Coterra Energy Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Coterra Energy Inc. has submitted its Q1 2024 10-Q filing, detailing financial performance and operational data.</b>

AI Summary

Coterra Energy Inc. (CTRA) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Coterra Energy Inc. filed its quarterly report on Form 10-Q for the period ended March 31, 2024. The filing covers the first quarter of the fiscal year 2024. The company's former name was Cabot Oil & Gas Corp, with a name change date of July 3, 1992. Coterra Energy Inc. is primarily engaged in Crude Petroleum & Natural Gas extraction. The filing includes financial data and operational details for the specified period.

Why It Matters

For investors and stakeholders tracking Coterra Energy Inc., this filing contains several important signals. This 10-Q provides investors with the latest financial statements and operational metrics for Coterra Energy Inc., crucial for assessing the company's performance in the current quarter. Understanding the details within this filing allows stakeholders to evaluate Coterra's position in the energy market and make informed investment decisions.

Risk Assessment

Risk Level: medium — Coterra Energy Inc. shows moderate risk based on this filing. The company operates in the volatile crude petroleum and natural gas industry, which is subject to significant price fluctuations and regulatory changes, as indicated by its SIC code and the nature of a 10-Q filing.

Analyst Insight

Investors should review the detailed financial statements and operational data in the 10-Q to assess Coterra Energy Inc.'s performance and outlook in the current energy market.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed Period of Report)
• 2024-05-03 — Filing Date (Filed as of Date)
• 1992-07-03 — Date of Name Change (Former Company Name Change Date)

Key Players & Entities

• Coterra Energy Inc. (company) — Company Conformed Name
• Cabot Oil & Gas Corp (company) — Former Company Name
• 2815894600 (dollar_amount) — Business Phone

FAQ

Risk Factors

• Market Price Fluctuations [high — market]: The company's financial results are significantly impacted by the market prices of crude oil, natural gas, and natural gas liquids.
• Environmental and Regulatory Compliance [medium — regulatory]: Operations are subject to stringent environmental laws and regulations, the costs of compliance with which can be substantial.
• Operational Risks [medium — operational]: Risks include drilling and production interruptions, equipment failures, and the availability of skilled labor.

Key Dates

• 2024-03-31: Quarterly Report End Date — Marks the end of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a timely update on the company's financial condition and operational performance.)

Crude Petroleum & Natural Gas

Industry classification for companies involved in the exploration and production of oil and gas. (Indicates Coterra Energy's primary business sector and the market dynamics it operates within.)

Key Financial Figures

• $0.10 — ich registered Common Stock, par value $0.10 per share CTRA New York Stock Exchange

Filing Documents

• ctra-20240331.htm (10-Q) — 1313KB
• ctra-03312024ex31_1.htm (EX-31.1) — 9KB
• ctra-03312024ex31_2.htm (EX-31.2) — 9KB
• ctra-03312024ex32_1.htm (EX-32.1) — 6KB
• 0000858470-24-000069.txt (&nbsp;) — 6755KB
• ctra-20240331.xsd (EX-101.SCH) — 40KB
• ctra-20240331_cal.xml (EX-101.CAL) — 93KB
• ctra-20240331_def.xml (EX-101.DEF) — 168KB
• ctra-20240331_lab.xml (EX-101.LAB) — 557KB
• ctra-20240331_pre.xml (EX-101.PRE) — 387KB
• ctra-20240331_htm.xml (XML) — 1053KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheet (Unaudited) a s of March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statement of Operations (Unaudited) for the Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statement of Cash Flows (Unaudited) for the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statement of Stockholders' Equity (Unaudited) for the Three Months Ended March 31, 2024 and 2023 6 Notes to the Condensed Consolidated Financial Statements (Unaudited) 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 28 Item 4.

Controls and Procedures

Controls and Procedures 30

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 5. Other Information 32 Item 6. Exhibits 33

Signatures

Signatures 34 2 Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements COTERRA ENERGY INC. CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) (In millions, except per share amounts) March 31, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents $ 1,289 $ 956 Restricted cash 9 9 Short-term investments 250 — Accounts receivable, net 878 843 Income taxes receivable — 51 Inventories 52 59 Derivative instruments 62 85 Other current assets 10 12 Total current assets 2,550 2,015 Properties and equipment, net (Successful efforts method) 17,959 17,933 Other assets 444 467 $ 20,953 $ 20,415 LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 788 $ 803 Current portion of long-term debt 575 575 Accrued liabilities 280 261 Income taxes payable 49 — Interest payable 17 21 Total current liabilities 1,709 1,660 Long-term debt 2,076 1,586 Deferred income taxes 3,391 3,413 Asset retirement obligations 283 280 Other liabilities 397 429 Total liabilities 7,856 7,368 Commitments and contingencies (Note 7) Cimarex redeemable preferred stock 8 8 Stockholders' equity Common stock: Authorized — 1,800 shares of $ 0.10 par value in 2024 and 2023 Issued — 745 shares and 751 shares in 2024 and 2023, respectively 75 75 Additional paid-in capital 7,445 7,587 Retained earnings 5,558 5,366 Accumulated other comprehensive income 11 11 Total stockholders' equity 13,089 13,039 $ 20,953 $ 20,415 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents COTERRA ENERGY INC. CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) Three Months Ended March 31, (In millions, except per share amounts) 2024 2023 OPERATING REVENUES Natural gas $ 538 $ 822 Oil 701 615 NGL 173 177 Gain on derivative instruments — 138 Other 21 25 1,433 1,777 OPERATING EXPENSES Direct operations 156 134 Gathering, processing and transportation 250 236 Taxes other tha

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View this 10-Q filing on SEC EDGAR