Coterra

Coterra Energy is a leading independent oil and natural gas company well-positioned to deliver superior and sustainable returns through its diversified portfolio of premium U.S. energy assets. Operating primarily in the Marcellus Shale in Pennsylvania, the Permian Basin in Texas and New Mexico, and the Anadarko Basin in Oklahoma, Coterra produces natural gas, natural gas liquids (NGLs), and crude oil from unconventional onshore resources. The company's diversified asset base provides tremendous flexibility to optimize production based on market conditions, allowing it to weather industry cycles by shifting between oil-focused and gas-focused operations.

Headquartered in Houston, Texas, with significant operations centers in Pittsburgh, Pennsylvania, and Denver, Colorado, Coterra was formed on October 1, 2021, through a merger of equals between Cabot Oil & Gas Corporation and Cimarex Energy Co. This $17 billion all-stock merger combined Cabot's leadership position in natural gas production in the Marcellus Shale with Cimarex's oil and gas development expertise in the Anadarko and Permian basins. The merger created a company with more than 700,000 net acres across premier U.S. resource plays and production capabilities of approximately 605,000 barrels of oil equivalent per day.

As of December 31, 2024, Coterra had 2,271 million barrels of oil equivalent of estimated proved reserves, of which 85% was natural gas, 7% was petroleum, and 8% was natural gas liquids. The company owns significant infrastructure including over 200 miles of electrical infrastructure, more than 600 miles of gas gathering pipeline, and extensive water transportation and disposal systems across its operating areas. Coterra's business model emphasizes operational excellence, environmental stewardship, and shareholder returns through disciplined capital allocation and a commitment to reducing environmental impact while investing in people and communities.

In 2024, Coterra generated total revenue of $5.458 billion and maintained a strong balance sheet with a net debt to trailing twelve-month EBITDAX ratio of 0.4x. The company continues to execute on its strategic growth plan, including the January 2025 acquisition of Franklin Mountain Energy and Avant Natural Resources for $3.95 billion, which added approximately 49,000 highly contiguous net acres in the northern Delaware Basin. This acquisition strengthened Coterra's position as a premier diversified energy producer with the flexibility and scale to capitalize on evolving energy market dynamics while maintaining its commitment to sustainability and responsible resource development.