EXE · 10-Q · 2026Q1 · Full report

LNG Offtake Agreement

EXPAND ENERGY Corp · 2026-04-28 · Importance 47 · Surprise 60

On April 22, 2026 Expand executed a long-term liquefaction SPA with Delfin FLNG 1 LLC, subject to final investment decision, to purchase ~1.15 million tonnes of LNG per annum with a targeted contract start date in 2031 and pricing tied to Henry Hub. This SPA replaces previously announced SPAs (the filings note that earlier SPAs with Delfin and Gunvor were terminated), indicating a re‑shaping of the company’s long‑term LNG commercialization strategy. The offtake volume is material to the company’s access to international LNG markets and aligns with structural demand drivers cited elsewhere (new export capacity). The agreement is contingent on Delfin’s FID and therefore is a committed offtake only upon that project’s progression to final investment.

Key facts

• Under the SPA executed on April 22, 2026, the Company 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.
• On April 22, 2026, the Company executed a Sales and Purchase Agreement for long-term liquefaction offtake with Delfin FLNG 1 LLC, subject to final investment decision.
• The previously announced SPAs with Delfin and Gunvor Group Ltd have been terminated.

Impact estimates