Coterra Energy Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Coterra Energy Inc. has submitted its 2023 10-K filing, detailing its financial performance and operational activities for the fiscal year ending December 31, 2023.</b>

AI Summary

Coterra Energy Inc. (CTRA) filed a Annual Report (10-K) with the SEC on February 23, 2024. Coterra Energy Inc. filed its 2023 Annual Report on Form 10-K on February 23, 2024. The report covers the fiscal year ending December 31, 2023. The company's principal business is crude petroleum and natural gas extraction. Coterra Energy Inc. was formerly known as Cabot Oil & Gas Corp. The filing includes detailed financial data and operational information for the fiscal year 2023.

Why It Matters

For investors and stakeholders tracking Coterra Energy Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Coterra Energy's financial health, operational results, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess performance and future prospects. As a major player in the crude petroleum and natural gas sector, Coterra Energy's annual report offers insights into industry trends, production levels, and financial stability, which can impact the broader energy market.

Risk Assessment

Risk Level: medium — Coterra Energy Inc. shows moderate risk based on this filing. The company operates in the volatile oil and gas industry, which is subject to significant price fluctuations and regulatory changes, posing inherent risks to financial performance and operations.

Analyst Insight

Investors should review Coterra Energy's detailed financial statements and risk factors in the 10-K to understand the company's performance and potential challenges in the energy sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-23 — Filing Date (Date of submission)
• 1992-07-03 — Date of Name Change (From Cabot Oil & Gas Corp)

Key Players & Entities

• Coterra Energy Inc. (company) — Filer name
• Cabot Oil & Gas Corp (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-02-23 (date) — Filing date
• 1311 (sic_code) — Standard Industrial Classification for Crude Petroleum & Natural Gas
• 840 Gessner Road, Suite 1400, Houston, TX 77024 (address) — Business and mailing address
• 2815894600 (phone) — Business phone number

FAQ

Industry Context

Coterra Energy Inc. operates within the crude petroleum and natural gas industry, a sector characterized by significant capital investment, commodity price volatility, and evolving environmental regulations.

Regulatory Implications

Companies in the oil and gas sector are subject to extensive regulations concerning exploration, production, environmental impact, and safety standards, which can influence operational costs and compliance requirements.

What Investors Should Do

1. Analyze Coterra Energy's revenue streams and production volumes for 2023.
2. Review the company's balance sheet and debt-to-equity ratio for financial health assessment.
3. Examine the risk factors section for potential challenges and mitigation strategies.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-23: Filing Date — Date Coterra Energy Inc. submitted its 10-K to the SEC.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year ending December 31, 2023, providing a year-end summary of the company's financial and operational status.

Key Financial Figures

• $0.10 — ich registered Common Stock, par value $0.10 per share CTRA New York Stock Exchange
• $0.36 — have increased our annual base dividend $0.36 per share, or 82 percent, on our common
• $0.80 — , or 82 percent, on our common stock to $0.80 per share and have returned over $3.5 b
• $3.5 billion — $0.80 per share and have returned over $3.5 billion to stockholders through dividends. In F
• $0.84 — s increased our annual base dividend to $0.84 per share. Since our initial share repu
• $1.7 b — have repurchased 65 million shares for $1.7 billion, at a weighted average share pric
• $25.75 — n, at a weighted average share price of $25.75 per share. As of December 31, 2023, we
• $1.6 billion — share. As of December 31, 2023, we had $1.6 billion remaining on our current $2.0 billion s
• $2.0 billion — d $1.6 billion remaining on our current $2.0 billion share repurchase program. In total, sin
• $5.2 billion — e merger with Cimarex, we have returned $5.2 billion to stockholders through dividends and s
• $874 million — and share repurchases and have retired $874 million of debt. We remain committed to returni
• $956 million — s. With a year-end 2023 cash balance of $956 million and $1.5 billion of unused commitments
• $1.5 billion — d 2023 cash balance of $956 million and $1.5 billion of unused commitments under our revolvi
• $1.75 billion — program is expected to be approximately $1.75 billion to $1.95 billion, a decrease of 12 perc
• $1.95 b — ed to be approximately $1.75 billion to $1.95 billion, a decrease of 12 percent (at the

Filing Documents

• cog-20231231.htm (10-K) — 2724KB
• ctra12312023ex1011d.htm (EX-10.11(D)) — 39KB
• ctra12312023ex1011e.htm (EX-10.11(E)) — 67KB
• ctra12312022ex2111.htm (EX-21.1) — 3KB
• ctra12312023ex231pwcconsent.htm (EX-23.1) — 2KB
• ctra12312023ex232dmconsent.htm (EX-23.2) — 5KB
• ctra12312023ex311.htm (EX-31.1) — 8KB
• ctra12312023ex312.htm (EX-31.2) — 8KB
• ctra12312023ex321.htm (EX-32.1) — 6KB
• ctra12312023ex97.htm (EX-97) — 41KB
• ctra12312023ex991.htm (EX-99.1) — 50KB
• 0000858470-24-000019.txt (&nbsp;) — 13204KB
• cog-20231231.xsd (EX-101.SCH) — 77KB
• cog-20231231_cal.xml (EX-101.CAL) — 138KB
• cog-20231231_def.xml (EX-101.DEF) — 364KB
• cog-20231231_lab.xml (EX-101.LAB) — 1057KB
• cog-20231231_pre.xml (EX-101.PRE) — 715KB
• cog-20231231_htm.xml (XML) — 2165KB

Risk Factors

Risk Factors 22 ITEM 1B Unresolved Staff Comments 32 ITEM 1C Cybersecurity 32 ITEM 3

Legal Proceedings

Legal Proceedings 34 ITEM 4 Mine Safety Disclosures 34 Information About Our Executive Officers 34 PART II ITEM 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 36 ITEM 6 [Reserved] 36 ITEM 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 ITEM 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 49 ITEM 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 52 ITEM 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 97 ITEM 9A

Controls and Procedures

Controls and Procedures 97 ITEM 9B Other Information 97 ITEM 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 97 PART III ITEM 10 Directors, Executive Officers and Corporate Governance 98 ITEM 11

Executive Compensation

Executive Compensation 98 ITEM 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 98 ITEM 13 Certain Relationships and Related Transactions, and Director Independence 98 ITEM 14 Principal Accounting Fees and Services 98 PART IV ITEM 15 Exhibits and Financial Statement Schedules 99 ITEM 16 Form 10-K Summary 103 2 Table of Contents FORWARD-LOOKING INFORMATION This report includes forward-looking statements within the meaning of federal securities laws. All statements, other than statements of historical fact, included in this report are forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding future financial and operating performance and results, strategic pursuits and goals, market prices, future hedging and risk management activities, timing and amount of capital expenditures and other statements that are not historical facts contained in this report. The words "expect," "project," "estimate," "believe," "anticipate," "intend," "budget," "plan," "forecast," "target," "predict," "potential," "possible," "may," "should," "could," "would," "will," "strategy," "outlook" and similar expressions are also intended to identify forward-looking statements. We can provide no assurance that the forward-looking statements contained in this report will occur as expected, and actual results may differ materially from those included in this report. Forward-looking statements are based on current expectations and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those included in this report. These risks and uncertainties include, without limitation, the impact of public health crises, including pandemics (such as the coronavirus ("COVID-19") pandemic) and epidemics and any related company or governmental policies or actions, the availability of cash on hand and other sources of liquidity to fund our capital expenditure

View Full Filing

View this 10-K filing on SEC EDGAR