HighGravityDataCoterra Energy — Feb 24, 2025 release
Fiscal 2024 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000858470-25-000069
Showing in the filing
Quarterly dividend increase
“5% dividend increase to $0.22 per share”
Period
Q4 FY2024
Measure
Declared action
Source
Prose
All guidance in this release · 61
Capital expenditures for FY2025
“between $2.1 and $2.4 billion”
Total BOE production growth for FY2025
“up approximately 9% year-over-year at the mid-point”
Oil volumes growth for FY2025
“up approximately 47%”
Natural gas volumes for FY2025
“relatively flat to 2024 levels”
Organic 2025 annual oil growth (legacy asset… for FY2025–2027
“greater than 5%”
Three-year outlook annual average oil growth for FY2025–2027
“5% or greater”
Three-year outlook annual average BOE growth for FY2025–2027
“0 to 5%”
Average annual capital for FY2025–2027
“$2.1 to $2.4 billion”
Three-year outlook average annual capital ra… for FY2025–2027
“$2.1 to $2.4 billion”
Average reinvestment rate for FY2025
“below 50%”
Three-year outlook average reinvestment rate… for FY2025
“below 50%”
Quarterly dividend increase for Q4 FY2024
“5% dividend increase to $0.22 per share”
New annualized dividend
“$0.88 per share”
Discretionary Cash Flow for FY2025
“approximately $5.0 billion”
Discretionary Cash Flow (non-GAAP) estimate for FY2025
“approximately $5.0 billion”
Free Cash Flow for FY2025
“approximately $2.7 billion”
Free Cash Flow (non-GAAP) estimate for FY2025
“approximately $2.7 billion”
Capital expenditures (2025 Outlook section) for FY2025
“$2.1 to $2.4 billion, up 28% year-over-year at the mid-point”
Reinvestment rate (non-GAAP) for FY2025
“slightly below 50%”
Average Permian Basin rig/completion crew co… for FY2025
“approximately 11 drilling rigs and 3 completion crews”
Permian Basin rigs and completion crews for FY2025
“approximately 11 drilling rigs and 3 completion crews”
Average Marcellus rig/completion crew count for FY2025
“1 rig and 0.5 completion crews”
Marcellus rigs and completion crews for FY2025
“1 rig and 0.5 completion crews”
Anadarko Basin rigs and completion crews for FY2025
“1.5 drilling rigs and 0.5 completion crews”
Average Anadarko Basin rig/completion crew c… for FY2025
“1.5 drilling rigs and 0.5 completion crews”
Total equivalent production for FY2025
“710 to 770 MBoepd”
Oil production for FY2025
“152 to 168 MBopd”
Natural gas production for FY2025
“2,675 to 2,875 MMcfpd”
1Q25 total equivalent production for Q1 FY2025
“710 to 750 MBoepd”
Total equivalent production for Q2 FY2025
“710 to 750 MBoepd”
1Q25 oil production for Q1 FY2025
“134 to 144 MBopd”
Oil production for Q2 FY2025
“134 to 144 MBopd”
1Q25 natural gas production for Q1 FY2025
“2,850 to 3,000 MMcfpd”
Natural gas production for Q2 FY2025
“2,850 to 3,000 MMcfpd”
1Q25 capital expenditures for Q1 FY2025
“$525 to $625 million”
Capital expenditures for Q2 FY2025
“$525 to $625 million”
Organic 2025 annual BOE growth (legacy asset… for FY2025–2027
“0 to 5%”
Quarterly base dividend
“$0.22 per share”
Annual Free Cash Flow returned to shareholders for FY2024
“50% or more”
Shareholder return target for the long term
“50% or more of its annual Free Cash Flow (non-GAAP)”
Term loan retirement for FY2025
“$1.0 billion”
Term loans for FY2025
“$1.0 billion”
Net Debt to Adjusted EBITDAX leverage ratio
“below 1.0x”
Net Debt to Adjusted EBITDAX leverage ratio … for the long term
“below 1.0x”
Net wells turned in line - Anadarko Basin - … for Q1 FY2025
“0”
Total Equivalent Production (MBoed) - 2025 (… for FY2025
“710 740 770”
Gas (Mmcf/day) - 2025 (Low/Mid/High) for FY2025
“2,675 2,775 2,875”
Oil (MBbl/day) - 2025 (Low/Mid/High) for FY2025
“152 160 168”
Net wells turned in line Marcellus Shale for FY2025
“10 13 15”
Net wells turned in line - Permian Basin - 2… for FY2025
“150 158 165”
Net wells turned in line - Anadarko Basin - … for FY2025
“15 20 25”
Incurred capital expenditures - Total Compan… for FY2025
“$2,100 $2,250 $2,400”
Drilling and completion capex - Marcellus Sh… for FY2025
“$250 midpoint”
Drilling and completion capex - Permian Basi… for FY2025
“$1,570 midpoint”
Drilling and completion capex - Anadarko Bas… for FY2025
“$230 midpoint”
Midstream, saltwater disposal and infrastruc… for FY2025
“$200 midpoint”
Total Equivalent Production (MBoed) - Q1 202… for Q1 FY2025
“710 730 750”
Gas (Mmcf/day) - Q1 2025 (Low/Mid/High) for Q1 FY2025
“2,850 2,925 3,000”
Oil (MBbl/day) - Q1 2025 (Low/Mid/High) for Q1 FY2025
“134 139 144”
Net wells turned in line - Permian Basin - Q… for Q1 FY2025
“35 40 45”
Incurred capital expenditures - Total Compan… for Q1 FY2025
“$525 $575 $625”
Exhibit 99.1 · the passage around this item
… earlier in the release
• Updated three-year outlook (2025 through 2027) includes annual average oil growth of 5% or greater, annual average BOE growth of 0 to 5% and an average annual capital range of $2.1 to $2.4 billion, which includes legacy organic Coterra growth in 2025 and pro forma combined growth in 2026 and 2027. This outlook reflects an average reinvestment rate below 50% at the recent strip, pairing strong capital efficiency with consistent production growth. • The Company is announcing a 5% dividend increase to $0.22 per share for the fourth quarter of 2024. The new annualized dividend of $0.88 per share equates to a 3.1% yield, based on the Company's $28.14 closing share price as of February 21, 2025. • In late January 2025, the Company completed the previously announced Permian acquisitions for aggregate consideration of approximately $3.2 billion of cash and 28.2 million shares of Coterra common stock, subject 1 to post-closing purchase price adjustments. These acquisitions, combined with previously owned leaseholds, create a new focus area in the Northern Delaware basin consisting of approximately 83,000 acres. Tom Jorden, Chairman, CEO and President of Coterra, noted, “I am proud to report that Coterra continued its trend of excellent operational execution throughout 2024. Capital expenditures came in near the low end and production was above the high end of guidance, delivering improved capital efficiency. The team continues to engineer better solutions across our operating regions through decreased cycle times, increased productivity and lower costs. Additionally, I am pleased to report that we closed on our accretive Delaware Basin acquisitions on schedule, as well as finished bringing online ou
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.