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
Term loans
“$1.0 billion”
Period
FY2025
Measure
Company-defined measure
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
• Realized average prices: ◦ Oil: $74.18 per Bbl, excluding the effect of commodity derivatives, and $74.22 per Bbl, including the effect of commodity derivatives ◦ Natural Gas: $1.65 per Mcf, excluding the effect of commodity derivatives, and $1.75 per Mcf, including the effect of commodity derivatives ◦ NGLs: $19.95 per BOE Strong Financial Position The Company ended the year with a cash balance of $2.0 billion, two undrawn $500 million term loans totaling $1.0 billion, and no debt outstanding under its $2.0 billion revolving credit facility, resulting in total liquidity of approximately $5.0 billion. Coterra's net debt to trailing twelve-month EBITDAX ratio (non-GAAP) at December 31, 2024 was 0.4x. In January 2025, we closed on our Delaware Basin acquisitions, which, after purchase price adjustments, included total cash consideration of approximately $3.2 billion and stock consideration to the sellers totaling 28.2 million Coterra common shares. Due to purchase price adjustments, which were calculated based on Coterra's share price at the time the acquisitions were announced, of $24.24 per share, 28.2 million shares were issued, down from 40.9 million shares anticipated to be issued at announcement of the transactions. Based on our current outlook, Coterra expects to retire its term loans totaling $1.0 billion in 2025 and expects to maintain a Net Debt to Adjusted EBITDAX leverage ratio (non-GAAP) below 1.0x, through commodity price cycles. See “Supplemental Non-GAAP Financial Measures” below for descriptions of the above non-GAAP measures as well as reconciliations of these measures to the associated GAAP measures. 2024 Proved Reserves At Dece
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.