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• The ExxonMobil of natural gas.
• America's largest natural gas producer, similar to Chevron's role in oil.
• The Amazon of natural gas supply.

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• Natural Gas: Expand Energy's primary product is the production and delivery of natural gas, serving as a crucial energy source for various markets.

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Expand Energy (symbol: EXE), as America's largest natural gas producer, sells its natural gas primarily to other companies rather than directly to individual consumers. While specific customer names and their public symbols are typically not disclosed for commodity producers of this scale due to the breadth of their customer base and proprietary agreements, its major customers would broadly fall into the following categories:

• Electric Power Generators (Utilities): These are companies that operate natural gas-fired power plants to produce electricity for homes and businesses across the country. They represent a significant portion of natural gas demand, purchasing large volumes for electricity generation.
• Local Distribution Companies (LDCs): These are regulated utilities or companies responsible for transporting and delivering natural gas through local pipeline networks to residential, commercial, and industrial end-users within specific geographic areas. Expand Energy would sell gas to these LDCs for distribution.
• Industrial Users: A wide range of industrial facilities, including chemical plants, manufacturers, and refineries, utilize natural gas as a fuel for their operations, a feedstock for various products, or for process heat. These industrial consumers represent a substantial market for natural gas.
• Liquefied Natural Gas (LNG) Exporters: These companies operate LNG liquefaction terminals. They purchase natural gas from producers like Expand Energy, process it into liquid form, and then ship it to international markets, playing a crucial role in global energy supply.

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Nick Dell'Osso, President and Chief Executive Officer

Nick Dell'Osso serves as the President and Chief Executive Officer of Expand Energy. Before this role, he was the President and Chief Executive Officer of Chesapeake Energy Corporation, a position he began in October 2021. He was also a member of Chesapeake's Board of Directors. Dell'Osso has been noted for his comments on the natural gas market and his vision for the combined company.

Mohit Singh, Executive Vice President and Chief Financial Officer

Mohit Singh is the Executive Vice President and Chief Financial Officer of Expand Energy. Previously, he served as the Executive Vice President and Chief Financial Officer at Chesapeake Energy Corporation since 2021. Prior to his time at Chesapeake, Mr. Singh was part of the leadership team at BPX Energy for six years.

Chris Lacy, Executive Vice President, General Counsel and Corporate Secretary

Chris Lacy holds the position of Executive Vice President, General Counsel and Corporate Secretary at Expand Energy. He previously served as the Senior Vice President, General Counsel and Secretary at Southwestern Energy Company, where he had been since 2014, accumulating nearly 20 years of legal experience.

Josh Viets, Executive Vice President and Chief Operating Officer

Josh Viets is the Executive Vice President and Chief Operating Officer of Expand Energy. He was appointed Executive Vice President and Chief Operating Officer of Chesapeake Energy Corporation in 2022. Before joining Chesapeake, Mr. Viets was the Vice President of the Delaware operation in the Permian Basin Business Unit for ConocoPhillips.

John Christ, Vice President – Chief Information Officer

John Christ was named Vice President – Chief Information Officer of Expand Energy in October 2024. His responsibilities include developing and implementing the company's information technology strategy, utilizing emerging technologies to enhance operational performance, and supporting the integration of acquired companies.

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Here are the key risks to Expand Energy's business:

1. Natural Gas Price Volatility: As the largest natural gas producer in the U.S., Expand Energy's financial performance is highly susceptible to fluctuations in natural gas prices. These prices are inherently volatile, influenced by a complex interplay of global supply and demand dynamics, weather patterns, and broader economic conditions. Sudden and unpredictable swings in natural gas prices can directly impact the company's revenues, cash flow, and overall profitability.
2. Regulatory and Environmental Pressures Amidst Energy Transition: Despite natural gas being positioned as a lower-carbon alternative, Expand Energy faces increasing regulatory and environmental scrutiny. The global push for decarbonization and cleaner energy sources leads to evolving environmental standards, potential carbon taxes, and stricter emission limits, which can increase operational costs and potentially reduce long-term demand for natural gas. Key concerns include methane emissions from production and transportation, water contamination risks associated with hydraulic fracturing, and regulations impacting infrastructure development.
3. Geopolitical Tensions and Supply Chain Disruptions: The natural gas market is significantly affected by geopolitical events and international relations. Geopolitical tensions, trade disputes, and conflicts can disrupt global energy supply chains, impacting the availability and pricing of natural gas. For a large producer like Expand Energy, such events can affect export markets, infrastructure projects, and overall market stability, leading to unpredictable price spikes or demand shifts.

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Expand Energy's primary product is natural gas, including natural gas liquids, with operations concentrated in the United States. The company is also involved in the global liquefied natural gas (LNG) market through its "LNG Ready" capabilities.

Addressable Markets for Expand Energy's Main Products or Services:

• U.S. Natural Gas Market: The addressable market for natural gas in the U.S. is projected to reach approximately $601.8 billion by 2032, growing from an estimated $473.4 billion in 2025.
• Global Natural Gas Market: The global natural gas market was valued at approximately $1.2 trillion in 2024 and is projected to reach around $1.9 trillion by 2030. Another estimate indicates the global natural gas market is expected to reach $2108.1 billion by 2030.
• Global Liquefied Natural Gas (LNG) Market: The global liquefied natural gas market, which Expand Energy contributes to, was valued at an estimated $122.60 billion in 2024 and is projected to reach $226.97 billion by 2030.

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Here are 3-5 expected drivers of future revenue growth for Expand Energy (symbol: EXE) over the next 2-3 years:

1. Increased Sales Volume from Global Energy Demand: Expand Energy, as America’s largest natural gas producer, is positioned to capitalize on the increasing global demand for affordable, reliable, and lower-carbon energy. Growth in sales volume to existing and new markets, driven by the fundamental need for energy and natural gas’s role as a bridge fuel, is expected to be a significant revenue driver.

2. Favorable Natural Gas Price Environment: As a major producer of natural gas, Expand Energy’s revenue growth will be heavily influenced by sustained or increasing natural gas commodity prices. A strong pricing environment, driven by global supply and demand dynamics, would directly translate into higher revenues.

3. Strategic Market Penetration and Expansion: Leveraging its scale and combined assets from the merger of Chesapeake Energy and Southwestern Energy, Expand Energy is anticipated to expand its reach. This could involve deeper penetration into existing domestic markets or strategic entry into new international markets identified as "markets in need," thereby increasing its customer base and sales channels.

4. Investment in and Monetization of Lower-Carbon Natural Gas Solutions: Given the company's commitment to a "lower carbon future," future revenue growth is expected from investments in and the subsequent commercialization of technologies and practices that further reduce the carbon footprint of natural gas production. This could include carbon capture, utilization, and storage (CCUS) projects, or offering differentiated "responsibly sourced gas" that commands a premium.

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Share Repurchases

• Expand Energy authorized a new share buyback program of $1 billion in Q3 2024.
• The company returned $865 million to shareholders through dividends and buybacks during 2025.
• As of February 18, 2026, Expand Energy completed the repurchase of 851,661 shares for $99.99 million under the buyback announced on October 29, 2024.

Share Issuance

• On October 1, 2024, Expand Energy issued approximately 95.7 million shares of its common stock to Southwestern Energy Company shareholders in connection with their merger, valued at approximately $7.9 billion.

Inbound Investments

• Expand Energy attracted fresh institutional money and insider share purchases in recent months.
• Institutional investors, including Mitsubishi UFJ, Intech Investment Management, and Sierra Summit Advisors, continued building positions in Q3 (likely 2025).

Outbound Investments

• Expand Energy acquired approximately 82,500 net acres in Q3 2025.
• The company acquired approximately 7,500 acres of undeveloped Core Marcellus for $57 million during Q3 2025.
• Expand Energy established a 75,000+ net-acre position in Western Haynesville through targeted leasing and an undeveloped leasehold acquisition, including cash consideration of approximately $117 million in the second half of 2025.

Capital Expenditures

• Expand Energy's full-year 2025 capital expenditure guidance was reduced to $2.85 billion, inclusive of approximately $250 million to build productive capacity.
• For 2026, Expand Energy expects approximately $2.85 billion of capital investment, including ~$75 million for Western Haynesville appraisal spend.
• The primary focus of capital expenditures is drilling and completion activities across its Haynesville, Northeast Appalachia, and Southwest Appalachia assets, aiming to deliver 7.5 Bcf per day of production in 2026.