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 impact financial results.
• The 2023 capital spending level was $1.9 billion, reduced to $1.8 billion in 2024.
• The combined company's increased size post-merger may lead to challenges in managing operations efficiently.
• The estimated capital needs may limit growth and favorable financing terms due to industry conditions.
• Potential loss of business partners post-merger could negatively impact the combined company's financial performance.
• The Southwestern Merger may not be completed as planned, impacting stock price and business results.
• The combined company's substantial indebtedness post-merger may limit financial flexibility and increase vulnerability to economic conditions.
• The completion of the Southwestern Merger may trigger change in control provisions in agreements.
• Regulatory changes, such as the EPA's proposed methane emissions fee, could impact operational costs.
• Failure to complete the Southwestern Merger could negatively impact stock prices and financial positions.
• Increased activism around ESG matters may require the company to comply with evolving stakeholder expectations.