Expand Energy Corporation · NASDAQ:EXE
Expand Energy — Q1 2026 Earnings Presentation
29 slides from Expand Energy's earnings presentation, Apr 29, 2026
Slide 1: 1Q 2026 Earnings
1Q 2026 Earnings APRIL 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: Record FCF of ~$1.7bn(1,2) producer: ~7.4 Bcfe/d ~7.5 Bcfe/d; ~$2.85bn capex generated in 1Q26 ~$2.0bn of Adjusted EBITDAX(1) Inclusive of ~$75mm Western Haynesville Benefit of productive capacity activation in
Slide 4: Attractive, Connected Portfolio
Attractive, Connected Portfolio NORTHEAST APPALACHIA ~704,000 net acres >1,500 gross locations Superior Portfolio Characteristics FY26E Prod: ~2,675 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 3,193 3,148 ~ 3,175 ~ 3,200 2,610 ~ 2,650 ~ 2,675 4Q25A 4Q25A 1Q26A 1Q26A 2Q26E 2Q26E FY26E FY26E 4Q25A 4Q25A 1Q26A 1Q26A 2Q26E 2Q26E FY26E FY26E Rig Count 3 3 3 3 Rig Count 7 8 7 7 Crew Count 2
Slide 6: Positioned for Growing Demand
Positioned for Growing Demand 1Q 2026 EARNINGS
Slide 7: Natural Gas is Foundational to Global Energy Supply
The Backbone of Lower Carbon Energy Natural Gas is Foundational to Global Energy Supply Secure Dispatchable Reliable Shifting reliance to assets Best positioned energy U.S. natural gas provides with decades of proven source to provide the customers in global markets reserves means supply flexibility
Slide 8: 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 9: 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 10: 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 10 – 12 Bcf/
Slide 11: Global LNG Demand Growing >50% from 2025 to 2040
Global LNG Demand Growing >50% from 2025 to 2040 2025 Demand = 57 Bcf/d 35 2040 Demand = ~90 Bcf/d 30 +33 Bcf/d of demand growth 25 Price-sensitive demand regions in Asia expected to contribute additional 3 – 6 Bcf/d of demand at <$8.00/MMBtu JKM, supporting price resilience 2025 Demand LNG Demand (
Slide 12: Increased Volatility Creates Opportunity
Increased Volatility Creates Opportunity Historic Henry Hub Price U.S. natural gas supply and demand have grown >40% during the last ($/MMBtu) decade, while working capacity of storage has stayed flat 60-Day Avg Trailing Trading Range 60-Day Avg Trailing Midpoint Russia/Ukraine conflict and Freeport
Slide 13: Integrated Strategy to Grow Cash Flow
Integrated Strategy to Grow Cash Flow Expand’s Opportunity: Increase the value of every molecule STRATEGY OPPORTUNITY PROGRESS TO DATE FUTURE STATE • LNG SPAs • Delfin FLNG SPA • Diverse domestic and international portfolio Facilitating & Capturing • Industrial customer • Lake Charles expansion Meth
Slide 14: Strengthening Resilient Financial Foundation
Strengthening Resilient Financial Foundation 1Q 2026 EARNINGS
Slide 15: Balancing Debt Reduction and Shareholder Returns
Balancing Debt Reduction and Shareholder Returns ▪ Investment Grade balance sheet creates Debt Maturity Profile (BBB-, Baa3, BBB-) ($mm)(3) more capacity at cycle-lows EXE RBL Capacity ~5.15% • Redeemed ~$1.3bn of gross debt at par YTD 2026 $3,500 • Reported quarter-end Net Debt(1) of $2.8bn, down $
Slide 16: Hedge Strategy Preserves Upside and Provides Downside Protection
Hedge Strategy Preserves Upside and Provides Downside Protection Hedged Natural Gas Volumes 0 0 Added since 4Q Earnings (Bcf) 0 13 Last Public Disclosure (Bcf) 28 437 445 16 393 349 18 269 211 27 147 51 2Q26 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 1Q28 Current Hedge Book Supports Near-Term Realizations and Pr
Slide 17: Built for Long-Term Value
Built for Long-Term Value 1Q 2026 EARNINGS
Slide 18: Built to Meet Unprecedented Demand Growth
Built to Meet Unprecedented Demand Growth 2025 Demand Bcf/d 2030 Demand Gain Bcf/d ▪ Premier assets in Appalachia and Haynesville NE APP ▪ Access to ~90% of expected demand growth +4 Bcf/d +1 Bcf/d 19 • Unprecedented global LNG expansion 15 SW APP Bcf/d Bcf/d MIDWEST DEMAND • AI-driven power loads N
Slide 19: 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 20: Appendix
Appendix €xpand 1Q 2026 EARNINGS
Slide 21: Management's Guidance as of April 28, 2026
Management’s Guidance as of April 28, 2026 Bold / Italicized = updated guidance range Production (MMcfe/d) 1Q26A 2Q26E 2026E Operating Costs (per Mcfe of Projected Production) 1Q26A 2026E Total Production 7,436 7,400 – 7,500 7,400 – 7,600 Production Expense $0.28 $0.23 – $0.28 Haynesville 3,148 ~3,1
Slide 22: 1Q26 EXE Business Unit Results
1Q26 EXE Business Unit Results Haynesville Northeast Appalachia Southwest Appalachia Production (MMcfe/d) 3,148 2,785 1,503 Production Expense ($/Mcfe) $0.33 $0.19 $0.34 Differential to NYMEX ($/Mcf) $(0.64) $0.66 $(0.62) GP&T ($/Mcfe) $0.84 $1.05 $1.38 Rigs 8 3 2 Spuds (by zone) Haynesville 10 Boss
Slide 23: Haynesville, Northeast and Southwest Appalachia Sales Points
Haynesville, Northeast and Southwest Appalachia Sales Points NEW YORK LOUISIANA PENNSYLVANIA OHIO TEXAS WEST VIRGINIA PENNSYLVANIA Haynesville Sales Points Northeast Appalachia Sales Points Southwest Appalachia Sales Points DEDUCT FROM NYMEX ($)(1) DEDUCT FROM NYMEX ($)(1) DEDUCT FROM NYMEX ($)(1) H
Slide 24: Reducing Risk, Protecting Returns Through Hedge Program
Reducing Risk, Protecting Returns Through Hedge Program NATURAL GAS ESTIMATED NYMEX GAS SETTLEMENT ($mm) SWAPS COSTLESS COLLARS THREE-WAY COLLARS $2.00 $3.00 $4.00 $5.00 Date Bought Bought Date Volume Price Volume Sold Call Volume Sold Call Sold Put NYMEX NYMEX NYMEX NYMEX Put Put Bcf $/Mcf Bcf $/Mc
Slide 25: Reducing Risk, Protecting Returns Through Hedge Program
Reducing Risk, Protecting Returns Through Hedge Program NATURAL GAS LIQUIDS ESTIMATED NGL SETTLEMENT ($mm) C3 SWAPS $0.25 $0.50 $1.00 $1.50 Date Date Volume Price NYMEX NYMEX NYMEX NYMEX MBbl $/Gal 1Q 2026 – – 1Q 2026 0 0 0 0 2Q 2026 1,183 0.75 2Q 2026 25 13 (12) (37) 3Q 2026 1,196 0.75 3Q 2026 25 1
Slide 26: Hedged Financial Basis
Hedged Financial Basis HAYNESVILLE NORTHEAST APPALACHIA CGT ML TETCO WLA TGT Z1 TETCO M3 LEIDY EASTERN GAS Date Avg. Price Avg. Price Volume Avg. Price Volume Avg. Price Volume Avg. Price Volume Avg. Price Volume Bcf Volume Bcf $/Mcf $/Mcf Bcf $/Mcf Bcf $/Mcf Bcf $/Mcf Bcf $/Mcf 1Q 2026 – – 1.4 0.11
Slide 27: Non-GAAP Financial Measures
Non-GAAP Financial Measures As a supplement to the financial results prepared in accordance with U.S. GAAP, Expand Energy’s quarterly earnings presentations contain certain financial measures that are not prepared or presented in accordance with U.S. GAAP. These non-GAAP financial measures include A
Slide 28: Reconciliation of Net Income (Loss) to Adjusted EBITDAX (Unaudited)
Reconciliation of Net Income (Loss) to Adjusted EBITDAX (Unaudited) Three Months Three Months Three Months Three Months Three Months Ended Ended Ended Ended Trailing Ended March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 Twelve Months March 31, 2025 ($ in millions) Net Income (Loss)
Slide 29: Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow (Unaudited)
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 March 31, 2026 March 31, 2025 March 31, 2026 December 31, 2025 ($ in millions) ($ in millions) Net