Cabot, Cimarex Announce Coterra As Their New Name After Merger

Coterra Energy Inc. (“Coterra” or the “Company”) (NYSE: COG) announced the successful completion of the combination of Cabot Oil & Gas Corporation (“Cabot”) and Cimarex Energy Co. (“Cimarex”), creating a diversified energy company with a strong free cash flow profile, well positioned to deliver superior and sustainable returns to shareholders through commodity cycles. Coterra’s common stock will trade on the New York Stock Exchange under the ticker symbol “CTRA” at the open of trading on October 4, 2021 and under the symbol “COG” until then.

The Coterra name reflects two companies coming together, combining teams and assets to create a stronger platform to deliver sustainably higher returns.

Dan O. Dinges, Executive Chairman of Coterra, said, “We are proud to complete our transaction and launch Coterra, which will build upon the impressive legacies and many strengths of both Cabot and Cimarex. Driven by a commitment to operating accountably, sustainably and safely, Coterra will be well positioned to increase returns to shareholders and deliver long-term value for all our stakeholders.”

Thomas E. Jorden, Chief Executive Officer, President and Director of Coterra, said, “Today marks the beginning of our journey as one Coterra team. We couldn’t be more excited to bring together our teams and form a new E&P company that is positioned to succeed in the next phase of the shale revolution and beyond. With tremendous flexibility between premier oil and natural gas assets and a focus on operating efficiently, driving substantial cash flows and generating capital returns through commodity cycles, Coterra is poised to deliver enhanced value to our shareholders.”

With the transaction now closed, Coterra has outlined a strategy for the new world of energy:

Facilitating significant capital returns, with an increased base dividend, a variable dividend reflecting the Company’s commitment to return 50% of quarterly free cash flow (“FCF”) to shareholders and a special cash dividend of $0.50 per share post-closing.
Delivering substantial and sustained cash generation across cycles and supporting a more resilient free cash flow profile with the flexibility to leverage commodity specific cycles in allocating capital.
Leveraging a top tier asset base across over 700,000 net acres, with high-return Marcellus, Permian and Anadarko Basins inventory and a combined production base of approximately 605 MBoepd as of the second quarter of 2021.
Ensuring a strong financial profile through enhanced scale and a stronger balance sheet characterized by increased liquidity and reduced volatility, including an improved credit rating, a favorable net debt-to-EBITDAX ratio and $100 million in targeted G&A synergies.
Strengthening its commitment to ESG through industry leading practices and policies, a commitment to further improvement across critical sustainability metrics and the alignment of executive compensation with shareholder value creation and environmental sustainability.

Coterra Senior Leadership Team

As previously announced, joining Mr. Jorden as a member of Coterra’s senior leadership team is Scott C. Schroeder, previously Cabot’s Executive Vice President and Chief Financial Officer, who will serve as EVP and CFO of the combined business. Additional members of Coterra’s senior leadership team announced today include:

Stephen P. Bell, Executive Vice President – Business Development
Francis B. Barron, Senior Vice President and General Counsel
Christopher H. Clason, Senior Vice President and Chief Human Resources Officer
Steven W. Lindeman, Senior Vice President – Production & Operations
Phil L. Stalnaker, Senior Vice President – Marcellus Business Unit
Michael D. DeShazer, Vice President of Business Units
Kevin W. Smith, Vice President and Chief Technology Officer

Coterra Board of Directors

Dan O. Dinges, Executive Chairman (former Cabot Board member)
Thomas E. Jorden, CEO & President (former Cimarex Board member)
Lisa A. Stewart, Lead Independent Director (former Cimarex Board member)
Dorothy M. Ables, Independent Director (former Cabot Board member)
Robert S. Boswell, Independent Director (former Cabot Board member)
Amanda M. Brock, Independent Director (former Cabot Board member)
Paul N. Eckley, Independent Director (former Cimarex Board member)
Hans Helmerich, Independent Director (former Cimarex Board member)
Frances M. Vallejo, Independent Director (former Cimarex Board member)
Marcus A. Watts, Independent Director (former Cabot Board member)

Coterra’s 10-member Board of Directors has equal representation from Cabot and Cimarex and was selected to ensure that the Company has the diverse skills, experience and perspectives along with the necessary independence and diversity to provide strong corporate governance and expert oversight of management.

About Coterra Energy
Coterra is a premier, diversified energy company based in Houston, Texas. We strive to be a leading producer, delivering returns with a commitment to sustainability leadership. Learn more about us at www.coterra.com.

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