Operational Excellence & Capital Discipline advantaged assets & operations high-quality, long-life, diversified asset portfolio Multi-basin portfolio provides commodity diversification and capital allocation optionality Marcellus…
Quarterly & Annual Guidance Key Messages 2Q23 2023e raising 2023 production oil mbod guidance guidance 88.5 91.5 prior guid. 87.0 93.0 +3% / +2% / +2% on oil / gas / BOE at the mid-point actual 95.8 updated 91.0 94.0 strong…
2023 Investment Driving 3-Year Outlook 2023e midpoint flexibility remains for 2.0- increased activity in 2023 driving multi-year production outlook capex of 2.1 billion 2.1 billion estimated spend oil mbod 5% natural gas bcfd in 2024…
3-Year Snapshot: Committed to Capital Discipline 2023e-2025e sum of expected uses of CFFO, in billions 14 significant maintain consistent operational activity FCF at strip 12 across basins & across various price scenarios aiming for…
Long Runway of High-Quality Inventory net economic locations at 75/bbl & 3.50/mcf implied inventory duration1 net locations avg lateral length ranges can fluctuate based on assumptions around well spacing, cost levels, commodity…
Committed to Returning Value billions percentages shown are shareholder returns as percentage of FCF 2022 FCF 3.9bn 2023e FCF 1.2bn at recent strip prices, see appendix for commodity price assumptions targeted 50%+ cash cash return…
Prioritizing Financial Flexibility history of conservative Net Leverage liquidity & debt maturity profile mm and weighted average rates 2,500 0.05 Cimarex Cabot Coterra WTI HH 6.0x 2,341 2,000 0.04 4.4% 90 8.00 1,500 0.04 80 5.0x…
Diversified Marketing Portfolio 2023 estimated natural gas sales markets 2023 estimated oil sales markets NYMEX premium (Zone 6 Non New York & Power) in-basin Houston ship channel Marcellus 33% 24% 21% Permian 10% 5% 10% 90%…
Constructive on Long-Term Natural Gas Fundamentals production in bcfd & prices in per mmbtu exports & industrial demand expected to drive requiring supply growth from major U.S. gas basins U.S. natural gas demand growth 45 NYMEX as of…
Cost Relief Potential Currently seeing potential for 5% cost savings in 2024 % of well cost, leading-edge cost indicators implied 2024 costs vs. 2023 on average seeing cost relief in recent recent cost indicators imply drilling rig…
Permian Asset Overview targeting prolific Wolfcamp & Bone Spring notable Permian projects 2023 operational outlook Larger-scale projects are driving capital efficiency by - Focusing on concentrated areas & reducing 880mm - 980mm D&C…
CTRA Long-lateral Wolfcamp Wells are Outperforming Wolfcamp, 8,500 lateral, 2016+ 24-month cumulative production per foot, boe +28% +6% +27% +37% boe boe 80 71 boe gas boe gas 61 64 boe 51 boe boe 58 57 56 21 boe gas gas gas…
Marcellus Asset Overview Susquehanna County acreage significant Upper Marcellus leverages highly productive formation delineation in 2023 2023 operational outlook Positive 2022 results expected to continue in 2023, complementing…
New Upper Marcellus Development Performing Favorably Alongside Premier Lower Marcellus productivity cumulative mcf per lateral foot economics 700 Lower Marcellus Lower Upper Marcellus Marcellus 600 Well count 187 wells 13 wells…
Anadarko Asset Overview increasingly important basin located near industrial & LNG export demand, strong returns expected expected to dominate natural gas demand growth across recent projects 2023 operational outlook Carel Elder Project…
Recent Anadarko Projects Outperforming Legacy Offsets, Driving Capital Efficiency & Higher Returns days online vs cumulative boe per lateral foot lonerock (mixed gas & oil) downdip (gas & NGL weighted) updip (oil weighted) Carel/Elder…
Managing Emissions Executive compensation tied to emissions reduction metrics; 15% of total short-term incentive potential greenhouse gas emissions intensity upstream segment greenhouse gas emissions GHG emissions (MT CO2e) / gross…
Managing Emissions Executive compensation tied to emissions reduction metrics; 15% of total short-term incentive potential methane emissions intensity flare intensity methane emissions (MT CH4) / gross methane produced (MT CH4) flared…
appendix 21
Cash Balance Provides Flexibility Through Cycles millions 1,600 200% Cash and equivalents % of Free Cash Flow returned to shareholders 184% 180% 1,400 1,447 160% 1,200 counter-cyclical buyback activity 140% 1,000 1,059…
Quarterly Key Results & Guidance mm, unless noted 1Q23 2Q23 2Q23 Guidance 2Q23 vs. mid 3Q23e Operations Total Production (mboed) 635 665 620 - 650 5% 625 - 655 Gas (mmcfd) 2,757 2,904 2,750 - 2,850 4% 2,775 - 2,875 Oil (mbod)…
Non-GAAP Reconciliations & Definitions Supplemental Non-GAAP Financial Measures (Unaudited): We report our financial results in accordance with accounting principles generally accepted in the United States (GAAP). However, we believe…
Non-GAAP Reconciliations & Definitions Twelve Months Ended: June 30 December 31 ( in millions) 2023 2022 2021 2020 2019 2018 2017 EBITDAX Net income 3,114 4,065 1,158 201 681 557 100 Plus (less): EBITDAX is defined as net income plus…
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