Coterra Energy — May 5, 2025 release

The Company's reinvestment rate (non-GAAP), which is capital expenditures (non-GAAP) as a percentage of Discretionary Cash Flow, at recent strip prices, is expected to remain conservative at approximately 50% in 2025. ◦ Reducing 2025 Permian activity to seven rigs from our original plan of ten rigs during the second half of 2025 and reducing total Permian capital by approximately $150 million. ◦ Added two Marcellus rigs in April, as planned. We now expect to keep both rigs running into the second half of 2025, adding an incremental $50 million of capital to our 2025 Marcellus program. We also 1 maintain an option to keep the second rig running through year-end, which could add an incremental $50 million of capital in the year. We expect to make this decision during the third quarter. • Expected 2025 Free Cash Flow to total $2.1 billion, at recent strip prices, which we expect will be used to fund our dividend, reduce debt and execute share repurchases. • First-quarter 2025 direct shareholder returns totaled approximately 30% of Free Cash Flow (non-GAAP), which included our declared dividend of $0.22, or approximately $168 million, and $24 million of share repurchases (cash basis, excluding 1% excise tax). Additionally, the Company repaid $250 million of term loans bringing total returns to 67% of Free Cash Flow (non-GAAP). In 2025, Coterra remains committed to reducing leverage and executing opportunistic share repurchases. First-Quarter 2025 Highlights • Net Income (GAAP) totaled $516 million, or $0.68 per share. Adjusted Net Income (non-GAAP) was $608 million, or $0.