Expand Energy Corporation

Strategic pivot: Expand becomes an integrated gas platform (upstream + marketing + LNG-facing exposure) - Over ~9 months, Expand transformed from an upstream producer into a coast-to-coast integrated gas company. - Twin Eagle acquisition (closed Sept. 16) is the key catalyst for strengthening commercial capabilities and accessing customers directly, with the teams working together in one office to capture promised synergies. - New CEO Dan Brown emphasized the platform’s scale, inventory-rich/resilient asset base, disciplined risk management, and a structural natural gas demand increase (LNG, data centers, industrial, electrification).

Commercial/marketing execution is expected to materially lift 2026 Q4 margins - The company guided that combined Expand + Twin Eagle marketing profits add ~+$0.12/ Mcfe to Q4 margin even in an anticipated low-price, low-volatility environment. - Marketing/commercial targets (Marcel): - Q4 2026 guidance: ~$80M EBITDA (low-volatility) → ~$0.12/Mcfe. - With synergies: ~$500M by 2028 → ~$0.20/Mcf. - Including LNG upside (structure + portfolio evolution): ~$750M incremental EBITDA → ~$0.30/Mcf. - Customer focus is broad: LNG + data centers + industrial (C&I), leveraging Twin Eagle’s relationships and “premium market” access (customers paying more due to logistics/supply chain position).

Upstream remains a foundation; capital flexibility in a weaker 2027 price curve - Production this quarter: ~7.5 Bcfe/day. - Management acknowledges 2027 headwinds: market is well-supplied despite record demand; LNG flows/power burn are strong, but incremental supply (incl. new Permian egress) pressures the near-term curve. - Actions taken: reduced drilling activity as the market weakens (~12 rigs down to 10), and pushed out ~9 turn-in-lines from Q3 with continued flexibility expected through 2027.