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Oil & Gas ProPermalink Reply by Skip Peel - Mineral Consultant on April 29, 2026 at 4:37

Operations Update

Expand Energy operated an average of 13 rigs during the first quarter, drilling 60 wells and turning 49 wells in line, resulting in net production of approximately 7.44 Bcfe/d (93% natural gas). A detailed breakdown of first quarter production, capital expenditures and activity can be found in the supplemental slides which have been posted at https://investors.expandenergy.com/events-presentations.

2026 Capital and Operating Outlook

In 2026, Expand Energy expects to run 11 to 12 rigs and invest approximately $2.85 billion yielding an estimated daily production of approximately 7.5 Bcfe/d.

A detailed breakdown of 2026 annual capital and operating outlook can be found in the supplemental slides.

Delfin Sales and Purchase 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.

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