EXEEW

• The third quarter marked the first year of Expand Energy, with the team driving long-term value through cost reduction and portfolio development. The Haynesville position saw efficiency gains: 7 rigs now produce as much as 13 did in 2023, well costs reduced by over 25%, YTD costs 30% lower than peers, and average well productivity since 2022 40% higher than the basin average. - Added attractively priced acreage in East Texas. Synergies exceeded the original target by 50%. - Eliminated $1.2 billion in gross debt and returned nearly $850 million to shareholders. - The Lake Charles Methanol supply agreement is a success, demonstrating value creation in marketing. - Domenic Dell'Osso highlighted the first year of Expand Energy, team efforts in reducing costs and developing the portfolio, and the Lake Charles Methanol deal as a value creation example. - Daniel Turco discussed regional gas demand growth in South Louisiana and portfolio supply ability, and marketing portfolio optimization. - Josh Viets talked about the Western Haynesville acquisition, drilling and completion improvements in the Haynesville, and the appraisal program for the Western Haynesville. - Brittany Raiford mentioned the commodity risk management strategy with rolling 8-quarter hedges.

• Expect to spend $150 million less to deliver 50 MMcf/d more production in 2025 compared to年初 guidance. - 2026 setup: 7.5 Bcf/d production with similar CapEx profile to 2025, around $2.8 - $2.9 billion in CapEx. - Commodity risk management with rolling 8-quarter hedges, layered downside protection and upside participation.

No detailed breakdown of product segments with revenue contribution percentages provided. Discussions focus on the Haynesville position with efficiency improvements, but no specific segment performance with revenue details.

• Volatility in gas markets and potential changes in market conditions affecting production and pricing. - Uncertainties in the Western Haynesville's long-term decline and operational complexities.

Q: Matt Portillo asked about regional gas demand and downstream counterparties.

A: Domenic Dell'Osso and Daniel Turco discussed regional demand growth, with the Lake Charles Methanol deal as an example.

Q: Doug Leggate inquired about breakeven and marketing uplift.

A: Domenic Dell'Osso and Josh Viets talked about breakeven below $3 and marketing as a new emerging part.

Q: Betty Jiang asked about gas realization and M&A.

A: Domenic Dell'Osso, Daniel Turco, and Josh Viets discussed marketing opportunities, and M&A in Southwest App and Western Haynesville.

Q: Kevin MacCurdy asked about Western Haynesville vertical well and Haynesville D&C costs.

A: Josh Viets talked about Western Haynesville vertical well and D&C cost improvements.

Q: Neil Mehta asked about 2026 CapEx and hedge strategy.

A: Domenic Dell'Osso and Brittany Raiford discussed CapEx flexibility and hedge strategy.

Q: Zach Parham asked about Haynesville D&C costs and 2026 flexibility.

A: Josh Viets talked about D&C cost drivers and production flexibility.

Q: Charles Meade asked about breakevens.

A: Josh Viets explained Haynesville breakeven of $2.75 and Western Haynesville success criteria.

Q: David Deckelbaum asked about Western Haynesville appraisal and LCM deal.

A: Josh Viets and Daniel Turco discussed appraisal program and LCM deal rationale.

Q: John Annis asked about Gulf Coast demand and Western Haynesville vs NFZ.

A: Domenic Dell'Osso and Josh Viets talked about supply agreements and Western Haynesville vs NFZ.

Q: Scott Hanold asked about Western Haynesville complexity and Haynesville productivity.

A: Josh Viets discussed Western Haynesville complexity and Haynesville productivity improvements.

Q: John Freeman asked about CapEx reduction and debt reduction.

A: Josh Viets and Domenic Dell'Osso talked about CapEx drivers and debt reduction plans.