Coterra Energy Inc. · NYSE:CTRA
Coterra Energy — Merger or Acquisition (February 2026)
19 slides from Coterra Energy's merger presentation, Feb 2, 2026
Slide 1: Devon & Coterra Transformative Merger
Devon & Coterra Transformative Merger February 2, 2026
Slide 2: Transformative Merger Creates Premier Shale Operator
| 2 OIL 34% GAS 44% NGL 22% Pro Forma 2026e Production 1.6 > MMBOED Transformative Merger Creates Premier Shale Operator • Must - own, large - cap independent with $58 billion pro forma enterprise value 1 • Resilience anchored by high - margin L48 portfolio & balanced commodity mix Large - Cap Shale
Slide 3: Premier L48 Operator With Scale, Resource Depth, & Resilience
| 3 - 500 1,000 1,500 2,000 2,500 COP OXY EOG EXE EQT FANG AR OVV APA PR RRC CRGY CHRD CNX CRK MTDR MUR GPOR MGY Premier L48 Operator With Scale, Resource Depth, & Resilience 2026e Total Net Daily Production 1 (MBOED) 2026e Net Daily Oil Production (MBOD) Total 2026e Net Daily Production (MBOED) Pro
Slide 4: Expands the Delaware, America's Premier Basin
| 4 Expands the Delaware, America’s Premier Basin Creates one of the largest operators in the Delaware Basin with acreage concentrated in the economic core of the basin Franchise asset accounts for over 50% of total company production and cash flow 1 >10 years of highly competitive inventory at curr
Slide 5: Largest Delaware Inventory with <$40/bbl Oil Break-Even
| 5 5,313 4,641 3,785 3,097 2,680 2,286 1,593 1,438 1,310 665 482 <$40 $40-$50 $50-$60 >$60 Largest Delaware Inventory with <$40/ bbl Oil Break - Even Gross Operated Delaware Inventory Locations Grouped by estimated break - even oil price Texas New Mexico Source: Enverus. Locations normalized to 10,
Slide 6: Diverse Portfolio Creates Capital Allocation Flexibility
| 6 Diverse Portfolio Creates Capital Allocation Flexibility ▪ Premier position delivers > 10% of pro forma volumes ▪ Operational overlap drives greater efficiencies & synergy realization ▪ Stable free cash flow generation underpinned by low base declines ANADARKO EAGLE FORD ▪ World - class reservoi
Slide 7: Best-in-Class Operator With Proven Track Record
| 7 $0 $5 $10 $15 $20 $25 $30 $35 Top - Tier Capital Efficiency - 2 4 6 8 10 12 14 16 18 Best - in - Class Operator With Proven Track Record Achieving Superior Well Results Companies include APA, CHRD , COP, EOG , FANG, MTDR , OVV , OXY, PR. Left: Data for horizontal oil - wells sourced from Enverus
Slide 8: Bolstering Future Cash Flow With Significant & Achievable Synergies
| 8 $1,000 $350 $350 $300 Capital Optimization Operating Margin Improvements Corporate Costs Pro-Forma Savings by YE-2027 Bolstering Future Cash Flow With Significant & Achievable Synergies Targeted Run - Rate Synergies By Year - end 2027 $ In Millions MERGER SYNERGIES $1.0 BILLION • Complementary a
Slide 9: Complementary Capabilities Establish Strong Technology Platform
| 9 Complementary Capabilities Establish Strong Technology Platform Building on a legacy of AI innovation | Together, a technology - driven powerhouse SUBSURFACE • AI systems integrate basin - wide data to predict well performance pre - drill • Quantifies geology, frac design, spacing, and other fac
Slide 10: Significant Shareholder Value Creation Upside From a World-Class Shale Business
| 10 7% 12% 12% 8% 9% 15% 16% 12% 16% 12% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% $0 $1 $2 $3 $4 $5 $6 $7 $8 6.3x 3.9x 5.2x 4.3x 5.1x 2.5x 2.6x 3.4x 2.4x 2.8x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x $0 $5 $10 $15 $20 Significant Shareholder Value Creation Upside From a World - Class Shale Business Note:
Slide 11: Prioritizing Shareholder Value With Disciplined Capital Allocation
| 11 Prioritizing Shareholder Value With Disciplined Capital Allocation Note: See appendix for non - GAAP. 1) Reinvestment rate defined as capex / CFFO including estimated post - tax synergies. Source is Factset consensus. 2) Pro forma, as of 9/30/2025. Liquidity assumes $3.0 bn revolver remains out
Slide 12: Scale, Quality, & Resilience
| 12 Scale, Quality, & Resilience Merger creates a must - own large - cap shale powerhouse | 12 Large - Cap Leader Asset Quality & Inventory Depth Technology - Focused Operator Disciplined Capital Allocation
Slide 13: Appendix
7a --iZ Appendix
Slide 14: Transaction Overview
| 14 Transaction Overview • Transaction value: $58 billion (pro forma enterprise value 1 ) • All - stock combination • Exchange ratio: 0.70 share of Devon for each share of Coterra • Pro forma equity ownership: 54% Devon and 46% Coterra Transaction Structure • Clay Gaspar to serve as President and C
Slide 15: A Proven Team Committed To Value Creation
| 15 A Proven Team Committed To Value Creation Note: Tom Hellman and Kevin Smith will also be on the executive committee but not reporting to Clay. Andrea Alexander Human Resources Michael DeShazer Anadarko, Eagle Ford, Marcellus, & Rockies Business Units Trey Lowe Technology Jeff Ritenour Commercia
Slide 16: Positioned in the Core of Premier Shale Basins
| 16 MARCELLUS 190K Net Acres 330 MBOED Total Prod World - class gas play positioned to capture growing gas demand PRO FORMA STATS: Susquehanna County Pennsylvania ANADARKO 520K Net Acres 173 MBOED Total Prod Liquids - rich gas resource with exposure to rising gas & NGL prices PRO FORMA STATS: Caddo
Slide 17: Investor Notices, Contacts, & Non-GAAP
| 17 Investor Notices, Contacts, & Non - GAAP Investor Relations Contacts Additional Information and Where To Find It In connection with the proposed merger (the “Proposed Transaction”) of Devon Energy Corporation (“Devon”) and Coterra Energy Inc. (“ Coterra ”), Devon will file with the Securities a
Slide 18: Forward-Looking Statements
| 18 Forward - Looking Statements This communication includes “forward - looking statements” as defined by the SEC. Such statements include those concerning strate gic plans, Devon’s and Coterra’s expectations and objectives for future operations, as well as other future events or conditions, and ar
Slide 19: COTERRA
COTERRA devon
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