coterra energy investor relationscoterra energy investor relations

This geography coupled with a highly talented leadership team and a culture founded and focused on excellence, value creation and To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. 281.589.4875 The average salary for Investor Relations Manager at companies like COTERRA ENERGY INC in the United States is $165,897 as of February 27, 2023, but the range typically falls between $133,394 and $188,280. Discretionary Cash Flow is defined as cash flow from operating activities excluding changes in assets and liabilities. Based on second-quarter 2022 free cash flow (non-GAAP), Coterra's Board today declared a quarterly base plus variable dividend of $0.65 per share. Prior to deal closing, Wellington held about 4.5 million shares of Cimarex Energy. Coterra incurred a total of $472 million of capital expenditures in second-quarter 2022, including $437 million of drilling and completion capital. May 26, 2023. Copyright 2021 Coterra Energy Inc. All Rights Reserved. Coterra's average realized prices for oil, natural gas and natural gas liquids (NGLs) for second-quarter 2022, excluding the effect of commodity derivatives, were $109.23 per barrel (Bbl), $5.78 per thousand cubic feet (Mcf), and $39.17 per Bbl, respectively. The index price is Waha West Texas Natural Gas Index ("Waha") as quoted in Platt's Inside FERC. "Our combined business will have top-tier assets that will generate substantial cash flow to drive peer-leading returns through commodity price cycles. Free Cash Flow is presented based on our management's belief that this non-GAAP measure is useful information to investors when comparing our cash flows with the cash flows of other companies. Coterra believes that environmental, social and governance (ESG) performance and practices are foundational to its success. For the six months ended June30, 2021, includes severance expense related to early retirements under the Company's 2021 Early Retirement Program. Includes the impact of our performance share awards and restricted stock. Thomas E. Jorden, Chief Executive Officer and President, commented, "Coterra delivered another strong quarter as we remain focused on capital efficiency, operational execution, and shareholder returns through our base dividend, variable dividend, share repurchase program, and debt reduction. Total unit costs may differ from the sum of the individual costs due to rounding. This difference in accounting methodologies leads to differences in the calculation of company financials and the figures below should not be relied on to predict future performance of the combined business, which operates under the successful efforts accounting method. PDF 2Q22 Earnings Presentation Full-year 2022 discretionary cash flow (non-GAAP) was $5,642 million and free cash flow (non-GAAP) totaled $3,942 million, both of which are inclusive of merger-related costs. Coterra is a premier exploration and production company based in Houston, Texas with focused operations in the Permian Basin, Marcellus Shale and Anadarko Basin. Coterra Energy Inc Ordinary Shares CTRA Stock Quote social media, public relations, sponsoring research, direct contact with regulators and elected . We are built to weather the cycles with flexibility in capital allocation across high-quality, low-cost oil and gas assets. Coterra is a premier, diversified energy company based in Houston, Texas and committed to delivering returns on and of capital across industry cycles. Copyright 2021 Coterra Energy Inc. All Rights Reserved. The Net Debt to Adjusted Capitalization ratio is calculated by dividing Net Debt by the sum of Net Debt and total stockholders equity. Increasing Base Dividend, Announcing New Share Repurchase Authorization, Updating Return Strategy, Jorden commented, We are pleased to increase the base dividend, which underscores the confidence in our long-term outlook and financial strength through all cycles. During the quarter, the Company repurchased 20 million shares for $510 million, averaging $25.60 per share, to fully execute on its $1.25 billion share repurchase authorization during calendar 2022. By providing your email address below, you are providing consent to Coterra Energy to send you the requested Investor Email Alert updates. One-Time Special/Variable Dividend. Discretionary Cash Flow is presented based on our management's belief that this non-GAAP measure is useful information to investors when comparing our cash flows with the cash flows of other companies that use the full cost method of accounting for oil and gas producing activities or have different financing and capital structures or tax rates. The current Zacks Consensus Estimate for the to-be-reported quarter is a profit of $1.15 per share on revenues of. Forward-looking statements are not statements of historical fact and reflect Coterra's current views about future events. Combined Coterra and legacy Cimarex full-year 2021 natural gas, oil and NGL production totaled 1,068 Bcf, 28.4 MMBbl, and 25.1 MMBbl, respectively, or total equivalent production of 231.6 MMBoe, or 634 MBoepd. Oil production averaged 90.7 MBbls/d (thousand barrels per day), above the high-end of guidance. Non-cash (gain) loss on derivative instruments, Cimarex Adjusted EBITDAX (nine months ended September 30, 2021). You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Represents approximately 50 percent of projected cash flow from operating activities at recent commodity strip prices. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited), General and administrative (excluding stock-based compensation and merger-related expense)(1), Weighted-average common shares outstanding. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. The live audio webcast and related earnings presentation can be accessed on the "Events & Presentations" page under the "Investors" section of the Company's website at www.coterra.com. Coterra Energy - Investor Relations / Coterra Energy - Investor Relations Variable cash dividends were $0.45 and $0.50 per share which were declared in May 2022 and August 2022, respectively. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Outstanding execution led to value creation, outsized shareholder returns and further improvement of our industry-leading balance sheet. Driven by relatively high commodity prices and strong execution during 2022, the company returned $3.25 billion to shareholders through our base dividend ($480 million), variable dividend ($1.51 billion) and share repurchases ($1.25 billion). Following the closing of the transaction, the combined business intends to change its name and ticker symbol. These risks and uncertainties include, without limitation, the risk that the combined businesses will not be integrated successfully the risk that the cost savings and any other synergies from the Merger may not be fully realized or may take longer to realize than expected the volatility in commodity prices for crude oil and natural gas cost increases; supply chain disruptions; the effect of future regulatory or legislative actions, including the risk of new restrictions with respect to well spacing, hydraulic fracturing, natural gas flaring, seismicity, produced water disposal, or other oil and natural gas development activities disruption from the Merger making it more difficult to maintain relationships with customers, employees or suppliers the diversion of management time on integration-related issues the potential effects of further developments to the long-term impact of the COVID-19 pandemic and variants thereof on Coterra's business, financial condition and results of operations actions by, or disputes among or between, the Organization of Petroleum Exporting Countries and other producer countries market factors; market prices (including geographic basis differentials) of oil and natural gas; impacts of inflation; labor shortages and economic disruption (including as a result of the pandemic or geopolitical disruptions such as the war in Ukraine); the presence or recoverability of estimated reserves the ability to replace reserves environmental risks drilling and operating risks exploration and development risks competition the ability of management to execute its plans to meet its goals and other risks inherent in Coterra's businesses. If you experience any issues with this process, please contact us for further assistance. The timing and volume of share repurchases under this authorization will be determined by management, at its discretion. PDF Cabot Oil & Gas and Cimarex Energy Complete Combination - Coterra At year-end 2022, proved undeveloped reserves accounted for 24 percent of total proved reserves, down from 26 percent at year-end 2021. Expect annual average oil production of 86-92 MBbls/d, up 2% y/y. Adjusted EBITDAX is defined as net income plus interest expense, other expense, income tax expense, depreciation, depletion, and amortization (including impairments), exploration expense, gain and loss on sale of assets, non-cash gain and loss on derivative instruments, stock-based compensation expense, severance expense and merger-related expense. Coterra Energy Inc. (CTRA) Q3 2022 Earnings Call Transcript At the special meeting of Cabot shareholders held earlier today, more than 99% of voted shares (approximately 89% of outstanding shares) were in favor of the merger. We will treat your data with respect and will not share your information with any third party. Coterra Energy Schedules First-Quarter 2023 Results Conference Call for While inflation has driven 2022 capital costs up 20 to 25 percent year-over-year, we are still projecting all-in returns that markedly exceed our historical results. For additional information, visit the Company's homepage at www.cabotog.com. Coterra Energy - Investor Relations Quarterly Base Dividend. Second-quarter 2022 discretionary cash flow (non-GAAP) was $1,493 million and free cash flow (non-GAAP) totaled $1,019 million, both of which are inclusive of $14 million of merger-related/severance costs. 281.589.4875 Share repurchases represent an incremental 34 percent return of second-quarter 2022 cash flow from operating activities, or 30 percent of free cash flow (non-GAAP), to shareholders. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Cabot Oil & Gas and Cimarex Energy Shareholders Approve Merger, Investor update highlighting the strategic benefits of the transaction in creating a premier energy company positioned to deliver value. By signing up you agree to receive content from us. Reconciling items in future periods could be significant. If you experience any issues with this process, please contact us for further assistance. We remain committed to returning 50 percent plus of free cash flow via base plus variable dividends, supplemented by share repurchases, and potential future debt reduction.". Due to the forward-looking nature of these non-GAAP financial measures, we cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as future impairments and future changes in capital. Adjusted Net Income and Adjusted Earnings per Share are presented based on our management's belief that these non-GAAP measures enable a user of financial information to understand the impact of identified adjustments on reported results. Oil production averaged 88.2 MBopd (thousand barrels of oil per day), exceeding the high-end of guidance. Adjusted Net Income is defined as net income plus gain and loss on sale of assets, non-cash gain and loss on derivative instruments, stock-based compensation expense, severance expense, merger-related expenses and tax effect on selected items. Coterra is committed to environmental stewardship, sustainable practices, and strong corporate governance. Coterra Energy is one original, diversified energetics our with a strong release cash flow profile positioned to deliver superior and sustainable returns. For legacy Cabot SEC Filings, To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. Net debt to Adjusted EBITDAX is a non-GAAP measure which our management believes is useful to investors when assessing our credit position and leverage. Can Natural Gas Sales Boost Buoy Coterra (CTRA) Q4 Earnings? Accordingly, we are unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures. Present Value of Investment (PVI10) is often used by management as a return-on-investment metric and defined as the estimated net present value (using a 10% discount rate) of the future net cash flows from such reserves (for which we utilize certain assumptions regarding future commodity prices and operating costs), adding back our direct net costs incurred in drilling and adding back our completing, constructing facilities, and flowing back such wells, and then dividing that sum by our direct net costs incurred in drilling, completing, constructing facilities, and flowing back such wells. Process guided by fundamental changes in the energy industry and investor sentiment, with feedback from Cimarex's shareholders . It was formed after the 2021 merger with Cabot and Cimarex. The total 2022 return was 85% of Free Cash Flow and the total dividend (base + variable) was 50% of Free Cash Flow. Should You Invest in the First Trust Energy AlphaDEX ETF (FXN)? Cision Distribution 888-776-0942 By providing your email address below, you are providing consent to Coterra Energy to send you the requested Investor Email Alert updates. Coterra Energy - Investors - News Adjusted Net Income and Adjusted Earnings per Share are not measures of financial performance under GAAP and should not be considered as alternatives to net income and earnings per share, as defined by GAAP. PDF Creating a Premier Energy Company Positioned to Deliver Value - Coterra daniel.guffey@coterra.com. Free Cash Flow is defined as Discretionary Cash Flow less cash paid for capital expenditures. Total unit costs may differ from the sum of the individual costs due to rounding. Coterra incurred a total of $1,737 million of capital expenditures in full-year 2022, including $1,617 million of drilling and completion capital. The company's updated 2023 strategy maintains its 50%+ Free Cash Flow return target but now assumes this can be accomplished through a combination of base dividends, share repurchases and/or variable dividends. Coterra will host a conference call tomorrow, Wednesday, August 3, 2022, at 9:00 AM CT (10:00 AM ET), to discuss second-quarter 2022 financial and operating results. Coterra Energy Reports First-Quarter 2023 Results, Announces Quarterly The words "expect," "project," "estimate," "believe," "anticipate," "intend," "budget," "plan," "predict," "potential," "possible," "may," "should," "could," "would," "will," "strategy," "outlook" and similar expressions are also intended to identify forward-looking statements. Discretionary Cash Flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating activities or net income, as defined by GAAP, or as a measure of liquidity. Coterra is an independent exploration and production company with operations in Appalachia, the Permian Basin, and Oklahoma. Coterra Energy Inc., an independent oil and gas company, engages in the development, exploration and production of oil, natural gas, and natural gas liquids in the United States. Discretionary Cash Flow is presented based on our managements belief that this non-GAAP measure is useful information to investors when comparing our cash flows with the cash flows of other companies that use the full cost method of accounting for oil and gas producing activities or have different financing and capital structures or tax rates. Coterra entered third-quarter 2022 with an outstanding share repurchase authorization of $763 million. The index price is WTI Midland as quoted by Argus Americas Crude. Coterra is a premier energy company with exposure to natural gas, natural gas liquids and oil, helping mitigate volatility through industry cycles, while positioning us to meet the unique demands of a new energy marketplace. After completing its buyback authorization ($1.25 billion) during calendar 2022, the Board approved a new $2.0 billion authorization, representing approximately 11% of the Company's market capitalization as of market close on February 21, 2023. Natural gas production averaged 2,790 MMcfpd (million cubic feet per day), exceeding the high-end of guidance. The 40% Upper Marcellus weighting is expected to be the high-end over the next few years. Latest News Feb 22, 2023 Production for the twelve months ended December 31, 2021 does not include legacy Cimarex production from January 1, 2021 to September 30, 2021. from 8 AM - 9 PM ET. Natural gas production averaged 2,780 Mmcf/d (million cubic feet per day), above the high-end of guidance. Operating Cash Flow of $5.5 billion, Discretionary Cash Flow of $5.6 billion, Free Cash Flow of $3.9 billion. The combined base plus variable dividend represents 92 percent of cash flow from operating activities in second-quarter 2022, or 80 percent of free cash flow (non-GAAP).