The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Ati Modak - Goldman Sachs Group Inc - Analyst
: Nick, what do you think is most underappreciated about the story? And what are your key objectives here in 2026? And then we're going
to hop right into macro.
Question: Ati Modak - Goldman Sachs Group Inc - Analyst
: Sam?
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JANUARY 06, 2026 / 2:40PM, EXE.OQ - Expand Energy Corp at Goldman Sachs Energy, CleanTech &
Utilities Conference
Question: Ati Modak - Goldman Sachs Group Inc - Analyst
: Thank you, Sam. Nick, let's talk about your hedge to wedge strategy, which has proven to be very effective in an environment where the
'26 curve has lived above where spot I think potentially is going to realize. So -- how are you thinking about that strategy where you're
hedging eight quarters forward? And is the market still giving you the signal to be ratable with that?
Question: Ati Modak - Goldman Sachs Group Inc - Analyst
: And you've been very clear that $3.50 to $4 is the right range for you. And in periods of time where the curve has moved above $4, you've
been pretty aggressive in terms of locking it in -- ?
Question: Ati Modak - Goldman Sachs Group Inc - Analyst
: And then as you, -- you have a different -- a couple of different areas where you can allocate capital now. It's not just the Marcellus. You
also have the Haynesville. So as you think about the '26 plan, what's the right mix between the Marcellus and the Haynesville? And can you
also comment on the Western Haynesville, which is a new area that you're starting to develop a strategy around?
Question: Ati Modak - Goldman Sachs Group Inc - Analyst
: And Nick, what does the A&D market look like? Because again, at the strip, your stock trades on our numbers close to a 10% or 11% free
cash flow yield. It looks like some of the implied deals that have been done in the private market looks like a 7%, 8% free cash flow yield.
So there is a big arbitrage between where the public market is willing to value gas assets versus the private market. Why do you think that
is? You alluded to part of that? And have you seen some convergence?
Question: Ati Modak - Goldman Sachs Group Inc - Analyst
: Nick, one last one for me, and I'll turn it to Sam. I think some of the feedback we've gotten on the Western Haynesville is the concern that
some of the zones are hot and deep, and there's a view that is pretty high on the cost of supply curve. So can you lay some the market
concerns that might be there?
Question: Ati Modak - Goldman Sachs Group Inc - Analyst
: One -- last one for me. Marcellus basis, it's obviously been a challenge for going on a decade now. In-basin demand should be growing
very nicely. We saw it with Homer City, for example, but I think there's going to be other -- a lot of data center development as Sam was
talking about this morning.
And then you also wonder about is there a pathway to evacuate gas out of the Northeast PA area into the Northeast again, if there are some
changes in rules with things like constitution. Just your view of can basis get better? Or is this something that we're going to be living with
for a long time?
Question: Ati Modak - Goldman Sachs Group Inc - Analyst
: Thanks, Nick. Sam?
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