Coterra Energy Inc. is an independent oil and gas company focused on the development, exploration, and production of oil, natural gas, and NGLs in the continental U.S. The company's assets are concentrated in areas with known hydrocarbon resources, using multi-well, repeatable development programs. Coterra aims to create value for investors through innovation, technology, and data-driven strategies. The company's strategic priorities include generating sustainable returns, disciplined capital allocation, maintaining financial strength, and focusing on safe, responsible and sustainable operations. Coterra operates in one segment, oil and natural gas development, exploration and production.

• Employees: 894 (as of December 31, 2023)
• Geographic Footprint: Continental U.S.
• Headquarters: Houston, Texas
• Founded: 2021 (following merger with Cimarex Energy Co.)
• Number of locations/facilities: Regional offices in Pittsburgh, Pennsylvania, Midland, Texas, and Tulsa, Oklahoma, and field offices near operations.
• Revenue: $5.914 billion (FY2023)
• Market Capitalization: $18.8 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: GasSearch Drilling Services Corporation

• CEO: Thomas E. Jorden
• CFO: Shannon E. Young III
• Board Chair: Thomas E. Jorden
• Other Key Executives: Stephen P. Bell (Executive Vice President, Business Development), Andrea M. Alexander (Senior Vice President and Chief Human Resources Officer), Blake Sirgo (Senior Vice President, Operations), Adam Vela (Senior Vice President and General Counsel), Michael D. DeShazer (Vice President of Business Units), Gary Hlavinka (Vice President, Marcellus Business Unit), Todd M. Roemer (Vice President and Chief Accounting Officer), Kevin W. Smith (Vice President and Chief Technology Officer)

Key leaders have extensive experience in the oil and gas industry, with Mr. Jorden serving as CEO since 2011 at Cimarex and then Coterra, and Mr. Young serving as CFO since 2019 at Talos Energy and then Coterra.

• Annual Revenue: $5.914 billion (FY2023)
• Net Income: $1.625 billion (FY2023)
• Market Cap: $18.8 billion (as of June 30, 2023)
• Total Assets: $20.415 billion (as of December 31, 2023)
• Number of Employees: 894 (as of December 31, 2023)
• Key Financial Highlights: Net income decreased $2.4 billion from $4.1 billion in 2022 to $1.6 billion in 2023. Net cash provided by operating activities decreased $1.8 billion, from $5.5 billion in 2022 to $3.7 billion in 2023.

Coterra's main products are:

• Oil: Crude oil production from various shale formations.
• Natural Gas: Natural gas production primarily from the Marcellus Shale.
• NGLs: Natural gas liquids extracted during natural gas processing.

The company's oil production averaged 96 MBbl per day, natural gas production averaged 2,884 MMcf per day, and NGL production averaged 90 MBbl per day in 2023.

Coterra operates in a single segment: oil and natural gas development, exploration and production. The company's operations are primarily concentrated in three core operating areas:

• Permian Basin: Located in west Texas and southeast New Mexico, focused on the Wolfcamp Shale and Bone Spring formation.
• Marcellus Shale: Located in northeast Pennsylvania, focused on the dry gas window of the Marcellus Shale.
• Anadarko Basin: Located in the Mid-Continent region in Oklahoma, focused on the Woodford Shale and Meramec formations.

In 2023, the Marcellus Shale accounted for 57% of the company's total equivalent production, the Permian Basin accounted for 35%, and the Anadarko Basin accounted for 8%.

Coterra's current strategic priorities include:

• Generating sustainable returns through commodity diversification and disciplined capital investment.
• Disciplined capital allocation across top-tier positions in the Permian Basin, Marcellus Shale, and Anadarko Basin.
• Maintaining financial strength with an industry-leading balance sheet.
• Focusing on safe, responsible and sustainable operations through technology and innovation.

The company is committed to returning 50% or more of its annual free cash flow to stockholders through dividends and share repurchases. Coterra anticipates its drilling inventory will be developed over the next 15 to 20 years.

Coterra operates in the highly competitive oil and natural gas industry. The company primarily competes with integrated, independent, and other energy companies for the sale and transportation of its oil and natural gas. Key competitive factors include price, contract terms, availability of rigs and related equipment, and quality of service. Coterra believes its concentrated acreage positions and access to infrastructure enhance its competitive position. The company's market position is not explicitly stated in the 10K.

• Key Competitors: Not explicitly listed in the 10K, but the company competes with various integrated, independent, and other energy companies.
• Industry Trends: The oil and gas industry is subject to volatility in commodity prices, influenced by supply and demand, market uncertainty, and geopolitical events.

• Commodity Price Fluctuations: The company's revenues are highly dependent on volatile commodity prices, and low prices could materially impact the company's business.
• Drilling and Operational Risks: Drilling, completing, and operating oil and natural gas wells are high-risk activities, and the company's growth depends on the success of its drilling program.
• Reserves Estimates: The company's proved reserves are estimates, and any material inaccuracies could cause the quantities and net present value of reserves to be overstated or understated.
• Regulatory Risks: The company is subject to extensive environmental, safety, and other regulations at the federal, state, and local levels, which could increase costs and restrict or delay operations.
• Cybersecurity Risks: The company is exposed to cybersecurity risks, which could lead to disruptions in operations, unauthorized release of information, and other adverse impacts.