Coterra Energy (CTRA) J.P. Morgan 2025 Energy, Power, Renewables & Mining Conference summary

Macro and industry context

• U.S. oil production has surged due to the shale revolution, reducing import dependence and enhancing energy security, especially amid Middle East instability.

• The U.S. now enjoys secure, low-cost energy, unmatched by other nations, supporting economic and foreign policy strength.

Capital allocation and operational flexibility

• Maintains stable cash flow and low cost of supply, allowing flexible capital allocation and consistent programs despite oil and gas price volatility.

• Currently operating nine rigs, with flexibility to adjust activity as market conditions evolve; guidance will be updated as needed.

• Capital allocation has shifted more toward gas, with balanced oil and gas revenue in Q1 and strong assets in both Marcellus and Anadarko.

Inventory depth and production outlook

• Holds deep, high-quality inventory across three core basins, supporting long-term growth and capital efficiency.

• Production growth is managed as an output of disciplined investment, targeting mid-single-digit oil growth over a three-year outlook.