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 (NGLs) within the continental U.S. . The company operates in one segment, focusing on oil and natural gas development, exploration, and production, with its activities concentrated in areas conducive to multi-well, repeatable drilling programs . Coterra generates revenue from contracts to sell oil, natural gas, and NGLs produced from its interests in oil and gas properties . The company sells its production under both long-term and short-term sales contracts at market-sensitive prices to a diverse portfolio of customers, including industrial customers, local distribution companies, oil and gas marketers, major energy companies, pipeline companies, and power generation facilities .
- Oil Sales - Engages in the sale of oil produced from its interests in oil and gas properties, contributing significantly to the company's revenue.
- Natural Gas Sales - Involves the sale of natural gas, which is extracted and marketed to various customers, forming a substantial part of the company's business.
- Natural Gas Liquids (NGLs) Sales - Focuses on the sale of natural gas liquids, adding to the company's diverse energy product offerings.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Thomas E. Jorden ExecutiveBoard | Chairman, CEO, and President | None | CEO and President since October 2021 after the Cimarex-Cabot merger; became Chairman in November 2022. Previously CEO of Cimarex Energy Co.. | View Report → |
Adam Vela Executive | SVP and General Counsel | None | Promoted to General Counsel in October 2022. Oversees legal and compliance matters. | |
Andrea M. Alexander Executive | SVP and Chief Human Resources Officer | Teach for America Houston (Board Member), Buffalo Bayou Partnership (Board Member) | Joined in July 2023. Former Chief People Officer at Rent the Runway and held leadership roles at McKinsey & Company. | |
Blake A. Sirgo Executive | SVP—Operations | None | SVP—Operations since 2021 after the Cimarex-Cabot merger. | |
Kevin W. Smith Executive | VP and Chief Technology Officer | None | VP and Chief Technology Officer since 2021 after the Cimarex-Cabot merger. | |
Shannon E. Young III Executive | EVP and Chief Financial Officer (CFO) | None | Joined as CFO in July 2023. Previously CFO at Talos Energy and held leadership roles at Goldman Sachs and Morgan Stanley. | |
Stephen P. Bell Executive | EVP—Business Development | None | EVP—Business Development since October 2021. Previously EVP of Business Development at Cimarex Energy Co.. | |
Todd M. Roemer Executive | VP and Chief Accounting Officer | None | VP and Chief Accounting Officer since 2010. | |
Amanda M. Brock Board | Director | Aris Water Solutions (CEO and Director), Texas Business Hall of Fame (Chair) | Director since 2017. CEO of Aris Water Solutions and recognized as one of the 25 Most Influential Women in Energy. | |
Dan O. Dinges Board | Director | Highpoint Midstream LLC (Director) | Director since 2001. Former Executive Chairman of Coterra (2021–2022) and CEO of Cabot Oil & Gas Corporation (2002–2021). | |
Dorothy M. Ables Board | Director | Martin Marietta Materials (Director), Houston Methodist Hospital Foundation (Board Member), United Way of Greater Houston (Board Member) | Independent director since 2015. Chair of the Audit Committee and member of the Governance and Social Responsibility Committee. | |
Frances M. Vallejo Board | Director | Expro Group Holdings N.V. (Director), Colorado School of Mines Foundation (Executive Committee Member) | Director since 2021. Over 35 years of experience in oil and gas, with expertise in corporate planning and treasury. | |
Hans Helmerich Board | Director | Helmerich & Payne, Inc. (Chairman of the Board) | Director since October 2021. Chairman of Helmerich & Payne, Inc., with over 25 years of executive experience in the oil and gas industry. | |
Lisa A. Stewart Board | Director | Western Midstream Partners (Director), Jadestone Energy PLC (Director), Sheridan Production Partners (Executive Chairman) | Director since October 2021. Extensive experience in oil and gas, including leadership roles in exploration, production, and midstream operations. | |
Marcus A. Watts Board | Director | Service Corporation International (Director), Greater Houston Partnership (Board Member) | Director since 2017. President of The Friedkin Group and former Managing Partner at Locke Lord LLP. | |
Paul N. Eckley Board | Director | None | Director since 2021. Former Senior Vice President at State Farm with over 45 years of investment experience. | |
Robert S. Boswell Board | Lead Independent Director | Laramie Energy, LLC (Chairman and CEO), Western Energy Alliance (Immediate Past Chairman), Colorado Oil & Gas Association (Executive Board Member) | Lead Independent Director since January 2023. Director since 2015. Former CEO of Forest Oil Corporation. |
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Given that the giant row developments like Windham Row are unique to Culberson County due to your acreage position, how do you intend to achieve similar economies of scale and operational efficiencies in other areas of the Permian where you lack such contiguous acreage, particularly in the crowded New Mexico portion?
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Despite not having conclusive evidence about interference between the Harkey and Upper Wolfcamp formations, you've decided to default to codeveloping them; how do you justify this strategy, and what are the potential risks to recovery and returns if further data suggests independent development would have been more optimal?
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With the ongoing oversupply in natural gas markets and your decision to curtail Marcellus production, how do you balance short-term cash flow optimization with potential long-term impacts on your production profile and market share, especially if low prices persist?
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Considering your reluctance to overpay for additional acreage due to frothy market conditions and the acknowledgement that you don't have ample acreage anywhere, particularly in the Anadarko Basin, what is your strategy for maintaining or expanding your inventory without compromising on capital discipline?
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Given your ability to pivot operations across different regions in response to market conditions, how do you ensure that such shifts don't adversely affect your operational efficiency and execution excellence, especially when dealing with regions that have differing operational challenges and infrastructure?
Research analysts who have asked questions during Coterra Energy earnings calls.
Arun Jayaram
JPMorgan Chase & Co.
4 questions for CTRA
Matthew Portillo
Tudor, Pickering, Holt & Co.
4 questions for CTRA
Nitin Kumar
Mizuho Securities USA
4 questions for CTRA
David Deckelbaum
TD Cowen
3 questions for CTRA
Derrick Whitfield
Texas Capital
3 questions for CTRA
Kaleinoheaokealaula Akamine
Bank of America
3 questions for CTRA
Leo Mariani
ROTH MKM
3 questions for CTRA
Neil Mehta
Goldman Sachs
3 questions for CTRA
Paul Cheng
Scotiabank
3 questions for CTRA
Scott Gruber
Citigroup
3 questions for CTRA
Joshua Silverstein
UBS Group AG
2 questions for CTRA
Neal Dingmann
Truist Securities
2 questions for CTRA
Betty Jiang
Barclays
1 question for CTRA
Charles Meade
Johnson Rice & Company L.L.C.
1 question for CTRA
Douglas George Blyth Leggate
Wolfe Research
1 question for CTRA
Douglas George Blyth Leggate
Bank of America
1 question for CTRA
Doug Leggate
Wolfe Research
1 question for CTRA
John Abbott
Wolfe Research
1 question for CTRA
Kalei Akamine
Bank of America
1 question for CTRA
Kevin MacCurdy
Pickering Energy Partners
1 question for CTRA
Phillip Jungwirth
BMO Capital Markets
1 question for CTRA
Wei Jiang
Barclays
1 question for CTRA
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Franklin Mountain Energy | 2024 | Cimarex Energy Co. acquired all equity interests of multiple Franklin Mountain Energy entities for $1.5 billion in cash plus 40,894,925 shares of Coterra Energy common stock, with an additional $125 million escrow deposit and a later amendment increasing the cash consideration by $43 million and adding net royalty acres. |
Avant Natural Resources | 2024 | Cimarex Energy Co. executed a $1.45 billion cash acquisition that included oil and gas properties, 49,000 net acres, and 125 miles of pipeline in the Northern Delaware Basin, with a $108.75 million escrow deposit and part financed via a $500 million term loan, aimed at boosting operational synergies and production capacity. |
Cimarex Energy Co. | 2021 | Cabot Oil & Gas Corporation (now Coterra Energy Inc.) merged with Cimarex Energy Co. in an all-stock, tax-free reorganization valued at approximately $9.1 billion, issuing around 408.2 million shares to Cimarex shareholders to create a diversified company with assets across major U.S. basins and strong free cash flow projections. |
Recent press releases and 8-K filings for CTRA.
- Oil production 2% above guidance midpoint and natural gas above the high end; revenues of $1.7 billion (52% oil), net income $511 million ($0.67/share), adjusted net income $367 million ($0.48/share), cash operating costs $9.34/BOE.
- 2025 guidance: 740–790 MBOE/day production, oil 158–168 MBO/day, gas 2.75–2.9 Bcf/day; Q3 capex ~$650 million and full-year capex $2.3 billion (~50% reinvestment rate).
- Free cash flow $329 million in Q2; $0.22/share quarterly dividend (yield > 3.5%); $191 million returned via dividends and buybacks; $350 million term loan paid down YTD, remaining $650 million planned for 2025; liquidity $2.2 billion.
- Maintains 9 Permian, 2 Marcellus, 1–2 Anadarko rigs; Permian all-in cost $940/ft (–12% YoY), Marcellus box wells peaked at 450 MMcf/day, Anadarko Roberts pad IP30 of 173 MMcf/day; six new Culberson Harkey wells meet expectations, remediation localized.
- Filed a Form 8-K on July 21, 2025 reporting Q2 2025 operating metrics.
- Average realized sales prices (ex-hedges) in Q2 2025: Oil $62.80/Bbl, Natural gas $2.20/Mcf, NGL $18.72/Bbl; including hedges: Oil $64.01/Bbl, Natural gas $2.27/Mcf, NGL $18.72/Bbl.
- Net cash received of $35 million from derivative instrument settlements in Q2 2025.
- Strong Q1 performance: Oil production was about 2% above the midpoint and natural gas surpassed high-end expectations, generating $663 million free cash flow .
- Updated 2025 guidance: Now targeting a lower capital expenditure range of $2.0–$2.3 billion with revised production targets of 720–770 mboed, reflecting a balanced commodity mix .
- Strategic capital allocation & debt reduction: Reduced 2025 capex by $100 million, retired $250 million in term loans, and plans to fully repay a $1 billion term loan within the year .
- Acquisition integration: Rapidly integrated Franklin Mountain and Avant assets to achieve enhanced operational efficiencies in high-quality production areas .
- Robust liquidity & balance sheet: Maintains an undrawn $2 billion credit facility, a $186 million cash balance, and a $0.22 per share dividend with a yield over 3.4%, further supported by disciplined capital reallocation from Permian oil to Marcellus gas .