Coterra Energy — Oct 31, 2024 release

The Company remains committed to returning 50% or greater of its annual Free Cash Flow (non-GAAP) to shareholders and has returned 100% year to date, in addition to the retirement of $75 million of debt, net of new issue proceeds. • To date, 36 of the 57 Windham Row wells have come online. 1 ◦ Currently, 10 additional wells are expected to come online by the end of the year. ◦ The final 11 wells are expected to come online in first-quarter 2025. Third-Quarter 2024 Highlights • Net Income (GAAP) totaled $252 million, or $0.34 per share. Adjusted Net Income (non-GAAP) was $233 million, or $0.32 per share. • Cash Flow From Operating Activities (GAAP) totaled $755 million. Discretionary Cash Flow (non-GAAP) totaled $670 million. Free Cash Flow (non-GAAP) totaled $277 million. • Cash paid for capital expenditures for drilling, completion and other fixed asset additions (GAAP) totaled $393 million. Capital expenditures from drilling, completion and other fixed asset additions (non-GAAP) totaled $418 million, below the low-end of our guidance range of $450 to $530 million. • Unit operating cost (reflecting costs from direct operations, transportation, production taxes and G&A) totaled $8.73 per BOE, within our annual guidance range of $7.45 to $9.55 per BOE. • Total equivalent production of 669 MBoepd (thousand barrels of oil equivalent per day), was 3% above the high-end of guidance (620 to 650 MBoepd), driven by timing and strong well performance in all three of our regions. ◦ Oil production averaged 112.