Coterra Energy Stock Price, News & Analysis

Coterra Energy Inc. (NYSE: CTRA) is an independent oil and gas exploration and production company based in Houston, Texas. The company focuses on the development, exploration, and production of oil, natural gas, and natural gas liquids in the continental United States. Coterra’s operations are concentrated in three major U.S. resource plays: the Permian Basin, the Marcellus Shale, and the Anadarko Basin, where it develops multi-well, repeatable programs in areas with significant hydrocarbon resources.

Coterra operates in a single reporting segment dedicated to oil and natural gas development, exploration, and production. According to company disclosures, its asset base spans oil-weighted production in the Permian Basin and natural gas-focused production in the Marcellus Shale in northeast Pennsylvania, as well as additional activity in the Anadarko Basin in the mid-continent region in Oklahoma. This mix provides exposure to both oil and natural gas, along with associated natural gas liquids.

Core operating areas

Permian Basin: Coterra’s Permian Basin operations are a key source of oil, natural gas, and NGL production. The company highlights a multi-rig development program in this basin and has discussed running several operated rigs and completion crews there as part of its ongoing drilling and completion activity.

Marcellus Shale: In the Marcellus Shale in northeast Pennsylvania, Coterra focuses on dry natural gas development. The company reports substantial daily natural gas volumes from this region and has referenced power netback gas sale agreements that utilize Marcellus production as part of its natural gas marketing portfolio.

Anadarko Basin: In the Anadarko Basin, Coterra produces a combination of natural gas, oil, and NGLs. The company reports drilling and turning in-line wells in this basin and includes Anadarko volumes as part of its diversified production base.

Business model and operations

Coterra’s business model centers on developing its resource base through drilling and completion activity across its three core basins. The company regularly reports metrics such as wells drilled, wells turned in-line, average operated rig counts, production volumes by region, and realized prices for oil, natural gas, and NGLs. These disclosures indicate an ongoing program of capital investment in drilling and completion, with production measured in barrels of oil equivalent per day and separate reporting for oil, natural gas, and NGL volumes.

The company emphasizes capital efficiency, production guidance, and a reinvestment rate defined as incurred capital expenditures as a percentage of discretionary cash flow. In its public communications, Coterra has described adjusting activity levels across the Permian, Marcellus, and Anadarko to respond to commodity price environments, while maintaining what it characterizes as a conservative reinvestment approach and a focus on free cash flow generation.

Financial and capital allocation framework

Coterra provides regular updates on its capital expenditure plans, production guidance, and free cash flow expectations. It reports non-GAAP measures such as discretionary cash flow, free cash flow, and adjusted net income alongside GAAP results. The company has described a capital program that allocates spending among its three core basins, with specific rig counts and capital ranges for each region.

In addition to funding development activity, Coterra’s disclosures highlight a capital allocation framework that includes dividends, share repurchases, and debt reduction. The company has discussed a base quarterly dividend, a share repurchase authorization, and the use of free cash flow to reduce term loan and other debt balances. It has also referenced a target of returning a stated portion of free cash flow to shareholders over time, while prioritizing leverage reduction in certain periods.

Corporate history and structure

Coterra Energy was formed following the merger of Cabot Oil & Gas and Cimarex Energy. Public commentary from a significant shareholder has characterized this transaction as combining dry gas assets in the Marcellus with oil-weighted production in the Permian Basin under the Coterra name. The company’s current profile reflects this combination, with a diversified asset base spanning both oil and natural gas resource plays.

The company is incorporated in the United States and files periodic and current reports with the U.S. Securities and Exchange Commission, including Forms 10-K, 10-Q, and 8-K. These filings provide detailed information on production, realized prices, derivative activity, capital expenditures, and corporate governance matters, such as the appointment of executive officers.

Risk management and hedging

Coterra reports realized prices for oil, natural gas, and NGLs both excluding and including the effect of commodity derivatives. In its SEC filings, the company discloses anticipated net cash received on settlements of derivative instruments for specific quarters. This indicates the use of commodity hedging as part of its risk management approach to manage price exposure for its production.

Sustainability and governance

Coterra has stated that it is committed to environmental stewardship, sustainable practices, and corporate governance. The company publishes a sustainability report that it makes available through its own channels and has described itself as striving to deliver sustainable returns through efficient and responsible development of its asset base. External stakeholders have also engaged with the company on governance topics, including board leadership structure and oversight of capital allocation and reserve reporting.

Stock information

Coterra Energy Inc. trades on the New York Stock Exchange under the ticker symbol CTRA. As an independent exploration and production company in the crude petroleum and natural gas extraction industry, it is part of the broader mining, quarrying, and oil and gas extraction sector. Investors and analysts monitor CTRA stock in connection with commodity price trends, the company’s production and capital plans, and its stated shareholder return framework.

Frequently asked questions (FAQ)

• What does Coterra Energy Inc. do?
  Coterra Energy Inc. is an independent oil and gas company engaged in the development, exploration, and production of oil, natural gas, and natural gas liquids in the continental United States. Its operations are focused in the Permian Basin, Marcellus Shale, and Anadarko Basin.
• Where is Coterra Energy headquartered?
  Coterra describes itself as based in Houston, Texas, and its SEC filings list a principal office location in Houston, Texas.
• In which basins does Coterra operate?
  Coterra reports focused operations in the Permian Basin in Texas and New Mexico, the Marcellus Shale in northeast Pennsylvania, and the Anadarko Basin in the mid-continent region in Oklahoma.
• How does Coterra describe its business segment?
  The company operates in one segment, which it describes as oil and natural gas development, exploration, and production in the continental United States.
• What commodities does Coterra produce?
  Coterra reports production of oil, natural gas, and natural gas liquids, with detailed disclosure of daily production volumes and realized prices for each commodity.
• How does Coterra allocate capital across its assets?
  Coterra provides guidance on capital expenditures by basin and discusses the number of rigs and completion crews it plans to run in the Permian, Marcellus, and Anadarko. It describes adjusting activity levels in response to commodity prices while targeting a specified reinvestment rate.
• What is Coterra’s approach to shareholder returns?
  The company has discussed a framework that includes a base quarterly dividend, opportunistic share repurchases under a board-authorized program, and debt reduction. It has communicated an expectation to return a defined portion of free cash flow to shareholders over time, subject to its balance sheet priorities.
• How does Coterra manage commodity price risk?
  Coterra reports realized prices both excluding and including the effect of commodity derivatives and discloses anticipated net cash received on settlements of derivative instruments, indicating the use of hedging to manage price exposure.
• What role does sustainability play in Coterra’s strategy?
  Coterra states that it is committed to environmental stewardship, sustainable practices, and strong corporate governance, and it publishes a sustainability report that discusses these topics.
• What is the significance of the Cabot Oil & Gas and Cimarex Energy merger?
  An external shareholder letter refers to the 2021 merger of Cabot Oil & Gas and Cimarex Energy as creating Coterra’s current diversified asset base, combining dry gas assets in the Marcellus Shale with oil-weighted production in the Permian Basin under the Coterra Energy name.