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Research Alert: Exe Q1 2026: Strong Earnings, Debt Reduction, And Strategic Lng Expansion

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-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

EXE reported Q1 2026 adjusted EPS of $3.83 vs. $2.02 in the prior year, beating consensus by $0.20. Production of 7.44 bcfe/d rose 10% Y/Y, with realized pricing of $4.96/mcfe up 32% Y/Y in stronger commodity environment. Operating cash flow surged to $2.4B (vs. $1.1B in the prior year), with free cash flow tripling to $1.7B as the company aggressively reduced net debt by 36% to $2.8B and made additional $1.3B in debt redemptions in April. Management reaffirmed 2026 production guidance of 7.5 bcfe/d with a $2.85B capex program and plans to run 11-12 rigs. EXE executed a 20-year LNG offtake agreement with Delfin for 1.15M tonnes annually starting in 2031, extending market reach to global demand centers. Regional pricing improved across all areas, with Northeast Appalachia generating $5.70/Mcf. We believe incremental U.S. LNG demand could improve following long-term damage to Qatar's LNG operations, which supply ~20% of global exports. This situation creates opportunities for Haynesville producers like EXE.

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