Coterra Energy (CTRA) Company Report

Production and financial results: volumes ~2.5% above guidance midpoint; pre-hedge oil & gas revenues of $1.7 billion (57% oil); discretionary cash flow of $1.15 billion and free cash flow of $533 million in Q3.
Guidance update: Q4 oil production guided to 175 MBbl/d midpoint; full-year 2025 production raised to 777 MBOE/d midpoint (+5% y/y); capex projected at $2.3 billion for FY2025.
Balance sheet and returns: ended Q3 with $98 million cash and $2.1 billion total liquidity; repaid $600 million of term loans YTD; declared a $0.22/share dividend (~3.5% yield) and reinitiated share buybacks.
Acquisition integration and synergies: Lea County well costs down 10%; projected $20 million annual LOE savings and up to $50 million annual power cost savings via microgrids; identified 10% more inventory than initially estimated.

Nov 4, 2025, 3:00 PM

Transcript

Coterra Energy beats Q3 2025 guidance and raises full-year outlook

CTRA

Earnings

Guidance Update

Share Buyback

Coterra Energy beat both midpoints of its Q3 2025 oil and natural gas production guidance by ~2.5% with in-line capex, prompting an upward revision and tighter ranges for FY25 volumes.
Durable free cash flow outlook with an estimated $2.0 billion for 2025 underpinned by a balanced oil and gas mix.
Looking ahead to 2026, Coterra anticipates modestly lower capex year-over-year while sustaining 0–5% BOE and gas growth and ~5% oil growth with a reinvestment rate ≤ 50%.
Strengthened balance sheet with pro forma leverage of ~0.8x, $600 million of term loans retired year-to-date, and the resumption of share repurchases in 4Q25.

Nov 4, 2025, 3:00 PM

Presentation

Coterra Energy reports Q3 2025 results

CTRA

Earnings

Guidance Update

Share Buyback

Coterra produced oil, gas, and BOE volumes ~2.5% above guidance midpoint; NGL volumes reached an all-time high of 136 MBbl/d.
Pre-hedge oil and gas revenues of $1.7 billion, with oil accounting for 57% of revenues and oil volumes up 11,300 bbl/d (≥7% Q/Q).
Cash operating costs of $9.81/BOE, capex of $658 million, discretionary cash flow $1.15 billion, and free cash flow $533 million in Q3.
Q4 2025 guidance: oil production 175 MBbl/d at midpoint (+5% Q/Q), total production 770–810 kBOE/d, capex ~$530 million; full-year production guidance raised to 777 kBOE/d (midpoint) and capex $2.3 billion.
Declared $0.22/share dividend (3.5% yield), repaid $600 million of term loans YTD, reinitiated share buyback, with $2.1 billion liquidity and net debt $3.9 billion.

Nov 4, 2025, 3:00 PM

Transcript

Coterra reports Q3 2025 results

CTRA

Earnings

Guidance Update

Share Buyback

Coterra’s Q3 production volumes were 2.5% above the midpoint of guidance; pre-hedge oil & gas revenue was $1.7 billion (57% oil), and free cash flow reached $533 million.
Q4 2025 production is guided to 770–810 MBOE/d (natural gas 2.78–2.93 Bcf/d) with capex of $530 million; full-year 2025 production guidance was raised to 777 MBOE/d and natural gas to 2.95 Bcf/d on capex of $2.3 billion.
Provided a soft 2026 outlook expecting modest year-over-year capex reduction while maintaining production ranges; a detailed three-year plan update will be released in February.
Declared a dividend of $0.22 per share (yield >3.5%), repaid $250 million of term loans in Q3 (total paydown $600 million), reinitiated share buybacks, and held $2.1 billion of liquidity versus $3.9 billion debt.
Integration of Lea County assets delivered a 10% reduction in well cost, with ongoing LOE savings projected at 15% (~$20 million / year) and potential microgrid-driven savings of $25–50 million / year; production from these assets is in line to above expectations.

Nov 4, 2025, 3:00 PM

Transcript

Coterra Energy faces call for governance overhaul

CTRA

Board Change

M&A

Activist investor Kimmeridge criticized Coterra’s board for “failures of governance” after the failed 2021 Cabot–Cimarex merger and urged appointment of an independent non-executive Chair to restore accountability.
The merger has resulted in mismatched assets—dry gas in the Marcellus versus oil in the Permian—leading to complexity, inefficiency and valuation compression, with Coterra underperforming the XLE index and peers.
Coterra wrote down Marcellus proved reserves by 32% within 13 months of the merger, highlighting flaws in capital allocation and board-level risk management.
Kimmeridge recommends divesting low-decline Marcellus and Anadarko assets and refocusing on the Delaware Basin, where Coterra has led in lowest-cost supply wells since 2022, to simplify operations and boost returns.

Nov 4, 2025, 1:00 PM

Press Release

Coterra Energy reports Q3 2025 results and updates guidance

CTRA

Earnings

Guidance Update

Dividends

Coterra reported Q3 2025 GAAP net income of $322 million ($0.42 per share), discretionary cash flow of $1,148 million, free cash flow of $533 million, and incurred capital expenditures of $658 million.
Total production averaged 785.0 MBoepd, including 166.8 MBopd of oil and 2,894.6 MMcfpd of natural gas, near the high end of guidance, with unit operating costs of $9.81/BOE.
Declared a Q3 dividend of $0.22 per share (3.8% annualized yield), paying $168 million, repaid $250 million of term loans, and resumed opportunistic share repurchases.
Raised 2025 full-year production guidance to 772–782 MBoepd and 2,925–2,965 MMcfpd of gas (oil guidance narrowed to 159–161 MBopd); issued Q4 guidance of 770–810 MBoepd, 172–178 MBopd oil, 2,775–2,925 MMcfpd gas, and capex of $530 million.

Nov 3, 2025, 10:04 PM

8-K

Coterra Energy reports Q3 2025 results and guidance update

CTRA

Earnings

Guidance Update

Dividends

Coterra posted Q3 GAAP net income of $322 million ($0.42/share) and adjusted net income of $312 million ($0.41/share), generating $533 million of free cash flow.
Q3 production averaged 785.0 MBoepd, including 166.8 MBopd of oil and 2,894.6 MMcfpd of gas; incurred capital expenditures were $658 million, near the mid-point of guidance.
Declared a quarterly dividend of $0.22/share (3.8% annualized yield), payable November 26, 2025 to holders of record November 13, 2025.
Raised full-year 2025 production guidance to 772–782 MBoepd and set Q4 guidance at 770–810 MBoepd, oil 172–178 MBopd, gas 2,775–2,925 MMcfpd, and capex of $530 million.
Continued capital discipline by repaying $250 million of term loans in Q3; exited the quarter with $3.9 billion of total debt and $98 million of cash, and resumed share repurchases.

Nov 3, 2025, 9:05 PM

Press Release

Coterra Energy reports Q3 2025 realized commodity prices and derivative activity

CTRA

Earnings

On October 22, 2025, Coterra Energy filed an 8-K presenting its Q3 2025 operational results.
Q3 2025 average sales prices excluding hedges were $64.10/bbl oil, $1.95/Mcf natural gas and $17.02/bbl NGL.
Including hedges, average prices were $64.79/bbl oil, $2.05/Mcf natural gas and $17.02/bbl NGL.
Coterra anticipates net cash receipts of $36 million from derivative settlements in Q3 2025.

Oct 22, 2025, 12:10 PM

8-K

Coterra Energy reports Q2 2025 results

CTRA

Earnings

Guidance Update

Share Buyback

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.

Aug 5, 2025, 7:35 PM

Coterra Energy reports Q2 2025 realized prices and derivative results

CTRA

Earnings

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.

Jul 21, 2025, 12:00 AM

8-K

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