — Q2 2026 Earnings Presentation
35 slides from Expand Energy's earnings presentation, Jul 29, 2026
Slide 1: 2Q 2026 Earnings
2Q 2026 Earnings JULY 28, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). Forward-looking statements include our current expectations or forecasts of
Slide 3: Operational and Financial Highlights
Operational and Financial Highlights Largest domestic natural gas Reaffirmed 2026 guide: Announced acquisition producer: ~7.5 Bcfe/d ~7.5 Bcfe/d; ~$2.85bn capex(2) of Twin Eagle ~$1.2bn of Adjusted EBITDAX(1) Inclusive of ~$75mm Western Haynesville Creating North America’s leading integrated ~$851mm
Slide 4: Attractive, Connected Portfolio
Attractive, Connected Portfolio NORTHEAST APPALACHIA ~704,000 net acres >1,500 gross locations Superior Portfolio Characteristics FY26E Prod: ~2,680 MMcfe/d SOUTHWEST APPALACHIA Scale: Largest natural gas Location: Geographically ~592,000 net acres producer in North America diverse portfolio co-loca
Slide 5: 2026 Production Outlook
2026 Production Outlook Northeast Appalachia Production Haynesville Production (MMcfe/d) (MMcfe/d) 2,785 ~ 2,720 ~ 2,680 3,148 3,187 ~ 3,155 ~ 3,155 ~ 3,160 2,625 ~ 2,590 1Q26A 1Q26A 2Q26A 2Q26A 3Q26E 3Q26E 4Q26E 4Q26E FY26E FY26E 1Q26A 1Q26A 2Q26A 2Q26A 3Q26E 3Q26E 4Q26E 4Q26E FY26E FY26E Rig Count
Slide 6: Optimizing Maintenance Production to Maximize Free Cash Flow
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 $4.00 Illustrative Annual FCF(2) at Various Mid-cycle Prices, Maintenance Production and Capital Mid-cycle Price ($/Mcf) $2.50 $
Slide 7: Driving Southwest Appalachia Efficiency Forward
Driving Southwest Appalachia Efficiency Forward Marcellus Drilling Performance ▪ Knowledge transfer between assets leading to record (ft/day) (1) setting results across Appalachia ~33% increase over last year ▪ 2Q26 was best drilling quarter in SW App history 2,724 2,050 2,218 2,385 2,724 ft/day 1,7
Slide 8: Advancing Haynesville Productivity
Advancing Haynesville Productivity EXE Haynesville Productivity by Vintage(1) ▪ Completions optimization driving 500 sustainable productivity Cumulative Production improvements 400 5 – 10% increase (Bcf/1,000') 300 in 6-month cumes ▪ Owned sand mine creates 200 2024 structural economic benefit 2025
Slide 9: Lease Acquisitions: Cost-Effective Inventory Replenishment
Lease Acquisitions: Cost-Effective Inventory Replenishment STRATEGY Sustains depth and Creates growth optionality Leverages operational Early entry provides upside enhances inventory quality in premium markets capability in proven plays for full-cycle returns Attractive, Low-Cost Inventory Additions
Slide 10: Positioned for Growing Demand
Positioned for Growing Demand 2Q 2026 EARNINGS
Slide 11: Creating North America's Leading Integrated Natural Gas Company
E XPA N D TO ACQU IR E T W IN E AG L E Creating North America’s Leading Integrated Natural Gas Company TRANSACTION OVERVIEW Largest natural gas • Extends the natural gas value chain and Immediately accretive all-cash transaction producer to become reaches growing demand coast-to-coast $1.25bn (1) le
Slide 12: Expands Opportunity to Capture Greater Value for Every Molecule
Expands Opportunity to Capture Greater Value for Every Molecule Pro Forma Natural gas marketing leader 9 Bcf/d 5 Bcf/d 14 Bcf/d • Expanding access to key supply basins and customer demand primarily associated with spanning North America leading marketer of natural equity production coast-to-coast ga
Slide 13: Builds on Strengths of Both Companies to Create Integrated Platform
Builds on Strengths of Both Companies to Create Integrated Platform Facilitating & Capturing Reaching Premium Markets Monetizing Volatility New Demand ACCESS TO HIGH -VALUE OPTIONALITY ACROSS DEMAND CENTERS THE FULL VALUE CHAIN CONNECTING OUR MOLECULES TO NEW MARKETS ▪ Last-mile firm deliverability
Slide 14: Accelerates Delivery of Marketing and Commercial Free Cash Flow Target
Accelerates Delivery of Marketing and Commercial Free Cash Flow Target ~50% increase incremental M&C FCF(1) $200 $250 $50 $100 $750mm incremental FCF(1) $500mm(1) $500 $550 $500 incremental FCF $400 Initial M&C Announced Synergies Twin Eagle New M&C Free Cash Flow Target by Year-End 2028 Free Cash F
Slide 15: A Historic Wave of Structural Domestic Demand Growth is Underway
A Historic Wave of Structural Domestic Demand Growth is Underway 2030 2040 Only dispatchable, scalable and POWER 4 – 6 Bcf/d 7 – 10 Bcf/d affordable option to support multi-gigawatt loads on accelerated Appalachia & U.S. Gulf Coast data center timeline Modern manufacturing expansion, INDUSTRIAL 2 –
Slide 16: Scalable, Affordable Energy Underpins Electrification
Scalable, Affordable Energy Underpins Electrification APPALACHIA: Appalachia & Gulf Coast The power generation hub Demand Growth(1) by 2030 • Accelerating AI-driven power demand (Bcf/d) and electrification Industrial • Natural gas backstops renewable intermittency Power and supports grid stability 0
Slide 17: U.S. Gulf Coast: Where Global LNG Supply Begins
U.S. Gulf Coast: Where Global LNG Supply Begins The critical energy corridor Perryville EXE Haynesville Acreage Market Hub • 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/
Slide 18: Global LNG Demand Growing >50% from 2025 to 2040
Global LNG Demand Growing >50% from 2025 to 2040 Price-sensitive demand regions in Asia expected 2025 Demand = 55 Bcf/d to contribute additional 3 – 6 Bcf/d of demand 2040 Demand = ~86 Bcf/d at <$8.00/MMBtu JKM, supporting price resilience +31 Bcf/d 20 of demand growth 15 2025 Demand LNG Demand (Bcf
Slide 19: Strengthening Resilient Financial Foundation
Strengthening Resilient Financial Foundation 2Q 2026 EARNINGS
Slide 20: Investment Grade Balance Sheet Supports Through-Cycle Value Creation
Investment Grade Balance Sheet Supports Through-Cycle Value Creation ▪ Deleveraging at favorable prices facilitates more consistent Debt Maturity Profile (BBB-, Baa3, BBB) ($mm)(1) shareholder returns through-cycle EXE RBL Capacity ▪ Balance sheet is peer leading, ~5.15% evidenced by recent Fitch up
Slide 21: Balancing Debt Reduction and Shareholder Returns
Balancing Debt Reduction and Shareholder Returns ▪ Annual Base Dividend Historical Returns • Remains priority and is paid through-cycle ($mm) • $2.30/share annually Gross Debt Reduction Share Repurchases • 2Q26 DPS of $0.575/sh to be paid in September $2,415 Variable Dividend Base Dividend Strong ba
Slide 22: Hedge Strategy Preserves Upside and Provides Downside Protection
Hedge Strategy Preserves Upside and Provides Downside Protection Hedged Natural Gas Volumes Added since 10 1Q Earnings (Bcf) 0 Last Public 36 Disclosure (Bcf) 36 445 393 361 44 298 227 84 165 47 78 11 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 1Q28 2Q28 Current Hedge Book Supports Near-Term Realizations and Pres
Slide 23: Built for Long-Term Value
Built for Long-Term Value 2Q 2026 EARNINGS
Slide 24: Connects Demand with Supply in Key Markets
Connects Demand with Supply in Key Markets 10 Reaches demand coast-to-coast, +1 Bcf/d Bcf/d not simply a regional player W. CANADA +4 Bcf/d 19 Bcf/d MIDWEST +1 Bcf/d 18 Bcf/d NORTHEAST +1 Bcf/d 7 SOUTHEAST SOUTHWEST GULF COAST 12 Bcf/d TEXAS +1 Bcf/d 12 Bcf/d +2.3 Bcf/d Twin Eagle Storage Capacity 1
Slide 25: Expanding Returns, Expanding Opportunities
Expanding Returns, Expanding Opportunities Attractive, Peer-leading Resilient Responsible Connected Returns Financial Stewardship Portfolio Foundation Premium rock, returns, Most efficient operator Investment Grade Connecting affordable, runway with access to with proven track record balance sheet p
Slide 26: Appendix
Appendix 2Q 2026 EARNINGS
Slide 27: 2025 Sustainability Performance Highlights
2025 Sustainability Performance Highlights Consistent, transparent performance data disclosure ▪ Largest producer to achieve 100% Responsibly Sourced Gas (RSG) across portfolio (MiQ and EO100 ) Transparent and ▪ Supported lower-carbon natural gas delivery through equity ownership measurable disclosu
Slide 28: Management's Guidance as of July 28, 2026
Management’s Guidance as of July 28, 2026 Bold / Italicized = updated guidance range Production (MMcfe/d) 2Q26A 3Q26E 2026E Operating Costs (per Mcfe of Projected Production) 2Q26A 2026E Total Production 7,482 7,400 – 7,500 7,400 – 7,600 Production Expense $0.25 $0.23 – $0.28 Haynesville 3,187 ~3,15
Slide 29: 2Q26 EXE Business Unit Results
2Q26 EXE Business Unit Results Haynesville Northeast Appalachia Southwest Appalachia Production (MMcfe/d) 3,187 2,625 1,670 Production Expense ($/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 Bo
Slide 30: Reducing Risk, Protecting Returns Through Hedge Program
Reducing Risk, Protecting Returns Through Hedge Program NATURAL GAS REALIZED SWAPS COSTLESS COLLARS THREE-WAY COLLARS GAIN/ (LOSS) Date Bought Volume Price Volume Sold Call Volume Bought Sold Call Sold Put Put $mm Bcf $/Mcf Bcf $/Mcf Bcf Put $/Mcf $/Mcf $/Mcf $/Mcf 1Q26 100.8 3.98 307.8 3.50 5.09 13
Slide 31: Hedged Financial Basis
Hedged Financial Basis HAYNESVILLE APPALACHIA TOTAL REALIZED CGT ML TETCO WLA TGT Z1 TETCO M3 LEIDY EASTERN GAS TCO GAIN/ (LOSS) Date Avg. Avg. Avg. Avg. Avg. Avg. Avg. Volume Volume Volume Volume Volume Volume Volume Price Price Price Price Price Price Price $mm Bcf Bcf Bcf Bcf Bcf Bcf Bcf $/Mcf $/
Slide 32: Reducing Risk, Protecting Returns Through Hedge Program
Reducing Risk, Protecting Returns Through Hedge Program NATURAL GAS LIQUIDS CRUDE OIL REALIZED REALIZED C3 SWAPS GAIN/ COSTLESS COLLARS THREE-WAY COLLARS GAIN/ (LOSS) (LOSS) Date Bought Volume Price Volume Sold Call Volume Bought Sold Call Sold Put $mm Put $mm MBbl $/Gal MBbl $/Bbl MBbl Put $/Bbl $/
Slide 33: Non-GAAP Financial Measures
Non-GAAP Financial Measures As a supplement to the financial results prepared in accordance with U.S. GAAP, Expand Energy’s quarterly earnings presentations contain certain financial measures that are not prepared or presented in accordance with U.S. GAAP. These non-GAAP financial measures include A
Slide 34: Reconciliation of Net Income to Adjusted EBITDAX (Unaudited)
Reconciliation of Net Income to Adjusted EBITDAX (Unaudited) Three Months Three Months Three Months Three Months Three Months Ended Ended Ended Ended Trailing Ended June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Twelve Months June 30, 2025 ($ in millions) Net Income (GAAP) $ 522 $
Slide 35: Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow
Reconciliation of Net Cash Provided by Operating Reconciliation of Total Debt to Total Capitalization Activities to Adjusted Free Cash Flow (Unaudited) (Unaudited) Three Months Three Months Ended Ended June 30, 2026 June 30, 2025 June 30, 2026 December 31, 2025 ($ in millions) ($ in millions) Net Ca