Expand Energy (EXE) JP Morgan Energy, Power and Renewables Conference summary

Merger and regulatory update

• Merger with Southwestern remains on track for the second half of the year, pending FTC review and shareholder vote.

• Closing will not occur before the end of the current month.

Production strategy and market response

• Production curtailment and CapEx reduction were implemented to address oversupply, with positive market reception.

• Market now values flexibility and supply-demand balance over constant production growth.

• Healthier balance sheet and fewer pipeline/debt constraints allow for long-term, market-responsive decisions.

• Productive capacity is managed in three buckets: curtailed production, deferred turn-in-line wells, and deferred completions.

• Expectation to have no flowing production curtailed by year-end, with readiness to respond to demand spikes.

Infrastructure and market access

• Resolved litigation on the Momentum Pipeline, which is set to come online by end of 2025, enhancing market access.

• Haynesville region has improved connectivity and capacity, reducing previous bottlenecks.

• Northeast basis challenges persist but are well understood and managed.