Coterra Energy — Oct 31, 2024 release

• Reiterate Shareholder Return Strategy: Coterra is committed to returning 50% or greater of annual Free Cash Flow (non-GAAP) to shareholders through its $0.84 per share annual dividend and share repurchases. Year to date, Coterra has returned 100% of Free Cash Flow (non-GAAP) to shareholders. Guidance Updates • Lowered 2024 capital expenditures (non-GAAP) to $1.75 to $1.85 billion, down from $1.75 to $1.95 billion. • Increased 2024 oil production guidance to 107 to 108 MBopd, up 0.5 MBopd at the mid-point versus prior guidance. • Increased 2024 natural gas production guidance to 2,735 to 2,775 MMcfpd, up 1% at the mid-point versus prior guidance. • 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 mature