Coterra Energy — May 2, 2024 release

• For the first quarter of 2024, shareholder returns totaled approximately 90% of Free Cash Flow (non-GAAP), inclusive of our quarterly base dividend and $150 million of share repurchases during the quarter (cash basis, excluding 1% excise tax). The Company remains committed to returning 50% or greater of its annual Free Cash Flow (non-GAAP) to shareholders. • Issued $500 million aggregate principal amount of senior unsecured notes due 2034, with a coupon of 5.60% per annum. Coterra intends to use the net proceeds from the offering, together with cash on hand, to fund the repayment of the $575 million outstanding principal amount, and any other amounts due thereon, of its 3.67% Series L Senior Notes due September 18, 2024. Tom Jorden, Chairman, CEO and President of Coterra, noted, "Coterra continues to deliver outstanding operational and financial results driven by the company's high-quality asset portfolio and top-tier operating team. Coterra continues to fire on all cylinders, and shifting our near-term capital program to focus on oil and liquids-rich plays remains prudent. However, the Company maintains optionality to take advantage of a structural change in the natural gas macro as LNG exports grow and electricity demand increases. One of our core principles at Coterra is maintaining flexibility and our low-cost, diversified asset portfolio provides ample opportunity to generate consistent, profitable growth through the cycles." First-Quarter 2024 Highlights • Net Income (GA