Coterra Energy (CTRA) JP Morgan Energy, Power and Renewables Conference summary

Strategic positioning and asset overview

• Maintains a diversified portfolio with premier oil assets in the Permian, Anadarko, and significant natural gas assets in Northeast Pennsylvania and the Marcellus Shale.

• Built for flexibility to pivot between oil and gas based on market conditions, ensuring stable revenue streams.

• Positioned to benefit from rising electricity demand and long-term positive supply-demand balance for natural gas.

Operational culture and performance drivers

• Emphasizes a collaborative, open culture that encourages idea sharing and challenges at all levels.

• Cross-office collaboration and data-driven decision-making are central to operational improvements.

• Decision-making is executive-led but informed by broad organizational input, fostering innovation.

Capital allocation and financial strategy

• 2024 capital reallocated from Marcellus (maintenance mode, slight production decline) to Anadarko and Permian for better oil growth and profitability.

• Maintains flexibility with contingency plans to quickly adapt to market changes.

• Targets 40%-60% of cash flow for reinvestment, with the remainder for dividends, buybacks, or debt reduction.

• Ready to accelerate oil production if market conditions warrant, with capacity to increase output by 50% over time.