Coterra Energy — May 2, 2024 release

idend, and Updates 2024 Outlook HOUSTON, May 2, 2024 - Coterra Energy Inc. (NYSE: CTRA) (“Coterra” or the “Company”) today reported first-quarter 2024 financial and operating results and declared a quarterly dividend of $0.21 per share. Additionally, the Company provided second-quarter production and capital guidance and updated full-year 2024 guidance. Key Takeaways & Updates • For the first quarter of 2024, total barrels of oil equivalent (BOE) production beat the mid-point and oil production beat the high-end of guidance, and incurred capital expenditures (non-GAAP) came in below the low-end of guidance. • Increasing full-year 2024 oil guidance 2.5% from initial guidance, driven by strong well performance and faster cycle times. Maintaining full-year 2024 BOE and incurred capital expenditure (non-GAAP) guidance. • For the first quarter of 2024, shareholder returns totaled approximately 90% of Free Cash Flow (non-GAAP), inclusive of our quarterly base dividend and $150 million of share repurchases during the quarter (cash basis, excluding 1% excise tax). The Company remains committed to returning 50% or greater of its annual Free Cash Flow (non-GAAP) to shareholders. • Issued $500 million aggregate principal amount of senior unsecured notes due 2034, with a coupon of 5.60% per annum. Coterra intends to use the net proceeds from the offering, together with cash on hand, to fund the repayment of the $575 million