Expand Energy's Business Segments

Expand Energy Corporation, including its subsidiaries, is the largest independent natural gas producer in the United States by net daily production. The company develops natural gas, oil, and natural gas liquids (NGL) with operations primarily in Louisiana and Texas (Haynesville and Bossier Shales), Pennsylvania (Marcellus Shale), and West Virginia and Ohio (Marcellus and Utica Shales). It holds working interests in approximately 6,600 gross natural gas and oil wells and operates about 99% of its production volumes. Following its merger with Southwestern on October 1, 2024, Expand Energy enhanced its natural gas portfolio and financial position by reducing total debt by approximately $1.2 billion and increasing its 2025 Credit Facility to $3.5 billion. The company joined the S&P 500 index in 2025 and returned approximately $865 million to shareholders. Expand Energy’s strategy focuses on creating shareholder value through efficient resource development, operating efficiencies, marketing, financial discipline, and sustainability. It allocates capital to high-return projects, utilizes advanced drilling technology, and pursues acquisitions and divestitures to strengthen its portfolio. The company holds significant proved reserves across its operating areas and invests in reducing the environmental impact of its production activities.

Southwestern was an independent energy company involved in development, exploration, and production activities, including related marketing, within the Appalachia and Haynesville shale plays. The registrant completed the Southwestern Merger, acquiring Southwestern and issuing common stock to its shareholders. The merger was accounted for as a business combination, with Expand Energy as the accounting acquirer.