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**【CEO Summary Section】**
- Expand Energy achieved significant operational efficiency, reducing Haynesville well costs by over 25% year-to-date and lowering breakeven to $2.75 per MMBtu.
- 2025 production target of 7.5 Bcf/d with $2.8-2.9 billion CapEx, same as 2025 spend, driven by 50% more synergies than original merger goals.
- Signed 15-year supply agreement with Lake Charles Methanol (LCM) for premium-priced, low-carbon gas, highlighting strategic shift from value protection to value creation.
- 2026 outlook includes $1.2 billion debt reduction and $850 million returned to shareholders, with optionality to grow production in constrained Gulf Coast supply market.

**【CFO Financial Commentary】**
- Q3 2025 GAAP net income of $420 million, Non-GAAP EPS of $1.08 vs. $0.95 guidance, driven by $165 million hedge cash inflows.
- Year-to-date free cash flow of $1.8 billion, with $1.2 billion debt reduction and $850 million shareholder returns.
- 2026 guidance: $2.8-2.9 billion CapEx, 7.5 Bcf/d production, and 47% hedged gas volumes at $3.75 midpoint.

**【Q&A Highlights】**
- **Gas Demand & Pricing**: Gulf Coast demand growth (11 Bcf/d by 2030) constrained by pipeline capacity, positioning EXE to capture premium pricing via low-carbon gas and long-term contracts.
- **Breakeven & Efficiency**: Haynesville breakeven < $3, 7 rigs now deliver same production as 13 rigs in 2023, 30% lower costs vs. peers.
- **Marketing Strategy**: 15-year LCM deal demonstrates ability to monetize low-carbon gas at premium; 20+ active offtake discussions across LNG, power, and industrial sectors.
- **Western Haynesville**: 75,000-acre position with Gen 3 completions expected to outperform, 2026 appraisal CapEx included in $2.85B guidance.
- **M&A**: $150M+ cost savings from Appalachia and Haynesville bolt-ons, focusing on high-synergy, low-cost opportunities.
- **Debt & Returns**: Maintain 20%+ cash position.

EXE

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