Southwestern Energy Company

Momentum: Expand’s shift to an integrated gas model (upstream + marketing/commercial) - Over ~9 months, Expand transformed from upstream producer to an integrated North American gas company with coast-to-coast marketing reach. - This is being strengthened with C-suite/commercial leadership additions and expanded BD efforts across the gas value chain (upstream, marketing, LNG). - Surprising/positive: Despite market pressure in commodity conditions, the marketing/commercial engine is already expected to add material margin and improve resilience.

Twin Eagle acquisition integration delivering targeted margin upside - Twin Eagle closed Sept. 16; teams are now co-located and integrating “plumbing” (back office + customer-facing alignment). - Management expects Marketing + Twin Eagle commercial profits to add ~$0.12/ Mcfe to Q4 margin in a low-price, low-volatility environment. - Longer-term commercial outlook: - Marketing/commercial EBITDA target of ~$500M by 2028 (~$0.20/ Mcfe). - With LNG-related scaling later: ~$750M additional EBITDA (~$0.30/ Mcfe on current production). - Customer focus spans LNG + data centers + industrial/C&I demand; Twin Eagle provides relationships especially into premium, “off-the-beaten-path” markets.

Dan Brown appointed permanent CEO (execution culture + capital allocation focus) - New CEO Dan Brown starts with emphasis on: - Leveraging Expand’s existing scale, inventory-rich diversified assets, resiliency (incl. disciplined hedging), and the direct customer line from Twin Eagle. - Background strength highlighted: capital allocation across projects/risk profiles and team-building/leading public organizations. - Good for investors: the company claims a clear leadership handoff plan and “execution” mindset rather than learning on the job.