Expand Energy Corporation · NASDAQ:EXE
Expand Energy — Q3 2025 Earnings Presentation
31 slides from Expand Energy's earnings presentation, Oct 29, 2025
Slide 1: 3Q 2025 Earnings
3Q 2025 Earnings OCTOBER 28, 2025
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: 3Q25 Operational and Financial Highlights
3Q25 Operational and Financial Highlights Largest Domestic Natural Further Reduced FY25 Expanding Our Gas Producer: ~7.3 Bcfe/d Capex by ~$75mm Haynesville Advantage 3Q25 beat with: Positioned to produce ~7.5 Bcfe/d for ~$2.85bn Delivering best-in-basin capex and ~$1.1bn of adj. EBITDAX(1) capex in
Slide 4: Attractive, Connected Portfolio
Attractive, Connected Portfolio Superior Portfolio Characteristics Northeast Appalachia ~700,000 net acres >1,500 gross locations Scale: Largest natural gas producer in FY25E Prod: ~2,600 MMcfe/d North America with ~1.9mm net acres, ~7.15 Bcfe/d in 2025 Southwest Appalachia ~566,000 net acres Flexib
Slide 5: Improved 2025 Capital Outlook
Improved 2025 Capital Outlook 2025 Capital Expenditures (Implied Midpoints of 2025 Guidance, $mm) ▪ Reduced FY25 capex spend by additional ~$2.85bn ~$75mm ~$150mm ~$250 Productive improvement to original capacity build ~$190 (+300 MMcfe/d FY25 guidance by 1Q26) ▪ Record operational ~$300 performance
Slide 6: 2025 Production Outlook
2025 Production Outlook Northeast Appalachia Quarterly Production Haynesville Quarterly Production (MMcfe/d) (MMcfe/d) 2,668 2,662 2,978 3,206 ~3,200 ~3,000 2,556 ~2,500 ~2,600 2,617 1Q25A 2Q25A 3Q25A 4Q25E FY25E 1Q25A 2Q25A 3Q25A 4Q25E FY25E Rigs 2 2 2 3 2–3 Rigs 7 7 7 6–7 7 Crews 2 2 2 2 2 Crews 3
Slide 7: 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 $2
Slide 8: Productive Capacity Success Story
Productive Capacity Success Story Illustrative Productive Capacity Strategy Productive Capacity Generates Significant Value ~$225mm increase in FCF over first (1) 12 months of volume from productive capacity wells(2) OVERPRODUCING BAND ~7.5 Bcfe/d midpoint aligns with $3.50 – $4.00 mid-cycle price P
Slide 9: Connecting Global Scale to Growing Markets
Connecting Global Scale to Growing Markets Dynamics of Significant Growth Markets 2025 Demand Bcf/d 2030 Demand Gain Bcf/d GLOBAL LNG: ▪ More than 40% demand growth by 2030, an increase of 27 Bcf/d NE APP ▪ Opportunity for Expand: Connect reliable, lower-carbon supply to global customers, diversify
Slide 10: Expanding the Value of Natural Gas
Expanding the Value of Natural Gas Guiding Principles of Value Creation Mitigate Volatility Provide Customers Facilitate Premium Act on Global Enhance and Capture of Cash Flows Reliability and Flexibility Market Demand Fundamental Insights Optionality Value COMPREHENSIVE RISK MANAGEMENT Sample Comme
Slide 11: Proximity to Diversified Demand Growth
Proximity to Diversified Demand Growth EXE Haynesville has access to tangible LNG, power and industrial demand ▪ Lake Charles Methanol Supply Agreement EXE’s Perryville Capacity: ~2 Bcf/d • Facilitating new industrial demand in Louisiana • Wellhead-to-delivery certified gas sale creating low-carbon
Slide 12: Haynesville Capital Efficiency Improvements Yielding <$2.75 Breakeven
Haynesville Capital Efficiency Improvements Yielding <$2.75 Breakeven Productivity Improving Through Time (12 mo. Mcfe/ft.) Demonstrating Continued Capital Improvements ($/ft.) (2) ~5% increase >25% reduction in well performance since 2023 in well costs since 2023 $1,847 ~835 ~855 $1,657 $1,573 806
Slide 13: Attractive, Low-Cost Inventory Additions
Attractive, Low-Cost Inventory Additions SW Appalachia Recent land ▪ Acquired ~7,500 acres located in the Core Marcellus (Monroe County, OH and Marshall County, WV) for $57mm during the third quarter and leasehold ▪ Adds ~425,000 lateral feet for the equivalent of >40 locations(1) acquisitions • Low
Slide 14: Enhanced Capital Returns Framework
Enhanced Capital Returns Framework ▪ Tranche 1 – Annual Base Dividend • $2.30/share • Remains priority and is paid through-cycle $2.30/ Annual Base Dividend share • 3Q25 DPS of $0.575/sh to be paid in December EXCESS FCF ▪ Tranche 2 – Net Debt Reduction REMAINING $116mm (1,2) • Allocating $1bn to ne
Slide 15: Investment Grade Balance Sheet Supports Through-Cycle Value Creation
Investment Grade Balance Sheet Supports Through-Cycle Value Creation ▪ Current balance sheet is strong, however Unhedged Run-Rate EBITDAX additional deleveraging creates more capacity ($bn)(1) at cycle-lows Further prioritization of debt pay down will facilitate attractive value creation at lower pr
Slide 16: Current Hedge Position Preserves Upside and Downside Protection
Current Hedge Position Preserves Upside and Downside Protection Hedged Natural Gas Volumes Added since 2Q Earnings (Bcf) Last Public Disclosure (Bcf) 18 55 51 42 54 344 321 254 50 235 176 113 50 51 45 2 4Q25 1Q26 2Q26 3Q26 4Q26 1Q27 2Q27 3Q27 Current Hedge Book Supports Near-Term Realizations and Pr
Slide 17: 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 18: Appendix
Appendix expand 3Q 2025 EARNINGS
Slide 19: Management’s Guidance as of October 28, 2025
Management’s Guidance as of October 28, 2025 Bold / Italicized = updated guidance range Production (MMcfe/d) 3Q25A 4Q25E 2025E Operating Costs (per Mcfe of Projected Production) 3Q25A 2025E Total Production 7,333 7,200 – 7,300 7,100 – 7,200 Production Expense $0.25 $0.23 – $0.28 Haynesville 3,206 ~3
Slide 20: 3Q25 EXE Business Unit Results
3Q25 EXE Business Unit Results Haynesville NE Appalachia SW Appalachia Production (MMcfe/d) 3,206 2,556 1,571 Production Expense ($/Mcfe) $0.27 $0.18 $0.32 Differential to NYMEX ($/Mcf) $(0.27) $(0.78) $(0.43) GP&T ($/Mcfe) $0.72 $0.85 $1.36 Rigs 7 2 2 Spuds (by zone) Haynesville 9 Bossier 8 Lower 8
Slide 21: Haynesville, Northeast and Southwest Appalachia Sales Points
Haynesville, Northeast and Southwest Appalachia Sales Points Haynesville Sales Points NE App Sales Points SW App Sales Points DEDUCT FROM NYMEX ($)(1) DEDUCT FROM NYMEX ($)(1) DEDUCT FROM NYMEX ($)(1) Historical Avg Current Historical Avg Current Historical Avg Current CGML ($0.28) CGML ($0.25) TETC
Slide 22: Being LNG Ready Will Create Meaningful Value and Enhance Returns
Being LNG Ready Will Create Meaningful Value and Enhance Returns Growing Exports Expected to be Significant to U.S. Gas Demand (U.S. LNG Capacity, Bcf/d)(1) ▪ EXE portfolio uniquely positioned to meet growing LNG demand ~32 Bcf/d of total LNG export capacity expected by 2029 Commonwealth Port Arthur
Slide 23: Merger Synergies Exceeded Expectations
Merger Synergies Exceeded Expectations ~50% improvement in synergies compared to announcement ~$100 ~$100 ~$600 ~$500 ~$500 ~$400 ~$400 Initial Synergy Target Additional Synergies Synergy Target Synergy Delivery Total Synergies @ Announcement Identified @ Close @ Close Outperformance from Merger • C
Slide 24: 2024 Sustainability Performance Highlights
2024 Sustainability Performance Highlights Inaugural report highlights our commitments and progress ▪ Achieved 100% Responsibly Sourced Gas (RSG) across portfolio (MiQ and EO100 ) Transparent and ▪ Serious Incident and Fatality (SIF) program adoption for proactive measurable disclosures: safety prev
Slide 25: Reducing Risk, Protecting Returns Through Hedge Program
Reducing Risk, Protecting Returns Through Hedge Program NATURAL GAS ESTIMATED NYMEX GAS SETTLEMENT ($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 $/Mc
Slide 26: Reducing Risk, Protecting Returns Through Hedge Program
Reducing Risk, Protecting Returns Through Hedge Program NATURAL GAS LIQUIDS ESTIMATED NGL SETTLEMENT ($mm) C2 SWAPS C3 SWAPS C4 SWAPS C5 SWAPS Date Date $0.25 $0.50 $1.00 $1.50 Volume Price Volume Price Volume Price Volume Price MBbl $/gal MBbl $/gal MBbl $/gal MBbl $/gal 1Q 2025 900 0.25 603 0.73 1
Slide 27: Reducing Risk, Protecting Returns Through Hedge Program
Reducing Risk, Protecting Returns Through Hedge Program CRUDE OIL ESTIMATED NYMEX WTI SETTLEMENT ($mm) SWAPS COSTLESS COLLARS THREE-WAY COLLARS $60.00 $70.00 $80.00 $90.00 Date Bought Bought Date Volume Price Volume Sold Call Volume Sold Call Sold Put WTI WTI WTI WTI Put Put MBbl $/Bbl MBbl $/Bbl MB
Slide 28: Hedged Financial Basis
Hedged Financial Basis HAYNESVILLE NORTHEAST APPALACHIA CGT MAINLINE TETCO WLA TGT Z1 TETCO M3 TGP Z4 300L LEIDY EASTERN GAS Date Volume Avg. Price Volume Avg. Price Volume Avg. Price Volume Avg. Price Volume Avg. Price Volume Avg. Price Volume Avg. Price Bcf $/Mcf Bcf $/Mcf Bcf $/Mcf Bcf $/Mcf Bcf
Slide 29: Non-GAAP Financial Measures
Non-GAAP Financial Measures As a supplement to the financial results prepared in accordance with U.S. GAAP, Expand Energy’s quarterly earnings presentations contain certain financial measures that are not prepared or presented in accordance with U.S. GAAP. These non-GAAP financial measures include A
Slide 30: Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow
Reconciliation of Net Income (Loss) to Adjusted Reconciliation of Net Cash Provided by Operating EBITDAX (Unaudited) Activities to Adjusted Free Cash Flow (Unaudited) Three Three Three Three Three Months Months Months Months Months Ended Ended Ended Ended Trailing Ended September 30, June 30, March
Slide 31: Reconciliation of Total Debt to Total Capitalization
Reconciliation of Net Cash Provided by Operating Reconciliation of Total Debt to Total Capitalization Activities to Adjusted EBITDAX (Unaudited) (Unaudited) Three Months Ended Three Months Ended September 30, 2025 September 30, 2024 September 30, 2025 ($ in millions) ($ in millions) Net Cash Provide