As we inch closer to 2024 and beyond, G&A anticipates pivotal shifts impacting the U.S natural gas market. These developments are expected to enhance the market's role in the evolving global energy landscape, particularly with the upcoming launch of new LNG export facilities along the Gulf Coast, set to begin operations in 2024. The market currently faces short-term bearish price risks, including the potential for another warm winter, continued bullishness in oil prices fostering associated gas production, and a possible further increase in rapid drilling operations and dry gas production expansions. However, these price risks are anticipated to dissipate as storage converges with the 5-year average. Long-term bullish catalysts include increased LNG capacity and reliance on natural gas for power generation due to coal retirements. These catalysts will determine and transform the market over the course of the next half decade.

This document and associated presentation describe the price and basis implications of these changes for the five-year period from the start of 2021 until the end of 2025. Basis points examined include Katy Hub, Tennessee 500-Leg, Tx Eastern ELA, Columbia Gulf Mainline, Texas Gas Zone 1, Carthage Hub, NGPL Texok, Southern Star, CIG Rockies, and Waha Hub. Analysis of such locations provides a forecast of the basis differential to Henry Hub, offering insight into the market and identifying potential hedging opportunities.