Coterra Energy Inc. · NYSE:CTRA
Coterra Energy — Q4 2025 Earnings Presentation
12 slides from Coterra Energy's earnings presentation, Feb 27, 2026
Slide 1: 4Q25 Earnings Presentation
4Q25 Earnings Presentation February 26, 2026
Slide 2: Forward-looking statements
2 This presentation contains certain forward-looking statements within the meaning of federal securities laws. Forward-looking statements are not statements of historical fact and reflect Coterra's current views about future events. Such forward-looking statements include, but are not limited to, st
Slide 3: Disclaimers Continued
Disclaimers Continued Additional Information and Where to Find It In connection with the Proposed Transaction, Devon will file with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 to register the shares of Devon's common stock to be issued in connection with t
Slide 4: Key Updates & 2025 Results
Looking Ahead to 2026 | 2026e capex of $2.25 billion, down 3% YoY with reinvestment rate around 50% and $2.35 billion FCF, up 16% YoY; Expect relatively flat BOE YoY and 4-5% annual oil growth2 Announced Transformative Merger with Devon Energy | Merger announcement and presentation available under t
Slide 5: Transformative Merger Creates Premier Shale Operator
Transformative Merger Creates Premier Shale Operator 5 Note: See appendix for non-GAAP. 1) As of 2/23/2026. 2) Gross operated inventory locations per Enverus, divided by gross operated wells spud in 2025. 3) Subject to combined company board approval. 4) Combined, as of 12/31/2025. Liquidity assumes
Slide 6: Strong 4Q25 and Full-Year 2025 Capital Efficiency
Strong 4Q25 and Full-Year 2025 Capital Efficiency 6 Note: Incurred capex shown; not cash basis. See appendix for non-GAAP reconciliations and definitions. 1) Actual results included incremental $100mm of Marcellus capex, per August 2025 guidance update. 4Q25 actuals vs. guide 2025 actuals vs. Feb. g
Slide 7: 2026e CTRA Standalone Operational & Financial Outlook
Following the closing of the Devon and Coterra merger, expected in the second quarter of 2026, full-year guidance for the combined entity will be provided 7 Disciplined Capital Program $2.25 billion mid-point capex & ~50% reinvestment rate $2.35 billion Free Cash Flow +16% YoY driven by modest oil g
Slide 8: Appendix
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Slide 9: CTRA Standalone Guidance & Actuals
CTRA Standalone Guidance & Actuals Following the closing of the Devon and Coterra merger, expected in the second quarter of 2026, full-year guidance for the combined entity will be provided Note: See appendix for non-GAAP reconciliations and definitions. Numbers may not sum due to rounding. 9 2025 A
Slide 10: CTRA Standalone Expense Guidance & Actuals
CTRA Standalone Expense Guidance & Actuals Following the closing of the Devon and Coterra merger, expected in the second quarter of 2026, full-year guidance for the combined entity will be provided 10 do cost guidance by asset? Guiding to 0% deferred for 2024 & reported negative deferred tax in 1H24
Slide 11: Non-GAAP Reconciliations & Definitions
Non-GAAP Reconciliations & Definitions 11 Supplemental Non-GAAP Financial Measures (Unaudited): We report our financial results in accordance with accounting principles generally accepted in the United States (GAAP). However, we believe certain non-GAAP performance measures may provide financial sta
Slide 12: Non-GAAP Reconciliations & Definitions: Adjusted EBITDAX
Non-GAAP Reconciliations & Definitions 12 Adjusted EBITDAX Adjusted EBITDAX is defined as net income plus interest expense, interest income, income tax expense, depreciation, depletion, and amortization (including impairments), exploration expense, gain and loss on sale of assets, non-cash gain and