HighGravityDataCoterra Energy — May 5, 2025 release
Fiscal 2025 first-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000858470-25-000103
Showing in the filing
Oil production
“147 to 157 MBopd”
Period
FY2025
Measure
Company-defined measure
Source
Prose
All guidance in this release · 45
Quarterly dividend
“$0.22 per share”
Permian rigs for H2 FY2025
“seven”
Second-half 2025 Permian rig count for H2 FY2025
“seven Permian rigs”
Capital budget range for FY2025
“$2.0 to $2.3 billion”
Capital expenditures for FY2025
“$2.0 to $2.3 billion”
Reinvestment rate (non-GAAP) for FY2025
“approximately 50%”
Permian capital reduction for FY2025
“approximately $150 million”
Incremental capital (second rig option throu…
“an incremental $50 million”
Incremental Marcellus capital (option to kee… for FY2025
“$50 million”
Annualized dividend yield
“3.4% annualized yield”
Annual Free Cash Flow returned to shareholders for FY2025
“50% or greater”
Shareholder return target for the long term
“50% or greater of annual Free Cash Flow (non-GAAP)”
Term loans for FY2025
“$750 million”
Total equivalent production for FY2025
“710 to 760 MBoepd”
Total equivalent production for Q2 FY2025
“710 to 760 MBoepd”
Oil production for FY2025
“147 to 157 MBopd”
Oil production for Q2 FY2025
“147 to 157 MBopd”
Natural gas production for FY2025
“2,700 to 2,850 MMcfpd”
Natural gas production for Q2 FY2025
“2,700 to 2,850 MMcfpd”
Capital expenditures (non-GAAP) for Q2 FY2025
“$575 to $650 million”
Discretionary Cash Flow (non-GAAP) for FY2025
“approximately $4.3 billion”
WTI price assumption for FY2025
“approximately $63 per bbl”
Commodity price assumption - Henry Hub ($ pe… for FY2025
“$3.70”
Net wells turned in line - Marcellus Shale for Q2 FY2025
“3”
Net wells turned in line - Anadarko Basin for Q2 FY2025
“9”
Total Equivalent Production (MBoed) for FY2025
“720 — 745 — 770”
Gas (Mmcf/day) for FY2025
“2,725 — 2,800 — 2,875”
Oil (MBbl/day) for FY2025
“155 — 160 — 165”
Capital expenditures Total Company ($ in mil… for FY2025
“$2,000 — $2,150 — $2,300”
Drilling and completion Marcellus Shale for FY2025
“$300 midpoint”
Drilling and completion Permian Basin for FY2025
“$1,450 midpoint”
Midstream, saltwater disposal and infrastruc… for FY2025
“$170 midpoint”
Commodity price assumption - WTI ($ per bbl) for FY2025
“$63”
Capital Expenditures ($ in billions) for FY2025
“$2.0 — $2.2 — $2.3”
Free Cash Flow (DCF - incurred capex) ($ in … for FY2025
“$2.1”
Lease operating expense + workovers + region… for FY2025
“$2.50 — $3.05 — $3.60”
Gathering, processing, & transportation ($/b… for FY2025
“$3.25 — $3.75 — $4.25”
Taxes other than income ($/boe) for FY2025
“$1.25 — $1.50 — $1.75”
General & administrative ($/boe) for FY2025
“$0.90 — $1.00 — $1.10”
Unit Operating Cost ($/boe) for FY2025
“$7.90 — $9.30 — $10.70”
Total Equivalent Production (MBoed) for Q2 FY2025
“710 — 735 — 760”
Gas (Mmcf/day) for Q2 FY2025
“2,700 — 2,775 — 2,850”
Oil (MBbl/day) for Q2 FY2025
“147 — 152 — 157”
Net wells turned in line - Permian Basin for Q2 FY2025
“45 — 55 — 65”
Capital expenditures - Total Company ($ in m… for Q2 FY2025
“$575 — $613 — $650”
Exhibit 99.1 · the passage around this item
… earlier in the release
Our original plan called for ten rigs in the second half of 2025, but we now plan to operate seven rigs in the second half of the year. • Announcing second-quarter 2025 total equivalent production of 710 to 760 MBoepd, oil production of 147 to 157 MBopd, natural gas production of 2,700 to 2,850 MMcfpd, and capital expenditures (non-GAAP) of $575 to $650 million. • Estimate 2025 Discretionary Cash Flow (non-GAAP) of approximately $4.3 billion and 2025 Free Cash Flow (non-GAAP) of approximately $2.1 billion, at approximately $63 per bbl WTI and $3.70 per mmbtu (metric million British thermal unit) annual average NYMEX assumptions. • For more details on annual and second quarter 2025 guidance, see 2025 Guidance Section in the tables below. Strong Financial Position In conjunction with the closing of the Franklin Mountain Energy and Avant Natural Resources acquisitions in late January, Coterra issued $1.0 billion of new debt through its term loan agreements. Subsequently, Coterra paid down $250 million of the term loans prior to the end of the first quarter, leaving $750 million of term loan debt outstanding. As of March 31, 2025, Coterra had total debt outstanding of $4.25 billion (principal balance). The Company exited the quarter with cash and cash equivalents of $186 million, and no debt outstanding under its $2.0 billion revolving credit facility, resulting in total liquidity of approximately $2.19 billion. Coterra's Net Debt to
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.