A method of cementing a tubular string in a wellbore includes: deploying the tubular string into the wellbore; pumping cement slurry into the tubular string; launching a cementing plug after pumping the cement slurry; propelling the cementing plug through the tubular string, thereby pumping the cement slurry through the tubular string and into an annulus formed between the tubular string and the wellbore; and controlling flow of fluid displaced from the wellbore by the cement slurry to control pressure of the annulus.