EXE · 10-Q · 2026Q1 · Full report

Derivative and Hedging Activities

EXPAND ENERGY Corp · 2026-04-28 · Importance 13 · Surprise 6

The company confirms that changes in market prices for natural gas, oil and NGL materially affect reported operations and cash flows and that it uses derivative instruments to mitigate downside commodity risk. Expand notes that derivatives can limit cash flows in rising price environments, and that its natural gas, oil and NGL derivative activities, together with physical sales, help the company better predict total expected revenue. These disclosures indicate active commodity risk management across product lines (natural gas, oil, NGL) and underline the strategic role of hedges for near‑term cash flow stability. Further detail on instruments, volumes and maturities is referenced in the derivatives note (not included here).

Key facts

• The Company enters into various derivative instruments to mitigate a portion of its exposure to commodity price declines, which may also limit cash flows in periods of rising commodity prices.