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Cabot Oil & Gas Corp | September 2021 Corporate Presentation | Dan Dinges | Page 2 of 11 | December 26, 2024

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Substantially increases return of capital to Cimarex shareholders • Committed to returning 50%+ of FCF to shareholders with confidence to distribute 30%+ of CFO at all but the lowest of commodity price scenarios • Enhances dividend payout to current Cimarex shareholders: › Increases base dividend by ~86% vs current Cimarex dividend › Introduces variable dividend targeting return of 50%+ of FCF › Pays special dividend of $0.50/combined company share after closing (equal to $2.01/Cimarex share) Improved free cash flow profile driven by best-in-class combined assets • Cimarex shareholders gain leverage to among the lowest break-even natural gas assets in North America through Cabot, creating a portfolio with scale & substantial capital optionality • Combining Cimarex with Cabot’s low-decline assets enhances FCF resilience & delivers a combined >20 year estimated life of low-cost, high-return inventory › PDP reserves increase from ~33% to ~38% of asset value 1 , improving cash flow stability & predictability › PDP reserve life increases from ~7 years to ~9 years 1 , improving cash flow longevity & continuity • Increases NAV (discounted value of asset life cash flow generation) per share 1 • Increases FCF upside, decreases downside exposure & reduces mid-cycle volatility • Expect to generate $4.7bn cumulative FCF 2022-24 at mid-cycle commodity prices Strengthened financial profile with lower leverage and specific, actionable synergies • Lowers leverage from 0.8x to 0.3x (’22E) 1 • Improves cost of capital from scale, liquidity & stability • Strengthened balance sheet & cash flow stability create flexibility for combined company hedging strategy • $100mm in identified G&A synergies expected, with further opportunities to enhance capital efficiency & realize operational synergies Compelling Transaction with a Commitment to Best-in-Class Returns 2