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A ConocoPhillips, but primarily focused on extracting natural gas and oil from U.S. shale regions.

Like a specialized resource extraction company, focused on pulling natural gas and oil from major U.S. shale formations.

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• Natural Gas: Coterra Energy extracts and sells natural gas, primarily from its operations in the Marcellus Shale, Anadarko Basin, and Permian Basin.
• Crude Oil: The company produces and sells crude oil, mainly from its Permian Basin and Anadarko Basin assets.
• Natural Gas Liquids (NGLs): Coterra Energy also extracts and sells natural gas liquids, which are valuable byproducts separated from natural gas streams.

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Coterra Energy (CTRA) Major Customers

Coterra Energy (CTRA) is an independent oil and natural gas company focused on the exploration, development, and production of oil, natural gas, and natural gas liquids (NGLs). As such, Coterra sells its products primarily to other companies rather than individuals.

Based on their latest public filings (2023 10-K), Coterra Energy's major customers, accounting for 10% or more of their total revenues for the year ended December 31, 2023, were:

• Shell NA LNG LLC (an affiliate of Shell plc, a public company) - Symbol: SHEL
• Enterprise Products Operating LLC (an affiliate of Enterprise Products Partners L.P., a public company) - Symbol: EPD

No other single customer accounted for 10% or more of their total revenues for that period. Coterra's sales are generally made to refiners, marketers, midstream companies, local distribution companies (LDCs), industrial users, and power generators.

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Thomas E. Jorden, Chairman, Chief Executive Officer and President

Mr. Jorden is the Chairman, Chief Executive Officer and President of Coterra Energy. He previously served as the Chief Executive Officer, President, and Chairman of the Board of Cimarex Energy, beginning his tenure there as Executive Vice President of Exploration when the company was formed in 2002. In 2011, he became CEO and President, and then Chairman of the Board in 2012. Prior to Cimarex, Mr. Jorden held various leadership roles at Key Production Company, Inc., Cimarex's predecessor, joining in 1993 as Chief Geophysicist and eventually becoming Executive Vice President of Exploration. Coterra Energy was formed in late 2021 through the merger of Cimarex Energy Co. and Cabot Oil & Gas Corporation, where Mr. Jorden was the CEO of Cimarex.

Shane E. Young, Executive Vice President and Chief Financial Officer

Mr. Young serves as Executive Vice President and Chief Financial Officer for Coterra Energy. He possesses an extensive background in upstream energy, which includes nearly two decades as an investment banker. Mr. Young has also served as an upstream CFO for almost a decade, most recently at Talos Energy. He holds a Bachelor of Business Administration in Finance from the University of Texas at Austin and an MBA from Dartmouth College.

Michael D. DeShazer, Executive Vice President – Operations

Mr. DeShazer is the Executive Vice President – Operations at Coterra Energy. He joined the Company in 2007 and has held several leadership positions, including Vice President – Permian Basin and Executive Vice President – Business Units. Mr. DeShazer is a licensed Professional Engineer and earned a Bachelor's degree in Chemical Engineering and a Master's of Energy Business from the University of Tulsa.

Blake A. Sirgo, Executive Vice President – Business Units

Mr. Sirgo is the Executive Vice President – Business Units for Coterra Energy. He began his career in 2005 with OXY in the Permian Basin before joining Coterra in 2008. Since then, he has held various operational leadership roles in the Permian Basin and at the corporate headquarters, most recently as Executive Vice President – Operations. Mr. Sirgo is a graduate of The University of Texas with a mechanical engineering degree.

Kevin W. Smith, Senior Vice President and Chief Technology Officer

Mr. Smith is the Senior Vice President and Chief Technology Officer at Coterra Energy, following his tenure with Cimarex Energy. He joined Cimarex in 2007 and held numerous technical and leadership positions, including Director of Technology and Anadarko Exploration Region Manager. In September 2020, Mr. Smith was appointed Chief Engineer for Cimarex. He holds a Bachelor of Science in Petroleum Engineering from the University of Tulsa.

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The key risks to Coterra Energy (CTRA) primarily revolve around the inherent volatility of the energy sector and operational challenges.

1. Commodity Price Volatility: Coterra Energy's financial performance is highly susceptible to fluctuations in the market prices of oil and natural gas. Sustained downturns in energy prices can substantially reduce the company's projected cash flow, negatively impacting its ability to maintain shareholder returns and fund capital expenditures.
2. Energy Transition Risks: The broader energy transition towards renewable sources presents a significant long-term threat to traditional oil and gas producers like Coterra. This risk affects the long-term demand for fossil fuels, potentially leading to investor skepticism regarding the company's future growth potential and overall valuation.
3. Operational Challenges and Production Sustainability: Coterra Energy faces various operational risks inherent in drilling, exploration, and production activities. These include the ability to replace reserves, manage rising lease operating expenses, and maintain production momentum. The company has experienced some operational complexities and provided slightly lower guidance for 2026 oil production, indicating potential challenges in sustaining its growth trajectory.

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The accelerating global energy transition, characterized by increasing regulatory pressures for decarbonization, shifting investor capital towards renewable energy, and long-term demand erosion for fossil fuels, poses a clear emerging threat to Coterra Energy's business model and future profitability.

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• Natural Gas: The U.S. natural gas market was valued at USD 454.5 billion in 2024 and is projected to increase to USD 577.9 billion by 2032, with a compound annual growth rate (CAGR) of 3.2% from 2025 to 2032.
• Crude Oil: null
• Natural Gas Liquids (NGLs): null

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1. Increased Oil Production Volume: Coterra Energy anticipates significant growth in its oil production. The company's three-year outlook from 2025 through 2027 projects an annual average oil growth of 5% or greater. Specifically, 2025 oil production is expected to increase by approximately 47% year-over-year at the mid-point. This growth is partially driven by recent acquisitions and organic growth from legacy assets.
2. Growing Natural Gas Demand and LNG Export Exposure: Expanding U.S. natural gas demand, fueled by increased LNG exports and greater power consumption from data centers, is expected to structurally support future gas prices and Coterra's valuation. Coterra has also entered into LNG sales agreements, diversifying its natural gas marketing portfolio with exposure to international LNG pricing in European and Asian markets, with agreements starting in 2027-2028.
3. Enhanced Capital Efficiency and Operational Improvements: Coterra is consistently focused on improving its capital efficiency and maintaining cost discipline. Operational improvements, such as reduced well costs and drilling times, contribute to higher productivity and lower costs per foot completed. This allows the company to generate strong full-cycle returns and sustain consistent production growth within a disciplined capital program.
4. Strategic Acquisitions and Diversified Asset Base: Recent acquisitions, particularly those in the Delaware Basin, are contributing to the projected increase in oil production. Coterra's diversified multi-basin portfolio, spanning the Permian Basin, Marcellus Shale, and Anadarko Basin, allows for strong operational results and positions the company to manage commodity price volatility. The integration of acquisitions is reported to be on track, with production in line and synergies being realized.

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Share Repurchases

• Coterra Energy has a $2.0 billion share repurchase authorization, with $1.1 billion remaining as of June 30, 2025.
• The company repurchased approximately $1.26 billion in shares during 2022.
• Coterra repurchased $451 million in shares during the full year 2024.

Share Issuance

• In January 2025, Coterra Energy issued approximately 28.2 million shares of common stock, valued at $1.0 billion, as part of the consideration for Permian Basin acquisitions.

Outbound Investments

• Coterra Energy completed two Permian Basin acquisitions in January 2025, acquiring assets from Franklin Mountain Energy and Avant Natural Resources for an aggregate consideration of $3.95 billion.
• The acquisition consideration included $2.95 billion in cash and $1 billion in Coterra common stock.
• These acquisitions expanded the company's core area in New Mexico's Delaware Basin by approximately 49,000 net contiguous acres.

Capital Expenditures

• For 2025, expected capital expenditures are approximately $2.3 billion, with a primary focus on the Permian Basin (67%), Marcellus Shale (14%), and Anadarko Basin (10%).
• In 2024, Coterra spent approximately $1.76 billion, allocating 60% to the Permian Basin, 23% to the Marcellus Shale, and 17% to the Anadarko Basin.
• Capital expenditures for 2023 were approximately $2.1 billion.