Risk Factors Update Summary

• Capital expenditures for 2024 are $1.25 billion, a decrease from $1.835 billion in 2023.
• The Southwestern Merger may result in a significant increase in total long-term indebtedness to approximately $6.1 billion.
• The estimated proved reserves decreased from 34% to 33% as of December 31, 2023.
• Failure to achieve targeted cost and commercial synergies from the merger may adversely affect financial condition.
• The 2024 capital spending level is $1.9 billion, compared to $1.8 billion in 2023.
• The combined company's increased size post-merger may lead to challenges in managing operations efficiently.
• The estimated proved reserves are expected to be developed over five years, including $2 billion.
• Potential loss of customers, suppliers, and business partners post-merger could impact financial performance.
• The 2024 capital expenditures are forecasted to be $1.765 billion, down from $1.9 billion in 2023.
• The combined company's substantial indebtedness may limit financial flexibility and impact credit ratings.
• The capital expenditures for 2024 are $1.25 billion, a decrease from $1.835 billion in 2023.
• Regulatory developments, such as proposed methane emissions fees, could increase operational costs.
• The estimated proved reserves decreased from 34% to 33% as of December 31, 2023.
• Increased activism around ESG matters may impact business operations and costs.