Coterra Energy — Feb 24, 2025 release

• We expect this three year outlook to deliver significant Free Cash Flow (non-GAAP) to support our healthy base dividend, rapid debt reduction, and an impactful share repurchase program. 3 Fourth Quarter and Full-Year 2024 Shareholder Return Highlights • Common Dividend : On February 24, 2025, Coterra's Board of Directors (the "Board") approved a quarterly base dividend of $0.22 per share, a 5% increase. The dividend will be paid on March 27, 2025 to holders of record on March 13, 2025. • Share Repurchases : During the quarter, the Company repurchased 2.1 million shares for $50 million (excluding 1% excise tax) at a weighted-average price of $24.29 per share. During 2024, the Company repurchased 17.1 million shares for $451 million at a weighted-average price of $26.41 per share. $1.1 billion remains on the Company's $2.0 billion share repurchase authorization as of December 31, 2024. • Total Shareholder Return : During the quarter, total shareholder returns amounted to $218 million, composed of $168 million of declared dividends and $50 million of share repurchases (excluding 1% excise tax). In 2024, total shareholder returns amounted to $1,086 million, composed of $635 million of declared dividends and $451 million of share repurchases (excluding 1% excise tax), representing 89% of 2024 Free Cash Flow (non-GAAP). • Shareholder Return Strategy : Based on our current outlook, Coterra expects to return 50% or more of its annual Free Cash Flow (non-GAAP). In 2025, the Company intends to utilize a significant portion of its Free Cash Flow (non-GAAP) for its base divid