Coterra Energy — Feb 24, 2025 release

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 December 31, 2024, Coterra's proved reserves totaled 2,271 million barrels of oil equivalent (MMBoe), down approximately 2% year-over-year. This was primarily driven by lower trailing 12 months natural gas prices and the decision to book fewer proved undeveloped reserves. At year-end 2024 proved undeveloped reserves were 18% of total proved reserves, down from 21% at year-end 2023. The proved undeveloped percentage reduction allows management to maintain future budgeting flexibility and the ability to allocate future capital to its most productive use between its business units. Proved developed producing reserves were up 1% year over year. SEC realized commodity prices used to calculate our proved reserves in 2024 for oil, natural gas liquids and natural gas, adjusted for basis and quality differentials, are $72.84 per Bbl, $18.16 per Bbl and $1.23 per Mcf, respectively, down from 2023 prices of $75.05 per Bbl, $18.39 per Bbl and $2.04 per Mcf. The