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1. A pure-play U.S. oil and natural gas producer, similar to EOG Resources or ConocoPhillips.

2. Like a ConocoPhillips, but specifically focused on extracting oil and gas from major U.S. shale basins such as the Marcellus and Permian.

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• Oil: Coterra Energy explores, develops, and produces crude oil from its properties in the United States.
• Natural Gas: The company engages in the exploration, development, and production of natural gas, which it sells to a wide range of customers.
• Natural Gas Liquids (NGLs): Coterra Energy is involved in the exploration, development, and production of natural gas liquids.
• Natural Gas Gathering Systems: The company operates systems for collecting and transporting natural gas, primarily in Texas.
• Saltwater Disposal Gathering Systems: Coterra Energy operates infrastructure for gathering and disposing of saltwater, primarily in Texas.

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Coterra Energy (CTRA) - Major Customers

• Industrial customers
• Local distribution companies
• Oil and gas marketers
• Major energy companies
• Pipeline companies
• Power generation facilities

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Thomas E. Jorden, Chairman, Chief Executive Officer, and President

Thomas E. Jorden is a geophysicist with over 40 years of experience in the oil and gas exploration and production industry. He currently serves as Chairman, Chief Executive Officer, and President of Coterra. Previously, he was the Chief Executive Officer and President of Cimarex Energy Co.. Prior to Cimarex, Mr. Jorden held several leadership positions at Key Production Company, Inc., and was also with Union Pacific Resources and Superior Oil Company. He earned his bachelor's and master's degrees in Geophysics from the Colorado School of Mines. Coterra Energy was formed through the merger of Cabot Oil & Gas Corporation and Cimarex Energy Co. in October 2021, and Mr. Jorden, formerly CEO of Cimarex, assumed his current roles at Coterra.

Shane E. Young, Executive Vice President & Chief Financial Officer

Shane E. Young serves as Coterra's Executive Vice President and Chief Financial Officer. He possesses an extensive background in upstream energy, having spent nearly two decades as an investment banker and almost a decade as an upstream CFO. Before joining Coterra in June 2023, Mr. Young was the CFO at Talos Energy. He holds a BBA in Finance from the University of Texas at Austin and an MBA from Dartmouth College.

Michael D. DeShazer, Executive Vice President – Operations

Michael DeShazer is the Executive Vice President – Operations for Coterra. He has been with the company since 2007, serving in various leadership capacities, including Vice President – Permian Basin, and most recently as Executive Vice President – Business Units. Mr. DeShazer is a licensed Professional Engineer and holds a Bachelor's in Chemical Engineering and a Master's of Energy Business from the University of Tulsa.

Blake A. Sirgo, Executive Vice President – Business Units

Blake Sirgo is the Executive Vice President – Business Units at Coterra. He joined Coterra in 2008 after starting his career with OXY in the Permian Basin in 2005. He has held various operational leadership roles within the company, including Executive Vice President – Operations. Mr. Sirgo is a graduate of The University of Texas with a mechanical engineering degree.

Kevin W. Smith, Senior Vice President and Chief Technology Officer

Kevin W. Smith is the Senior Vice President and Chief Technology Officer for Coterra. He began his career with Cimarex Energy in 2007, serving in several technical and leadership positions, including Director of Technology and Anadarko Exploration Region Manager. In September 2020, Mr. Smith became Chief Engineer for Cimarex. He is a graduate of the University of Tulsa, where he earned a B.S. in Petroleum Engineering.

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The key risks to Coterra Energy's business are primarily linked to the inherent volatility of the oil and gas industry and the increasing scrutiny on environmental impact and operational efficiency.

1. Commodity Price Volatility: Coterra Energy's financial performance is highly sensitive to fluctuations in the market prices of oil, natural gas, and natural gas liquids (NGLs). While the company utilizes derivative instruments to hedge against price declines, a significant portion of its production remains unhedged, leaving it vulnerable to volatile energy markets. Natural gas prices, in particular, are noted for their high volatility due to factors like weather and supply/demand dynamics, which can materially affect revenue, cash flow, and the ability to fund capital expenditures or maintain shareholder returns.

2. Regulatory and Environmental Risks: The oil and gas sector faces stringent and evolving regulatory and environmental scrutiny. Coterra Energy is exposed to risks from changes in laws and regulations related to climate change, emissions reductions (including methane fees), and environmental protection (such as EPA water rules). Such changes can lead to increased compliance costs, project delays, restrictions on development activities, and potential liabilities. The growing global emphasis on renewable energy and decarbonization also poses a long-term threat to the demand for traditional oil and natural gas-derived products.

3. Operational Risks, Rising Costs, and Infrastructure Constraints: Coterra Energy faces various operational challenges and cost pressures. Exploration, development, and production activities involve inherent risks, including the possibility of dry holes, failure to produce oil and gas in commercial quantities, or the inability to fully exploit discovered reserves. The company has experienced rising operating expenses, including direct operations costs, gathering, processing, transportation, and taxes, which can impact margins and profitability. Furthermore, supply chain disruptions, labor shortages, and inflation contribute to increased costs. Infrastructure limitations, such as regional takeaway constraints and pipeline bottlenecks, particularly in areas like the Marcellus Shale, can also restrict market access and negatively impact realized prices for Coterra's production.

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The accelerating global transition to renewable energy sources and the electrification of transportation and industrial processes, which directly threatens the long-term demand for oil and natural gas, Coterra's primary products.

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U.S. Oil and Gas Market (Combined)

• One projection indicates that the U.S. oil and gas market size, which was calculated at USD 1.55 trillion in 2024, is expected to reach approximately USD 2.24 trillion by 2034.
• Another analysis valued the U.S. oil and gas market at USD 474.5 billion in 2025, with a projection to grow to USD 717.39 billion by 2034.
• A separate estimate assessed the U.S. oil and gas market size at USD 252.6 billion in 2024, forecasting a rise to USD 339.5 billion by 2033.

U.S. Natural Gas Market

U.S. Natural Gas Liquids (NGL) Market

• The U.S. natural gas-liquid market size was estimated at USD 5.9 billion in 2024 and is projected to increase from USD 6.22 billion in 2025 to USD 10.6 billion by 2035.
• Another report valued the Natural Gas Liquids Market size at USD 16.3 billion in 2025, with an estimated growth to USD 29.4 billion by the end of 2035.
• For North America, the NGL market is estimated to grow from USD 7.08 billion in 2024 to USD 11.53 billion in 2033. The United States held a significant share of 92.8% of this market in 2024. This implies a U.S. NGL market size of approximately USD 6.57 billion in 2024.

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• Production Growth from Strategic Capital Allocation and Well Development: Coterra Energy plans to grow its overall production volumes by strategically allocating capital to its highest-return projects across its core operating regions: the Permian Basin, Marcellus Shale, and Anadarko Basin. The company anticipates turning-in-line between 175 to 205 total net wells in 2025. Its updated three-year outlook (2025-2027) projects an annual average oil growth of 5% or greater and an annual average total barrels of oil equivalent (BOE) growth of 0% to 5%. For 2026, Coterra expects annual total production to range from 750 to 810 MBoepd, natural gas production from 2,775 to 2,975 MMcfpd, and oil production from 162 to 172 MBopd.
• Accretive Acquisitions and Expansion of Asset Base: Recent and planned acquisitions are a significant driver of increased production capacity and revenue. In January 2025, Coterra completed approximately $3.2 billion in acquisitions within the Delaware Basin, expanding its acreage to 83,000 net acres in the Northern Delaware Basin to unlock further cost efficiencies and production gains. Earlier, in November 2024, the company announced two acquisitions totaling $3.95 billion, which were expected to increase its New Mexico net locations by approximately 75% and Permian net locations by approximately 25%. These acquisitions aim to create an additional oil-weighted focus area with a deep inventory, providing a long runway for capital-efficient development and are projected to be highly accretive to estimated 2025-2027 per share Discretionary Cash Flow and Free Cash Flow.
• Increased Natural Gas Production Leveraging Rising U.S. LNG Export Capacity: Coterra is increasing its focus on natural gas production, particularly from its Marcellus Shale assets. The company added two natural gas-focused rigs in the Marcellus Shale in April 2025, with plans to maintain this activity through the second half of the year. This strategy is designed to capitalize on the anticipated ramp-up of U.S. Liquefied Natural Gas (LNG) export capacity between 2025 and 2027, which is expected to drive demand and potentially increase prices for natural gas.
• Enhanced Operational Efficiency and Cost Reductions: Coterra Energy is committed to improving operational efficiency and reducing per-unit costs. Management emphasizes techniques such as lateral extensions, high-intensity completions, and pad development to shorten drilling cycle times. These advancements in technology and operational practices lead to improved well performance, as evidenced by exceeding 2024 production guidance, thereby enabling more economical hydrocarbon extraction and contributing to higher net revenue.

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Share Repurchases

• Coterra Energy repurchased 4 million shares for $93 million during the fourth quarter of 2025.
• For the full year 2025, the company repurchased 6 million shares for $140 million.
• Annual share buybacks amounted to $141 million in 2025, $455 million in 2024, and $405 million in 2023. As of September 2025, Coterra had $1.1 billion remaining under its $2 billion share repurchase program.

Share Issuance

• The number of outstanding shares for Coterra Energy was 763,000,000 at the end of 2025, marking a 3.67% increase from 2024.
• In 2021, the number of outstanding shares significantly increased by 103.22%, primarily due to the merger with Cimarex Energy Co.

Outbound Investments

• Coterra Energy completed the integration of Delaware Basin acquisitions in January 2025. These acquisitions were partly financed by a $1.0 billion Term Loan, of which $700 million was repaid in 2025.

Capital Expenditures

• Coterra Energy's full-year 2026 capital expenditures are projected to be approximately $2.25 billion, with a range of $2.175 billion to $2.325 billion.
• For 2025, the company's capital guidance was in the range of $2.0 billion to $2.3 billion. During the third quarter of 2025, incurred capital for drilling, completion, and other fixed asset additions was $658 million.
• In 2023, expected capital investment ranged from $2.0 billion to $2.2 billion, with roughly 49% allocated to the Permian Basin, 44% to the Marcellus Shale, and the remainder to the Anadarko Basin. For the full year 2022, capital expenditures totaled $1,737 million, including $1,617 million for drilling and completion activities.