Expand Energy (EXE) Raymond James 46th Annual Institutional Investors Conference summary

Company overview and strategic positioning

• Formed from the merger of Southwestern and Chesapeake Energy, creating significant synergies and scale.

• Holds over 20 years of inventory, providing long-term cash flow durability.

• Investment-grade balance sheet with a leverage ratio below 1 and robust capital return framework.

• Positioned to address global energy shortages with responsibly sourced, low-carbon natural gas.

• Strategic asset locations enable access to premium markets, especially through U.S. LNG exports.

Market outlook and demand drivers

• U.S. LNG exports expected to rise by 11 Bcf/d by 2027, representing a 10% increase in national demand.

• Anticipates material growth in power demand, driven by data centers, electrification, and AI adoption.

• Power demand growth for natural gas projected to range between 3-10 Bcf/d.

• Infrastructure and regulatory hurdles remain for expanding gas supply to new demand sources.

• Diversified assets provide flexibility to capitalize on evolving market opportunities.

Asset portfolio and operational highlights

• Operates in three major U.S. shale basins: Northeast Appalachia, Southwest Appalachia, and Haynesville.

• Northeast Appalachia features prolific, low-cost, high-productivity dry gas wells.

• Southwest Appalachia offers exposure to liquids and advanced long-lateral drilling capabilities.

• Haynesville provides strategic proximity to the Gulf Coast and premium LNG markets, despite higher costs.

• Peer-leading capital efficiency and high-quality acreage positions across all basins.