Coterra Energy A Differentiated Oil & Natural Gas Company Consistent, Profitable Growth Through the Commodity Cycles Who Is Coterra Why Own Coterra Culture of Excellence Consistent, Profitable Growth & Low Reinvestment Open,…
Durable Free Cash Flow Through the Cycles Oil-to-gas price ratios can, and have historically decoupled, especially during periods of extreme volatility Uniquely Positioned to Weather Volatility Resilient Free Cash Flow Through Volatile…
Disciplined Approach to Capital Investment Differentiated reinvestment rate through the commodity cycles Conservative historical reinvestment rate Low reinvestment among peers in 2025 oil-weighted peers CTRA gas peer average oil peer…
Improving 2025 Production Guide at Lower Capital Lowering 2025 Capital Range to 2.0-2.3bn Reallocating Investment From Permian Oil to Marcellus Gas Increasing BOE and Natural Gas Production Midpoint Strong 1Q25 Results Beat the…
Beat Midpoint of 1Q25 Production Guidance & Updating Annual Guidance Higher production & lower capex driving improved capital efficiency 1Q25 2025e Oil guidance 134.0 144.0 February guid. 152.0 168.0 mbod actual 141.2 updated…
2025 Capital Down from February Guide Lowering annual capital 100mm: increasing natural gas investment 50 million, decreasing oil investment 150 million 2025e Capex Summary Capex Walk From February Guidance millions on y-axis…
Committed to Capital Discipline & Free Cash Flow Generation Expect to reinvest 50-60% of discretionary cash flow at mid-cycle prices billions on y-axis benchmark prices on x-axis capex as % of DCF 6 61% 5 59% 58% 4 45% 3…
Committed to Returning Value billions Percentages shown are shareholder returns as percentage of Free Cash Flow 2024 FCF 1.2bn 2025e FCF 2.1bn Returned 89% of FCF to shareholders see appendix for commodity price assumptions In 2025,…
Long Runway of High-Quality Inventory Benchmark price assumptions of 75/bbl and 3.75/mmbtu 31 billion of Economic Capex Opportunities Implied Inventory Duration1 estimated capex by PVI10 bucket: estimated total footage by asset area:…
Prioritizing Financial Flexibility History of Conservative Net Leverage Liquidity & Debt Maturity Profile WTI HH mm and average rates 8.00 94 senior notes term loans (variable rate interest) interest rates for senior notes 7.00…
Permian Asset Overview 2025 Operational Outlook 1,450 million Midpoint D&C CapEx 10,600' 960 150-165 Avg. Lateral Avg. Well Cost Net Wells Length1 per Foot1 Online 1) Based on 2025e operated, completed wells. Note: Spend…
Permian Asset Overview Targeting Prolific Wolfcamp & Bone Spring Notable Projects Culberson County, TX Lea County, NM 5 1. Windham Row Update 4. Red Hills 73 gross wells (50% WI), across six DSUs 10 gross wells (78% WI), first prod…
Permian Well Cost Reductions Expected in 2025, Driven by Ops Efficiencies per foot cost estimates Permian reduction driven by operational efficiencies Synergies on our newly acquired Lea County asset Reduced per foot on acquired…
Top-Tier Delaware Producer with Competitive D&C Well Costs Delaware Productivity1 Recent Delaware D&C Well Costs per Foot2 cumulative 2-stream at 20:1 conversion ratio, boe per lateral foot Facilities & post-completion major peer…
2025 Permian Development Program 2025e mid-point D&C capex in millions 2025e net wells online 150-165 1,450 Total Permian Lea County Culberson County Reeves County Eddy County Total Permian Lea County Culberson County Reeves…
Marcellus Asset Overview 2025 Operational Outlook 300 million Midpoint D&C CapEx 19,100 660 Avg. Lateral Avg. Well Length for Upper1 Cost per Foot1 10-15 14,700 Net Wells 860 Online Avg. Lateral Avg. Well 30% Upper &…
Marcellus Asset Overview Highly capital efficient: 450mm annual capex spend maintains 2 bcfd production levels Susquehanna County acreage leverages highly Reduction in well costs YoY driven by 2025e midpoint D&C capex in productive…
Anadarko Asset Overview 2025 Operational Outlook 230 million Midpoint D&C CapEx 11,080' 1,070 15-25 Avg. Lateral Avg. Well Cost Net Wells Length1 per Foot1 Online 1) Based on 2025e operated, completed wells. Note: Spend…
Anadarko Asset Overview Anadarko sub-regions Coterra Acreage Major 2025 Anadarko projects Project Estimated 60-month production Online Well count Area name mix at 6:1 oil 3% Downdip (Primarily NGL 8.9 net 40% 2Q 2025 Roberts…
Anadarko Investment Allocation by Area & Cost Savings Wider spacing, longer laterals, and lower well costs are driving improved productivity & higher returns 2025e mid-point D&C capex in millions YoY cost savings driven by longer…
Appendix
High-Quality, Long-Life, Diversified Asset Portfolio 1Q25 Commodity Splits natural gas oil NGL Multi-Basin Portfolio provides commodity 13% diversification and capital ANADARKO allocation optionality 181,000 net acres 1Q25…
Executive Compensation Tied to Emissions Reduction Metrics 20% of total short-term incentive potential Climate Targets Greenhouse Gas Emissions Intensity In 2024, four climate metrics were included in Coterras executive short-term…
Emissions Reductions Efforts Electrifying compressors, fracs, & drilling rigs Utilizing Vapor Recovery Units to maximize Greenhouse typically reduces net Scope 1 + Scope 2 emissions Flared revenue and minimize flaring Gas from those…
Upstream Greenhouse Gas Intensity vs. Peers & Industry GHG Intensity (MT CO2e / Gross Mboe) We analyze our upstream emissions on a standalone basis to compare our performance against our peers1, as our peer group has varying levels of…
Diversifying Gas Portfolio with New LNG Contracts Reducing in-basin price exposure & diversifying toward European and Asian markets with expanding LNG portfolio Contracted Production Pricing LNG Volumes From Index 50 mmcfd…
Midstream/Power Capability in our Permian Assets Culberson and NM Lea County TX Cost Savings Reeves Counties Bolt-on Acquisition Saltwater Disposal Over 300 miles of pipeline, reduces surface storage 120 miles of pipeline 30-60%…
Diversified Gas Marketing Portfolio 2025 Estimated Natural Gas Sales Markets 2021-2025e Natural Gas Price Realization Range1 % of Henry Hub1 2021-2024 range for total company 2025e total company 2025e Marcellus Zone 6 NNY (premium to…
2025 Hedge Summary 2Q25e-4Q25e Remaining 2025e gas volumes 50% hedged Remaining 2025e oil volumes 40% hedged 3.01/MMBtu & 4.82/MMBtu 62/bbl & 79/bbl weighted average floor & ceiling price on NYMEX weighted average floor & collars…
Guidance & Actuals 2025 Guidance (February) Updated 2025 Guidance 1Q25 Guidance 1Q25 Actual 2Q25 Guidance Low Mid High Low Mid High Low Mid High Low Mid High Total Production (mboed) 710 - 740 - 770 720 - 745 - 770 710 - 730 - 750 747…
Expected 2025 Operational Cadence Rig Activity spot work / not full-time in the quarter Crew Activity spot work / not full-time in the quarter 1Q25 2Q25 3Q25 4Q25 1Q25 2Q25 3Q25 4Q25 Permian 7 full-year rigs Permian 3 full-year…
Expense Guidance & Actuals Expense guidance provided for annual 2025 2024 Actual 2025 Guidance 1Q25 Actual per boe, unless noted: Lease operating expense + workovers + region office 2.66 2.50 - 3.05 - 3.60 3.21 Gathering,…
Non-GAAP Reconciliations & Definitions Supplemental Non-GAAP Financial Measures (Unaudited): We report our financial results in accordance with accounting Three Months Ended: 31-Mar Twelve Months Ended: Dec 31 Dec 31 principles generally…
Non-GAAP Reconciliations & Definitions Twelve Months Ended: March 31 December 31 EBITDAX ( in millions) 2025 2024 2023 2022 2021 2020 2019 2018 EBITDAX is defined as net income plus interest expense, other expense, income tax expense…
Non-GAAP Reconciliations & Definitions Adjusted Pro Forma EBITDAX (trailing twelve months) Trailing Twelve Months Ended: March 31 December 31 ( in millions) 2025 2024 Adjusted Pro Forma EBITDAX is defined as pro forma net income plus…
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