Production Curtailment Strategy
Q: At what price will you change curtailments?
A: We consider cash cost plus F&D costs and aim to recover the sunk cost of drilling. Prices around $1.50 in-basin would prompt us to adjust our 1 Bcf/d curtailments.

Divestiture Plans and Debt Reduction
Q: How price-sensitive are you on asset sales?
A: We have a ton of optionality and remain value-focused. With strong interest and the Equinor transaction setting good valuations, we're confident in completing our plan. We can be patient to maximize value if bids don't meet expectations.

LNG Exposure Strategy
Q: Are you approaching your limit on Gulf Coast LNG exposure?
A: We're targeting about 10% of our volumes exposed to international pricing, which feels about right. Currently, we're at that level, but agreements are nonbinding, and we have optionality to adjust based on terms and discussions with end buyers.

Data Center Demand Opportunity
Q: Will data center demand reduce your focus on LNG?
A: Data center demand is a new dynamic. While we have capacity for LNG, proximity to data centers offers direct access to rising demand. We're positioning ourselves to capture this opportunity, leveraging our assets and operations. We'll have exposure to both LNG and data centers.

Hedging Strategy
Q: Why add hedges into next year if E-Train is the new hedge?
A: Consistent with our prior discussions, our first step is deleveraging to protect the balance sheet. By end of 2025, after hitting targets, our hedge strategy will change. The next 12–18 months focus on bulletproofing the balance sheet; beyond that, we'll have upside to higher gas prices.

Pipeline Asset Plans
Q: How does the divestiture plan affect pipeline control?
A: We have tremendous optionality. We don't need to divest much on the Equitrans side unless we choose to. We can sell some assets or a minority interest while maintaining control and operatorship. We're working on structuring options that maintain optionality and efficiently deleverage the balance sheet.

Regulatory Update on ETRN Acquisition
Q: Any update on regulatory hurdles for ETRN acquisition?
A: We've pulled and refiled with the FTC per standard procedure. We're working closely with them, providing updates, and are encouraged to discuss how this transaction enhances our ability to deliver lower-cost, reliable, and clean energy.

Risk Management Amid Volatility
Q: Thoughts on risks like Freeport LNG outage?
A: The Freeport outage shows market uncertainties. We handle these by taking a measured approach and focusing on lowering our cost structure to thrive amid volatility. With a low-cost base, we can generate durable cash flow in both low and high price environments, capturing upside without excessive downside risk.

Third-Party Volumes on MVP
Q: Potential to send more gas beyond MVP and expansion?
A: MVP is unique, with us owning 60% of capacity and being the only producer shipper. We benefit from expansion, even without taking new capacity. We're exploring ways to increase utilization of our midstream assets, including third-party volumes, to reduce our cost structure.

Natural Gas Market Outlook
Q: What's your outlook on natural gas supply/demand?
A: We foresee continued cuts and discipline from operators. There's an overhang of about 600 Bcf to be worked out by October, likely keeping prices low through summer. After October, LNG demand picks up, and we expect the market to change swiftly.