Coterra Energy sees 2025 CapEx $2.1B-$2.4B

Permian drilling and completion capital expenditures are estimated to be approximately $70M lower, driven by improved services costs and acquisition synergies. Marcellus drilling and completion capital expenditures are estimated to be approximately $50M higher than expected in November as activity restarts in the basin early in Q2. Anadarko capital expenditures are expected to be relatively consistent. 2025 production guidance is unchanged at the midpoint from the 2025 pro forma framework announced last November. 2025 total BOE production is expected to be up approximately 9% year-over-year at the mid-point, with oil volumes up approximately 47%, and natural gas volumes relatively flat to 2024 levels. 2025 guidance includes the impact of the recent acquisitions from the closings in late January. Organic 2025 annual oil and BOE growth for Coterra’s legacy assets, excluding the recently closed acquisitions, is estimated to be greater than 5% for oil and 0 to 5% for BOE.