Expand Energy (EXE) 47th Annual Raymond James Institutional Investor Conference summary

Company overview and strategic positioning

• Formed from the 2024 merger of two shale pioneers, now the largest U.S. natural gas producer with 7.5 Bcf/day net output and assets in both Haynesville and Appalachia basins.

• Maintains an investment grade balance sheet with leverage under 1x, supporting flexibility for integration and downstream market opportunities.

Capital allocation and production strategy

• Capital allocation is based on supply-demand fundamentals, with a mid-cycle price view of $3.50–$4.00/MMBtu guiding investment decisions.

• Production targets for 2026 are set at 7.5 Bcf/day, with sustaining CapEx just under $2.8 billion, focusing on durable market signals over transitory price spikes.

Operational improvements and cost reductions

• Achieved a 15% reduction in Haynesville breakeven price over the past year through vertical integration and operational synergies post-merger.

• Reduced well costs by 13% and improved drilling efficiency by over 30%, with a 40% drop in sand input costs and an 8% reduction in field production expenses.

• Increased proppant intensity by 20%, leading to an 11% improvement in well productivity over five years.