HighGravityDataCoterra Energy — Feb 26, 2026 release
Fiscal 2025 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0000858470-26-000053
Showing in the filing
Net Debt to Adjusted EBITDAX ratio (non-GAAP)
“below 1.0x”
Period
The long term
Measure
Company-defined measure
Source
Prose
All guidance in this release · 26
Quarterly Dividend for FY2026
“$0.22 per share”
Total Equivalent Production for FY2026
“750 to 810 MBoepd”
Natural gas production for FY2026
“2,775 to 2,975 MMcfpd”
Oil production for FY2026
“162 to 172 MBopd”
Capital expenditures for FY2026
“$2.25 billion, with a range of $2.175 to $2.325 billion”
Capital Expenditures for FY2026
“$2.25 billion, with a range of $2.175 to $2.325 billion”
Reinvestment rate for FY2026
“approximately 50%”
Free Cash Flow (non-GAAP) for FY2026
“$2.35 billion”
Pre-tax Synergy Capture (Devon-Coterra Merger) for FY2027
“$1 billion per year on a run-rate basis”
Net Debt to Adjusted EBITDAX ratio (non-GAAP)
“below 1.0x”
Net Debt to Adjusted EBITDAX ratio (non-GAAP) for the long term
“below 1.0x”
Total Equivalent Production (MBoed) for FY2026
“750 780 810”
Gas (Mmcf/day) for FY2026
“2,775 2,875 2,975”
Oil (MBbl/day) for FY2026
“162 167 172”
Net wells turned in line Marcellus Shale for FY2026
“32 36 40”
Net wells turned in line Permian Basin for FY2026
“130 140 150”
Net wells turned in line Anadarko Basin for FY2026
“12 15 18”
Capital expenditures Total Company ($ in mil… for FY2026
“$2,175 $2,250 $2,325”
Capital expenditures - Drilling and completi… for FY2026
“$350”
Capital expenditures - Drilling and completi… for FY2026
“$1,530”
Capital expenditures - Drilling and completi… for FY2026
“$190”
Capital expenditures - Midstream, saltwater … for FY2026
“$180”
Commodity price assumption - WTI ($ per bbl) for FY2026
“$64”
Commodity price assumption - Henry Hub ($ pe… for FY2026
“$3.86”
Discretionary Cash Flow ($ in billions) for FY2026
“$4.60”
Free Cash Flow ($ in billions) for FY2026
“$2.35”
Exhibit 99.1 · the passage around this item
… earlier in the release
Strong Financial Position The Company ended the year with a cash balance of $114 million and no debt outstanding under its $2.0 billion revolving credit facility, resulting in total liquidity of approximately $2.1 billion. Coterra's Net Debt to Adjusted EBITDAX ratio (non-GAAP) at December 31, 2025 was 0.8x. The Company expects to maintain a Net Debt to Adjusted EBITDAX 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. 2025 Proved Reserves At December 31, 2025, Coterra's proved reserves totaled 2,565 million barrels of oil equivalent (MMBoe), up approximately 13% year-over-year. The Company had positive net revisions of prior estimates of 162 MMBoe. This positive revision included a positive 96 MMBoe performance revision and 66 MMBoe due to positive price revisions. The Company also added 167 MMBoe related to acquisitions. Proved developed producing reserves were up 14% year over year. At year-end 2025, proved undeveloped reserves were 17% of total proved reserves, versus 18% at year-end 2024. SEC realized commodity prices used to calculate our proved reserves in 2025 for oil, natural gas liquids and natural gas, adjusted for basis and quality differentials, are $64.37 per Bbl, $16.88 per Bbl and $2.37 per Mcf, respectively, compared to 2024 prices of $72.84 per Bbl, $18.16 per Bbl and $1.23 per Mcf. For a summary of Coterra's estimated proved reserves at December 31, 2025, see the "Year
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.