#1Swn Southwestern Energy® Investor Presentation April 2023 NYSE: SWN www.swn.com RV+#2Cautionary Statements swn Southwestern Energy® Investor Relations Contacts investor [email protected] Brittany Raiford 832.796.7906 Aaron Henslin 832.796.2838 Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. These statements are based on current expectations. The words "anticipate," "intend," "plan," "project," "estimate," "continue," "potential," "should," "could," "may," "will," "objective," "guidance," "outlook," "effort," "expect," "believe," "predict," "budget," "projection," "goal," "forecast," "model," "target", "seek", "strive," "would," "approximate," and similar words are intended to identify forward-looking statements. Statements may be forward looking even in the absence of these particular words. Examples of forward-looking statements include, but are not limited to, the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including guidance regarding our strategy to develop reserves, drilling plans and programs (including the number of rigs and frac crews to be used), estimated reserves and inventory duration, projected production and sales volume and growth rates, projected commodity prices, basis and average differential, impact of commodity prices on our business, projected average well costs, generation of free cash flow, our return of capital strategy, including the amount and timing of any redemptions, repayments or repurchases of our common stock, outstanding debt securities or other debt instruments, leverage targets, our ability to maintain or improve our credit ratings, our ability to achieve our debt reduction plan, leverage levels and financial profile, our hedging strategy, our environmental, social and governance (ESG) initiatives and our ability to achieve anticipated results of such initiatives, expected benefits from acquisitions, potential acquisitions, divestitures, potential divestitures and strategic transactions, the timing thereof and our ability to achieve the intended operational, financial and strategic benefits of any such transactions or other initiatives. These forward-looking statements are based on management's current beliefs, based on currently available information, as to the outcome and timing of future events. All forward-looking statements speak only as of the date of this news release. The estimates and assumptions upon which forward-looking statements are based are inherently uncertain and involve a number of risks that are beyond our control. Although we believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and we cannot assure you that such statements will be realized or that the events and circumstances they describe will occur. Therefore, you should not place undue reliance on any of the forward-looking statements contained herein. Factors that could cause our actual results to differ materially from those indicated in any forward-looking statement are subject to all of the risks and uncertainties incident to the exploration for and the development, production, gathering and sale of natural gas, NGLS and oil, most of which are difficult to predict and many of which are beyond our control. These risks include, but are not limited to, commodity price volatility, inflation, the costs and results of drilling and operations, lack of availability of drilling and production equipment and services, the ability to add proved reserves in the future, environmental risks, drilling and other operating risks, legislative and regulatory changes, the uncertainty inherent in estimating natural gas and oil reserves and in projecting future rates of production, the quality of technical data, cash flow and access to capital, the timing of development expenditures, a change in our credit rating, an increase in interest rates, our ability to achieve our debt reduction plan, our ability to increase commitments under our revolving credit facility, our hedging and other financial contracts, our ability to maintain leases that may expire if production is not established or profitably maintained, our ability to transport our production to the most favorable markets or at all, any increase in severance or similar taxes, the impact of the adverse outcome of any material litigation against us or judicial decisions that affect us or our industry generally, the effects of weather or power outages, increased competition, the financial impact of accounting regulations and critical accounting policies, the comparative cost of alternative fuels, credit risk relating to the risk of loss as a result of non-performance by our counterparties, including as a result of financial or banking failures, impacts of world health events, including the COVID-19 pandemic, cybersecurity risks, geopolitical and business conditions in key regions of the world, our ability to realize the expected benefits from acquisitions, divestitures, and strategic transactions, our ability to achieve our GHG emission reduction goals and the costs associated therewith, and any other factors described or referenced under Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" and under Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2022. We have no obligation and make no undertaking to publicly update or revise any forward-looking statements, except as required by applicable law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement. 2#3Additional Information swn Southwestern EnergyⓇ Cautionary Note to U.S. Investors The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. We use the terms "resource" and "EUR" in this presentation that the SEC's guidelines prohibit us from including in filings with the SEC. The quarterly reserves data included in this release are estimates we prepared that have not been audited by our independent reserve engineers. All such estimates are inherently more speculative than estimates of proved reserves and are subject to substantially greater risk of actually being realized. U.S. investors are urged to consider closely the oil and gas disclosures and associated risk factors in our Annual Report on Form 10-K and other reports and filings with the SEC. Use of Non-GAAP Information This presentation contains non-GAAP financial measures, such as leverage, including certain key statistics and estimates. We report our financial results in accordance with accounting principles generally accepted in the United States of America ("GAAP"). However, management believes certain non-GAAP performance measures may provide users of this financial information additional meaningful comparisons between current results and the results of our peers and of prior periods. These non-GAAP financial measures are not alternatives to GAAP measures and should not be considered in isolation or as an alternative to the Company's GAAP measures. Please see the Appendix for definitions and reconciliations of the non-GAAP financial measures that are based on reconcilable historical information. Use of Projections The financial, operational, industry and market projections, estimates and targets in this presentation are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond SWN's control. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic, regulatory and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial, operational, industry and market projections, estimates and targets, including assumptions, risks and uncertainties described in "Forward-Looking Statements" above. 3#4Shareholder Value Proposition swn Southwestern Energy® Constructive Long-term Macro Outlook Well positioned to supply growing natural gas demand, particularly along Gulf Coast and LNG corridor 15 Years of Core Inventory in Two Premier Natural Gas Basins Complementary inventory set across both Appalachia and Haynesville and commodity windows within Appalachia Prioritizing Financial Strength by Responding to Lower Prices Long-term debt target range of $3.5B - $3.0B and investment grade remain key strategic priorities ✓ Enterprise Focus to Continue to Improve Capital Efficiency Leveraging progress in 2022 and large-scale development expertise to drive further efficiencies in Haynesville ✓ Lowered Enterprise Cost Structure and Strengthened Balance Sheet Company is markedly more resilient to navigate commodity price volatility Capital Allocation Progressing to Sustainable Return of Capital Prioritizing return of capital to shareholders once debt target met; timing commodity price dependent ✓ Attractive Valuation Constructive long-term outlook and value proposition unchanged despite near-term pullback in prices 4#5Our Strategy Resilient free cash flow generation through responsible development of our core positions in the two premier U.S. natural gas basins $ swn Southwestern Energy® CREATE SUSTAINABLE VALUE Enhance corporate and shareholder economic returns Deliver sustainable free cash flow Deepen and upgrade the quality and capital efficiency of asset base and inventory Convert resources to reserves PROTECT FINANCIAL STRENGTH Target sustainable leverage of 1.5x - 1.0x and total debt of $3.5 billion - $3.0 billion Hedge to protect capital investments, cover costs and meet other financial commitments Lower debt, extend debt maturity, expand liquidity Improve financial profile to achieve investment grade PROGRESS LEADING EXECUTION CAPTURE TANGIBLE BENEFITS OF SCALE • • Further enhance well performance, optimize well costs and reduce base decline Marketing and transportation optimization to grow margins and maintain flow assurance Build on data analytics, emerging technology, strategic sourcing, stringent cost management, operate with HSE / ESG as core values Vertical integration and large-scale asset development expertise Building a competitive advantage through scale Demonstrated ability for large-scale asset integration Continue to capture synergies, deepen economic inventory, improve cost efficiencies through the cycle, leverage strength of marketing and transportation capabilities, expand opportunity set, lower enterprise risk, and increase the optionality of the business 5#6Largest Dual Basin Natural Gas Producer Appalachia Net Acres: 766,000 80% 20% Gas Liquids 2023E Net Production: ~2.8 Bcfe/day(1) Haynesville 100% Net Acres: 286,000 Gas 2023E Net Production: ~1.8 Bcfe/day(1) swn Southwestern Energy® Natural Gas Peer 2023E Net Production (Bcfe/d)(2,3) 5.3 ✓ Companies with multi-basin assets 4.6 3.8 3.7 3.3 2.1 1.5 1.5 1.0 Peer 1 SWN Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Current LNG Sales (Bcf/d) (4) 1.5 1.0 0.4 0.4 0.3 0.3 SWN Peer 4 Peer 5 Peer 2 Peer 3 Peer 7 Peer 1 Peer 6 Peer 8 Well positioned to convert differentiated scale and market access into long-term shareholder value 1) Based on midpoint of guidance. 2) Based on midpoint of company provided guidance and most recent SEC filings. 3) Peers include AR, CHK, CNX, CRK, CTRA, EQT, GPOR and RRC. 4) Based on publicly available materials and SWN estimates. 6#7Disciplined Capital Allocation Resilient free cash flow 1 generation from enterprise maintenance capital investment swn Southwestern Energy® Achieved Target Leverage Range 3.0x L--I Target leverage range 2.5x 2.0x 1.3x 1.5x 1.0x 0.5x 0.0x YE 2022 1.2x Q1 2023 Achieved top end of 1.5x - 1.0x 2 leverage range and progress to $3.5B $3.0B total debt target - Line of Sight to $3.5B - $3.0B Target Debt Levels $ in Billions 6 5 Target debt range 4 3 Shareholder returns integral part of long-term capital allocation strategy 3270 1 3 -- YE 2022 Net Debt Q1 2023 Net Debt Free Cash Flow Target Net Debt Capital allocation progressing to sustainable return of capital Note: Leverage and net debt are non-GAAP measures. See explanations and reconciliations in the Appendix. 7#8Durable Financial Strength swn Southwestern EnergyⓇ Key Financial Objectives • Reduce debt to target range of $3.5 - $3.0 billion; maintain 1.5x - 1.0x leverage Approaching Investment Grade Ratings Agency Current Rating Outlook Notches to IG Ratings Date S&P BB+ Positive 1 Jan '23 Moody's Ba1 Stable 1 May '22 Fitch BB+ Positive 1 Aug '22 Supplement financial strength through disciplined enterprise risk management • Return to investment grade One notch from investment grade by all three rating agencies; positive outlooks by S&P and Fitch Maturity Profile Provides for Efficient Debt Reduction (1) $2,000 Unsecured Debt First Call Date Oct '24 Sep '23 Feb '24 Mar '25 Feb '27 $ in Millions $1,500 ■Secured Credit Facility ■Unsecured $1,000 Aligns with $3.05B long-term debt target $1,200 $1,150 $500 $389 4.95% $700 5.375% $304 $210 5.375% 8.375% 4.75% $0 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 Maturity profile provides efficient path to reduce debt and return to investment grade Note: Leverage is a non-GAAP measure. See explanation and reconciliation in the Appendix. 1) As of March 31, 2023. 8#9Capturing Tangible Benefits of Scale Expanded opportunity set • 15 years of core inventory • underpinning long-term development program Basin, hydrocarbon and premium end-market optionality including ~65% of gas to Gulf Coast markets Optimized cost structure Improved margins through cost economies • Leverage operational efficiency gains across entire portfolio • Strategic commercial and vertical integration advantage Lowered risk profile . • • • Lowered basis volatility Increased marketing optionality Capital allocation flexibility in two basins with gas and liquids exposure Larger reserve and inventory base Increased market relevance • Highly liquid stock with >$9B enterprise value(1) • Resilient free cash flow generation enhancing capital allocation flexibility • Largest dual-basin gas producer supplying growing global demand swn Southwestern EnergyⓇ Increased opportunity set and market relevance, with lowered risk profile and cost structure create valuation realization catalysts 1) Based on market data as of April 21, 2023. 9#10Portfolio Optionality Across Deep High Return Inventory Swn Basin Haynesville Southwestern Energy® Commodity Liquids 13% Haynesville 40% 4.6 Bcfe/d net production (1) Appalachia 60% Basin, commodity and end market diversification reduce risk and strengthen the sustainability of free cash flow generation 44% 15 Years core inventory 1) Based on midpoint of guidance. 2) Estimated based on 2023 guidance, contracted firm transportation and firm sales agreements Appalachia 56% 4.6 Bcfe/d net production (1) Gas 87% Premium Sales Locations Other 3% CityGate 6% ~1/3 gas sold to LNG markets Appalachia 26% Sales Locations marketed gross production (2) LNG Corridor/ Gulf Coast 65% 10#11Deep Core Inventory Set Across Both Basins Total Company Inventory 2,050 core locations represent more than 15 years of development Appalachia Inventory Detail Other 1,115 Upper Marcellus 370 Utica 1805 ~4,800 total locations Lower Marcellus 1510 Upper Marcellus 210 6,350 total locations Haynesville Inventory Detail WV / Ohio Core Haynesville Core PA Other PA Core WV/Ohio Other Middle Bossier 740 Haynesville Other ~1,550 total locations Haynesville 810 Utica 280 Middle Bossier 430 swn Southwestern EnergyⓇ ~1,150 core locations -900 core locations Ample core inventory supplemented by additional resource opportunities Lower Marcellus 660 Haynesville 470 11#12Appalachia - Core Dry Gas and Liquids Position Pennsylvania Operational Plan(¹) Rigs Frac fleets 2023E Appalachia 3 Net Acres: 766,000 Gas 80% 20% Liquids 2023E Net Production: ~2.8 Bcfe/day (1) 2 Wells drilled 53-58 % Marcellus liquids rich 65% Wells completed 64-69 % Marcellus liquids rich 65% Ohio Wells to sales 68-73 % Marcellus liquids rich 65% Average lateral length >15,500 Base decline <25% West Virginia swn Southwestern EnergyⓇ Capital Program (1) 2023E SWN Acreage D&C capital $840MM $950MM $/lateral foot $900 - $950 57.5% 40% Cost Structure ($/Mcfe) LOE 2023E $1.18 $1.24 TOTI $0.13 $0.17 Natural Gas Discount to NYMEX ($/Mcf)(2) ($0.75 - $0.90) $2.1B D&C (1) 4.6 Bcfe/d(¹) 42.5% 60% Haynesville Appalachia 1) Based on midpoint of guidance and related activity levels. 2) Discount to Henry Hub including transportation costs and heating content adjustment. 12#13Haynesville - Core Stacked Pay Position Operational Plan(¹) Rigs Frac fleets 2023E LOUISIANA 7-8 son Caddo ty Parish 2-3 Wells drilled 60-65 % Haynesville / Middle Bossier 50% / 50% Wells completed 64-69 Panola County De Soto Parish % Haynesville / Middle Bossier 50% / 50% Wells to sales TEXAS % Haynesville / Middle Bossier Average lateral length Base decline 70-75 50% / 50% ~8,500 Capital Program (1) D&C capital $/lateral foot Cost Structure ($/Mcf) LOE -55% doches unty 2023E $1.1B $1.3B $1,950 $2,150 2023E $0.84 $0.90 TOTI $0.22 $0.26 Natural Gas Discount to NYMEX ($/Mcf)(2) ($0.30 - $0.40) 1) Based on midpoint of guidance and related activity levels. 2) Discount to Henry Hub including transportation costs and heating content adjustment. Shelby County Bossier Parish swn Southwestern EnergyⓇ WeL---- Parish SWN Acreage Haynesville Core Middle Bossier Core Red River Parish Bienville Parish Natchitoches Parish Sabine Parish LOUISIANA 100% Gas Haynesville Net Acres: 286,000 2023E Net Production: ~1.8 Bcfe/day(1) 57.5% 40% $2.1B D&C(1) 4.6 Bcfe/d(1) 42.5% 60% Haynesville Appalachia 13#14SWN Delivers Leading Haynesville Well Performance Operator Well Performance (Mcf/ft)(1) 700 2019 2020 2021 2022 6 Mo Cumulative Gas (Mcf/ft) 600 500 SWN consistently improving well performance 400 300 200 100 swn Southwestern EnergyⓇ 2019 2022 Wells to Sales Marion Claib Webster Bossier Minden Terryvill Caddo Harrison LA North regg " Shrevep TX North Liquids Rich Fallvid SWN Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Rusk Type Curve Area Well Performance (all operators) (Mcf/ft) 2019 2020 2021 2022 6 Mo Cumulative Gas (Mcf/ft) 700 600 500 400 300 200 100 Natchitoches Fault Zone Bienvill Nato toches Farts De Sotot TU Natchitoches Fault Zone LA South Central Shelby Fault zone leading LA well performance; concentrated in SWN's Desoto East area Nacogdoches South Updip Sabine National Forest Sabine 11 " TX South Downdipustine Lufkin Sabine VTO Angelina LA Core LA South TX North LA North Natchitoche Southwestern Chesapeake Comstock Rockcliff BP Aethon SWN's core Haynesville position outperformance confirmed by public data Source: Enverus public data. 1) Peers include Aethon, BP, CHK, CRK, and Rockcliff. 14#15Core Stacked Haynesville and Middle Bossier Opportunity SWN 2022 Wells to Sales Caddo North Haynesville *Bossier Webster SWN acreage Haynesville Core Middle Bossier Core SWN 2022 wells to sales Linco Desoto East Well Performance (Mcf/ft) (1) Cumulative Mcf/ft ⚫22 Haynesville 22 Middle Bossier 700 600 500 400 300 200 100 Southwestern Energy® 21 Haynesville 21 Middle Bossier Texas Red River DeSoto Bienville Jac Natchito Desoto East Southwest Haynesville Sabine Louisiana Wir 30 60 90 120 150 180 Producing Days Southwest / North Well Performance (Mcf/ft) (1) Cumulative Mcf/ft 22 Haynesville 22 Middle Bossier 700 600 500 400 300 200 100 21 Haynesville 21 Middle Bossier 30 60 90 Producing Days 120 150 180 Consistently strong well performance year over year and across zones Source: SWN internal daily production data. 1) Wells included based on sales year and production normalized to a completed lateral ft. 15#16Haynesville Operational Improvements Drilling Footage Per Day (ft/day) 600 Drilling Days on Location (days) (2) 90 500 400 300 200 100 2021 2022 Q1 2023 2023E Average Drilled Lateral Length (ft) 12,000 10,000 8,000 6,000 4,000 2,000 III 2021 2022 Q1 2023 2023E 10% 2023E 75 Increase (1) 60 45 30 15 2021 2022 Q1 2023 swn Southwestern EnergyⓇ 2023E 10% 2023E Decrease(1) Completed Footage Per Day (lateral ft/day) 900 750 10% 2023E Increase(1) 600 450 300 150 2021 2022 Q1 2023 2023E Delivered tangible operational improvements in first year of operations; targeting 10% further improvement in 2023 Source: SWN internal operational data. Targeted improvement for 2023 vs. 2022 actuals. 1) 2) Days on location per well. 16#17Responsibly Sourced Gas to Premium Markets swn Southwestern Energy® 2023E Natural Gas Differential to NYMEX Canada: 1% Transportation (1) Location (2) Total Year Average Rate per Mcf Average Basis Average Differential per Mcf per Mcf Appalachia ($0.42) ($0.40) ($0.82) Haynesville ($0.04) ($0.31) ($0.35) Total Company ($0.24) ($0.36) ($0.60) Mid-West: 2% 2023E Sales Point Exposure Appalachia Haynesville Sales Location % Gross Marketed Production (3) % Gross Sales Location Marketed Production (3) Out of Basin NYMEX 54% NYMEX / Gulf Coast 25% Perryville TGT Z1 - 34% TETCO M3 14% Industrials FGT Z3 5% TGP 200L 5% Other TGP ZO 7% 12% Other (4) In Basin DOM / M2 TCO Pool 28% 16% Greater Appalachia: 26% LNG Corridor / Gulf Coast: 65% City Gate: 6% 1) Rate per Mcf based on estimated 2023 production and February 2023 contracted takeaway and firm sales. Estimates for natural gas differentials include all commitment costs. 2) Basis as of February 2023. Includes basis differentials, transportation variable cost, physical basis sales, third-party transportation charges and fuel charges, and excludes financial basis derivatives. 3) Based on midpoint of guidance. 4) Other includes REX, TCO East, Dawn, Transco Z5 S and TGP Z6 S. NOTE: Percentages on map approximate 2023 sales by location based on estimated marketed production, firm transportation and firm sales. 17#18Optimizing Access to Premium Gulf Coast Markets SWN Gulf Coast Transportation Portfolio (1) LNG Corridor LEAP (2) 2023E 2024E 1.2 Bcf/d 1.5 Bcf/d Line CP- Momentum NG3 0.3 Bcf/d Acadian 0.2 Bcf/d 0.2 Bcf/d Midcoast Midcoast 0.2 Bcf/d 0.1 Bcf/d LEAP Other (3) LNG Corridor 0.2 Bcf/d 0.2 Bcf/d ~1.8 Bcf/d -2.3 Bcf/d FGT Z1, Tetco STX Greater Gulf Coast 2023E 2024E LNG Corridor Gulf South 0.3 Bcf/d 0.3 Bcf/d ETC Tiger 0.3 Bcf/d 0.3 Bcf/d Enable CP 0.3 Bcf/d 0.3 Bcf/d Freeport LNG Rover 0.3 Bcf/d 0.3 Bcf/d Corpus Christi LNG MXP/GXP 0.2 Bcf/d 0.2 Bcf/d Greater Gulf Coast ~1.4 Bcf/d ~1.4 Bcf/d Total ~3.2 Bcf/d ~3.7 Bcf/d Perryville swn Southwestern EnergyⓇ Tiger, Gulf South Acadian Momentum NG3 Gillis Hub FGT Z2, Transco 65 Cameron LNG Calcasieu Pass LNG Golden Pass LNG Sabine Pass LNG Plaquemines LNG Fast LNG LNG facility, operational or under construction Market sales location SWN current firm transportation capacity SWN future firm transportation capacity Strategic connectivity and flow assurance from wellhead to inlet of LNG plants and industrial markets along the Gulf Coast 1) Company will optimize future transportation and may not elect to extend all transport. 2) LEAP capacity increases to 1.15 Bcf/d in mid 2023. 3) Columbia Gulf Delivered and TGP 500L 18#19Advantaged to Reliably Supply Expanding LNG Corridor SWN Southwestern EnergyⓇ SWN's differentiated positioning to supply growing LNG demand Proximity and access – largest Haynesville producer with firm transport to LNG corridor Scale ->3 Bcf/d gross gas currently sold in Gulf Coast Durability 20+ years Haynesville inventory, backstopped by Appalachia inventory and transportation Established LNG supplier - 1.5 Bcf/d gross gas already sold to LNG exporters Financial strength - durable financial strength and improved credit profile Responsible producer – 100% of production certified as RSG عملی More than 21 Bcf/d of LNG export capacity expected by 2028; 17 Bcf/d of permitted next wave projects Cove Point Elba Island Port Arthur Golden Pass Venture Global Calcasieu Pass Cameron Freeport Cheniere - Corpus Christi Cheniere - Corpus Christi Stage 3 Cheniere Sabine Pass Venture Global Plaquemines Fast LNG US LNG Export Capacity Operational (~13 Bcf/d) Under Construction (~9 Bcf/d) 19#20Our Approach to ESG Swn Southwestern Energy® SUSTAINABLE VALUE Creating sustainable value requires meaningful and impactful actions that consider our stakeholders' perspectives and align with our corporate strategy. MINIMIZING CARBON FOOTPRINT Sustainable and responsible natural gas development is foundational to a lower-carbon energy future. SOCIAL RESPONSIBILITY Protecting the health and safety of our workforce, recognizing their personal value, treating everyone with dignity and respect, and positively impacting the communities in which we work and live. Our approach to ESG aligns with our corporate strategy to deliver lasting shareholder value Long-term Scope 1 GHG emission reduction goal of 50% decrease by 2035, consistent with a path to net zero by 2050 Certified production from all wells as responsibly sourced gas and installing well site continuous emissions monitors Returning more fresh water to the environment than we consume > No routine flaring Fostering a diverse and inclusive workforce Protecting people and preserving the environment Governance best practices 20#21Cond swn Southwestern Energy® Appendix#222023 Guidance As of April 27, 2023 PRODUCTION Gas Production (Bcf) Liquids (% of production) Total (Bcfe) CAPITAL (in millions) Appalachia Haynesville Total D&C capital (includes land) Other Capitalized interest and expense Total capital investments PRICING Natural gas discount to NYMEX including transportation (1) Oil discount to West Texas Intermediate (WTI) including transportation Natural gas liquids realization as a % of WTI including transportation (2) EXPENSES Lease operating expenses General & administrative expense Taxes, other than income taxes Income tax rate (~100% deferred) swn Southwestern EnergyⓇ Q2 355-365 ~13.0% 408-420 TOTAL YEAR 1,430-1,500 ~13.0% 1,650 - 1,725 40-45% 55-60% $1,970 $2,230 $30-$50 $200 - $220 $2,200 $2,500 $0.60 $0.72 per Mcf $0.55 $0.70 per Mcf $10.00 $12.00 per Bbl 24% -32% $12.00 $15.00 per Bbl 27% - 35% $1.05 $1.11 per Mcfe $0.08 $0.12 per Mcfe $0.16 $0.20 per Mcfe 23.0% GROSS OPERATED WELL COUNT (3) Drilled Completed Wells To Sales Ending DUC Inventory Appalachia 53-58 Haynesville Total Well Count 60-65 113-123 64-69 64-69 128-138 68 73 70-75 138-148 8-13 15-20 23 33 1) Includes impact of transportation costs and expected ($0.05) ($0.06) per Mcf impact (loss) and ($0.02) - ($0.04) per Mcf impact (loss) from financial basis hedges for the second quarter and full year of 2023, respectively. 2) Annual guidance based on $74 per Bbl WTI. 3) Based on the midpoint of capital investment guidance. 22 22#23ESG is a Core Value swn Southwestern Energy® Environmental Highlights 50% long-term Scope 1 GHG-reduction goal set in 2022 10% year-over-year reduction in methane intensity 100% continuous methane emissions monitoring by 2024 E Scope 1&2 GHG emissions disclosed in the 2021/22 Corporate Responsibility Report ☑0% routine flaring of associated natural gas eliminated as of December 31, 2021 100% certified responsibly sourced gas by year-end 2022 0000 00 DO 7th Social Highlights 99% Average women's salaries to average men's salaries in the same job title in 2022 17.994 HSE and compliance training hours completed in 2022 100% Completion in D&I training program + for Director level employees and above 32% of new hires were ethnically or gender diverse year in a row achieving fresh water neutrality $1 MILLION donated to the communities where we work and live 0.37 total recordable injury rate (employees + contractors) 21% of employees are women Governance Highlights 44%* of board members are diverse (gender, nationality, ethnicity) *** 66% = of board members have experience in health, safety, environmental and/ or corporate responsibility 15% of total bonus compensation linked to ESG components TCFD Expanded disclosures in the Corporate Responsibility Report to align with the four core TCFD pillars Climate Update climate scenario analysis biannually O Accountability Methane intensity target included in compensation program *Two directors are female; one director is nationally diverse, one director is ethnically diverse. 23#24U.S. Positioned to Balance Global Gas Markets . More than 20 Bcf/d global LNG • demand growth expected through 2030 Driven by Asia and Europe U.S. best positioned to balance global supply gap relative to Qatar and Russia, other key suppliers Supply security, resource depth, and more than 20 Bcf/d in-process (1) export capacity growth Qatar limited to capacity under construction Russia burdened by supply security concerns Bcf/d 25 25 20 15 10 10 5 Global LNG Supply and Demand Growth From 2022 to 2030 (2) swn Southwestern Energy® US best positioned to help fill supply gap strengthens long term demand and • Global demand for U.S. LNG Henry Hub price outlook 0 Demand } US projects currently in progress Supply ■Asia Europe Other US Qatar Russia Mozambique Supply gap The U.S. has the unique supply security, resource depth and in-process export capacity growth to meet growing global LNG demand 1)-9 Bcf/d U.S. Gulf Coast LNG export capacity currently under construction and more than 17 Bcf/d of permitted next wave U.S. LNG export projects. 2) SWN internal estimates informed by public data and EIA. 24#25U.S. Projects In Progress to Fill Growing LNG Demand swn Southwestern EnergyⓇ • LNG exports projected to further increase demand Currently 13 Bcf/d of capacity in-service Projected increase of 9 Bcf/d for projects under construction; over 17 Bcf/d of permitted next wave projects LNG provides U.S. producers the opportunity to deliver gas to undersupplied, premium markets across the world Export Capacity Bcf/d 22 00 61 2 20 12 10 10 LNG Cargo Schedule (1) Port Arthur T2 (0.9 Bcf/d) Port Arthur T1 (0.9 Bcf/d) Corpus Christi Stage 3 (1.3 Bcf/d) Plaquemines Ph2 (0.9 BCF/d) Golden Pass T3 (0.8 Bcf/d) Plaquemines Ph1 (1.8 Bcf/d) ~9 Bcf/d Gulf Coast projects Golden Pass T2 (0.8 Bcf/d) Golden Pass T1 (0.8 Bcf/d) Fast (0.4 Bcf/d) Calcasieu Pass (0.7 Bcf/d) Calcasieu Pass (0.7 Bcf/d) Sabine Pass T6 (0.7 Bcf/d) 8 2021 2022 2023 2024 Pre-2022 Takeaway 2025 2026 2027 2028 ~9 Bcf/d of additional U.S. LNG export capacity under construction; potential for over 17 Bcf/d of next wave 1) Based on company announcements. 25#26FERC Approved LNG Projects Awaiting FID 17 Bcf/d of Potential Next Wave Projects swn Southwestern EnergyⓇ FERC-Approved, Pre-FID US LNG Projects Location FERC-Approved Capacity (Bcf/d) Cameron T4/T5 Hackberry, LA 1.4 Freeport T4 Magnolia LNG Gulf LNG Driftwood LNG Eagle LNG Texas LNG Rio Grande LNG Freeport, TX 0.7 Lake Charles, LA 1.2 Pascagoula, MS 1.5 Calcasieu Parish, LA 3.8 Jacksonville, FL 0.1 Brownsville, TX 0.6 Brownsville, TX 3.7 Lake Charles LNG Lake Charles, LA 2.3 Delfin LNG Gulf of Mexico 1.8 Total 17.1 26#27Hedge Summary As of March 31, 2023 swn Southwestern EnergyⓇ Swaps Two-way Costless Collars Natural Gas Hedges Three-way Costless Collars Sold Calls Volume Price Volume (Bcf) ($/Mcf) (Bcf) Purchased Put ($/Mcf) Sold Calls ($/Mcf) Volume (Bcf) Sold Puts Purchased Put Sold Calls Volume Sold Calls ($/Mcf) ($/Mcf) ($/Mcf) (Bcf) ($/Mcf) Q2 2023 145 $3.12 42 $2.85 $3.19 50 $2.05 $2.46 $2.90 10 $2.93 Q3 2023 147 $3.12 43 $2.85 $3.19 47 $2.08 $2.50 $2.91 10 $2.93 Q4 2023 161 $3.19 32 $2.88 $3.29 47 $2.08 $2.50 $2.91 15 $2.98 2023 453 $3.15 116 $2.86 $3.21 145 $2.07 $2.49 $2.91 36 $2.95 2024 528 $3.54 44 $3.07 $3.53 11 $2.25 $2.80 $3.54 9 $3.00 2025 99 $2.50 $3.75 $5.69 Oil Hedges Swaps Two-way Costless Collars Three-way Costless Collars Purchased Puts Volume Price Volume (MB bls) ($/Bbl) (MBbls) Purchased Puts ($/B bl) Sold Calls ($/Bbl) Volume (MBbls) Sold Puts Purchased Puts Sold Calls Volume Purchased Puts ($/B bl) ($/B bl) ($/Bbl) Q2 2023 361 $63.94 345 $33.65 $45.06 $56.26 (MB bls) 127 ($/Bbl) $73.50 Q3 2023 319 $61.86 147 $70.00 $80.58 291 $34.36 $46.05 $55.96 Q4 2023 319 $61.86 147 $70.00 $80.58 291 $34.36 $46.05 $55.96 2023 999 $62.61 294 $70.00 $80.58 926 $34.09 $45.68 $56.07 127 $73.50 2024 1,571 $71.06 146 $70.00 $78.25 2025 41 $77.66 NGL Hedges Ethane Swaps Propane Swaps Butane Swaps Natural Gasoline Swaps Volume Price Volume Price Volume (MBbls) ($/Bbl) (MBbls) ($/Bbl) (MB bls) Price ($/Bbl) Volume Price (MB bls) ($/B bl) Q2 2023 2,111 $11.33 1,399 $36.27 196 $40.96 169 $63.74 Q3 2023 2,052 $11.27 1,414 $36.27 198 $40.96 171 $63.74 Q4 2023 1,408 $12.12 779 $36.44 198 $40.96 171 $63.74 2023 5,570 $11.51 3,592 $36.31 591 $40.96 512 $63.74 2024 2025 1,305 $10.81 1,094 $35.70 329 $40.74 329 $64.37 Note: Hedge position as of March 31, 2023. For additional detail on the Company's hedge position, including its basis hedges, refer to its most recent quarterly report on Form 10-Q. 27 27#28Explanation and Reconciliation of Non-GAAP Financial Measures: Net debt / Adj. EBITDA Swn Southwestern EnergyⓇ Net debt is defined as short-term debt plus long-term debt, less cash and cash equivalents. Adjusted EBITDA is defined as net income (loss) plus interest, income tax expense, depreciation, depletion and amortization, expenses associated with restructuring charges, impairments, legal settlements, merger-related expenses, less gains (losses) on unsettled derivatives, gains (losses) on sale of assets and gains on early extinguishment of debt over the prior 12 month period. Southwestern has included information concerning Net debt / Adjusted EBITDA because it is used by certain investors as a measure of the ability of a company to service or incur indebtedness and because it is a financial measure commonly used in the energy industry. Net debt / Adjusted EBITDA should not be considered in isolation or as a substitute for net income, net cash provided by operating activities or other income or cash flow data prepared in accordance with GAAP or as a measure of the Company's profitability or liquidity. Net debt / Adjusted EBITDA, as defined above, may not be comparable to similarly titled measures of other companies. The table below reconciles historical Adjusted EBITDA with historical net income (loss). March 31, 2023 Dec 31, 2022 Total debt (1) $ ($ in millions) 3,953 $ 4,414 Net income (loss) Q1 2022 Q2 2022 $ (2,675) $ 1,173 Adjusted EBITDA Q3 2022 ($ in millions) $ 450 Q4 2022 Q1 2023 $ 2,901 $ 1,939 Subtract: Add back (deduct): Cash and cash equivalents Net debt $ (3) 3,950 (50) Interest expense 41 48 50 45 $ 4,364 Income tax expense 4 Depreciation, depletion and amortization Merger-related expenses 275 25 Net Debt/LTM Adjusted EBITDA Q1 2023 Q4 2022 $ 3,950 $ 4,364 (Gain) loss on unsettled derivatives Loss on early extinguishment of debt Other 3,232 2 ཆུནྣ་ྒུསམྨུ་ 33 11 10 12 298 313 313 (722) 14 (2,548) (1,524) 8 19 - 1 3 3 Net debt $ 3,950 $ 4,364 Adjusted EBITDA 3,177 3,283 Stock-based compensation Adjusted EBITDA 1 2 1 1 $ 905 $ 822 $ 824 $ 732 $ 799 Cash and cash equivalents Net debt/LTM Adjusted EBITDA 1.2x 1.3x 1) Total debt does not include unamortized debt discount and issuance expense. 28 28