coterra energy investor relations

Total equivalent production of 632 MBoepd (thousand barrels of oil equivalent per day), exceeding the high-end of guidance. social media, public relations, sponsoring research, direct contact with regulators and elected . We strive to be a leading producer, delivering returns with a commitment to sustainability leadership. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. 281.589.4875 The company achieved zero routine high-pressure flaring across Coterra's three core operating regions during 2022. 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. Discretionary Cash Flow 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. Adjusted Earnings per Share is defined as Adjusted Net Income divided by weighted-average common shares outstanding. ", Jorden added, "We are pleased to announce that we will return 80 percent of our second-quarter 2022 free cash flow to shareholders, which includes 50 percent in the form of cash dividends and 30 percent in the form of share repurchases. Net debt to Adjusted EBITDAX is defined as net debt divided by trailing twelve month Adjusted EBITDAX. Coterra incurred a total of $1,737 million of capital expenditures in full-year 2022, including $1,617 million of drilling and completion capital. Learn more about us at www.coterra.com. The Company exited the year with a cash balance of $0.7 billion and no debt outstanding under its revolving credit facility. This ratio is a measurement which is presented in our annual and interim filings and our management believes this ratio is useful to investors in assessing our leverage. Under the terms of the definitive agreement, each eligible share of Cimarex common stock issued and outstanding immediately prior to the effective time of the transaction will be exchanged for 4.0146 shares of Cabot common stock. We intend to publish the first Coterra Energy Sustainability Report during fourth-quarter 2022. Adjusted EBITDAX is presented on our management's 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. $0.20. "This is expected to result in a 2023 production profile that will be relatively flat year-over-year before returning to modest growth in 2024 and 2025. You must click the activation link in order to complete your subscription. Committed to Sustainability and ESG Leadership. 1Free cash flow is a . Based on second-quarter 2022 free cash flow (non-GAAP), Coterra's Board today declared a quarterly base plus variable dividend of $0.65 per share. DEN - Free Report) , is soon expected to post earnings of $1.40 per share for the quarter ended March 2023. At this time, I would like to welcome everyone to the Coterra Energy Third Quarter 2022 Earnings Conference Call. Coterra Energy's Climate Policy Engagement Overview, March 2023 1 Coterra Energy: Climate Policy Engagement Overview An investor briefing on Coterra Energy's climate policy engagement in advance of its 2023 Annual General Meeting (AGM) . Net income for fourth quarter 2022 totaled $1,032 million, or $1.32 per share. 2 Investor Contact Daniel Guffey With the airdrop, the Web3 firm intends to reward early adopters who have . Our management uses these measures for that purpose. HOUSTON, April 18, 2023--Coterra Energy Inc. ("Coterra" or the "Company") (NYSE: CTRA) today announced it will host a conference call on Friday, May 5, 2023, at 9:00 AM CT (10:00 AM ET) to discuss . Words such as anticipates, believes, expects, intends, plans, outlook, will, should, may and similar expressions may be used to identify forward-looking statements. Coterra Energy Reports First-Quarter 2023 Results, Announces Quarterly If you experience any issues with this process, please contact us for further assistance. Includes the impact of our performance share awards and restricted stock. HOUSTON--(BUSINESS WIRE)-- For the twelve months ended December 31, 2021, includes severance expense of $44 million related to accrued severance costs as a result of the Merger and $2 million related to early retirements under the Company's 2021 Early Retirement Program. Except to the extent required by applicable law, neither Cabot nor Cimarex undertakes any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Coterra Energy Inc. (CTRA) Company Profile & Facts We will treat your data with respect and will not share your information with any third party. Cision Distribution 888-776-0942 Estimated cash flow from operating activities of approximately $4.0 billion, at recent commodity strip prices, Expected capital investment of $2.0 billion to $2.2 billion. 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. Thank you for standing by. We have also included herein certain forward-looking non-GAAP financial measures. Expect to turn-in-line 150 to 175 total net wells. If you experience any issues with this process, please contact us for further assistance. By providing your email address below, you are providing consent to Coterra Energy to send you the requested Investor Email Alert updates. In addition, the well-being of our workforce and the communities in which we operate is a key consideration when making business decisions. 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. At the Cimarex special meeting of shareholders, more than 90% of voted shares (approximately 79% of outstanding shares) were in favor of the merger. It was formed after the 2021 merger with Cabot and Cimarex. Free Cash Flow is presented based on our managements belief that this non-GAAP measure is useful information to investors when comparing our cash flows with the cash flows of other companies. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof. Coterra incurred a total of $472 million of capital expenditures in second-quarter 2022, including $437 million of drilling and completion capital. 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. These risks and uncertainties include, without limitation, the risk that the combined businesses will not be integrated successfully the risk that the cost savings and any other synergies from the Merger may not be fully realized or may take longer to realize than expected the volatility in commodity prices for crude oil and natural gas cost increases; supply chain disruptions; 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 Merger making it more difficult to maintain relationships with customers, employees or suppliers the diversion of management time on integration-related issues the potential effects of further developments to the long-term impact of the COVID-19 pandemic and variants thereof on Coterra's business, financial condition and results of operations actions by, or disputes among or between, the Organization of Petroleum Exporting Countries and other producer countries market factors; market prices (including geographic basis differentials) of oil and natural gas; impacts of inflation; labor shortages and economic disruption (including as a result of the pandemic or geopolitical disruptions such as the war in Ukraine); 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. Adjusted EBITDAX (Twelve months ended December 31), Reconciliation of Net Debt to EBITDAX - Combined. The words "expect," "project," "estimate," "believe," "anticipate," "intend," "budget," "plan," "predict," "potential," "possible," "may," "should," "could," "would," "will," "strategy," "outlook" and similar expressions are also intended to identify forward-looking statements. This ratio is a measurement which is presented in our annual and interim filings and our management believes this ratio is useful to investors in assessing our leverage. However, we believe certain non-GAAP performance measures may provide financial statement users with additional meaningful comparisons between current results and results of prior periods. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. After submitting your request, you will receive an activation email to the requested email address. We believe responsible development of oil and natural gas provides opportunity for a bright future, one filled with technology, innovation and prosperity for both today and tomorrow. Discretionary Cash Flow is widely accepted as a financial indicator of an oil and gas companys ability to generate available cash to internally fund exploration and development activities, return capital to shareholders through dividends and share repurchases, and service debt and is used by our management for that purpose. Daniel Guffey - Vice President of Finance, Planning & Analysis and Investor Relations Repurchased 11.0 million shares during the second-quarter 2022, at a cost of. For the three and twelve months ended December 31, 2022, includes severance expense of $11 million and $62 million, respectively, related to accrued severance costs as a result of the Merger. Coterra Energy - Investor Relations June 9, 2023. Committed to Sustainability and ESG Leadership. Coterra Energy Reports Fourth-Quarter and Full-Year 2022 Results, Provides 2023 Outlook and Updates Shareholder Return Strategy. Following the closing of the transaction, the combined business intends to change its name and ticker symbol. Accordingly, we are unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures. Wells completed includes wells completed during the period, regardless of when they were drilled. We are built to weather the cycles with flexibility in capital allocation across Environmental stewardship and sustainability practices are at the core of our operations across our assets. Additionally, we believe these measures provide beneficial comparisons to similarly adjusted measurements of prior periods and use these measures for that purpose. Reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings Per Share. During the quarter, the Company repurchased 20 million shares for $510 million, averaging $25.60 per share, to fully execute on its $1.25 billion share repurchase authorization during calendar 2022. We will treat your data with respect and will not share your information with any third party. Second-quarter 2022 total equivalent production averaged 632 MBoepd, exceeding the high-end of guidance. Accordingly, we are unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures. We will treat your data with respect and will not share your information with any third party. COPYRIGHT 2021 COTERRA ENERGY INC. ALL RIGHTS RESERVED. PDF Creating a Premier Energy Company Positioned to Deliver Value - Coterra Coterra SEC Filings are provided below. 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. 281.589.4875 Coterra Energy Inc. (CTRA) Q4 2022 Earnings Call Transcript Q4: 2022-02-23 Earnings Summary. Full-year 2022 discretionary cash flow (non-GAAP) was $5,642 million and free cash flow (non-GAAP) totaled $3,942 million, both of which are inclusive of merger-related costs. The Company's sustainability report can be found under "A Sustainable Future" on www.coterra.com. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. This press release contains certain forward-looking statements within the meaning of federal securities laws. You can sign up for additional alert options at any time. Discretionary Cash Flow is presented based on our management's belief that this non-GAAP measure is useful information to investors when comparing our cash flows with the cash flows of other companies that use the full cost method of accounting for oil and gas producing activities or have different financing and capital structures or tax rates. See how were working every day to bring the benefits of cleaner energy to all for a better life for the long term. 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. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the unsubscribe section below. The index price is El Paso Natural Gas Company, Permian Basin Index ("Perm EP") as quoted in Platt's Inside FERC. Press Release. Outstanding execution led to value creation, outsized shareholder returns and further improvement of our industry-leading balance sheet. Coterra Energy Inc. is a diversified energy company, which engages in the exploration, development, and production of oil and natural gas properties. For a summary of Coterra's estimated proved reserves at December 31, 2022, see the "Year-End Proved Reserves" table below. 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. Copyright 2021 Coterra Energy Inc. All Rights Reserved. We can provide no assurance that the forward-looking statements contained in this press release will occur as projected and actual results may differ materially from those projected. We truly are a place where ideas matter. See Supplemental Non-GAAP Financial Measures below for descriptions of the above non-GAAP measures as well as reconciliations of these measures to the associated GAAP measures. Our management uses these measures for that purpose. Adjusted Net Income and Adjusted Earnings per Share are presented based on our management's belief that these non-GAAP measures enable a user of financial information to understand the impact of identified adjustments on reported results. , , , , , , Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, Coterra Energy Schedules Fourth-Quarter 2022 Results Conference Call for Thursday, February 23, 2023, Net income for second-quarter 2022 totaled, Generated cash flow from operating activities of. By providing your email address below, you are providing consent to Coterra Energy to send you the requested Investor Email Alert updates. We report our financial results in accordance with accounting principles generally accepted in the United States (GAAP). 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. Reconciling items in future periods could be significant. Natural gas volumes in third-quarter are projected to average between 2,725 and 2,775 MMcfpd. 281.589.4875 Non-cash (gain) loss on derivative instruments, Cimarex Adjusted EBITDAX (nine months ended September 30, 2021). If you experience any issues with this process, please contact us for further assistance. Including the effect of commodity derivatives, average realized prices for oil and natural gas for second-quarter 2022 were $92.78 per Bbl and $5.15 per Mcf, respectively. We strive to be a leading producer, delivering returns with a commitment to sustainability leadership. Referenced results for the six months ended June30, 2021 reflect only legacy Cabot. We remain committed to capital discipline and our updated guidance continues to assume we will invest less than 30 percent of our 2022 projected cash flow from operations. The words "expect," "project," "estimate," "believe," "anticipate," "intend," "budget," "plan," "predict," "potential," "possible," "may," "should," "could," "would," "will," "strategy," "outlook" and similar expressions are also intended to identify forward-looking statements. daniel.guffey@coterra.com. 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. Reconciliation of Discretionary Cash Flow and Free Cash Flow. This amount represents the non-cash mark-to-market changes of our commodity derivative instruments recorded in Loss on derivative instruments in the Condensed Consolidated Statement of Operations. For legacy Cabot SEC Filings, click here. This amount represents the non-cash mark-to-market changes of our commodity derivative instruments recorded in (Loss) gain on derivative instruments in the Condensed Consolidated Statement of Operations. 281.589.4983, 281.589.4875 click here. 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. You must click the activation link in order to complete your subscription. Three Memorial City Plaza840 Gessner Road, Suite 1400Houston, TX 77024, Newly Created Energy Company Benefits from Strong Financial Foundation and Premier, Diverse Assets, Cabot Oil & Gas and Cimarex Energy Complete Combination, Forming Coterra Energy. 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, including with respect to the publication of Coterra's first Sustainability Report, and other statements that are not historical facts contained in this press release. Our executive management team provides leadership and experience through all facets of our business. The Company's proved reserves are approximately 78 percent natural gas, 10 percent oil and 12 percent NGLs. Coterra Energy - Investors - News Cabot Oil & Gas and Cimarex Energy Shareholders Approve Merger . We will treat your data with respect and will not share your information with any third party. 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. HOUSTON and DENVER, Sept. 29, 2021 /PRNewswire/ -- Cabot Oil & Gas Corporation ("Cabot") (NYSE: COG) and Cimarex Energy Co. ("Cimarex") (NYSE: XEC) today announced that both companies' shareholders voted to approve the pending transaction. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. We can provide no assurance that the forward-looking statements contained in this press release will occur as projected and actual results may differ materially from those projected. Coterra Energy is a premier, diversified energy company well positioned to deliver superior and sustainable returns. As of December 31, 2022, Coterra had total long-term debt of $2.2 billion with a principal amount of $2.1 billion, with no substantial maturities until 2024. Wells drilled represents wells drilled to total depth during the period. 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. daniel.guffey@coterra.com. See "Supplemental non-GAAP Financial Measures" below for descriptions of the above non-GAAP measures as well as reconciliations of these measures to the associated GAAP measures. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. You can sign up for additional alert options at any time. Prior to deal closing, Wellington held about 4.5 million shares of Cimarex Energy. ", "We thank Cimarex shareholders for their support of our value creating transaction," said Thomas E. Jorden, Chairman, President and CEO of Cimarex. We are built to weather the cycles with flexibility in capital allocation across high-quality, low-cost oil and gas assets. 281.589.4875 PDF with tremendous flexibility between the best oil assets and the best 137.03K Follower s Start Time: 10:00 January 1, 0000 11:00 AM ET Coterra Energy Inc. ( NYSE: CTRA) Q4 2022 Earnings Conference Call February 23, 2023, 10:00 AM ET Company Participants Tom. 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. For additional information, visit the Company's homepage at www.cabotog.com. Selecting the value will change the page content. Based on respective company databases at 5/21/21 strip prices & blended WACC. After submitting your request, you will receive an activation email to the requested email address. The approved total quarterly dividend (base plus variable) equals $0.57 per share ($0.20 base, $0.37 variable), and will be paid on March 30, 2023 to holders of record on March 16, 2023. Net debt to Adjusted EBITDAX is a non-GAAP measure which our management believes is useful to investors when assessing our credit position and leverage. Due to market conditions and the value proposition of our shares, in 2023 we are realigning our strategy to focus on buybacks ahead of variable dividends. During the quarter, we retired 21,900 shares of Cimarex preferred stock ($39 million), which totaled 78 percent of the 28,158 outstanding shares of Cimarex preferred stock ($50 million) on our balance sheet as of March 31, 2022. Learn More About Us. CTRA - Coterra Energy Inc Company Profile - CNNMoney.com Our management uses Adjusted EBITDAX for that purpose. Coterra's dynamic organization, top-tier assets and industry-leading balance sheet are poised to generate long-term consistent profitable growth.". Our Portfolio - Coterra Energy EBITDAX (Twelve months ended December 31), View source version on businesswire.com: The timing and volume of share repurchases under this authorization will be determined by management, at its discretion. 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. Adjusted Net Income is defined as net income plus gain and loss on sale of assets, non-cash gain and loss on derivative instruments, stock-based compensation expense, severance expense, merger-related expenses and tax effect on selected items. Dan O. Dinges, Chairman, President and CEO of Cabot, said, "We are pleased that Cabot shareholders recognize the considerable opportunities ahead for our combined business. To opt-in for investor email alerts, please enter your email address in the field below and select at least one alert option. , . Cabot Oil & Gas and Cimarex Energy have combined in an all-stock merger of equals. Free Cash Flow is an indicator of a company's ability to generate cash flow after spending the money required to maintain or expand its asset base, and is used by our management for that purpose. Free Cash Flow is presented based on our management's belief that this non-GAAP measure is useful information to investors when comparing our cash flows with the cash flows of other companies. Due to the forward-looking nature of these non-GAAP financial measures, we cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as future impairments and future changes in capital. CTRA - Coterra Energy Inc Ordinary Shares Stock Price Quote - NYSE | Morningstar Coterra Energy Inc Ordinary Shares CTRA Stock Quote Morningstar Rating | Rating as of May 29, 2023 Quote Chart. In addition, we believe these measures are used by analysts and others in the valuation, rating and investment recommendations of companies within the oil and natural gas exploration and production industry. Including the effect of commodity derivatives, average realized prices for oil and natural gas for fourth-quarter 2022 were $81.57 per Bbl and $4.74 per Mcf, respectively. Adjusted EBITDAX (Trailing twelve months). Additionally, on August 1, 2022, we retired $124 million principal debt, comprising $25 million of 5.59% notes, $37 million of 6.69% notes, and $62 million of 5.80% notes. Coterra, formed by the combination of Cabot Oil & Gas Corporation and Cimarex Energy Co., has core positions in the top onshore U.S. oil and natural gas basins, giving the Company some of the best assets. Coterra Energy Inc. (NYSE: CTRA) (Coterra or the Company) today reported fourth-quarter and full-year 2022 financial and operating results. Our management uses EBITDAX for that purpose. 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. Net Income of $4.1 billion, or $5.09 per share. click here. Net income for full-year 2022 totaled $4,065 million or $5.09 per share. Share repurchases represent an incremental 34 percent return of second-quarter 2022 cash flow from operating activities, or 30 percent of free cash flow (non-GAAP), to shareholders. 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. Investor Relations: www.coterra.com . Copyright 2021 Coterra Energy Inc. All Rights Reserved. By providing your email address below, you are providing consent to Coterra Energy to send you the requested Investor Email Alert updates.
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