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.

• Improved balance sheet and reduced pipeline commitments allow for greater operational flexibility and long-term focus.

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

• Expectation to have no curtailed flowing production by year-end, with deferred wells ready to respond to market needs.

Infrastructure and market access

• Resolved litigation on the Momentum Pipeline, which is expected online by end of 2025, enhancing access to LNG markets.

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

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