Expand Energy Corporation · NASDAQ:EXE
Expand Energy — Q3 2026 Earnings Presentation
27 slides from Expand Energy's earnings presentation, Oct 28, 2026
Slide 1: 3Q 2026 Earnings
3Q 2026 Earnings OCTOBER 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 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 Appointed Danny Brown Closed the acquisition Realized $311mm as President & CEO of Twin Eagle hedge gains Complementing Expand Energy’s proven Creating North America’s leading integrated Effective risk management providing leadership team natural gas company; int
Slide 4: North America's Leading Integrated Natural Gas Company
North America’s Leading Integrated Natural Gas Company Advantaged Supply SOUTHWEST APPALACHIA NORTHEAST APPALACHIA ~592,000 net acres ~704,000 net acres Scale: ~7.5 Bcfe/d of production in 2026 >1,500 gross locations >1,500 gross locations and 14 Bcf/d(1) of marketed volumes to FY26E Prod: ~1,670 MM
Slide 5: 2026 Production Outlook
2026 Production Outlook Northeast Appalachia Production Haynesville Production (MMcfe/d) (MMcfe/d) 2,785 3,148 3,187 3,178 ~ 3,175 ~ 3,175 2,625 2,593 ~ 2,600 ~ 2,655 1Q26A 1Q26A 2Q26A 2Q26A 3Q26E 3Q26A 4Q26E 4Q26E FY26E FY26E 1Q26A 1Q26A 2Q26A 2Q26A 3Q26A 3Q26A 4Q26E 4Q26E FY26E FY26E Rig Count 3 3
Slide 6: Positioned for Growing Demand
Positioned for Growing Demand 3Q 2026 EARNINGS
Slide 7: 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 INDUSTRIAL 2 – 3 Bcf/d 3 – 5 Bcf/d Modern manuf
Slide 8: Structural Demand Growth Accelerates in 2027
Structural Demand Growth Accelerates in 2027 +14 >10% +13 +12 increase in natural gas demand by YE 2028 +10 outpacing anticipated supply additions and tightening market balances, supports mid-cycle price view of $3.50 to $4.00 Bcf/d vs 3Q26 +8 +6 +4 +2 0 4Q26 1Q27 2Q27 3Q27 4Q27 1Q28 2Q28 3Q28 4Q28
Slide 9: 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 LOUI S I AN A • Resulting domestic feed gas demand estimated to increa
Slide 10: Connects Demand with Supply in Key Markets
Connects Demand with Supply in Key Markets Our platform reaches demand centers coast- 10 Bcf/d to-coast across the United States and Canada +1 Bcf/d WESTERN 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 +2.3 Bcf/d Bc
Slide 11: Positioned for Growing Demand
Positioned for Growing Demand 14 Bcf/d (1) Advantaged Reaching premium Monetizing volatility leading marketer of supply as leading markets and growing and enhancing natural gas in North America integrated gas company demand centers optionality • Extends natural gas value chain • Access to constraine
Slide 12: Marketing and Commercial Enhances Cash Flow Resilience
Marketing and Commercial Enhances Cash Flow Resilience Marketing EBITDA guidance $80mm for 4Q ($0.12/Mcfe) Line of sight to $0.20/Mcfe M&C EBITDA contribution $750mm incremental EBITDA(1) $500mm incremental EBITDA(1) 2026 YTD Twin Eagle Announced Synergies M&C Run Rate New Demand M&C Run Rate M&C EB
Slide 13: Strengthening Resilient Financial Foundation
Strengthening Resilient Financial Foundation 3Q 2026 EARNINGS
Slide 14: Investment Grade Balance Sheet Supports Through-Cycle Value Creation
Investment Grade Balance Sheet Supports Through-Cycle Value Creation ▪ Deleveraging at favorable prices facilitates more consistent shareholder Debt Maturity Profile ($mm)(1)(2) returns through-cycle EXE RCF Capacity ▪ Balance sheet quality reflected by RCF Borrowings Investment Grade credit ratings
Slide 15: Balancing Debt Reduction and Shareholder Returns
Balancing Debt Reduction and Shareholder Returns ▪ Annual Base Dividend • Remains priority and is paid through-cycle Historical Returns ($mm) • $2.30/share annually Gross Debt Reduction Share Repurchases $2,598 • 3Q26 DPS of $0.575/sh to be paid in December Variable Dividend Base Dividend Strong bal
Slide 16: Hedge Strategy Preserves Upside and Protects Downside
Hedge Strategy Preserves Upside and Protects Downside Ceiling and Floor(1) ($/MMbtu) $4.79 Ceiling and Floor Spread $4.55 Strip Disciplined hedge strategy $3.94 $3.92 creates value by $3.77 $3.67 monetizing $3.72 $3.85 $3.21 $3.53 $3.54 $3.55 volatility $3.09 $3.02 $2.62 4Q26E 1Q27E 2Q27E 3Q27E 4Q27
Slide 17: Appendix
Appendix 3Q 2026 EARNINGS
Slide 18: Management's Guidance as of October 27, 2026
Management’s Guidance as of October 27, 2026 Bold / Italicized = updated guidance range Production (MMcfe/d) 3Q26A 4Q26E 2026E Operating Costs (per Mcfe of Projected Production) 3Q26A 2026E Total Production 7,538 7,400 – 7,600 7,450 – 7,550 Production Expense $0.24 $0.23 – $0.28 Haynesville 3,178 3,
Slide 19: 3Q26 EXE Business Unit Results
3Q26 EXE Business Unit Results Haynesville Northeast Appalachia Southwest Appalachia Production (MMcfe/d) 3,178 2,593 1,767 Production Expense ($/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 Bo
Slide 20: Reducing Risk, Protecting Returns Through Hedge Program
Reducing Risk, Protecting Returns Through Hedge Program Hedged Natural Gas Volumes (Bcf) 19 Added since 2Q Earnings (Bcf) Last Public Disclosure (Bcf) 1 42 68 73 403 72 361 333 262 134 209 163 90 52 58 39 39 4Q26 1Q27 2Q27 3Q27 4Q27 1Q28 2Q28 3Q28 4Q28 (1) As of 10/20/2026. Includes E&P NYMEX deriva
Slide 21: 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 22: Hedged Financial Basis
Hedged Financial Basis HAYNESVILLE APPALACHIA TOTAL REALIZED CGT ML TETCO WLA TGT Z1 TETCO M3 LEIDY EASTERN GAS TCO CGT ML GAIN/ (LOSS) Date Avg. Avg. Avg. Avg. Avg. Avg. Avg. Avg. Volume Volume Volume Volume Volume Volume Volume Volume Price Price Price Price Price Price Price Price $mm Bcf Bcf Bcf
Slide 23: 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 $/
Slide 24: Non-GAAP Financial Measures
Non-GAAP Financial Measures As a supplement to the financial results prepared in accordance with U.S. GAAP, Expand Energy’s quarterly earnings presentations contain certain financial measures that are not prepared or presented in accordance with U.S. GAAP. These non-GAAP financial measures include A
Slide 25: Reconciliation of Net Income to Adjusted EBITDAX (Unaudited)
Reconciliation of Net Income to Adjusted EBITDAX (Unaudited) Three Months Three Months Three Months Three Months Three Months Ended Ended Ended Ended Trailing Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 Twelve Months September 30, 2025 ($ in millions) Net Income (GAAP) $
Slide 26: Reconciliation of Marketing Segment Income to Marketing Adjusted EBITDA (Unaudited)
Reconciliation of Marketing Segment Income to Marketing Adjusted EBITDA (Unaudited) Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 ($ in millions) Marketing segment income from operations (GAAP) $
Slide 27: Reconciliation of Operating Cash Flow to Adjusted Free Cash Flow and Net Debt
Reconciliation of Net Cash Provided by Operating Reconciliation of Total Debt to Net Debt (Unaudited) Activities to Adjusted Free Cash Flow (Unaudited) Three Months Three Months Ended Ended September 30, 2026 September 30, 2025 September 30, 2026 December 31, 2025 ($ in millions) ($ in millions) Net