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Expand Energy Q4 2024 Earnings Call Summary

Management Comments and Q&A Notes

February 27, 2025

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Overall Tone & Business Highlights

  • Tone: Positive and confident, with management emphasizing capital efficiency, market flexibility, and shareholder returns.

  • Key Business Update:

    • 2024 production ~6.868 Bcfe/d, Q4 2024 production averaged ~6.412 Bcfe/d

    • 2025 forecast maintained at 7.1 Bcfe/d, with potential to increase to 7.5 Bcfe/d in 2026

    • Incremental $300 million investment for 300 MMcf/d of additional productive capacity, but expansion decision deferred until mid-2025 based on market conditions.

  • Market Positioning:

    • 11 Bcfe/d of new LNG capacity under construction.

    • 2.5 Bcfe/d expected to flow into LNG markets after NG3 pipeline completion in 2026.

    • Hedging strategy mitigated 2024 price volatility, and 2025 hedges are positioned to protect cash flow.