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Coterra Energy Inc
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Q1 2024 Earnings Call Presentation
| Daniel Guffey; Caterina Papadimitropoulos | Page 18 of 11 |
May 19, 2024
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"Q1 2024 Earnings Call Presentation"
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Susquehanna County acreage leverages highly productive Marcellus Lower 2024 activity YoY • In response to weak near-term natural gas macro, lowered 2024e Marcellus D&C capex by >55% at the mid-point, year-over-year • Still have flexibility to increase capital and gas volumes over the next three years, as incremental demand from U.S. LNG facilities comes online Deferring wells • Brought 11 wells online throughout January and February • In March, with natural gas prices sub $2/mmbtu, began deferring turn-in-lines • Deferred 12 turn-in-lines in 1Q24 • Recent strip indicates Henry Hub may surpass $2/mmbtu in June, but off-market gas supply is a potential risk that could extend the imbalance in the gas market Long-lateral capability • Leased ~2,500 additional net acres in 2023, allowing for extended lateral length • Targeting long-lateral development in 2024, with Lower Marcellus at 9,500’ and Upper Marcellus at 11,300’ Marcellus Asset Overview Coterra Acreage