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EX - 99.1 2 a3q21coterraenergyearnings.htm EX - 99.1 COTERRA News Release Coterra Energy Reports Third - Quarter 2021 Results and Accelerates Variable Dividend HOUSTON , November 3 , 2021 - Coterra Energy Inc. ( NYSE : CTRA ) ( " Coterra " or the " Company " ) today reported third quarter 2021 financial and operating results . On October 1 , 2021 , Coterra announced that the merger involving the Company , which previously was named Cabot Oil & Gas Corporation ( " Cabot " ) , and Cimarex Energy Co. ( " Cimarex " ) was completed . Results discussed within this release represent Coterra or legacy Cabot and exclude amounts related to legacy Cimarex , unless otherwise specified . Net income for third - quarter 2021 totaled $ 62.7 million , or $ 0.16 per share . Adjusted net income ( non - GAAP ) for third - quarter 2021 , excluding certain infrequent and non - cash items , was $ 207.0 million , or $ 0.52 per share . Highlights On November 3 , 2021 , Coterra's board approved the previously announced 14 percent increase to its annual base common stock dividend to $ 0.50 per share and an acceleration of its first variable dividend by one quarter . The approved base plus variable quarterly dividend equals $ 0.30 per share ( $ 0.125 base , $ 0.175 variable ) , based on combined legacy Cabot and Cimarex free cash flow for third - quarter 2021 , and will be paid on November 24 , 2021 to holders of record on November 15 , 2021 . On October 4 , 2021 , Coterra's board declared a special cash dividend of $ 0.50 per share ; paid to shareholders on October 22 , 2021 . Legacy Cabot generated net cash provided by operating activities of $ 245.2 million in third - quarter 2021 . Discretionary cash flow from legacy Cabot for third - quarter 2021 totaled $ 308.8 million ( non - GAAP ) , inclusive of merger - related costs . Combined Cabot and Cimarex free cash flow generation totaled $ 387.3 million ( non - GAAP ) in the period , inclusive of merger related costs totaling $ 100.1 million . 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 . Thomas E. Jorden , Chief Executive Officer and President , commented , " Today is just a first look at the power of Coterra's assets , financial strength , and commitment to peer - leading shareholder returns . Our strong operational performance in the third quarter can be attributed to our employees , who worked diligently to execute on both legacy company plans . " " Given the strong combined free cash flow generation in the third quarter , the improvement in commodity prices , and our disciplined capital allocation , we are confident in accelerating our first variable dividend by one quarter . We are proud to begin delivering competitive returns to our shareholders . " Third - Quarter 2021 Summary Third - quarter 2021 daily natural gas production from legacy Cabot was 2,363 million cubic feet per day ( MMcfpd ) , approximately two percent above the high - end of third - quarter guidance .