Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Introduction

This Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to provide a reader of our financial statements with management’s perspective on our financial condition, liquidity, results of operations and certain other factors that may affect our future results. The following discussion should be read together with the condensed consolidated financial statements included in Item 1 of Part I of this report and the consolidated financial statements included in Item 8 of our 2025 Form 10-K.

Expand Energy is the largest independent natural gas producer in the U.S., based on net daily production, and is focused on responsibly developing an abundant supply of natural gas, oil and NGL to expand energy access for all. Our operations are located in Louisiana and Texas in the Haynesville and Bossier Shales (“Haynesville”), in Pennsylvania in the Marcellus Shale (“Northeast Appalachia”) and in West Virginia and Ohio in the Marcellus and Utica Shales (“Southwest Appalachia”).

Our strategy is to create resilient shareholder value through the responsible development of our significant resource plays while continuing to be a leading provider of natural gas to growing markets. We continue to focus on improving margins through operating efficiencies, marketing and commercial efforts and financial discipline and improving our safety and sustainability performance. To accomplish these goals, we plan to allocate our human resources and capital expenditures to projects we believe offer the highest cash return on capital invested, to deploy leading drilling and completion technology throughout our portfolio, and to take advantage of acquisition and divestiture opportunities to strengthen our portfolio. We also intend to continue to invest in projects designed to reduce the environmental impact of our production activities.

Additionally, we aim to be conscientious in our efforts and how they will shape our approach to sustainability for the future and have established the following goals:

• Net zero (Scope 1 and 2) greenhouse gas emissions by 2035.

• Maintain 100% responsibly sourced gas (RSG) certification across our portfolio.

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Recent Developments

Senior Notes Repayment

On April 15, 2026, the 6.75% Senior Notes due 2029 were repaid and terminated for approximately $875 million, including accrued interest. Additionally, on April 17, 2026, the 5.875% Senior Notes due 2029 were repaid and terminated for approximately $446 million, including accrued interest. These senior notes were repaid using cash on hand. See Note 4 of the notes to our condensed consolidated financial statements included in Item 1 of Part I of this report for further discussion.

Shareholder Returns

In October 2024, our Board of Directors authorized the Company to repurchase up to $1.0 billion, in aggregate, of the Company’s common stock and/or warrants. In 2025, we prioritized paying the base dividend of $2.30 per share and $1.0 billion of annual net debt reduction, with 75% of the remaining free cash flow distributed, as market conditions warranted, through share repurchases and additional dividend payments. In 2026, the Company plans to continue to prioritize debt reduction and effectively returning cash to shareholders. During the Current Quarter, we repurchased 0.6 million shares for an aggregate price of $66 million. Additionally, following the end of the Current Quarter, we repurchased approximately 0.9 million shares for an aggregate price of $84 million through April 24, 2026.

LNG Agreement

On April 22, 2026, we executed a Sales and Purchase Agreement (“SPA”) for long-term liquefaction offtake with Delfin FLNG 1 LLC, subject to final investment decision. Under the SPA, we will purchase approximately 1.15 million tonnes of LNG per annum from Delfin FLNG 1 LLC at a Henry Hub price with a contract targeted start date in 2031. The previously announced SPAs with Delfin and Gunvor Group Ltd have been terminated.

Economic and Market Conditions

Heightened geopolitical tensions and supply disruptions have amplified price volatility across global natural gas, oil, and NGL markets, posing renewed risks to economic growth. For example, in late February and early March 2026, military conflict involving the United States, Israel and Iran escalated in the Middle East, increasing geopolitical uncertainty in global energy markets. Concerns over disruptions to oil, natural gas and LNG production and shipping routes in the region may contribute to market price volatility for an undeterminable period of time.

Domestically, a confluence of mild weather and robust production has negatively impacted natural gas prices in the near term. However, structural demand drivers, led by the commissioning of new LNG export capacity, accelerating industrial onshoring, and the rapid expansion of AI-powered data centers, are expected to tighten market conditions, reinforcing upward pressure on future supply requirements and increasing volatility in price. Our future estimated cash flow is partially protected from commodity price movements through our current hedge positions that provide a floor price on over 65% of our projected gas volumes through the end of 2026 with significant upside participation via costless collars and three-way collars. For the foreseeable future, we believe our operational flexibility, cost structure and liquidity position will enable us to successfully navigate continued price volatility.

We continue to monitor factors impacting commodity supply and demand situations, including tariffs on steel and oil related cost inputs such as diesel fuel, to assess their impact on our business, business partners and customers. For additional discussion regarding risk associated with price volatility and economic uncertainty, see Part I, Item 1A “Risk Factors” in our 2025 Form 10-K.

Management Changes

On February 6, 2026, the Board of Directors of the Company appointed Michael Wichterich, Chairman of the Board, as Interim President and Chief Executive Officer, replacing Domenic J. Dell’Osso, Jr., effective immediately. In connection with his separation, Mr. Dell’Osso also resigned from the Board of Directors, effective immediately.

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On April 6, 2026, the Board of Directors of the Company appointed Marcel Teunissen, as Executive Vice President and Chief Financial Officer, effective immediately.

Liquidity and Capital Resources

Liquidity Overview

Our primary sources of capital resources and liquidity are internally generated cash flows from operations and borrowings under our Credit Facility, and our primary uses of cash are for the development of our natural gas and oil properties, acquisitions of additional natural gas and oil properties, repayments of debt and return of value to stockholders through dividends and equity repurchases. If needed, we also have the ability to issue equity or debt securities through public offerings or private placements. We believe our cash flow from operations, cash on hand and unused borrowing capacity under the Credit Facility, as discussed below, will provide sufficient liquidity during the next 12 months and the foreseeable future. As of March 31, 2026, we had $5.7 billion of liquidity available, including $2.2 billion of cash on hand and $3.5 billion of aggregate unused borrowing capacity available under the Credit Facility. As of March 31, 2026, we had no outstanding borrowings under our Credit Facility.

Further, we may from time to time seek to retire, refinance or amend some or all of our outstanding debt or debt agreements through exchanges, open market purchases, privately negotiated transactions, tender offers or otherwise. Such transactions, if any, and the terms thereof, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved in such financing transactions may be material. See Note 4 of the notes to our condensed consolidated financial statements included in Item 1 of Part I of this report for further discussion of our debt obligations, including principal and carrying amounts of our senior notes.

Investment Grade Ratings

We have investment grade ratings with S&P Global Ratings (“S&P”), Fitch Ratings (“Fitch”) and Moody’s Ratings (“Moody’s”). S&P has an issuer-level rating of ‘BBB-’ on our unsecured debt and an issuer credit rating of ‘BBB-’, with a stable outlook. Fitch has a credit rating of ‘BBB-’ on our revolver credit and a rating of ‘BBB-’ on our senior notes, with a stable outlook. Moody’s has a rating of Baa3 on our senior unsecured notes, with a stable outlook.

Dividends

On April 28, 2026, we declared a base quarterly dividend payable of $0.575 per share, which will be paid on June 4, 2026 to stockholders of record at the close of business on May 14, 2026.

The declaration and payment of any future dividend, whether fixed or variable, will remain at the full discretion of the Board of Directors and will depend on the Company’s financial results, cash requirements, future prospects and other relevant factors. The Company’s ability to pay dividends to its stockholders is restricted by (i) Oklahoma corporate law, (ii) its Certificate of Incorporation, (iii) the terms and provisions of the Credit Agreement and (iv) the terms and provisions of the various indentures governing our senior notes. See Note 4 of the notes to our condensed consolidated financial statements included in Item 1 of Part I of this report for further discussion of our debt obligations.

Derivative and Hedging Activities

Our results of operations and cash flows are impacted by changes in market prices for natural gas, oil and NGL. We enter into various derivative instruments to mitigate a portion of our exposure to commodity price declines, but these transactions may also limit our cash flows in periods of rising commodity prices. Our natural gas, oil and NGL derivative activities, when combined with our sales of natural gas, oil and NGL, allow us to better predict the total revenue we expect to receive. See Item 3. Quantitative and Qualitative Disclosures About Market Risk included in Part I of this report for further discussion on the impact of commodity price risk on our financial position.

Shelf Registration

We have a universal shelf registration statement on file with the SEC, as a “well-known seasoned issuer” as defined in Rule 405 under the Securities Act of 1933, as amended (the “Securities Act”), under which we have the ability to issue and sell an indeterminate amount of various types of debt and equity securities. The specific terms of

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any securities to be sold will be described in supplemental filings with the SEC. There were no sales of such securities during the Current Quarter or Prior Quarter. Our current shelf registration statement will expire in November 2027.

Contractual Obligations and Off-Balance Sheet Arrangements

As of March 31, 2026, our material contractual obligations include repayment of senior notes, derivative obligations, asset retirement obligations, lease obligations, undrawn letters of credit and various other commitments we enter into in the ordinary course of business that could result in future cash obligations. In addition, we have contractual commitments with midstream companies and pipeline carriers for future gathering, processing and transportation of natural gas to move certain of our production to market. The estimated gross undiscounted future commitments under these agreements were approximately $9.2 billion as of March 31, 2026. As discussed above, we believe our existing sources of liquidity will be sufficient to fund our near and long-term contractual obligations. See Notes 4, 5 and 11 of the notes to our condensed consolidated financial statements included in Item 1 of Part I of this report for further discussion.

Credit Facility

On September 30, 2025, we entered into the Credit Agreement, which matures in September 2030. The Credit Facility provides for aggregate commitments of $3.5 billion, with a $1.0 billion sublimit available for the issuance of letters of credit and a $100 million sublimit available for swingline loans. Borrowings under the Credit Agreement may be alternate base rate loans or term SOFR loans, at the Company’s election. As of March 31, 2026, we had approximately $3.5 billion available for borrowings under the Credit Facility. See Note 4 of the notes to our condensed consolidated financial statements included in Item 1 of Part I of this report for further discussion.

Capital Expenditures

For the year ending December 31, 2026, we currently expect to complete and turn in line 205 to 235 gross wells utilizing approximately 11 to 12 rigs and plan to invest between approximately $2.75 – $2.95 billion in capital expenditures. We currently plan to fund our 2026 capital program through cash on hand, expected cash flow from our operations and borrowings under our Credit Facility. We may alter or change our plans with respect to our capital program and expected capital expenditures based on developments in our business, our financial position, our industry or any of the markets in which we operate.

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Sources and (Uses) of Cash and Cash Equivalents

The following table presents the sources and uses of our cash and cash equivalents for the periods presented:

						Three Months Ended March 31,
						2026						2025
Cash provided by operating activities						$	2,402					$	1,096
Proceeds from divestitures of property and equipment						41						—
Receipts of deferred consideration						60						60
Proceeds from warrant exercise						15						21
Distributions from investments						10						—
Capital expenditures						(707)						(563)
Property acquisitions						(4)						—
Contributions to investments						(1)						(4)
Cash paid to purchase debt						—						(436)
Cash paid to repurchase and retire common stock						(66)						—
Cash paid for common stock dividends						(141)						(142)
Net increase in cash, cash equivalents and restricted cash						$	1,609					$	32

Cash Flow from Operating Activities

Cash provided by operating activities was $2,402 million and $1,096 million during the Current Quarter and Prior Quarter, respectively. The increase during the Current Quarter is primarily due to higher prices for the natural gas we sold as well as increased sales volumes. Cash flows from operations are largely affected by the same factors that affect our net income (loss), excluding various non-cash items, such as depreciation, depletion and amortization, certain impairments, gains or losses on sales of assets, deferred income taxes and mark-to-market changes in our open derivative instruments. See further discussion below under Results of Operations.

Proceeds from Divestitures of Property and Equipment

During the Current Quarter, we sold a portion of our Oklahoma City campus as well as certain minor leasehold positions.

Receipts of Deferred Consideration

During both the Current Quarter and Prior Quarter, we received deferred consideration associated with our Eagle Ford divestiture transactions. See Note 2 of the notes to our condensed consolidated financial statements included in Item 1 of Part I of this report for further discussion.

Capital Expenditures

Our capital expenditures increased during the Current Quarter compared to the Prior Quarter, as a result of increased drilling and completion activity within our Haynesville and Northeast Appalachia operating areas as well as increased leasehold capital expenditure activity.

Cash Paid to Purchase Debt

During the Prior Quarter, the $389 million aggregate principal of the 2025 Notes was repaid and terminated upon maturity with cash on hand and borrowings under the prior credit facility, of which the prior credit facility borrowings were subsequently repaid. Additionally, we redeemed the remaining $47 million aggregate principal of the 2026 Notes using cash on hand. See Note 4 of the notes to our condensed consolidated financial statements included in Item 1 of Part I of this report for further discussion.

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Cash Paid to Repurchase and Retire Common Stock

During the Current Quarter, we repurchased 0.6 million shares for an aggregate price of $66 million. The shares of common stock repurchased during the Current Quarter were retired and recorded as a reduction to common stock and retained earnings. See Note 9 of the notes to our condensed consolidated financial statements included in Item 1 of Part I of this report for further discussion.

Cash Paid for Common Stock Dividends

As part of our dividend program, we paid common stock dividends of $141 million and $142 million during the Current Quarter and Prior Quarter, respectively. See Note 9 of the notes to our condensed consolidated financial statements included in Item 1 of Part I of this report for further discussion.

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Results of Operations

Natural Gas, Oil and NGL Production and Average Sales Prices

						Three Months Ended March 31, 2026
						Natural Gas												Oil												NGL												Total
						MMcf per day						$/Mcf						MBbl per day						$/Bbl						MBbl per day						$/Bbl						MMcfe per day						$/Mcfe
Haynesville						3,148						4.40						—						—						—						—						3,148						4.40
Northeast Appalachia						2,785						5.70						—						—						—						—						2,785						5.70
Southwest Appalachia						981						4.42						15						64.37						72						25.49						1,503						4.74
Total						6,914						4.92						15						64.37						72						25.49						7,436						4.95
Average NYMEX Price												5.04												71.93
Average Realized Price (including realized derivatives)												4.28												64.77												25.49												4.35
						Three Months Ended March 31, 2025
						Natural Gas												Oil												NGL												Total
						MMcf per day						$/Mcf						MBbl per day						$/Bbl						MBbl per day						$/Bbl						MMcfe per day						$/Mcfe
Haynesville						2,617						3.48						—						—						—						—						2,617						3.48
Northeast Appalachia						2,668						3.75						—						—						—						—						2,668						3.75
Southwest Appalachia						969						3.38						14						63.40						75						30.54						1,503						4.28
Total						6,254						3.58						14						63.40						75						30.54						6,788						3.76
Average NYMEX Price												3.65												71.42
Average Realized Price (including realized derivatives)												3.51												63.76												29.35												3.69

Natural Gas, Oil and NGL Sales

						Three Months Ended March 31, 2026
						Natural Gas						Oil						NGL						Total
Haynesville						$	1,245					$	—					$	—					$	1,245
Northeast Appalachia						1,428						—						—						1,428
Southwest Appalachia						389						87						166						642
Total natural gas, oil and NGL sales						$	3,062					$	87					$	166					$	3,315
						Three Months Ended March 31, 2025
						Natural Gas						Oil						NGL						Total
Haynesville						$	821					$	—					$	—					$	821
Northeast Appalachia						900						—						—						900
Southwest Appalachia						294						78						207						579
Total natural gas, oil and NGL sales						$	2,015					$	78					$	207					$	2,300

Natural gas, oil and NGL sales during the Current Quarter increased $1,015 million compared to the Prior Quarter. Higher average gas prices, primarily driven by Winter Storm Fern, resulted in an $807 million increase during the Current Quarter. Additionally, increased volumes across all of our operating areas, driven by new well production, resulted in a $208 million increase.

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Production Expenses

						Three Months Ended March 31,
						2026												2025
												$/Mcfe												$/Mcfe
Haynesville						$	93					0.33						$	70					0.30
Northeast Appalachia						47						0.19						38						0.16
Southwest Appalachia						45						0.34						39						0.29
Total production expenses						$	185					0.28						$	147					0.24

Production expenses during the Current Quarter increased $38 million compared to the Prior Quarter. The increase was primarily driven by increased salt water disposal expenses and workover expenses in the Haynesville as a result of increased production activity.

Gathering, Processing and Transportation Expenses

						Three Months Ended March 31,
						2026												2025
												$/Mcfe												$/Mcfe
Haynesville						$	239					0.84						$	177					0.75
Northeast Appalachia						263						1.05						226						0.94
Southwest Appalachia						188						1.38						160						1.19
Total GP&T						$	690					1.03						$	563					0.92

Gathering, processing and transportation expenses during the Current Quarter increased $127 million compared to the Prior Quarter. These increase were primarily related to increased volumes and rates across all of our operating areas due to new well production, annual fee escalations and the NG3 pipeline going into service.

Severance and Ad Valorem Taxes

						Three Months Ended March 31,
						2026												2025
												$/Mcfe												$/Mcfe
Haynesville						$	27					0.09						$	14					0.06
Northeast Appalachia						7						0.03						8						0.03
Southwest Appalachia						26						0.20						26						0.19
Total severance and ad valorem taxes						$	60					0.09						$	48					0.08

Severance and ad valorem taxes during the Current Quarter increased $12 million compared to the Prior Quarter. The increase was primarily related to higher production volumes and severance tax rates in Haynesville.

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Gains (Losses) on Derivatives

						Three Months Ended March 31,
						2026						2025
Natural gas derivatives - realized losses						$	(401)					$	(37)
Natural gas derivatives - unrealized gains (losses)						301						(962)
Total losses on natural gas derivatives						$	(100)					$	(999)
Oil derivatives - realized gains						$	1					$	—
Oil derivatives - unrealized losses						(4)						—
Total losses on oil derivatives						$	(3)					$	—
NGL derivatives - realized losses						$	—					$	(8)
NGL derivatives - unrealized losses						(18)						(7)
Total losses on NGL derivatives						$	(18)					$	(15)
Other derivatives - realized losses						$	(8)					$	—
Total losses on other derivatives						$	(8)					$	—
Total losses on derivatives						$	(129)					$	(1,014)

See Note 11 of the notes to our condensed consolidated financial statements included in Item 1 of Part I of this report for a discussion of our derivative activity.

Marketing Revenues and Expenses

						Three Months Ended March 31,
						2026						2025
Marketing revenues						$	1,212					$	910
Marketing expenses						1,121						919
Marketing margin						$	91					$	(9)

Marketing revenues and expenses increased in the Current Quarter compared to the Prior Quarter primarily as a result of increased marketed volumes, higher prices amid natural gas price volatility and optimization efforts.

General and Administrative Expenses

						Three Months Ended March 31,
						2026						2025
Total G&A, net						$	63					$	47
G&A, net per Mcfe						$	0.09					$	0.08

Total general and administrative expenses, net during the Current Quarter increased compared to the Prior Quarter due to an increase in employee compensation and benefits as well as other corporate expenses.

Separation and Other Termination Costs

During the Current Quarter, we recognized $9 million of separation and other termination costs related to one-time termination benefits for certain employees.

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Depreciation, Depletion and Amortization

						Three Months Ended March 31,
						2026						2025
DD&A						$	711					$	711
DD&A per Mcfe						$	1.06					$	1.16

The per unit decrease in depreciation, depletion and amortization for the Current Quarter compared to the Prior Quarter is related to lower depletion rates in the Current Quarter due to an increase in prices used in the evaluation of our reserves.

Interest Expense

						Three Months Ended March 31,
						2026						2025
Interest expense on debt						$	71					$	77
Amortization of premium, discount, issuance costs and other						1						—
Capitalized interest						(13)						(18)
Total interest expense						$	59					$	59

The decrease in interest expense on debt during the Current Quarter compared to the Prior Quarter was primarily due to lower average debt outstanding during the Current Quarter. Capitalized interest decreased during the Current Quarter compared to the Prior Quarter, as we ceased capitalizing interest on our investment in the NG3 pipeline once operations commenced on October 1, 2025.

See Note 4 of the notes to our condensed consolidated financial statements included in Item 1 of Part I of this report for additional discussion.

Income Taxes

The projected full year current and deferred taxes are allocated to the Current Quarter based on the proportion of year-to-date pre-tax book income to the projected full year pre-tax book income. As a result, an income tax expense of $330 million was recorded for the Current Quarter. Of this amount, $11 million was related to current taxes and $319 million was related to deferred taxes. An income tax benefit of $70 million was recorded for the Prior Quarter. Of this amount, $33 million was related to current taxes and $37 million was related to deferred taxes. Our effective income tax rate was 22.1% and 21.9% during the Current Quarter and the Prior Quarter, respectively. Our effective tax rate can fluctuate due to the impact of discrete items, state income taxes and permanent differences. The OBBBA and its provisions contributed to a reduction in the Company’s expected current tax expense with an offsetting increase to the Company’s deferred tax expense. See Note 8 of the notes to our condensed consolidated financial statements included in Item 1 of Part I of this report for a discussion of income taxes.

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Forward-Looking Statements

This report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”). Forward-looking statements include our current expectations or forecasts of future events, including matters relating to armed conflict between Russia and Ukraine, instability in the Middle East and Venezuela and changes in China-Taiwan relations, along with the effects of the current global economic environment, and the impact of each on our business, financial condition, results of operations and cash flows, actions by, or disputes among or between, members of OPEC+ and other foreign oil-exporting countries, market factors, market prices, our ability to meet debt service requirements, our ability to continue to pay cash dividends, the amount and timing of any cash dividends and our sustainability initiatives. Forward-looking and other statements in this Form 10-Q regarding our environmental, social and other sustainability plans and goals are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as “aim,” “predict,” “should,” "expect," “could,” “may,” "anticipate," "intend," "plan," “ability,” "believe," "seek," "see," "will," "would," “estimate,” “forecast,” "target," “guidance,” “outlook,” “opportunity” or “strategy.”

Although we believe the expectations and forecasts reflected in our forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include:

• reduced demand for natural gas, oil and natural gas liquids;

• negative public perceptions of our industry;

• competition in the natural gas and oil exploration and production industry;

• the volatility of natural gas, oil and NGL prices, which are affected by general economic and business conditions, as well as increased demand for (and availability of) alternative fuels and electric vehicles;

• risks from regional epidemics or pandemics and related economic turmoil, including supply chain constraints;

• write-downs of our natural gas and oil asset carrying values due to low commodity prices;

• significant capital expenditures are required to replace our reserves and conduct our business;

• our ability to replace reserves and sustain production;

• uncertainties inherent in estimating quantities of natural gas, oil and NGL reserves and projecting future rates of production and the amount and timing of development expenditures;

• drilling and operating risks and resulting liabilities;

• our ability to generate profits or achieve targeted results in drilling and well operations;

• leasehold terms expiring before production can be established;

• risks from our commodity price risk management activities;

• uncertainties, risks and costs associated with natural gas and oil operations;

• our need to secure adequate supplies of water for our drilling operations and to dispose of or recycle the water used;

• pipeline and gathering system capacity constraints and transportation interruptions;

• risks related to our plans to participate in the global LNG value chain;

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• terrorist activities and/or cyber-attacks adversely impacting our operations;

• risks from failure to protect personal information and data and compliance with data privacy and security laws and regulations;

• disruption of our business by natural or human causes beyond our control;

• a deterioration in general economic, business or industry conditions;

• the impact of inflation and commodity price volatility, including as a result of decisions made by OPEC+ and armed conflict between Russia and Ukraine, instability in the Middle East and Venezuela, and changes in China-Taiwan relations, along with the effects of the current global economic environment, on our business, financial condition, employees, contractors, vendors and the global demand for natural gas and oil and on U.S. and global financial markets;

• our inability to access the capital markets on favorable terms;

• the limitations on our financial flexibility due to our level of indebtedness and restrictive covenants from our indebtedness;

• challenges with employee recruitment and retention and an increasingly competitive labor market;

• risks related to acquisitions or dispositions, or potential acquisitions or dispositions;

• security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, or from breaches of information technology systems of third parties with whom we transact business;

• our ability to achieve and maintain sustainability certifications, goals and commitments;

• environmental and sustainability legislation and regulatory initiatives, including those addressing the impact of climate change or further regulating hydraulic fracturing, greenhouse gas emissions, flaring or water disposal;

• federal and state tax proposals affecting our industry;

• risks related to an annual limitation on the utilization of our tax attributes, which was triggered upon the completion of the Southwestern Merger, as well as trading in our common stock, additional issuance of common stock, and certain other stock transactions, which could lead to an additional, potentially more restrictive, annual limitation; and

• other factors that are described under Risk Factors in Item 1A of our 2025 Form 10-K.

We caution you not to place undue reliance on the forward-looking statements contained in this report, which speak only as of the filing date, and we undertake no obligation and have no intention to update this information, except as required by law. We urge you to carefully review and consider the disclosures in this report and our other filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business.

All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

Information About Us

Investors should note that we make available, free of charge on our website at expandenergy.com, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC. We also post announcements, updates, events, investor information and presentations on our website in addition to copies of all recent news releases. We may use the Investors section of our website to communicate with investors. It is possible that the financial and other information posted on the Investors section of our website could be deemed to be material information. Documents and information on our website are not incorporated by reference herein.

The SEC maintains a website at www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers, including Expand Energy, that file electronically with the SEC.

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