[8-K] Coterra Energy Inc. Reports Material Event

Rhea-AI Filing Summary

Coterra Energy (CTRA) filed an 8-K to preview select, unaudited operating metrics for Q2 2025 ahead of its full earnings release. Management reports:

• Realized sales prices (ex-hedges): Oil $62.80/Bbl, Natural gas $2.20/Mcf, NGL $18.72/Bbl.
• Realized sales prices (incl. hedges): Oil $64.01/Bbl, Natural gas $2.27/Mcf, NGL unchanged at $18.72/Bbl.
• Derivative impact: The company expects to book $35 million of net cash receipts from hedge settlements for the quarter.

The figures remain subject to normal closing adjustments. No other financial statements, guidance revisions or strategic transactions were disclosed. Forward-looking statements caution that actual results may differ as final accounting is completed and as commodity prices fluctuate.

Positive

• $35 million expected net cash receipts from Q2 2025 hedge settlements provide a non-operating boost to cash flow.

Negative

• None.

Insights

Energy Market Analyst

TL;DR – Early Q2 pricing and $35 m hedge gain look mildly supportive but limited insight beyond revenue realization.

The filing offers a snapshot of Coterra’s commodity price deck and hedge performance. A ~$1.21/Bbl uplift on oil and $0.07/Mcf on gas from hedging implies disciplined risk management and cushions revenue in a soft gas environment. However, without volumes, cost data or updated guidance, investors can’t gauge margin impact. Still, the $35 m cash inflow should enhance quarterly operating cash flow and could partially offset lower benchmark gas prices seen in 2025. Overall information value is moderate and largely confirms the company’s existing hedge book.

Portfolio Manager

TL;DR – Neutral disclosure; modest hedge cash boost, no change to investment thesis.

From a portfolio perspective, the 8-K is informational rather than catalyst-driven. The derivative settlement represents <2% of 2024 operating cash flow, so impact on valuation is minimal. Realized oil pricing sits within recent WTI strip, while gas remains weak; the small hedge uplift shows prudent but unsurprising risk mitigation. Absence of volume, capex or return-of-capital commentary means no actionable update to forecasts. I classify the filing as not impactful for equity positioning.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549 

FORM 8-K 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934 

Date of Report (date of earliest event reported): July 21, 2025

COTERRA ENERGY INC.

(Exact name of registrant as specified in its charter)

Delaware

1-10447

04-3072771

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

Three Memorial City Plaza
840 Gessner Road, Suite 1400
Houston, Texas						77024
(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code:  (281) 589-4600

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, par value $0.10 per share			CTRA			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

Coterra Energy Inc. (“Coterra”, “we” or “our”) presents in this Item 2.02 certain information for the quarter ended June 30, 2025 regarding its realized prices and derivative activity.

Realized Prices

AVERAGE SALES PRICE (excluding hedges)
Oil ($/Bbl)			$	62.80
Natural gas ($/Mcf)			$	2.20
NGL ($/Bbl)			$	18.72
AVERAGE SALES PRICE (including hedges)
Oil ($/Bbl)			$	64.01
Natural gas ($/Mcf)			$	2.27
NGL ($/Bbl)			$	18.72

Derivative Activity

For the second quarter of 2025, Coterra anticipates recognizing net cash received on settlements of derivative instruments of $35 million.

Realized prices and the related impact of hedges are subject to completion of our financial closing procedures, final adjustments and other developments that may arise.

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Item 9.01 Financial Statements and Exhibits.

(d)    Exhibits

104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

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Forward-Looking Statements

This report includes forward-looking statements within the meaning of federal securities laws. All statements, other than statements of historical fact, included in this report are forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding the anticipated effects of derivatives on Coterra’s results for the second quarter of 2025. The words “estimate,” “anticipate” and similar expressions are also intended to identify forward-looking statements. We can provide no assurance that the forward-looking statements contained in this report will occur as expected, and actual results may differ materially from those included in this report. Forward-looking statements are based on current expectations and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those included in this report. These risks and uncertainties include, without limitation, factors detailed in our other SEC filings. Refer to “Risk Factors” in Item 1A of Part I of our Form 10-K for additional information about these risks and uncertainties. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Except to the extent required by applicable law, we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

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SIGNATURE 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			COTERRA ENERGY INC.
			By:			/s/ TODD M. ROEMER
						Todd M. Roemer
						Vice President and Chief Accounting Officer
						(Principal Accounting Officer)

Date: July 21, 2025

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FAQ

What realized prices did Coterra Energy (CTRA) report for Q2 2025?

Ex-hedge: Oil $62.80/Bbl, Natural gas $2.20/Mcf, NGL $18.72/Bbl. Including hedges: Oil $64.01/Bbl, Gas $2.27/Mcf, NGL unchanged.

How much will Coterra receive from derivative settlements in Q2 2025?

The company anticipates net cash receipts of $35 million from settled hedges.

Does the 8-K include production volumes or earnings guidance?

No. The filing only discloses preliminary realized prices and hedge impacts; no volumes, cost data or guidance updates are provided.

Are the reported figures final?

Management states the numbers are subject to closing procedures and final adjustments, so they may change.

Why did Coterra file an 8-K for this information?

Regulation FD requires prompt disclosure of material information; Coterra chose an 8-K to share preliminary pricing and hedge effects.