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
Natural gas production
“2,775 to 2,975 MMcfpd”
Period
FY2026
Measure
GAAP-tied
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
Following the closing of the Devon and Coterra merger, expected in the second quarter of 2026, full-year guidance for the combined entity will be provided. For more details on annual 2026 guidance, see 2026 Guidance Section in the tables below. • Expect annual total production of 750 to 810 MBoepd (thousand barrels of oil equivalent per day), natural gas production of 2,775 to 2,975 MMcfpd (million cubic feet per day), and oil production of 162 to 172 MBopd (thousand barrels of oil per day), in-line with our 2026 outlook provided in November 2025. Our full-year guidance includes the first-quarter impact of winter storm Fern, which is estimated to have had a negative 1.6 MBoepd and 0.7 MBopd annual impact. We anticipate that, including the impact of winter storm Fern, the first quarter will be below the annual average daily production. • Full-year 2026 capital expenditures of $2.25 billion, with a range of $2.175 to $2.325 billion. We anticipate that capital will be modestly weighted towards the first half of 2026. • Based on recent strip prices and mid-point of capital expenditures, expect reinvestment rate of approximately 50% and Free Cash Flow (non-GAAP) of $2.35 billion. Transformative Merger with Devon Energy On February 2, 2026, we announced that we had entered into an agreement with Devon Energy (NYSE: DVN) ("Devon") to combine via an all-stock merger, creating an industry-leading shale operator with a flagship Delaware Basin asset. The combined entity is expected to unlock substantial value for shareholders, including enhanced Free Cash Flow supported by a b
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.