4Q & FY 2025 Earnings FEBRUARY 17, 2026 Forward-Looking Statements This presentation 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, ...

Financial Performance & Capital Allocation - The company reported approximately $1.1 billion of adjusted EBITDAX for 3Q25[8] - Capital expenditures for 3Q25 totaled approximately $735 million[8] - The company reduced gross debt by approximately $1.2 billion in the last 12 months[8] - The company further reduced FY25 capex by approximately $75 million[8,14] - The company is allocating $1 billion to net debt reduction[54] Production & Operations - The company is the largest domestic natural gas producer, with production of approximately 73 billion cubic feet equivalent per day (Bcfe/d) in 3Q25[8] - The company expects to produce approximately 75 Bcfe/d in 2026 with approximately $285 billion in capex[8] - The company's 2025 production outlook is approximately 26 billion cubic feet equivalent per day (MMcfe/d) for Northeast Appalachia, approximately 155 Bcfe/d for Southwest Appalachia, and approximately 30 Bcfe/d for Haynesville[11,12] - The company has upsized its credit facility to $35 billion, extending the maturity to 2030[9] Market & Strategy - The company signed a 15-year sales and purchase agreement (SPA) with Lake Charles Methanol, becoming the sole natural gas supplier to a new-build facility with a start date in approximately 2030, with pricing at a premium to NYMEX[8] - The company has access to approximately 25 Bcf/d of deliverability to the LNG corridor[79] - The company estimates over 40% demand growth by 2030, an increase of 27 Bcf/d[31]

Financial Performance - The company reported approximately $12 billion of adjusted EBITDAX for 2Q25[8] - Capital expenditures totaled approximately $727 million in 2Q25[8] - The company expects to increase net debt paydown to $1 billion in 2025[9] - $585 million was returned to shareholders through dividends and share repurchases in 1H25[9] - The company anticipates approximately $425 million improvement in FCF for 2025[8, 14] Operational Highlights - The company is the largest domestic natural gas producer, with production of approximately 72 Bcfe/d[8] - The company achieved its fastest drilling quarter in company history during 2Q25[9] - The company's annual synergy outlook increased to $600 million, expected by YE26[8] Production and Capital Allocation - The company anticipates full year 2025 production of approximately 71 Bcfe/d[12, 21] - The company reduced FY25 D&C capex spend by approximately $100 million[22] - The company has approximately 19 million net acres and approximately 71 Bcfe/d in 2025[12]

Financial Performance & Outlook - 1Q25 net production reached approximately 6.8 Bcfe/d, generating around $1.4 billion in Adjusted EBITDAX and incurring approximately $660 million in Capex[9] - The company is on track to achieve approximately $400 million in synergies in 2025, with total annual synergies projected to reach around $500 million by the end of 2026[9, 17] - The 2025 plan is on track, targeting approximately 7.1 Bcfe/d production with approximately $3.0 billion in Capex, including approximately $2.7 billion in base capital and approximately $300 million in productive capacity capex[9] - The company anticipates exiting 2025 with a production rate of approximately 7.2 Bcfe/d and averaging approximately 7.5 Bcfe/d in 2026, contingent on market conditions[28] Capital Allocation & Returns - The company's capital returns framework includes a base dividend, $500 million in net debt reduction, and allocation of 75% of remaining Free Cash Flow (FCF) to buybacks/variable dividends, with 25% allocated to cash on hand[10] - The company aims to reduce net debt by $500 million in 2025 from within annual FCF and has allocated approximately $116 million from Eagle Ford divestitures to net debt reduction[55] - Approximately $1.1 billion in debt retirement is targeted by year-end 2025, aiming for a net debt/Adjusted EBITDAX ratio of less than 10x, or approximately $4.5 billion or less in net debt[60] Production & Operations - The company's 2025 production plan targets approximately 7.1 Bcfe/d[27] - Haynesville production is expected to be approximately 2.9 Bcfe/d in 2025[68] - Northeast Appalachia production is expected to be approximately 2.6 Bcfe/d in 2025[68] - Southwest Appalachia production is expected to be approximately 1.6 Bcfe/d in 2025[68]