Key Messages Operational Performance Financial Performance Outlook Legacy Cabot production averaged Combined free cash flow generation of On track to hit legacy Cabot and 2,363 MMcfpd, exceeding high end of 387mm (non-GAAP),…
Coterra Energy: A Premier Energy Company Formed through the merger of Cabot Oil & Gas and Cimarex Energy Coterra Energy A stronger, more resilient energy company (NYSE: CTRA) Positioned to deliver leading returns on & of capital Net…
3Q21 Core Performance 3Q21 Operational & Financial Results Highlights Completed the merger between Cabot Legacy Legacy Cabot Cimarex Combined and Cimarex (mm, unless noted) Oil production up 12% compared to Total Production…
Accelerating First Variable Dividend Payment Paying variable dividend in 4Q21, ahead of 1Q22 target Shareholder Returns Variable cash dividend Since October 1, Coterra has declared cash returns of Target return of cash to shareholders…
Scale Increases Liquidity, Reduces Volatility & Is Expected to Improve the Credit Profile & Lower Cost of Capital Low Leverage + Scale Combined Liquidity & Debt Maturity Profile Provides significant financial resilience & liquidity1…
Marcellus Operations Activity Levels CTRA Acreage Position Lower activity in 4Q21, entering the winter season Currently running 2 rigs & 2 completion crews Net Stages Completed Net Stages TIL 31 wells put on production during 3Q21…
Permian Basin Operations Capital Efficiency Increasing CTRA Acreage Position Recent Culberson County, Texas Development Projects: Currently running 5 rigs & 2 completion crews Fewer wells per section drives increased productivity per…
Operational Efficiencies Offsetting Inflation Permian Drilling Performance Permian Well Costs Drilling efficiencies driving faster cycle times & helping offset Maintaining well cost outlook despite cost inflationary cost inflation…
Prudent Capital Allocation to Anadarko Basin Early Time Performance Results CTRA Acreage Position Carel/Elder development outperforming legacy Lone Rock offset development 20% at 75 days of production, driving increased capital…
Committed to Sustainability Leadership Leveraging technology & innovation to improve environmental performance Permian Emissions Permian High-Pressure Flare Intensity New tankless facility design replaces traditional tanks with surge…
Enhanced ESG Profile Sustainability Governance Board Management & Reporting Newly formed Sustainability group Annual election of all directors Independent, diverse & tasked with improving experienced board, with formal…
Appendix 14
FY21 Outlook As of November 3, 2021 4Q21 Guidance Production Total production (MBoepd) 665 - 690 Gas production (MMcfpd) 3,060 - 3,150 Oil production (MBopd) 86 - 90 Operating costs & expenses ( per Boe, unless noted) Production…
Reconciliation of Discretionary Cash Flow and Free Cash Flow Non-GAAP reconciliation Legacy Cabot Discretionary Cash Flow is defined as net cash provided by operating activities excluding changes in assets and liabilities. Discretionary…
Reconciliation of Discretionary Cash Flow and Free Cash Flow Non-GAAP reconciliation Legacy Cimarex Discretionary Cash Flow is defined as net cash provided by operating activities excluding changes in assets and liabilities.…
Reconciliation of Combined Free Cash Flow and Variable Dividend Calculation Reconciliation of Combined Free Cash Flow Variable Dividend Calculation Legacy Cimarex operated under the full cost accounting method, unlike legacy Coterras…
Hedge Position As of November 3, 2021 2021 2022 Oil 4Q 1Q 2Q 3Q 4Q Total Explanatory Notes WTI oil collars1 Volume (Bbl/d) 40,000 34,000 27,000 18,000 8,000 21,668 1WTI refers to West Texas Intermediate oil prices as quoted on the…
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