HighGravityDataCoterra Energy — Aug 1, 2024 release
Fiscal 2024 second-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000858470-24-000102
Showing in the filing
Oil production
“107.0 to 111.0 MBopd”
Period
Q3 FY2024
Measure
Company-defined measure
Source
Prose
All guidance in this release · 41
Quarterly base dividend
“$0.21 per share”
Annual Free Cash Flow returned to shareholders for FY2024
“50% or greater”
Shareholder return commitment
“50% or greater of annual Free Cash Flow (non-GAAP)”
Annual dividend for FY2024
“$0.84 per share annual dividend”
Incurred capital expenditures (non-GAAP) for FY2024
“$1.75 to $1.95 billion”
Oil production for FY2024
“105.5 to 108.5 MBopd”
Natural gas production for FY2024
“2,675 to 2,775 MMcfpd”
BOE production for FY2024
“645 to 675”
Total equivalent production for Q3 FY2024
“620 to 650 MBoepd”
Oil production for Q3 FY2024
“107.0 to 111.0 MBopd”
Natural gas production for Q3 FY2024
“2,500 to 2,630 MMcfpd”
Incurred capital expenditures for FY2024
“$450 to $530 million”
Incurred capital expenditures (non-GAAP) for Q3 FY2024
“$450 to $530 million”
Discretionary Cash Flow (non-GAAP) for FY2024
“approximately $3.2 billion”
Henry Hub commodity price assumption ($ per … for FY2024
“$2.37”
Total Equivalent Production (MBoed) for FY2024
“645 - 660 - 675”
Gas (Mmcf/day) for FY2024
“2,675 - 2,725 - 2,775”
Oil (MBbl/day) for FY2024
“105.5 - 107.0 - 108.5”
Net wells turned in line - Marcellus Shale for FY2024
“37 - 40 - 43”
Net wells turned in line - Permian Basin for FY2024
“80 - 85 - 90”
Net wells turned in line - Anadarko Basin for FY2024
“21 - 24 - 27”
Incurred capital expenditures - Total Company for FY2024
“$1,750 - $1,850 - $1,950”
Drilling and completion - Marcellus Shale for FY2024
“$375 midpoint”
Drilling and completion - Permian Basin for FY2024
“$1,000 midpoint”
Drilling and completion - Anadarko Basin for FY2024
“$290 midpoint”
Midstream, saltwater disposal and infrastruc… for FY2024
“$185 midpoint”
WTI commodity price assumption ($ per bbl) for FY2024
“$80”
Incurred Capital Expenditures ($ in billions) for FY2024
“$1.75 - $1.85 - $1.95”
Free Cash Flow (DCF - cash capex) for FY2024
“$1.3”
Lease operating expense + workovers + region… for FY2024
“$2.15 - $2.50 - $2.85”
Gathering, processing, & transportation ($/b… for FY2024
“$3.50 - $4.00 - $4.50”
Taxes other than income ($/boe) for FY2024
“$1.00 - $1.10 - $1.20”
General & administrative ($/boe) for FY2024
“$0.80 - $0.90 - $1.00”
Unit Operating Cost ($/boe) for FY2024
“$7.45 - $8.50 - $9.55”
Total Equivalent Production (MBoed) for Q3 FY2024
“620 - 635 - 650”
Gas (Mmcf/day) for Q3 FY2024
“2,500 - 2,565 - 2,630”
Oil (MBbl/day) for Q3 FY2024
“107.0 - 109.0 - 111.0”
Net wells turned in line - Marcellus Shale for Q3 FY2024
“0 - 4 - 7”
Net wells turned in line - Permian Basin for Q3 FY2024
“15 - 20 - 25”
Net wells turned in line - Anadarko Basin for Q3 FY2024
“5”
Incurred capital expenditures - Total Company for Q3 FY2024
“$450 - $480 - $530”
Exhibit 99.1 · the passage around this item
… earlier in the release
• Maintained 2024 natural gas production guidance at the mid-point, tightened range to 2,675 to 2,775 MMcfpd. • Increased 2024 BOE production guidance to 645 to 675, up 1% at the mid-point versus prior guidance. • Announced third-quarter 2024 total equivalent production of 620 to 650 MBoepd, oil production of 107.0 to 111.0 MBopd, natural gas production of 2,500 to 2,630 MMcfpd, and incurred capital expenditures (non-GAAP) of $450 to $530 million. • Estimate 2024 Discretionary Cash Flow (non-GAAP) of approximately $3.2 billion and 2024 Free Cash Flow (non-GAAP) of approximately $1.3 billion, at $80/bbl WTI and $2.37/mmbtu annual average NYMEX assumptions. • For more details on annual and third quarter 2024 guidance, see 2024 Guidance Section in the tables below. Strong Financial Position As of June 30, 2024, Coterra had total debt outstanding of $2.646 billion, of which $575 million is due in September 2024. Coterra expects to retire its September 2024 maturity with cash on hand. The Company exited the quarter with cash and cash equivalents of $1.07 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 $2.82 billion. Coterra's net debt to trailing twelve-month EBITDAX ratio (non-GAAP) at June 30, 2024 was 0.4x. 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 Comm
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.