Expand Energy (EXE) Corporate presentation summary

Strategic rationale and transaction overview

• Acquisition of Twin Eagle creates North America's leading integrated natural gas company, combining production scale with premier marketing capabilities.

• The deal is an all-cash transaction valued at $1.25 billion, funded by cash on hand and borrowings under a revolving credit facility.

• Transaction is immediately accretive, with an estimated $200 million annual EBITDA contribution, 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; closing expected in Q3 2026.

Enhanced operational platform and market reach

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

• Twin Eagle brings a broad transportation and storage asset base, mitigating regional risks and enabling market optimization.

• Over 1,000 customers with long-standing relationships, serving utilities, power generators, LDCs, and industrial clients in 18 states and five Canadian provinces.

• Pro forma marketing volumes reach 14 Bcf/d, with 49 Bcf of storage capacity and 9 Bcf/d of contracted transport capacity.

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 access and volatility monetization, and $50 million from expanded end-user access.

• Accelerated timeline for achieving new free cash flow targets, with incremental $250 million per year and $90 million realized in Q1 2026.