Deals - Acquisition, Mergers, Divestitures

Cabot, Cimarex Finalize Combination; Emerges as Coterra Energy

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   |    Monday,October 04,2021

Coterra Energy Inc. announced the successful completion of the combination of Cabot Oil & Gas Corp. and Cimarex Energy Co.

Coterra's common stock will trade on the New York Stock Exchange under the ticker symbol "CTRA" at the open of trading on October 4, 2021 and under the symbol "COG" until then.

The Coterra name reflects two companies coming together, combining teams and assets to create a stronger platform to deliver sustainably higher returns.

Dan O. Dinges, Executive Chairman of Coterra, said, "We are proud to complete our transaction and launch Coterra, which will build upon the impressive legacies and many strengths of both Cabot and Cimarex. Driven by a commitment to operating accountably, sustainably and safely, Coterra will be well positioned to increase returns to shareholders and deliver long-term value for all our stakeholders."

Thomas E. Jorden, Chief Executive Officer, President and Director of Coterra, said, "Today marks the beginning of our journey as one Coterra team. We couldn't be more excited to bring together our teams and form a new E&P company that is positioned to succeed in the next phase of the shale revolution and beyond. With tremendous flexibility between premier oil and natural gas assets and a focus on operating efficiently, driving substantial cash flows and generating capital returns through commodity cycles, Coterra is poised to deliver enhanced value to our shareholders."

Management Team

As previously announced, joining Mr. Jorden as a member of Coterra's senior leadership team is Scott C. Schroeder, previously Cabot's Executive Vice President and Chief Financial Officer, who will serve as EVP and CFO of the combined business. Additional members of Coterra's senior leadership team announced today include:

• Stephen P. Bell, Executive Vice President - Business Development
• Francis B. Barron, Senior Vice President and General Counsel
• Christopher H. Clason, Senior Vice President and Chief Human Resources Officer
• Steven W. Lindeman, Senior Vice President - Production & Operations
• Phil L. Stalnaker, Senior Vice President - Marcellus Business Unit
• Michael D. DeShazer, Vice President of Business Units
• Kevin W. Smith, Vice President and Chief Technology Officer

Board of Directors

Coterra's 10-member Board of Directors has equal representation from Cabot and Cimarex and was selected to ensure that the Company has the diverse skills, experience and perspectives along with the necessary independence and diversity to provide strong corporate governance and expert oversight of management. They include:

• Dan O. Dinges, Executive Chairman (former Cabot Board member)
• Thomas E. Jorden, CEO & President (former Cimarex Board member)
• Lisa A. Stewart, Lead Independent Director (former Cimarex Board member)
• Dorothy M. Ables, Independent Director (former Cabot Board member)
• Robert S. Boswell, Independent Director (former Cabot Board member)
• Amanda M. Brock, Independent Director (former Cabot Board member)
• Paul N. Eckley, Independent Director (former Cimarex Board member)
• Hans Helmerich, Independent Director (former Cimarex Board member)
• Frances M. Vallejo, Independent Director (former Cimarex Board member)
• Marcus A. Watts, Independent Director (former Cabot Board member)

2021 Development Plan

Category	2020	2021 Est. Initial	Updated 2021 Guidance	%Difference (2020vs 2021)
Total Capital Expenditure($mm)

Wells Completed/Frac(net)

Production Daily Equivalent(mmcfe/d)

 Click here for More Planned 2021 Activity

2021 Development Plan

Category	2020	2021 Est. Initial	Updated 2021 Guidance	%Difference (2020vs 2021)
Total Capital Expenditure($mm)

Production Daily Equivalent(boe/d)
Production Oil(bbls/d)

 Click here for More Planned 2021 Activity