Expand Energy (EXE) Acquisition presentation summary

Strategic rationale and transaction overview

• Acquisition of Twin Eagle creates North America's leading integrated natural gas company, combining production and marketing strengths.

• All-cash transaction valued at $1.25 billion, funded by cash on hand and revolving credit facility.

• Transaction is immediately accretive, with $200 million estimated annual EBITDA, growing to $350 million post-synergies by year-end 2028.

• Twin Eagle will become a wholly-owned subsidiary, with key management joining the combined entity.

• Expected closing in Q3 2026, subject to standard adjustments and regulatory approvals.

Enhanced operational platform and market reach

• Combined platform extends the natural gas value chain, reaching demand centers across the US and Canada.

• Pro forma company will market 14 Bcf/d of natural gas, with 49 Bcf of storage capacity and 9 Bcf/d of contracted transport.

• Coast-to-coast pipeline network enables supply to growing power, industrial, and LNG demand.

• Access to high-value demand centers, including Gulf Coast LNG, Northeast data centers, and new Midwest, Southeast, and Southwest customers.

• Diversified portfolio and risk management capabilities enhance reliability and market optionality.

Financial impact and synergy realization

• Annual free cash flow target for marketing and commercial operations increases by 50% to $750 million.

• $150 million in synergies expected by year-end 2028, with $100 million from premium market expansion and volatility monetization, and $50 million from expanded end-user access.

• $90 million in synergies realized in Q1 2026, accelerating delivery of financial targets.

• Combined entity projected to be the top marketer of natural gas in North America, surpassing major industry peers.

• Consistent earnings growth driven by physical optimization, not just commodity price exposure.