Coterra Energy — Oct 31, 2024 release

• Increased 2024 BOE production guidance to 660 to 675 MBoepd, up 1% at the mid-point versus prior guidance. • Announced fourth-quarter 2024 total equivalent production of 630 to 660 MBoepd, oil production of 106 to 110 MBopd, natural gas production of 2,530 to 2,660 MMcfpd, and capital expenditures (non-GAAP) of $410 to $500 million. • Estimate 2024 Discretionary Cash Flow (non-GAAP) of approximately $2.9 billion and 2024 Free Cash Flow (non-GAAP) of approximately $1.1 billion, at $75.58/bbl WTI and $2.22/mmbtu (metric million British thermal unit) annual average NYMEX assumptions. • For more details on annual and fourth quarter 2024 guidance, see 2024 Guidance Section in the tables below. 3 Strong Financial Position As of September 30, 2024, Coterra had total debt outstanding of $2.066 billion. During the quarter, Coterra repaid $575 million of its 3.65% weighted-average private placement senior notes that matured in September 2024. During the quarter, the Company expanded its credit facility to $2.0 billion, up from $1.5 billion. The Company exited the quarter with cash and cash equivalents of $843 million, and no debt outstanding under its $2.0 billion revolving credit facility, resulting in total liquidity of approximately $2.843 billion. Coterra's net debt to trailing twelve-month EBITDAX ratio (non-GAAP) at September 30, 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 m