Financial Analysis

5. Contingencies and Commitments Contingencies Business Operations and Litigation and Regulatory Proceedings We are involved in, and expect to continue to be involved in, various lawsuits and disputes incidental to our business operations, including commercial disputes, personal injury claims, royalty claims, property damage claims and contract actions. We are also party to the consolidated Chapter 11 Cases pending for the Debtors in the Bankruptcy Court. Our total accrued liability in respect of litigation and regulatory proceedings is determined on a case-by-case basis and represents an estimate of probable losses after considering, among other factors, the progress of each case or proceeding, our experience and the experience of others in similar cases or proceedings, and the opinions and views of legal counsel. Significant judgment is required in making these estimates. While it is not possible at this time to estimate the amount of any additional loss, or range of loss that is reasonably possible, based on the nature of the claims, management believes that current litigation, claims and proceedings, individually or in aggregate and after taking into account insurance, are not likely to have a material adverse impact on our financial position, results of operations or cash flows. Many of these matters are in early stages and are all subject to inherent uncertainties. Therefore, managements view may change in the future. If an unfavorable final outcome were to occur, there …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

4. Debt Our long-term debt consisted of the following as of December 31, 2025 and 2024: December 31, 2025 December 31, 2024 Carrying Amount Fair Value (a) Carrying Amount Fair Value (a) 2025 Credit Facility $ $ $ $ Prior Credit Facility 4.95% senior notes due 2025 (b) 389 389 5.50% senior notes due 2026 47 47 5.375% senior notes due 2029 (b) 638 639 700 684 5.875% senior notes due 2029 440 441 500 494 6.75% senior notes due 2029 847 852 950 959 5.375% senior notes due 2030 (b) 1,200 1,218 1,200 1,174 4.75% senior notes due 2032 (b) 1,150 1,137 1,150 1,067 5.70% senior notes due 2035 (c) 750 776 750 734 Premiums (discounts) on senior notes, net (8) 4 Debt issuance costs (8) (10) Total debt, net 5,009 5,063 5,680 5,548 Less current maturities of long-term debt, net (389) (389) Total long-term debt, net $ 5,009 $ 5,063 $ 5,291 $ 5,159 ____________________________________________ (a) The carrying value of borrowings under our 2025 Credit Facility and Prior Credit Facility approximates fair value as the interest rates are based on prevailing market rates; therefore, they are a Level 1 fair value measurement. For all other debt, a market approach, based upon quotes from major financial institutions, which are Level 2 inputs, is used to measure the fair value. (b) On October 1, 2024, we assumed the debt of Southwestern in connection with the Southwestern Merger, which primarily consisted of these senior notes. See Note 2 for additional discussion on the Southwestern Merger and furth …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables show revenue disaggregated by operating area and product type, for the periods presented: Year Ended December 31, 2025 Natural Gas Oil NGL Total Haynesville $ 3,477 $ $ $ 3,477 Northeast Appalachia 2,860 2,860 Southwest Appalachia 1,096 319 724 2,139 Natural gas, oil and NGL revenue $ 7,433 $ 319 $ 724 $ 8,476 Marketing revenue $ 2,889 $ 132 $ 142 $ 3,163 Year Ended December 31, 2024 Natural Gas Oil NGL Total Haynesville $ 1,205 $ $ $ 1,205 Northeast Appalachia 1,242 1,242 Southwest Appalachia 239 69 214 522 Natural gas, oil and NGL revenue $ 2,686 $ 69 $ 214 $ 2,969 Marketing revenue $ 1,095 $ 116 $ 79 $ 1,290 Year Ended December 31, 2023 Natural Gas Oil NGL Total Haynesville $ 1,300 $ $ $ 1,300 Northeast Appalachia 1,483 1,483 Eagle Ford 70 596 98 764 Natural gas, oil and NGL revenue $ 2,853 $ 596 $ 98 $ 3,547 Marketing revenue $ 989 $ 1,332 $ 179 $ 2,500 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

11. Share-Based Compensation Our long-term incentive plan, as amended and adopted by our Board of Directors (the LTIP), provides for the grant of restricted stock units (RSUs), restricted stock awards, stock options, stock appreciation rights, performance awards and other stock awards to the Companys employees and non-employee directors and has a share reserve equal to 6,800,000 shares of common stock. Restricted Stock Units. During the years ended December 31, 2025, 2024 and 2023, we granted RSUs to employees and non-employee directors under the LTIP, which will vest over a three-year to five-year period and one-year period, respectively. The fair value of RSUs is based on the closing sales price of our common stock on the date of grant, and compensation expense is recognized ratably over the requisite service period. A summary of the changes in unvested RSUs is presented below: Unvested Restricted Stock Units Weighted Average Grant Date Fair Value Per Share (in thousands) Unvested as of December 31, 2022 957 $ 68.91 Granted 440 $ 72.25 Vested (329) $ 61.66 Forfeited (128) $ 68.42 Unvested as of December 31, 2023 940 $ 73.08 Granted (a) 962 $ 83.09 Vested (a) (925) $ 74.18 Forfeited (20) $ 77.71 Unvested as of December 31, 2024 957 $ 81.99 Granted 557 $ 103.38 Vested (520) $ 80.52 Forfeited (37) $ 98.24 Unvested as of December 31, 2025 957 $ 94.61 _________________________________________ (a) During the year ended December 31, 2024, approximately 5.2 million Southwestern RSU …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

9. Income Taxes The components of the income tax expense (benefit) for each of the periods presented below are as follows: Years Ended December 31, 2025 2024 2023 Current Tax Expense (Benefit) US Federal $ 8 $ (1) $ 264 US State and Local 7 (3) 6 Total Current Tax Expense (Benefit) 15 (4) 270 Deferred Tax Expense (Benefit) US Federal 410 (178) 381 US State and Local 38 55 47 Total Deferred Tax Expense (Benefit) 448 (123) 428 Total Income Tax Expense (Benefit) US Federal 418 (179) 645 US State and Local 45 52 53 Total Income Tax Expense (Benefit) $ 463 $ (127) $ 698 The income tax expense (benefit) reported in our consolidated statement of operations is different from the federal income tax expense (benefit) computed using the federal statutory rate for the following reasons: Years Ended December 31, 2025 2024 2023 U.S. Federal Statutory Tax Rate $ 479 21.0 % $ (177) 21.0 % $ 655 21.0 % State and Local Income Taxes, Net of Federal Income Tax Effect (a) 42 1.8 % 29 (3.4) % 51 1.6 % Tax credits Research and development tax credits (46) (2.0) % (32) 3.8 % (10) (0.3) % Changes in Valuation Allowances 11 0.5 % 9 (1.1) % (28) (0.9) % Nontaxable or nondeductible items Merger Related Costs (21) (0.9) % 33 (3.9) % % Other 3 0.1 % 1 (0.1) % 3 0.1 % Changes in Unrecognized Tax Benefits % % 6 0.2 % Other adjustments Return to provision (35) (1.5) % % (16) (0.5) % Capital loss expirations 30 1.3 % 5 (0.6) % 26 0.8 % Other % 5 (0.6) % 11 0.4 % Effective Tax Rate $ 463 20.3 % $ (127) 15.1 % …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

7. Leases We are a lessee under various agreements for drilling rigs, pressure pumping equipment, vehicles, office space, compressors and other equipment under non-cancelable operating leases expiring through 2036. Certain of our lease agreements include options to renew the lease, terminate the lease early or purchase the underlying asset at the end of the lease. We determine the lease term at the lease commencement date as the non-cancelable period of the lease, including options to extend or terminate the lease when we are reasonably certain to exercise the option. The Companys vehicles are the only leases with renewal options that we are reasonably certain to exercise. The renewals are reflected in the right of use (ROU) asset and lease liability balances. Regarding our drilling rigs and pressure pumping equipment, our policy is to treat both lease and non-lease components as a single lease component. Our operating ROU assets are included in other long-term assets while operating lease liabilities are included in other current and other long-term liabilities on the consolidated balance sheets. Our total lease costs are recognized within proved natural gas and oil properties, production expenses and general and administrative expenses within our consolidated financial statements. The following table presents our ROU assets and lease liabilities as of December 31, 2025 and 2024. As of December 31, 2025 and 2024, we did not have any finance leases. Operating Leases December …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recently Issued Accounting Standards In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements . ASU 2025-11 clarifies interim disclosure requirements and the applicability of Topic 270. Additionally, ASU 2025-11 includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. This ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are evaluating the impact this ASU will have on our disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses . ASU 2024-03 expands disclosures about specific costs and expenses presented on the face of the income statement. This ASU is effective for annual reporting periods beginning after December 15, 2026 and for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are evaluating the impact this ASU will have on our disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 intends to provide investors with additional information about an entitys income taxes by requiring disclosure of items such as disaggreg …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

12. Employee Benefit Plans Our qualified 401(k) profit sharing plan (401(k) Plan) is the Expand Energy Corporation 401(k) Plan, which is open to employees of Expand Energy and all our subsidiaries. Eligible employees may elect to defer compensation through voluntary contributions to their 401(k) Plan accounts, subject to plan limits and those set by the IRS. We match employee contributions dollar for dollar (subject to a maximum contribution of 6% of an employee's base salary and performance bonus) in cash. In addition to our employer match contributions, we have a discretionary fixed dollar contribution benefit for all employees, paid quarterly, which is based upon a calculation of 1% of Adjusted Free Cash Flow less the base quarterly dividend. This discretionary fixed dollar contribution is subject to an annual maximum contribution of $15,000 per employee. We contributed $25 million, $8 million and $13 million to the 401(k) Plan during the years ended December 31, 2025, 2024 and 2023, respectively. …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

8. Revenue The following tables show revenue disaggregated by operating area and product type, for the periods presented: Year Ended December 31, 2025 Natural Gas Oil NGL Total Haynesville $ 3,477 $ $ $ 3,477 Northeast Appalachia 2,860 2,860 Southwest Appalachia 1,096 319 724 2,139 Natural gas, oil and NGL revenue $ 7,433 $ 319 $ 724 $ 8,476 Marketing revenue $ 2,889 $ 132 $ 142 $ 3,163 Year Ended December 31, 2024 Natural Gas Oil NGL Total Haynesville $ 1,205 $ $ $ 1,205 Northeast Appalachia 1,242 1,242 Southwest Appalachia 239 69 214 522 Natural gas, oil and NGL revenue $ 2,686 $ 69 $ 214 $ 2,969 Marketing revenue $ 1,095 $ 116 $ 79 $ 1,290 Year Ended December 31, 2023 Natural Gas Oil NGL Total Haynesville $ 1,300 $ $ $ 1,300 Northeast Appalachia 1,483 1,483 Eagle Ford 70 596 98 764 Natural gas, oil and NGL revenue $ 2,853 $ 596 $ 98 $ 3,547 Marketing revenue $ 989 $ 1,332 $ 179 $ 2,500 Major Customers For the year ended December 31, 2025, we had sales to one purchaser that accounted for 11% of our total revenues (before the effects of hedging). For the year ended December 31, 2024, we had no purchaser that accounted for 10% or greater of our total revenues (before the effects of hedging). For the year ended December 31, 2023, we had sales to two purchasers that accounted for approximately 17% and 10% of total revenues (before the effects of hedging). No other purchasers accounted for more than 10% of our total revenues during the years ended December 31, 2025 or 2023. Acco …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

18. Segment Information Operating segments are defined as components of an enterprise that engage in activities from which it may earn revenues and incur expenses for which separate operational financial information is available and is regularly evaluated by the CODM, who is our Chief Executive Officer, for the purpose of allocating an enterprises resources and assessing its operating performance. Our revenues are derived from the production, marketing and sale of natural gas, oil and NGL. Additional information on our revenues, including the disaggregation of our revenues and major customers, is found in Note 8 . As of December 31, 2025, we considered each of our operating areas as operating segments, however, we have aggregated those operating segments into one reportable segment due to the similar nature of the exploration and production business across Expand Energy and its consolidated subsidiaries and the fact that our marketing activities are ancillary to our operations. Our CODM uses consolidated net income (loss), for purposes of allocating resources and in assessing Expand Energys operating performance, which also includes analyzing results to forecasted information. Additionally, our CODM is regularly provided information on production expense, gathering, processing and transportation expense, severance and ad valorem taxes and general and administrative expense, which are our significant segment expenses. Other segment items primarily consist of depreciation, depl …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

10. Equity Common Stock On October 1, 2024, we issued 95,700,325 shares of our common stock to Southwesterns shareholders in connection with the closing of the Southwestern Merger. See further discussion in Note 2 . During the years ended December 31, 2025, 2024 and 2023, 295,255, 468,723 and 12,089 reserved shares, respectively, were issued to resolve allowed General Unsecured Claims. Dividends In May 2021, we initiated an annual base dividend on our shares of common stock, expected to be paid quarterly. In March 2022, we adopted a variable return program that resulted in the payment of an additional variable dividend equal to the sum of Adjusted Free Cash Flow from the prior quarter less the base quarterly dividend, multiplied by 50%. In 2025, we prioritized paying a base dividend per share and provided for annual net debt reduction prior to additional shareholder returns such as additional dividend payments or share repurchases. The following table summarizes our dividend payments during the years ended December 31, 2025, 2024 and 2023: Base Variable Rate Per Share Total 2025: First Quarter $ 0.575 $ $ 0.575 $ 138 Second Quarter $ 0.575 $ $ 0.575 $ 138 Third Quarter $ 0.575 $ 0.89 $ 1.465 $ 351 Fourth Quarter $ 0.575 $ $ 0.575 $ 138 2024: First Quarter $ 0.575 $ $ 0.575 $ 77 Second Quarter $ 0.575 $ 0.14 $ 0.715 $ 95 Third Quarter $ 0.575 $ $ 0.575 $ 78 Fourth Quarter $ 0.575 $ $ 0.575 $ 134 2023: First Quarter $ 0.55 $ 0.74 $ 1.29 $ 175 Second Quarter $ 0.55 $ 0.63 $ 1.18 …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

5. Contingencies and Commitments Contingencies Business Operations and Litigation and Regulatory Proceedings We are involved in, and expect to continue to be involved in, various lawsuits and disputes incidental to our business operations, including commercial disputes, personal injury claims, royalty claims, property damage claims and contract actions. We are also party to the consolidated Chapter 11 Cases pending for the Debtors in the Bankruptcy Court. Our total accrued liability in respect of litigation and regulatory proceedings is determined on a case-by-case basis and represents an estimate of probable losses after considering, among other factors, the progress of each case or proceeding, our experience and the experience of others in similar cases or proceedings, and the opinions and views of legal counsel. Significant judgment is required in making these estimates. While it is not possible at this time to estimate the amount of any additional loss, or range of loss that is reasonably possible, based on the nature of the claims, management believes that current litigation, claims and proceedings, individually or in aggregate and after taking into account insurance, are not likely to have a material adverse impact on our financial position, results of operations or cash flows. Many of these matters are in early stages and are all subject to inherent uncertainties. Therefore, managements view may change in the future. If an unfavorable final outcome were to occur, there …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

4. Debt Our long-term debt consisted of the following as of June 30, 2026 and December 31, 2025: June 30, 2026 December 31, 2025 Carrying Amount Fair Value (a) Carrying Amount Fair Value (a) Credit Facility $ $ $ $ 5.375% senior notes due 2029 638 638 638 639 5.875% senior notes due 2029 (b) 440 441 6.75% senior notes due 2029 (b) 847 852 5.375% senior notes due 2030 1,200 1,204 1,200 1,218 4.75% senior notes due 2032 1,150 1,120 1,150 1,137 5.70% senior notes due 2035 750 757 750 776 Discounts on senior notes, net (47) (8) Debt issuance costs (6) (8) Total long-term debt, net $ 3,685 $ 3,719 $ 5,009 $ 5,063 ____________________________________________ (a) The carrying value of borrowings under our Credit Facility approximates fair value as the interest rates are based on prevailing market rates and are a Level 1 fair value measurement. For all other debt, a market approach, based upon quotes from major financial institutions, which are Level 2 inputs, is used to measure the fair value. (b) These notes were redeemed during the Current Period, see additional information below. Credit Facility . On September 30, 2025, the Company entered into an Amended and Restated Credit Agreement (the Credit Agreement) that, as amended, has a maturity date of September 30, 2030 (the Credit Facility), with the lenders and issuing banks party thereto from time to time (the Lenders), and JPMorgan Chase Bank, N.A., as administrative agent. The maturity date for the Credit Facility has two one-ye …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables show revenue disaggregated by operating area and product type: Three Months Ended June 30, 2026 Natural Gas Oil NGL Total Haynesville $ 762 $ $ $ 762 Northeast Appalachia 513 513 Southwest Appalachia 244 112 199 555 Natural gas, oil and NGL revenue $ 1,519 $ 112 $ 199 $ 1,830 Marketing revenue $ 591 $ 49 $ 41 $ 681 Three Months Ended June 30, 2025 Natural Gas Oil NGL Total Haynesville $ 845 $ $ $ 845 Northeast Appalachia 643 643 Southwest Appalachia 271 86 176 533 Natural gas, oil and NGL revenue $ 1,759 $ 86 $ 176 $ 2,021 Marketing revenue $ 719 $ 33 $ 36 $ 788 Six Months Ended June 30, 2026 Natural Gas Oil NGL Total Haynesville $ 2,007 $ $ $ 2,007 Northeast Appalachia 1,941 1,941 Southwest Appalachia 633 199 365 1,197 Natural gas, oil and NGL revenue $ 4,581 $ 199 $ 365 $ 5,145 Marketing revenue $ 1,725 $ 87 $ 81 $ 1,893 Six Months Ended June 30, 2025 Natural Gas Oil NGL Total Haynesville $ 1,666 $ $ $ 1,666 Northeast Appalachia 1,543 1,543 Southwest Appalachia 565 164 383 1,112 Natural gas, oil and NGL revenue $ 3,774 $ 164 $ 383 $ 4,321 Marketing revenue $ 1,556 $ 67 $ 75 $ 1,698 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

10. Share-Based Compensation Our long-term incentive plan, as amended and adopted by our Board of Directors (the LTIP), provides for the grant of RSUs, restricted stock awards, stock options, stock appreciation rights, performance awards and other stock awards to the Companys employees and non-employee directors and has a share reserve equal to 6,800,000 shares of common stock. Restricted Stock Units. During the Current Period, we granted RSUs to employees and non-employee directors under the LTIP, which will vest over a three-year period and one-year period, respectively. The fair value of RSUs is based on the closing sales price of our common stock on the date of grant, and compensation expense is recognized ratably over the requisite service period. A summary of the changes in unvested RSUs is presented below: Unvested Restricted Stock Units Weighted Average Grant Date Fair Value Per Share (in thousands) Unvested as of December 31, 2025 957 $ 94.61 Granted 556 $ 106.21 Vested (392) $ 89.67 Forfeited (78) $ 102.21 Unvested as of June 30, 2026 1,043 $ 102.08 The aggregate intrinsic value of RSUs that vested during the Current Period was approximately $44 million based on the stock price at the time of vesting. As of June 30, 2026, there was approximately $87 million of total unrecognized compensation expense related to unvested RSUs. The expense is expected to be recognized over a weighted average period of approximatel y 2.2 years. Performance Share Units. During the Curren …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

8. Income Taxes The table below presents a comparison of the Current Period and Prior Periods income tax expense and actual year-to-date effective tax rates. Six Months Ended June 30, 2026 2025 Income before income taxes $ 2,161 $ 909 Current tax expense 15 0.7 % 56 6.2 % Deferred tax expense 465 21.5 % 134 14.7 % Income tax expense $ 480 22.2 % $ 190 20.9 % An estimated annual effective tax rate (EAETR) is used in recording our interim year-to-date income tax provision. The EAETR is determined based on analysis of year-to-date and projected financial results of our operations. Our EAETR during the Current Period was 22.2%, compared to 21.2% in the Prior Period. The actual year-to-date effective tax rate and EAETR can differ as a result of certain discrete items, which are recorded in the period. Common examples of such items include, but are not limited to, certain equity-based compensation, true-ups resulting from differences between tax returns filed and estimated accruals, and tax effects of enacted laws. As a result of projecting federal and state income taxes, a portion of our EAETR represents the estimated provision for current taxes. Due to the book income in the Current Period and Prior Period, a current tax expense of $15 million and $56 million, respectively, was recorded. As of December 31, 2025, we were in a net deferred tax asset position and we anticipate being in a net deferred tax liability position as of December 31, 2026. Based on all available positive and …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently Issued Accounting Standards In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements . ASU 2025-11 clarifies interim disclosure requirements and the applicability of Topic 270. Additionally, ASU 2025-11 includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. This ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are evaluating the impact this ASU will have on our disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses . ASU 2024-03 expands disclosures about specific costs and expenses presented on the face of the income statement. This ASU is effective for annual reporting periods beginning after December 15, 2026, and for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are evaluating the impact this ASU will have on our disclosures. We consider the applicability and impact of all ASUs. ASUs not listed above were evaluated and determined to either be not applicable, already adopted and disclosed or not material upon adoption. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

7. Revenue The following tables show revenue disaggregated by operating area and product type: Three Months Ended June 30, 2026 Natural Gas Oil NGL Total Haynesville $ 762 $ $ $ 762 Northeast Appalachia 513 513 Southwest Appalachia 244 112 199 555 Natural gas, oil and NGL revenue $ 1,519 $ 112 $ 199 $ 1,830 Marketing revenue $ 591 $ 49 $ 41 $ 681 Three Months Ended June 30, 2025 Natural Gas Oil NGL Total Haynesville $ 845 $ $ $ 845 Northeast Appalachia 643 643 Southwest Appalachia 271 86 176 533 Natural gas, oil and NGL revenue $ 1,759 $ 86 $ 176 $ 2,021 Marketing revenue $ 719 $ 33 $ 36 $ 788 Six Months Ended June 30, 2026 Natural Gas Oil NGL Total Haynesville $ 2,007 $ $ $ 2,007 Northeast Appalachia 1,941 1,941 Southwest Appalachia 633 199 365 1,197 Natural gas, oil and NGL revenue $ 4,581 $ 199 $ 365 $ 5,145 Marketing revenue $ 1,725 $ 87 $ 81 $ 1,893 Six Months Ended June 30, 2025 Natural Gas Oil NGL Total Haynesville $ 1,666 $ $ $ 1,666 Northeast Appalachia 1,543 1,543 Southwest Appalachia 565 164 383 1,112 Natural gas, oil and NGL revenue $ 3,774 $ 164 $ 383 $ 4,321 Marketing revenue $ 1,556 $ 67 $ 75 $ 1,698 Accounts Receivable Our accounts receivable are primarily from purchasers of natural gas, oil and NGL and from exploration and production companies that own interests in properties we operate. This industry concentration could affect our overall exposure to credit risk, either positively or negatively, because our purchasers and joint working interest owners may be …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

14. Segment Information Operating segments are defined as components of an enterprise that engage in activities from which it may earn revenues and incur expenses for which separate operational financial information is available and is regularly evaluated by the chief operating decision maker (CODM), who is our Chief Executive Officer, for the purpose of allocating an enterprises resources and assessing its operating performance. Our revenues are derived from the production, marketing and sale of natural gas, oil and NGL. Additional information on our revenues, including the disaggregation of our revenues, is found in Note 7 . As of June 30, 2026, we considered each of our operating areas as operating segments, however, we have aggregated those operating segments into one reportable segment due to the similar nature of the exploration and production business across Expand Energy and its consolidated subsidiaries and the fact that our marketing activities are ancillary to our operations. Our CODM uses consolidated net income (loss), for purposes of allocating resources and in assessing Expand Energys operating performance, which also includes analyzing results to forecasted information. Additionally, our CODM is regularly provided information on production expense, gathering, processing and transportation expense, severance and ad valorem taxes and general and administrative expense, which are our significant segment expenses. Other segment items primarily consist of depreciat …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

9. Equity Dividends The table below presents dividends during the Current Period and Prior Period. Base Variable Rate Per Share Total 2026: First Quarter $ 0.575 $ $ 0.575 $ 138 Second Quarter $ 0.575 $ $ 0.575 $ 138 2025: First Quarter $ 0.575 $ $ 0.575 $ 138 Second Quarter $ 0.575 $ $ 0.575 $ 138 On July 28, 2026, we declared a base quarterly dividend payable of $0.575 per share, which will be paid on September 3, 2026 to stockholders of record at the close of business on August 13, 2026. Share Repurchases On October 22, 2024, our Board of Directors authorized repurchases of up to $1.0 billion, in aggregate, of the Companys common stock and/or warrants under a share repurchase program. On July 24, 2026, our Board of Directors authorized an expansion of the share repurchase program by $1.0 billion, bringing the total authorized share repurchase amount to $2.0 billion for our common stock. During the Current Period, we repurchased 6.4 million shares for an aggregate price of $601 million, which includes the impact of the 1% excise tax on share repurchases. During the Prior Period, we repurchased 0.9 million shares for an aggregate price of $100 million. The shares of common stock repurchased during the Current Period and Prior Period were retired and recorded as a reduction to common stock and retained earnings. Subsequent to the Current Period, we have repurchased approximately 2.8 million shares for an aggregate price of $254 million through July 24, 2026. Warrants As of De …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

15. Subsequent Event On July 24, 2026, we entered into an agreement and plan of merger with Twin Eagle Holdings N.A., LLC (Twin Eagle), a provider of natural gas marketing and logistics services, and one of our wholly owned subsidiaries whereby we will acquire Twin Eagle Holdings N.A., LLC (the Twin Eagle Acquisition). The transaction is subject to customary closing conditions, including certain regulatory approvals, and is expected to close in the third quarter of 2026. The purchase price is approximately $1.25 billion, subject to typical purchase price adjustments, including for working capital. The Company expects to fund the transaction through a combination of cash on hand and borrowings under our Credit Facility. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing