Coterra Energy — Aug 4, 2025 release

2 Shareholder Return Highlights • Common Dividend : On August 4, 2025, Coterra's Board of Directors approved a quarterly dividend of $0.22 per share, equating to a 3.6% annualized yield, based on the Company's $24.39 closing share price on July 31, 2025. The dividend will be paid on August 28, 2025 to holders of record on August 14, 2025. • Share Repurchases : During the quarter, the Company repurchased 0.9 million shares for $23 million, leaving $1.1 billion remaining as of June 30, 2025 on its $2.0 billion share repurchase authorization. • Shareholder Returns: During the quarter, direct shareholder returns amounted to approximately $191 million, comprised of approximately $168 million of declared dividends and $23 million of share repurchases, totaling approximately 58% of Free Cash Flow (non-GAAP).The Company also repaid $100 million of debt during the quarter. • Reiterate Shareholder Return Strategy: Coterra expects to return 50% or greater of annual Free Cash Flow (non-GAAP) to shareholders through the cycles via its base dividend and share repurchases. However, in 2025, after payment of its base dividend, the Company is prioritizing debt reduction as it looks to retire the outstanding $650 million term loans, associated with the Company's Delaware Basin acquisition in first quarter. Coterra retired $350 million of term loans in the first half of 2025. Guidance Updates • Expect 2025 capital expenditures (non-GAAP) of approximately $2.3 billion. • Announcing third-quarter 2025 guidance, including total equivalent production of 740 to 790 MBoepd, oil production of 158 to 168 MBopd, natural gas production of 2,750 to 2,900 MMcfpd, an