Overview
Coterra Energy Inc. is a U.S. oil and gas company engaged in the exploration, development and production of crude oil, natural gas and natural gas liquids. Its operations are concentrated in three areas: the Permian Basin in Texas and New Mexico, the Marcellus Shale in Pennsylvania, and the Anadarko Basin in Oklahoma.[1][2]
Coterra states that it aims to create value for investors and the communities where it operates through disciplined capital allocation and safe, responsible operations. It reported $7.645 billion in operating revenue for 2025 and employed 1,075 people at year-end.[3][4][5][6] [1][2][3][4][7][5]
Products & services
Coterra Energy produces and sells three commodity products: crude oil, natural gas and natural gas liquids (NGLs). It reports NGLs as a single product category rather than separately identifying components such as ethane or propane. Substantially all of its oil and natural gas production is sold under long- or short-term contracts with market-sensitive prices; customers receive the commodities at specified delivery points.[8][9]
In 2025, Coterra produced 58.4 million barrels of oil, 1,086 billion cubic feet of natural gas and 46.2 million barrels of NGLs. Oil accounted for approximately 52% of revenue from those three products, natural gas 37% and NGLs 12%. Production reaches customers through gathering, transportation and processing infrastructure, much of which is operated by third parties.[10][11][12] [8][9][10][11][12][13][13][13][7][7][7]
Geographic presence
Coterra Energy’s core operations are in three U.S. regions: the Permian Basin in west Texas and southeastern New Mexico, the Marcellus Shale in northeastern Pennsylvania, and the Anadarko Basin in Oklahoma. Its Permian acreage is concentrated in the Delaware Basin, particularly in Culberson and Reeves counties, Texas, and Lea and Eddy counties, New Mexico. Its Marcellus properties are principally in Susquehanna County, Pennsylvania. At year-end 2025, Coterra held approximately 345,000 net acres in the Permian, 186,000 in the Marcellus and 208,000 in the Anadarko Basin. Those regions accounted for approximately 46%, 44% and 10%, respectively, of its 2025 oil-equivalent production.[2][14][15][16][17]
Coterra is headquartered in Houston, Texas, with regional offices in Midland, Texas; Pittsburgh, Pennsylvania; and Tulsa, Oklahoma, as well as field offices near its operations. It sells substantially all of its oil and gas production under market-sensitive contracts to domestic and international customers, but does not report a geographic revenue breakdown.[18][8][1] [2][14][15][16][17][18][8][1]
Business segments
Coterra Energy reports one operating segment: the development, exploration and production of oil and natural gas. It does not report the Permian Basin, Marcellus Shale and Anadarko Basin as separate financial segments, so it does not disclose revenue contributions for those areas.[19]
As an operational breakdown, the Permian Basin accounted for approximately 46% of Coterra’s oil-equivalent production in 2025 and was its principal source of oil. The Marcellus Shale accounted for approximately 44% and was its principal source of natural gas. The Anadarko Basin accounted for the remaining approximately 10%, with activity focused on the Woodford and Meramec formations. These percentages describe production volumes, not segment revenue or profit.[17][15][16] [19][17][15][16]
Company history
Coterra Energy traces its history through Cabot Oil & Gas and Cimarex Energy. Cimarex was formed in 2002 and acquired Key Production Company that year. Cabot began producing natural gas in Pennsylvania’s Susquehanna County in 2008 as it developed its Marcellus Shale position. In 2018, Cabot sold its Eagle Ford and Haynesville assets, concentrating its operations around the Marcellus.[20][21][22][23]
On October 1, 2021, Cabot and Cimarex completed their merger, and Cabot changed its name to Coterra Energy Inc. Cimarex’s Thomas E. Jorden became president and CEO, while Cabot’s Dan O. Dinges became executive chairman; Jorden also became chairman in November 2022. In January 2025, Coterra expanded its Delaware Basin holdings through the acquisitions of Franklin Mountain Energy and assets from Avant Natural Resources.[24][25][26][27] [20][21][22][23][24][25][26][27]
Sources
- Coterra Energy Inc. — Full financial report (2025 Y)
- www.sec.gov[6]
- Coterra Energy Inc. — Full financial report (2021 Y)
- Coterra Energy Inc. — Full financial report (2010 Y)[21]
- Coterra Energy Inc. — Full financial report (2018 Y)[22][23]
- Coterra Energy Inc. — Full financial report (2022 Y)[26]
- Coterra Energy Inc. — Press release (2025 Q 1)[27]
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