Expand Energy Corp 2025年度报告

Supplying Lower Carbon Energy to Growing Markets Dear Fellow Shareholders, 2025 was a year of leading execution and strategic progress, delivering meaningful value creation for our shareholders.After the Merger, we set ambitious goals for integration, capital efficiency and financial strength. I’m proud to report thatExpand Energy delivered — often ahead of plan. Delivering More for Less Together, these forces represent over 33 Bcf per day of incrementaldomestic demand concentrated in markets where Expand Energy hasscale, infrastructure and relationships. Global natural gas demand isset to rise sharply, with LNG consumption expected to increase byover 50% by 2040. Gulf Coast liquefaction facilities, connected to ourleading Haynesville position, will deliver this secure supply. We willbuild upon our position as the largest supplier of natural gas to U.S.LNG export facilities by focusing on: We accelerated and increased our Merger-related synergies, primarilydriven by our Haynesville performance. Expand Energy fundamentallyreset basin economics, lowering our Haynesville breakevens byapproximately 15% and establishing ourselves as the region’s low-cost producer. In 2025, we achieved rigorous capital discipline across our portfolio,reducing gross debt by approximately $1.2 billion since Merger closewhile also returning $865 million to shareholders. We leveraged ourdifferentiated productive capacity and hedging strategy to captureimproving natural gas fundamentals, mitigate price volatility and delivernearly $200 million in realized hedge gains during the year. •Reaching premium markets•Monetizing and managing volatility•Facilitating and capturing new demand Due to durable improvements we made to our base business, we cannow produce approximately 7.5 Bcfe per day, while spending approxi-mately $225 million less in maintenance capital than a year ago. That’sthe definition of capital efficiency. As we pursue these margin-enhancing opportunities under the lead-ership of our diligent Board and management team, our efforts aregrounded in fundamental insights, disciplined analysis and rigor-ous risk management. In line with our M&A non-negotiables, we willfocus on creating value and enhancing our financial strength andcash flow durability. Competing Beyond the Wellhead The natural gas market has fundamentally changed, driven in part by aglobal need for more energy. Natural gas provides the only affordable,reliable, dispatchable, scalable, lower carbon solution. As North Amer-ica’s largest natural gas producer, Expand Energy is uniquely positionedto meet this growing demand, a need that continues to accelerate withuncertainty in the Middle East. Our focus in 2026 is straightforward —continue to safely execute our business and strengthen the connectivitybetween our leading scale and customers in growing end markets. Our confidence is rooted in the strength of our portfolio, the safetyand responsibility of our operations, the resilience of our financialfoundation and the commitment of our people. These qualities allowus to not only navigate volatility but to thrive through it and capturesustained shareholder value. On behalf of the Board, I also want to express sincere gratitude toJohn Gass as he retires from our Board following 13 years of dedi-cated service. His oversight over the years has been foundational toensuring our strategic direction has been both ambitious and ground-ed. While the Board remains confident that our current compositionprovides the necessary depth to oversee the Company’s strategyand risk profile, we remain committed to identifying complementaryexpertise that will support our continued evolution. 350To be a great energy company today requires competing beyond thewellhead. For upstream E&P companies, capturing margin down theenergy value chain is now essential. By investing in our marketing andcommercial capabilities and relocating our headquarters to Houston,the gateway to growing global gas demand, we have positioned ourteam to win. Primed for Growing Markets We appreciate your continued investment as we execute our strategyand build on our momentum. EXE50100150200250Global LNG demand and domestic consumption are converging in anunprecedented growth cycle, signaling a structural shift that will re-define the energy landscape. Our strategically located low-cost, reliableand long-life assets are uniquely advantaged to serve the highest-valuedemand centers along the Gulf Coast and Northeast, North America’stwin engines of natural gas demand. We see a clear structural paradigm shift underway: Michael A. Wichterich Chairman of the Board, Interim Presidentand Chief Executive Officer 300350•LNG feed gas requirements exceeding 36 Bcf per day by 2040 asexport capacity more than doubles.•Power burns rising more than 9 Bcf per day over that same timeperiod as gas-fired generation replaces retiring coal, meetssurging demand from data centers and backs up intermittentrenewables.•Industri