Coterra Energy — Feb 24, 2025 release

◦ NGLs were $20.94 per BOE. 2025 Outlook (including the impact of acquisitions from their closing dates in January) • Estimate Discretionary Cash Flow (non-GAAP) of approximately $5.0 billion and Free Cash Flow (non-GAAP) of approximately $2.7 billion, at recent strip prices. • Expect 2025 capital expenditures of $2.1 to $2.4 billion, up 28% year-over-year at the mid-point, driven by incremental spend associated with our recently completed Delaware Basin acquisitions. The 2025 reinvestment rate (non-GAAP) is slightly below 50%, at the recent strip. In 2025, the Company expects to average approximately 11 drilling rigs and 3 completion crews in the Permian Basin, 1 rig and 0.5 completion crews in the Marcellus, and 1.5 drilling rigs and 0.5 completion crews in the Anadarko Basin. • Expect 2025 total equivalent production of 710 to 770 MBoepd, up approximately 9% year-over-year at the mid-point; oil production of 152 to 168 MBopd, up approximately 47% year-over-year at the mid-point; and natural gas production of 2,675 to 2,875 MMcfpd, relatively flat year-over-year at the mid-point. • Expect 1Q25 total equivalent production of 710 to 750 MBoepd, oil production of 134 to 144 MBopd, natural gas production of 2,850 to 3,000 MMcfpd, and capital expenditures of $525 to $625 million. Three Year Outlook: 2025 to 2027 • Reflecting legacy Coterra growth in 2025 and pro forma growth in 2026 and 2027, our new three-year outlook (2025 throu