Coterra Energy — Oct 31, 2024 release

(In millions) September 30, 2024 December 31, 2023 Total debt $ 2,066  $ 2,161  Net income 1,240  1,625  Total debt to net income ratio 1.7  x 1.3  x Net debt (as defined above) $ 1,223  $ 1,205  Adjusted EBITDAX (Trailing twelve months) 3,519  3,928  Net debt to Adjusted EBITDAX 0.3  x 0.3  x 18 2024 Guidance The tables below present full-year and third quarter 2024 guidance. Full Year Guidance 2024 Guidance (August) Updated 2024 Guidance Low Mid High Low Mid High Total Equivalent Production (MBoed) 645 — 660 — 675 660 — 668 — 675 Gas (Mmcf/day) 2,675 — 2,725 — 2,775 2,735 — 2,755 — 2,775 Oil (MBbl/day) 105.5 — 107 — 108.5 107 — 107.5 — 108 Net wells turned in line Marcellus Shale 37 — 40 — 43 40 Permian Basin 80 — 85 — 90 No change Anadarko Basin 21 — 24 — 27 No change Capital expenditures ($ in millions) Total Company $1,750 — $1,850 — $1,950 $1,750 — $1,800 — $1,850 Drilling and completion Marcellus Shale $375 midpoint $300 midpoint Permian Basin $1,000 midpoint $1,050 midpoint Anadarko Basin $290 midpoint $300 midpoint Midstream, saltwater disposal and infrastructure $185 midpoint $150 midpoint Commodity price assumptions: WTI ($ per bbl) $80 $76 Henry Hub ($ per mmbtu) $2.37 $2.22 Cash Flow & Investment ($ in billions) Discretionary Cash Flow $3.2 $2.9 Capital Expenditures $1.75 — $1.85 — $1.95 $1.75 — $1.80 — $1.85 Free Cash Flow (DCF - cash capex) $1.3 $1.1 $ per boe, unless noted: Lease operating expense + workovers + region office $2.15 — $2.50 — $2.85 No change Gathering, processing, & transportation $3.50 — $4.00 — $4.50 No change Taxes other than income $1.00 — $1.10 — $1.20 No change General & administrative (1) $0.80 — $0.90 — $1.00 No change Unit Operating Cost $7.45 — $8.50 — $9.55 No change __________________________________________________________