Differentiated by Operational Excellence & Capital Discipline Advantaged Assets Operate Responsibly Disciplined Investment Return Value and Operations Published Sustainability Report Expect to reinvest 50-70% of Committed to…
High-Quality, Long-Life, Diversified Asset Portfolio 2Q24 Commodity Splits natural gas oil NGL Multi-Basin Portfolio provides commodity 15% diversification and capital ANADARKO allocation optionality 182,000 net acres 2Q24…
Long Runway of High-Quality Inventory Benchmark price assumptions of 75/bbl and 3.75/mmbtu 27 billion of Economic Capex Opportunities Implied Inventory Duration1 estimated capex by PVI10 bucket: estimated capex by formation Total…
Executing on our Strategy 2Q24 Beat 2Q24 oil +2% gas +5% BOE +5% 2024 oil guidance +2% & Raise Beat vs midpoint of 2Q24 guidance Raised 2024 oil production guidance +2% at the midpoint vs May guidance and +5% at the midpoint vs…
3-Year Outlook: Optionality Across Diversified Portfolio Expect 0-5% annual growth on total equivalent production and 5%+ annual growth on oil production Oil production Gas production Total equivalent production mbbld bcfd mboed 140…
Committed to Capital Discipline & Free Cash Flow Generation Expect to reinvest 50-70% of cash flow at mid-cycle prices billions on y-axis benchmark prices on x-axis capex as % of DCF 6 70% 66% 61% 60% 5 Maintained capital discipline…
Committed to Returning Value billions Percentages shown are shareholder returns as percentage of FCF 2023 FCF 1.3bn 2024e FCF 1.3bn see appendix for commodity price assumptions Uncommitted excess FCF 23% 32% available for…
Prioritizing Financial Flexibility 6.0x History of Conservative Net Leverage Liquidity & Debt Maturity Profile WTI HH mm and average rates 3000 0.07 5.0x 100 8.00 94 90 7.00 6.64 0.06 80 78 80 2500 6.00 70 68 5.6% 4.0x 65…
Permian Asset Overview 2024 Operational Outlook 1,000 million Mid-point D&C CapEx -11% from 2023 guidance of 1,200/ft 9,540' 1,065 80-90 Avg. Lateral Avg. Well Cost Net Wells Length1 per Foot1 Online 1) Of operated…
Permian Asset Overview Targeting Prolific Wolfcamp & Bone Spring Expect 2024 program to be 50% Texas & 50% New Mexico 2024e net wells online Coterra Acreage Wolfcamp Bone Spring Wolfcamp Bone Spring Harkey 3 2 8 1 4…
Top-Tier Delaware Producer Delaware Productivity Cumulative Oil per Lateral Foot 45 Productivity will differ from year to year, depending on project selection & 40 other operational decisions 35 Generally, our Permian program will be…
Windham Row Project 57-well project across 6 drilling spacing units with 7-10 wells per section in Upper Wolfcamp & 3-4 wells per section in Harkey Harkey1 Upper Wolfcamp1 Current status of Drilling Completing Drill-Out…
Expect 5-15% Cost Savings on Windham Row Average Culberson Well Cost Centralized pad operations per foot Reduces mobilization time for rigs & frac crews Maximizes pump hours per day with faster transition time between wells…
Marcellus Asset Overview 2024 Operational Outlook 2024e Net Wells Online The 12 TILs deferred in 1Q24 came 375 million online briefly in June Expect 0-7 TILs in late 3Q24 13-19 Mid-point D&C CapEx 14 9 , 980 Avg.…
Marcellus Asset Overview Susquehanna County acreage leverages highly productive Lower 2024 activity YoY Marcellus Coterra Acreage In response to weak near-term natural gas macro, lowered 2024e Marcellus D&C capex by 55% at the…
Top-Tier Marcellus Producer Marcellus Productivity Cumulative mcfe per Lateral Foot 1,200 Peer-leading productivity driven by premier acreage 1,000 90% Lower & 10% Upper1 position, in Northeast Pennsylvania 800 Productivity…
Anadarko Asset Overview 2024 Operational Outlook 2024e Net Wells Online Downdip Lonerock Updip non-op 290 million Primarily 15 Mid-point D&C CapEx 3Q24 3 4 1-7 implied remaining TILs for 4Q24 2Q24 4 9,630' 1,300…
Anadarko Asset Overview Increasingly important basin located near Major 2024 Anadarko projects industrial & LNG export demand Nearly doubled D&C spend year-over-year, driven by competitive returns on recent projects Coterra Acreage…
Recent Anadarko Projects are Outperforming Legacy Offsets Wider spacing driving improved productivity & higher returns Days Online vs Cumulative boe per Lateral Foot Lonerock (mixed gas & oil) Downdip (gas & NGL weighted) Carel/Elder…
Recent Anadarko Projects are Outperforming Legacy Offsets Wider spacing driving improved productivity & higher returns Days Online vs Cumulative boe per Lateral Foot Updip (oil weighted) Operational improvements made over time…
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…
Appendix
Expect 5% Deflation 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 drilling rig 5% -10% well costs on some big-ticket 4.5%…
Diversified Gas Marketing Portfolio 2024 Estimated Natural Gas Sales Markets 2021-2023 Natural Gas Price Realization Range1 % of Henry Hub1 NYMEX pricing mitigates NYMEX 26% 2021-2023 range for total company 2024 total company 2024…
Sell Primarily at Midland 2024 Estimated Oil Sales Markets Strong Oil Price Realizations % of WTI1 Midland Cushing 98% 100% 98% 10% 98% Almost all of our oil volumes are sold at Midland pricing, which has traded closely…
Remaining 2024 Hedge Position Remaining 2024e gas volumes 30% hedged Remaining 2024e oil volumes 30% hedged 2.75/MMBtu & 4.23/MMBtu 65/bbl & 87/bbl weighted average floor & ceiling price weighted average floor & ceiling price…
Guidance & Actuals 2023 Actual 2024 Guidance (May) Updated 2024 Guidance 2Q24 Guidance 2Q24 Actual 3Q24 Guidance Implied 4Q24 Guidance Low Mid High Low Mid High Low Mid High Low Mid High Low Mid High Total Production (mboed) 667 635…
Expected 2024 Operational Cadence Subject to change Rig Activity spot work / not full-time in the quarter Crew Activity spot work / not full-time in the quarter 1Q24 2Q24 3Q24e 4Q24e 1Q24 2Q24 3Q24e 4Q24e Permian 8 full-year rigs…
Expense Guidance & Actuals 2023 Actual 2024 Guidance 1Q24 Actual 2Q24 Actual per boe, unless noted: Lease operating expense + workovers + region office 2.31 2.15 - 2.50 - 2.85 2.50 2.62 Gathering, processing, & transportation 4.00…
Non-GAAP Reconciliations & Definitions Supplemental Non-GAAP Financial Measures (Unaudited): We report our financial results in accordance with Three Months Ended: 30-Jun Twelve Months Ended: Dec 31 Dec 31 accounting principles generally…
Non-GAAP Reconciliations & Definitions EBITDAX Twelve Months Ended: June 30 December 31 ( in millions) 2024 2023 2022 2021 2020 2019 2018 EBITDAX is defined as net income plus interest expense, other expense, income tax expense and…
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