Coterra Energy — May 2, 2024 release

• Expect second-quarter 2024 total equivalent production of 625 to 655 MBoepd, oil production of 103 to 107 MBopd, natural gas production of 2,600 to 2,700 MMcfpd, and incurred capital expenditures (non-GAAP) of $470 to $550 million. • Estimate 2024 Discretionary Cash Flow (non-GAAP) of approximately $3.1 billion and 2024 Free Cash Flow (non-GAAP) of approximately $1.3 billion, at $79/bbl WTI and $2.35/mmbtu average NYMEX assumptions. • For more details on annual and second quarter 2024 guidance, see 2024 Guidance Section in the tables below. Strong Financial Position During the quarter, Coterra issued new $500 million senior unsecured notes due 2034. As of March 31, 2024, Coterra had total debt outstanding of $2.651 billion, of which $575 million is due in September 2024. The Company exited the quarter with a cash and cash equivalents of $1.289 billion, $250 million in short-term investments, and no debt outstanding under its $1.5 billion revolving credit facility, resulting in total liquidity of approximately $3.039 billion. Coterra intends to use the net proceeds from the recent debt offering, together with cash on hand, to fund the repayment of the $575 million notes due September 18, 2024. Coterra's net debt to trailing twelve-month EBITDAX ratio (non-GAAP) at March 31, 2024 was 0.3x. See “Supplemental non-GAAP Financial Measures” below for descriptions of the above non-GAAP measures as well as reconciliations of these measures to the associated GAAP measures. 3 Committed to Sustainability and ESG Leadership Coterra is committed to environmental stewardship, sustainable pra