Coterra Energy

What Coterra Energy does

Coterra Energy Inc. was an independent upstream oil and gas exploration and production company headquartered in Houston, Texas, formed in 2021 through the merger of Cabot Oil & Gas and Cimarex Energy. The company produced crude oil, natural gas, and natural gas liquids (NGLs) across three principal operating basins: the Permian Basin in West Texas and southeastern New Mexico (oil-weighted), the Marcellus Shale in Pennsylvania (dry gas-weighted), and the Anadarko Basin in Oklahoma (liquids-rich). Core technology centered on horizontal drilling, multi-stage hydraulic fracturing, and advanced completion techniques applied across unconventional shale resources.

Coterra's business model was a commodity-producer model: it sold crude oil, natural gas, and NGLs to enterprise customers including refiners, midstream pipeline operators, LNG exporters (Cheniere Energy at Sabine Pass, Delfin Midstream), and international utilities (Centrica Plc) under a mix of spot, short-term, and long-term contracts priced at benchmark indices (WTI for oil, Henry Hub for gas). Distribution was executed through direct sales via pipeline interconnects and dedicated owner-relations channels for mineral and royalty owners across operating states. GTM motion was predominantly enterprise field sales with long-term supply agreements for AI data center power demand and LNG export volumes.

On May 7, 2026, Coterra completed an all-stock merger with Devon Energy valued at approximately $58 billion in combined enterprise value, becoming a wholly-owned subsidiary of Devon Energy. The combined entity targets over 1.6 million BOE/D of pro-forma production, 750,000+ acres in the Delaware Basin (largest drilling inventory in the basin), and $1 billion in annual pre-tax synergies by year-end 2027. Coterra's standalone NYSE listing (CTRA) ended with the merger, and it was removed from the S&P 500 index.

Name

Coterra Energy

Legal name

Coterra Energy Inc.

Website

https://coterra.com

Company type

Private

Founded year

2021

Operating status

Acquired

Headcount range

501–1,000 employees

Short description

Coterra Energy was an independent upstream oil and gas producer generating crude oil, natural gas, and NGLs from the Permian, Marcellus, and Anadarko basins for refiners, midstream operators, LNG exporters, and utilities until its May 2026 all-stock merger with Devon Energy.

Ownership category

akta.pro rank

Headquarters

HQ city

Houston

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Crude oil sales: Revenue generated from sales of crude oil produced from upstream operations across the Permian, Anadarko, and other basins, priced at benchmark WTI/Brent-realized prices with adjustments for quality, location, and transportation.
2. Natural gas sales: Revenue from sales of natural gas produced primarily from the Marcellus Shale in Pennsylvania and other basins, sold to utilities, pipelines, LNG exporters, and industrial buyers under short-term and long-term contracts at Henry Hub and regional index pricing.
3. Natural gas liquids (NGL) sales: Revenue from NGLs extracted from produced natural gas streams, sold to petrochemical and refining customers.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Coterra Energy is an independent upstream oil and gas exploration and production company that develops and produces crude oil, natural gas, and natural gas liquids (NGLs) from its operations in the Permian Basin (West Texas and southeastern New Mexico), the Marcellus Shale (Pennsylvania), and the Anadarko Basin (Oklahoma) using horizontal drilling and multi-stage hydraulic fracturing. Following the May 7, 2026 all-stock merger with Devon Energy, Coterra operates as a wholly-owned subsidiary contributing to a combined entity with pro-forma production exceeding 1.6 million BOE/D.

Product overview

Coterra Energy is a single integrated upstream oil and gas exploration and production (E&P) business rather than a multi-module technology platform. Its overarching offering is oil, natural gas, and natural gas liquids (NGL) production, delivered through three principal basin operations: the Permian Basin (oil-weighted), the Marcellus Shale (gas-weighted), and the Anadarko Basin (liquids-rich). Following completion of its all-stock merger with Devon Energy on May 7, 2026, Coterra now operates as a wholly-owned subsidiary of Devon Energy, with its standalone product portfolio — Permian Basin operations, Marcellus Shale operations, and Anadarko Basin operations — consolidated into Devon Energy's combined-company platform. The company's associated Coterra Energy senior unsecured notes debt-instrument portfolio has likewise been folded into Devon Energy's corporate capital structure via ongoing note exchange offers.

Differentiator

Problem solved

Functional benefit

Products and services

• Oil, natural gas, and NGL exploration and production Coterra's core offering is the exploration, development, and production of crude oil, natural gas, and natural gas liquids (NGLs) sold to refiners, midstream operators, LNG exporters, and natural gas utilities at benchmark (WTI, Henry Hub) and regional index pricing.
• Permian Basin operations Oil-weighted exploration and production operations in the Permian Basin across West Texas and southeastern New Mexico, supported by the Midland, TX operations office. Breakeven costs below $40 per barrel.
• Marcellus Shale operations Dry natural gas-focused exploration and production operations in the Marcellus Shale of Pennsylvania, supported by the Coraopolis and Montrose offices. Gas sold to utilities, pipelines, LNG exporters, and industrial buyers.
• Anadarko Basin operations Liquids-rich exploration and production operations in the Anadarko Basin of Oklahoma, supported by the Tulsa regional office. NGLs extracted and sold to petrochemical and refining customers.

Quantifiable outcome

• Combined production exceeding 1.6 million barrels of oil equivalent per day (Devon-Coterra pro-forma)
• +8 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered major and flagship.

• Centrica PlcmajorChannel Partner/ Reseller/ Distributor · 22 June 2026British utility Centrica holds natural gas supply contracts with Coterra Energy and Devon Energy as part of its plan to increase U.S. LNG purchases. CEO Chris O'Shea disclosed supply contracts alongside agreements with Cheniere Energy's Sabine Pass facility and Delfin Midstream's offshore export project.
• Devon Energy CorporationflagshipStrategic or Co-development Partner · 2 February 2026All-stock merger of equals announced February 2, 2026 and completed May 7, 2026, creating a $58 billion combined enterprise. Devon shareholders own approximately 54% and former Coterra shareholders own 46% of the combined entity. Coterra now operates as a wholly-owned subsidiary of Devon Energy. Transaction targeted $1 billion in annual pre-tax synergies by year-end 2027.
• Cimarex Energy and Cabot Oil & Gas (historical formation)flagshipStrategic or Co-development Partner · 1 February 2026Coterra Energy was formed through the 2021 merger of Cabot Oil & Gas and Cimarex Energy, creating an independent oil and gas company with operations spanning Pennsylvania (Marcellus) and Texas/New Mexico (Permian). This historical combination gave rise to Coterra's multi-basin portfolio.
• Franklin Mountain EnergymajorStrategic or Co-development Partner · 1 January 2024Franklin Mountain Energy sold oil and gas assets to Houston-based Coterra Energy Inc. for $1.7 billion in cash plus 28.2 million shares of Coterra stock in late 2024, contributing to Paul Foster's Forbes 2026 billionaire list growth.

Scale indicators12 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Devon Energy: Now the parent company of Coterra following the May 2026 all-stock merger. Devon is one of the largest U.S. independent shale operators focused on the Permian, Delaware Basin, Anadarko, Eagle Ford, and Rockies — the most directly comparable multi-basin E&P peer, with pro-forma 1.6M BOE/D combined production.
• EOG Resources: Largest U.S. independent E&P with multi-basin operations in the Permian, Eagle Ford, and Bakken. Compares directly on scale, low-cost production philosophy, multi-basin diversification, and premium shareholder return programs.
• Diamondback Energy: Pure-play Permian Basin operator with significant Delaware Basin exposure. Directly comparable on core operating area, low-cost production profile, and capital efficiency focus. Recently announced combination with Endeavor.
• EQT Corporation: Largest U.S. natural gas producer focused on the Marcellus and Utica shales in Appalachia. Direct comparable for Coterra's Marcellus operations and natural gas exposure to LNG/AI data center demand themes.
• Range Resources: Marcellus Shale-focused independent with operations in southwest Pennsylvania. Directly comparable to Coterra's Marcellus operations on geographic overlap, gas-weighted production, and Appalachian takeaway exposure.
• Antero Resources: Appalachian Basin natural gas and NGL producer with significant Marcellus operations. Comparable on natural gas exposure, NGL production, and LNG export market relevance.
• Expand Energy (formerly Chesapeake Energy): Major U.S. natural gas producer formed from the Chesapeake-Southwestern merger with operations in the Marcellus and Haynesville shales. Directly comparable on natural gas exposure, LNG export market relevance, and Haynesville shale development activity.

Broad incumbents

• Pioneer Natural Resources: Pre-merger Permian Basin leader acquired by ExxonMobil in 2024. Historically the most direct pure-play Permian peer and a benchmark for Delaware Basin capital efficiency before ceasing standalone operations.
• ConocoPhillips: Large-cap diversified U.S. independent E&P with Permian, Eagle Ford, Bakken, and global operations. Comparable on multi-basin scale, low-cost operations, and disciplined capital return framework; acquired Marathon Oil in 2024.
• Occidental Petroleum: Major U.S. independent with Permian, Rockies, and Gulf of Mexico operations including significant Delaware Basin exposure through the 2023 CrownRock acquisition. Comparable on Permian scale and multi-basin portfolio.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/CabotOG
• Facebookfacebook.com/CoterraEnergy

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Coterra Energy