Disciplined 2025 Capital Program, Free Cash Flow, and Production Growth 2025e Capex estimated at 2.25B Reinvestment…
Beat High-End of 4Q24 and 2024 Production Guidance Higher production & lower capex driving improved capital efficiency 4Q24 2024 Oil guidance 106.0 - 110.0 November guid. 107.0 - 108.0 mbod actual 113.0 actual 108.8 Gas…
2025 Capital Flat to November Preview Consistent 3 crews in the Permian; restarting activity in the Marcellus 2025e Capex Summary Capex Walk From November 2024 Preview Permian Basin D&C: 1,570mm 2,250 Down from preview by 70mm,…
2025: Top-Tier Capital Efficiency Paired with Industry-Leading Growth Coterra has one of the highest growth rates with best-in-class capital efficiency 2025e Operational and Financial Outlook 2025e Capital Efficiency and 2026e…
Delivering on Capital Discipline and Strong Development Program Highest 2026e production growth while maintaining low reinvestment rate Conservative reinvestment rate 2022-2025e Low reinvestment & high production growth oil-weighted…
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 Operating within cash flow with capex 6 that is…
Committed to Returning Value billions Percentages shown are shareholder returns as percentage of FCF 2024 FCF 1.2bn 2025e FCF 2.7bn Based on our current outlook, Coterra Returned 89% of FCF to shareholders see appendix for commodity…
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…
3-Year Outlook: Optionality Across Diversified Portfolio Oil production Gas production Total equivalent production mbbld bcfd mboed 2.1-2.4 billion 200 3,500 900 Expected average capex range for 2025-2027 180 800 3,000 160 700 710 -…
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 .0x History of Conservative Net Leverage Liquidity & Debt Maturity Profile WTI HH mm and average rates senior notes 1bn term loan interest rates for senior notes .0x 6000 0.07 0 8.00 94 0 7.00 0…
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 Based on our current…
Permian Asset Overview 2025 Operational Outlook 1,570 million Mid-point D&C CapEx 10,400' 960 150-165 Avg. Lateral Avg. Well Cost Net Wells Length1 per Foot1 Online 1) Based on 2025e operated, completed wells. Note:…
Permian Asset Overview Targeting Prolific Wolfcamp & Bone Spring Notable Projects Coterra Acreage Culberson County, TX Southern Lea County, NM Windham Row Phase 2 Forge + Land of Enchantment Project 16 gross Harkey wells, overfill 16…
2025 Permian Development Program 2025e mid-point D&C capex in millions 2025e net wells online 150-165 1,570 Total Permian Lea County Culberson County Reeves County Eddy County Total Permian Lea County Culberson County Reeves…
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 major peer operator 2022-2024 CTRA 2022-2024…
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%…
Successful Windham Row Project Phase 1 Now Fully Online Continuing to implement row developments in Culberson County Original Simul-frac 50% of the 874/ft average Final wells 3-month Expectations wells as an initial test across the…
Marcellus Asset Overview 2025 Operational Outlook 250 million Mid-point D&C CapEx 19,000 700 Avg. Lateral Avg. Well Length for Upper1 Cost per Foot1 10-15 14,500 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 productive Reduction in well costs YoY driven by significantly longer Marcellus…
Anadarko Asset Overview 2025 Operational Outlook 230 million Mid-point D&C CapEx 11,170' 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…
Recent Anadarko Projects are Outperforming Legacy Offsets Wider spacing, longer laterals, and lower well costs are driving improved productivity & higher returns days online vs cumulative boe per lateral foot Updip (oil weighted)…
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
High-Quality, Long-Life, Diversified Asset Portfolio 4Q24 Commodity Splits natural gas oil NGL Multi-Basin Portfolio provides commodity 15% diversification and capital ANADARKO allocation optionality 181,000 net acres 4Q24…
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…
Diversified Gas Marketing Portfolio 2025 Estimated Natural Gas Sales Markets 2021-2025e Natural Gas Price Realization Range1 % of Henry Hub1 Zone 6 NNY (premium to in-basin) NYMEX pricing mitigates 2021-2024 range for total company…
Oil Sales Primarily at Midland 2025 Estimated Oil Sales Markets Strong Oil Price Realizations % of WTI1 Midland Cushing 10% 100% 98% 98% 98% 98% Almost all of our oil volumes are sold at Midland pricing, which has traded…
2025 Hedge Position 2025e gas volumes 35% hedged 2025e oil volumes 40% hedged 2.87/MMBtu & 4.54/MMBtu 62/bbl & 79/bbl weighted average floor & ceiling price on collars weighted average floor & ceiling price on collars financial…
Guidance & Actuals 2024 Guidance 2024 Actual 2025 Guidance (November) Updated 2025 Guidance 4Q24 Guidance 4Q24 Actual 1Q25 Guidance Low Mid High Low Mid High Low Mid High Low Mid High Low Mid High Total Production (mboed) 660 - 668 -…
Expected 2025 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 1Q25 2Q25 3Q25 4Q25 1Q25 2Q25 3Q25 4Q25 Permian 10 full-year rigs…
Expense Guidance & Actuals 2024 Guidance 2024 Actual 2025 Guidance 1Q24 Actual 2Q24 Actual 3Q24 Actual 4Q24 Actual per boe, unless noted: Lease operating expense + workovers + region office 2.15 - 2.50 - 2.85 2.66 2.50 - 3.05 - 3.60…
Non-GAAP Reconciliations & Definitions Supplemental Non-GAAP Financial Measures (Unaudited): We report our financial results in accordance with Three Months Ended: 31-Dec Twelve Months Ended: Dec 31 Dec 31 accounting principles generally…
Non-GAAP Reconciliations & Definitions EBITDAX Twelve Months Ended: 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 benefit,…
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