Quarterly & Annual Guidance Key Messages 3Q23 2023e raising 2023 production oil mbod guidance guidance 88.0 - 91.0 prior guid. 91.0 94.0 +3% / +1% / +3% on oil / gas / BOE at the mid-point actual 91.9 updated 94.5 95.5 faster cycle…
Operational Efficiencies Driving Timing Beats Permian & Marcellus average pump hours per day 2023 guidance revisions for Permian + Marcellus net wells online revised 2023 guidance +10 net wells 17.0 throughout the year as…
Differentiated by Operational Excellence & Capital Discipline advantaged assets & operations Multi-basin portfolio provides commodity diversification and capital allocation optionality Top-tier acreage positions with deep inventory,…
High-Quality, Long-Life, Diversified Asset Portfolio multi-basin portfolio provides commodity diversification and capital allocation optionality 3Q23 commodity splits top-tier acreage positions with deep inventory, estimated at 15+…
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…
Consistent, Profitable Growth 2023e midpoint flexibility remains for 2.0- multi-year production outlook capex of 2.1 billion 2.1 billion estimated spend oil mbod natural gas bcfd 5% in 2024 & 2025 CAGR 0-5% potential to reduce…
3-Year Snapshot: Committed to Capital Discipline 2023e-2025e sum of expected uses of CFFO in billions 14 significant FCF at strip maintain consistent 12 operational activity resilient in across basins & across various price…
Committed to Returning Value billions percentages shown are shareholder returns as percentage of FCF 2022 FCF 3.9bn 2023e FCF 1.3bn 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 00 8.00 2,000 2,347 0.04 90 91 4.4% 7.00 1,500 80 80…
Diversified Marketing Portfolio 2023 estimated natural gas sales markets 2023 estimated oil sales markets NYMEX fixed price premium (Zone 6 Non New York & Power) in-basin Houston ship channel Marcellus 33% 22% 22% Permian 10% 5% 10%…
Cost Relief Potential Currently seeing potential for 5% cost savings in 2024 % of 2023 well leading-edge cost indicators implied 2024 costs vs. 2023 cost, on average seeing cost relief in recent recent cost indicators imply…
Top-Tier Producer Delaware productivity cumulative oil per lateral foot 50 45 Productivity will differ from year to year, depending on project selection & other 40 operational decisions 35 Oily Lea County projects bolstered 2020 &…
Top-Tier Producer Marcellus productivity cumulative mcfe per lateral foot 1,200 Peer-leading productivity driven by premier acreage position, in Northeast 1,000 90% Lower & Pennsylvania 10% Upper1 Productivity expected to trend…
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 mobilization 880mm -…
Row Developments Increasing Efficiencies Windham Row is a 51-well project across 6 drilling spacing units with 7-10 wells per section Upper Wolfcamp services occurring simultaneously down the row drilling completing drill-out…
CTRA Long-Lateral Wolfcamp Wells are Outperforming On both gas and oil 36-month cumulative oil production (bbl) per foot 36-month cumulative gas production (mcf) per foot +32% 7% gas outperformance in Eddy +27% 20% BOE outperformance…
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…
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 22 Link to 2023 Sustainability Report: ESG - Coterra Energy
Managing Emissions Executive compensation tied to emissions reduction metrics; 15% of total short-term incentive potential 23 Link to 2023 Sustainability Report: ESG - Coterra Energy
Emissions Reductions Efforts greenhouse Electrifying compressors, fracs, & drilling rigs typically reduces net Scope 1 + Scope 2 emissions from those sources by 25-45%, depending on the gas technology being electrified emissions…
appendix 25
Cash Balance Provides Flexibility Through Cycles millions cash and equivalents % of Free Cash Flow returned to shareholders 600 counter-cyclical 200 buyback activity 183% facilitated by strong 400 1,447 cash position 200 000…
Annual Guidance 2023e guidance 2023e expense guidance prior 2023e guid. 2023e change per boe, unless noted Operations Total Production (mboed) 630 - 655 655 - 665 25 - 10 2023e Change from prior guid. Gas (mmcfd) 2,750 - 2,900…
Quarterly Key Results & Guidance mm, unless noted 1Q23 2Q23 3Q23 Guidance 3Q23 3Q23 vs. mid 4Q23 Guidance Operations Total Production (mboed) 635 665 625 - 655 670 5% 645 - 680 Gas (mmcfd) 2,757 2,904 2,775 - 2,875 2,903 3% 2,780…
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…
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: ( in millions) Sept 30 2023 2022 2021 December 31 2020 2019 2018 2017 EBITDAX Net income 2,241 4,065 1,158 201 681 557 100 EBITDAX is defined as net income plus interest…
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