Natural Gas Market Fundamentals

Natural Gas Benchmark Pricing ● The primary benchmark pricing hub for natural gas sold in the United States is Henry Hub, located in Louisiana, while in Canada, the primary benchmark pricing hub is AECO, located in Alberta. [...] • Forecasted annual production 2 growth of 1.5 Bcf/d in 2024 is lower than the historical average from 2011 to 2021 of 3.4 Bcf/d and well below the 0 growth in 2023 of 4 Bcf/d. [...] Source: US Energy Information Administration – Short-Term Energy Outlook (Jan 2024) 6 Bcf/d Short-Term US Natural Gas Demand Outlook | Quarterly | 2018 to 2024e • Based on the latest monthly Power Industrial Res/Com 120 Short-Term Energy Outlook from Other Demand Demand (Forecast) the EIA (Jan 2024), US natural gas demand is expected to 100 average 89.9 Bcf/d in 2024, up ~1 Bcf/d relative to 2023. [...] Source: US Energy Information Administration – Short-Term Energy Outlook (Jan 2024) 7 Bcf/d Short-Term US Natural Gas Demand and Net Exports | Quarterly | 2018 to 2024e 120 Net Exports (LNG & Pipeline) • The United States is a net exporter of LNG and natural gas Total Demand via pipeline to Mexico, which have a meaningful impact on 100 the overall supply/demand balance. [...] 24 Slide 1: Natural Gas Market Fundamentals Slide 2: Note to Reader – Disclaimer Statement Slide 3: Summary of Natural Gas Market Fundamentals Slide 4: US Natural Gas Markets Slide 5: Short-Term US Dry Natural Gas Production Outlook | Quarterly | 2010 to 2024e Slide 6: Annual US Dry Natural Gas Production Growth | 2011 to 2024e Slide 7: Short-Term US Natural Gas Demand Outlook | Quarterly | 2018 t.