Reconciling items in future periods could be significant. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. The share repurchase program is supplemental to the Company's base plus variable dividend strategy. For legacy Cimarex SEC Filings, CTRA Stock Price & Charts | Coterra Energy Cimarex Energy Co. is an independent oil and gas exploration and production company with principal operations in the Permian Basin and Mid-Continent areas of the U.S. For more information about Cimarex,visit www.cimarex.com. Joint Letter to Stockholders of Cabot Oil & Gas Corporation and Stockholders of Cimarex Energy Co. Cabot Oil & Gas and Cimarex Energy to combine in all-stock merger of equals. Expect to turn-in-line 150 to 175 total net wells. Coterra is a premier, diversified energy company based in Houston, Texas and committed to delivering returns on and of capital across industry cycles. We will treat your data with respect and will not share your information with any third party. EPS of $0.83 misses by $0.19 | Revenue of $2.23B (387.11% Y/Y) beats by $418.88M. Accrued capital expenditures totaled $483 million. You must click the activation link in order to complete your subscription. We will treat your data with respect and will not share your information with any third party. 2 Investor Contact Daniel Guffey Coterra Energy - Investors - News Adjusted Earnings per Share is defined as Adjusted Net Income divided by weighted-average common shares outstanding. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. The total debt to total capitalization ratio is calculated by dividing total debt by the sum of total debt and total stockholders' equity. Discretionary Cash Flow is defined as cash flow from operating activities excluding changes in assets and liabilities. Repurchased 11.0 million shares during the second-quarter 2022, at a cost of. Coterra maintains a strong financial position with investment-grade credit ratings and substantial liquidity. Forward-looking statements are not statements of historical fact and reflect Coterra's current views about future events. By providing your email address below, you are providing consent to Coterra Energy to send you the requested Investor Email Alert updates. Expect annual average natural gas production of 2,700 - 2,850 MMcf/d, down modestly y/y as Upper Marcellus delineation increases in 2023 (~40% of 2023 Marcellus activity). Committed to Sustainability and ESG Leadership. You can sign up for additional alert options at any time. daniel.guffey@coterra.com. We will treat your data with respect and will not share your information with any third party. Such forward-looking statements include, but are not limited to, statements about the benefits of the proposed merger involving Cabot and Cimarex, including future financial and operating results statements about the expected timing of completion of the transaction and the changing of the name and ticker symbol of the combined business and other statements that are not historical facts. With the airdrop, the Web3 firm intends to reward early adopters who have . PDF Creating a Premier Energy Company Positioned to Deliver Value - Coterra This geography coupled with a highly talented leadership team and a culture founded and focused on excellence, value creation and You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. We report our financial results in accordance with accounting principles generally accepted in the United States (GAAP). Coterra Energy - Investors - Financial Reports - SEC Filings SEC Filings Coterra SEC Filings are provided below. daniel.guffey@coterra.com. Total equivalent production of 632 MBoepd (thousand barrels of oil equivalent per day), exceeding the high-end of guidance. Coterra Energy - Investors - Financial Reports - SEC Filings Full-year 2022 total equivalent production averaged 633.8 MBoepd. Web3 firm Relation Labs announced the launch of the first airdrop season for the native token of its blockchain, REL. Learn More About Us. EBITDAX (Twelve months ended December 31), View source version on businesswire.com: Who We Are - Coterra Energy Strategic Merger - Coterra Energy For a summary of Coterra's estimated proved reserves at December 31, 2022, see the "Year-End Proved Reserves" table below. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to Coterra's annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and other filings with the SEC, which are available on Coterra's website at www.coterra.com. Present Value of Investment (PVI10) is often used by management as a return-on-investment metric and defined as the estimated net present value (using a 10% discount rate) of the future net cash flows from such reserves (for which we utilize certain assumptions regarding future commodity prices and operating costs), adding back our direct net costs incurred in drilling and adding back our completing, constructing facilities, and flowing back such wells, and then dividing that sum by our direct net costs incurred in drilling, completing, constructing facilities, and flowing back such wells. Coterra believes that environmental, social and governance (ESG) performance and practices are foundational to its success. Thomas E. Jorden, Chairman, Chief Executive Officer and President, commented, "Coterra delivered a strong 2022. At year-end 2022, proved undeveloped reserves accounted for 24 percent of total proved reserves, down from 26 percent at year-end 2021. Adjusted EBITDAX is presented on our managements belief that this non-GAAP measure is useful information to investors when evaluating our ability to internally fund exploration and development activities and to service or incur debt without regard to financial or capital structure. Coterra Energy Inc. CTRA is set to release fourth-quarter results on Feb 22. Coterra Energy Reports First-Quarter 2023 Results, Announces Quarterly Additionally, as our planned expenditures are not expected to result in additional debt, our management believes it is appropriate to apply cash and cash equivalents to reduce debt in calculating the Net Debt to Adjusted Capitalization ratio. Coterra Energy Inc. (CTRA) Q4 2022 Earnings Call Transcript View original content:https://www.prnewswire.com/news-releases/cabot-oil--gas-and-cimarex-energy-shareholders-approve-merger-301388252.html, SOURCE Cimarex Energy Co.; Cabot Oil & Gas Corporation, 281.589.4875 Three Memorial City Plaza 840 Gessner Road, Suite 1400 Houston, TX 77024 If you experience any issues with this process, please contact us for further assistance. Increasing full-year 2022 production guidance: Total Equivalent Production (MBoepd): 615 to 635, up one percent at the midpoint from 600 to 635 MBoepd, Oil (MBopd): 85.5 to 87.5, up four percent at the midpoint from 81.0 to 86.0 MBopd, Natural Gas (MMcfpd): 2,750 to 2,825, up one percent at the midpoint from 2,680 to 2,850 MMcfpd, Lease operating expense, gathering, processing and transportation, and general and administrative guidance remains unchanged, Deferred Income Tax Ratio: 15 percent to 25 percent (from 20 percent to 30 percent), driven by higher commodity prices, No change to full-year 2022 turn-in-line guidance, Total return to shareholders based on first-half 2022 performance is. high-quality, low-cost oil and gas assets. We are excited to build on this momentum and our strong foundations as we progress towards closing the transaction and creating a premier, diversified energy company. This press release contains certain forward-looking statements within the meaning of federal securities laws. By providing your email address below, you are providing consent to Coterra Energy to send you the requested Investor Email Alert updates. By signing up you agree to receive content from us. The EBITDAX used in the calculation below is reflective of nine months of legacy Cabot and Cimarex EBITDAX, plus three months of Coterra EBITDAX. The combined base and variable dividend is payable on August 25, 2022, to shareholders of record as of the close of business on August 15, 2022. Non-cash (gain) loss on derivative instruments, Cimarex Adjusted EBITDAX (nine months ended September 30, 2021). The Company exited the quarter with a cash balance of $1.1 billion and no debt outstanding under its revolving credit facility. The tables below provide a summary of production volumes, price realizations and operational activity by region and units costs for the Company for the periods indicated: General and administrative (excluding stock-based compensation and merger-related expense)(3), _______________________________________________________________________________. Including the effect of commodity derivatives, average realized prices for oil and natural gas for 2022 were $84.33 per Bbl and $4.91 per Mcf, respectively. You can sign up for additional alert options at any time. Net debt to Adjusted EBITDAX is defined as net debt divided by trailing twelve month Adjusted EBITDAX. Adjusted net income (non-GAAP) for fourth-quarter 2022, excluding non-recurring items, was $905 million, or $1.16 per share. After submitting your request, you will receive an activation email to the requested email address. When typing in this field, a list of search results will appear and be automatically updated as you type. daniel.guffey@coterra.com. Coterra will host a conference call tomorrow, Thursday, February 23, 2023, at 9:00 AM CT (10:00 AM ET), to discuss fourth-quarter and full-year 2022 financial and operating results and its 2023 outlook. HOUSTON, October 1, 2021 - Coterra Energy Inc. ("Coterra" or the "Company") (NYSE: COG) today announced the successful completion of the combination of Cabot Oil & Gas Corporation ("Cabot") and Cimarex Energy Co. ("Cimarex"), creating a premier, diversified energy company with a strong free cash flow profile, well positioned to deliver superior . Cash paid for capital expenditures for drilling, completion and other fixed asset additions. Forward-looking statements are not statements of historical fact and reflect Coterra's current views about future events. On October 1, 2021, Coterra announced that the merger involving the Company, which was formerly named Cabot Oil & Gas Corporation (Cabot), and Cimarex Energy Co. (Cimarex) was completed (the "Merger"). Additionally, as our planned expenditures are not expected to result in additional debt, our management believes it is appropriate to apply cash and cash equivalents to reduce debt in calculating the Net Debt to Adjusted Capitalization ratio. Coterra will host a conference call tomorrow, Wednesday, August 3, 2022, at 9:00 AM CT (10:00 AM ET), to discuss second-quarter 2022 financial and operating results. Net debt to Adjusted EBITDAX is defined as net debt divided by trailing twelve month Adjusted EBITDAX. Increasing Base Dividend, Announcing New Share Repurchase Authorization, Updating Return Strategy, Jorden commented, We are pleased to increase the base dividend, which underscores the confidence in our long-term outlook and financial strength through all cycles. Annual base dividend ($0.15 per share for the first three quarters and $0.20 per share for the fourth quarter). 281.589.4875 , . Such forward-looking statements include, but are not limited to, statements about returns to shareholders, enhanced shareholder value, future financial and operating performance and goals and commitment to sustainability and ESG leadership, strategic pursuits and goals and other statements that are not historical facts contained in this press release. Adjusted net income (non-GAAP) for full-year 2022, excluding non-recurring items, was $3,932 million, or $4.94 per share. We report our financial results in accordance with accounting principles generally accepted in the United States (GAAP). If you experience any issues with this process, please contact us for further assistance. We will treat your data with respect and will not share your information with any third party. You must click the activation link in order to complete your subscription. For legacy Cabot SEC Filings, Adjusted EBITDAX is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating activities or net income, as defined by GAAP, or as a measure of liquidity. The company achieved zero routine high-pressure flaring across Coterra's three core operating regions during 2022. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. Adjusted Earnings per Share is defined as Adjusted Net Income divided by weighted-average common shares outstanding. Thank you for standing by. Production volumes in third-quarter 2022 are expected to average between 610 and 630 MBoepd, with oil volumes estimated to average between 85.5 and 88.5 MBopd. Variable cash dividends were $0.45 and $0.50 per share which were declared in May 2022 and August 2022, respectively. For the three and six months ended June30, 2022, includes severance expense of $14 million and $39 million, respectively, related to accrued severance costs as a result of the Merger. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. These risks and uncertainties include, without limitation, the risk that the recently combined businesses will not integrate successfully the risk that the cost savings and any other synergies may not be fully realized or may take longer to realize than expected the volatility in commodity prices for crude oil and natural gas the effect of future regulatory or legislative actions, including the risk of new restrictions with respect to well spacing, hydraulic fracturing, natural gas flaring, seismicity, produced water disposal, or other oil and natural gas development activities disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers the diversion of management time on integration-related issues the continuing effects of the COVID-19 pandemic and the impact thereof on Coterras business, financial condition and results of operations actions by, or disputes among or between, the Organization of Petroleum Exporting Countries and other producer countries the presence or recoverability of estimated reserves the ability to replace reserves environmental risks drilling and operating risks exploration and development risks competition the ability of management to execute its plans to meet its goals and other risks inherent in Coterra's businesses. Increasing 2022 capital investment guidance: Our revised 2022 capital program is expected to be. Coterra Energy Inc., an independent oil and gas company, engages in the development, exploration and production of oil, natural gas, and natural gas liquids in the United States. Coterra is a premier exploration and production company based in Houston, Texas with focused operations in the Permian Basin, Marcellus Shale and Anadarko Basin. For the six months ended June30, 2021, includes $2 million related to early retirements under the Company's 2021 Early Retirement Program. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. In addition, the declaration and payment of any future dividends, whether regular base quarterly dividends, variable dividends or special dividends, will depend on Coterra's financial results, cash requirements, future prospects and other factors deemed relevant by Coterra's board of directors. Cabot Oil & Gas Corporation, headquartered in Houston, Texas is a leading independent natural gas producer, with its entire resource base located in the continental United States. Our management uses Adjusted EBITDAX for that purpose. Relation Labs Launches First Season of Airdrop for REL Tokens Coterra reported cash flow from operating activities of $5,456 million for full-year 2022. After submitting your request, you will receive an activation email to the requested email address. Cabot Oil & Gas and Cimarex Energy Shareholders Approve Merger, https://www.prnewswire.com/news-releases/cabot-oil--gas-and-cimarex-energy-shareholders-approve-merger-301388252.html. Full-year 2021 results include nine months of legacy Cabot results from January 1 to September 30, plus three months of Coterra beginning October 1, unless noted otherwise. Except to the extent required by applicable law, Coterra does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. The Net Debt to Adjusted Capitalization ratio is calculated by dividing Net Debt by the sum of Net Debt and total stockholders' equity. Driven by relatively high commodity prices and strong execution during 2022, the company returned $3.25 billion to shareholders through our base dividend ($480 million), variable dividend ($1.51 billion) and share repurchases ($1.25 billion). At the recent commodity strip, we expect to generate free cash flow of approximately $4.5 billion in 2022. Selecting the value will change the page content. Our management uses these measures for that purpose. Mit Ihrer Anmeldung erklren Sie sich damit einverstanden, Inhalte von uns zu erhalten. See "Supplemental non-GAAP Financial Measures" below for a description of free cash flow as well as reconciliations of this measures to discretionary cash flow and cash flow from operating activities. We have also included herein certain forward-looking non-GAAP financial measures. Coterra's average realized prices for oil, natural gas and natural gas liquids (NGLs) for fourth-quarter 2022, excluding the effect of commodity derivatives, were $82.26 per barrel (Bbl), $4.87 per thousand cubic feet (Mcf), and $25.02 per Bbl, respectively.