Expand Energy Corporation · NASDAQ:EXE
Expand Energy — Merger or Acquisition (July 2026)
8 slides from Expand Energy's merger presentation, Jul 27, 2026
Slide 1: Expand Energy Acquires Twin Eagle
EXPAND ENERGY ACQUIRES TWIN EAGLE Creating North America’s Leading Integrated Natural Gas Company JULY 27, 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, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include our current expectations or forecasts
Slide 3: Expand to Acquire Twin Eagle: Transaction Overview
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 4: Premier Asset-Backed Natural Gas Marketing & Optimization Business
Premier Asset-Backed Natural Gas Marketing & Optimization Business Twin Eagle Storage Capacity Unmatched physical marketing platform EXE Storage Capacity Twin Eagle Transmission Rights • Transportation and storage assets serve as the foundation for EXE Transmission Rights market optimization and cus
Slide 5: Expands Opportunity to Capture Greater Value for Every Molecule
Expands Opportunity to Capture Greater Value for Every Molecule Expand Twin Eagle 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
Slide 6: 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 7: 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 $200 $250 $50 $100 $750mm incremental FCF $500mm $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 Flow Targe
Slide 8: Creates Leading Marketer of Natural Gas in North America
Creates Leading Marketer of Natural Gas in North America 14.0 Tbtu/d (2) 2025 Top U.S. Natural Gas Sellers(1) (Tbtu/d) Total Gas Sales Form 552 Sales Non-FERC 4.3 9.0(2) 4.0 5.0(2) FERC Form 552 Sales 0.3 9.7 9.3 8.1 7.4 7.2 7.0 6.3 5.3 5.2 5.2 5.2 5.0 4.8 4.7 4.7 4.4 Pro Forma (1) Source: NGI calcu