Coterra Energy Files Q2 2024 10-Q

TL;DR

Coterra Energy's Q2 2024 10-Q is in. Check financials.

AI Summary

Coterra Energy Inc. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The company, formerly known as Cabot Oil & Gas Corp, is based in Houston, Texas, and operates in the crude petroleum and natural gas sector. Key financial data and operational details for the second quarter of 2024 are presented in this filing.

Why It Matters

This filing provides investors and analysts with crucial financial and operational data for Coterra Energy Inc. during the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information for a company in the volatile oil and gas industry, which inherently carries risks.

Key Numbers

• 2024 Q2 — Reporting Period (Financials for the second quarter of 2024 are detailed.)
• 12-31 2024 — Fiscal Year End (Indicates the end of the company's fiscal year.)

Key Players & Entities

• Coterra Energy Inc. (company) — Filer
• Cabot Oil & Gas Corp (company) — Former company name
• 20240630 (date) — Period of report
• 20240802 (date) — Filing date
• 840 GESSNER ROAD, SUITE 1400 (address) — Business and mailing address
• HOUSTON (location) — City
• TX (location) — State
• 77024 (postal_code) — ZIP code

FAQ

Key Financial Figures

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

Filing Documents

• ctra-20240630.htm (10-Q) — 1685KB
• ctra-06302024ex31_1.htm (EX-31.1) — 9KB
• ctra-06302024ex31_2.htm (EX-31.2) — 9KB
• ctra-06302024ex32_1.htm (EX-32.1) — 6KB
• 0000858470-24-000106.txt ( ) — 7622KB
• ctra-20240630.xsd (EX-101.SCH) — 40KB
• ctra-20240630_cal.xml (EX-101.CAL) — 96KB
• ctra-20240630_def.xml (EX-101.DEF) — 171KB
• ctra-20240630_lab.xml (EX-101.LAB) — 583KB
• ctra-20240630_pre.xml (EX-101.PRE) — 401KB
• ctra-20240630_htm.xml (XML) — 1240KB

Financial Information

Part I. Financial Information Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheet (Unaudited) as of June 3 0 , 2024 and December 31, 2023 3 Condensed Consolidated Statement of Operations (Unaudited) for the Three and Six Months Ended June 3 0 , 2024 and 2023 4 Condensed Consolidated Statement of Cash Flows (Unaudited) for the Six Months Ended June 3 0 , 2024 and 2023 5 Condensed Consolidated Statement of Stockholders' Equity (Unaudited) for the Three and Six Months Ended June 3 0 , 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 32 Item 4.

Controls and Procedures

Controls and Procedures 35

Other Information

Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 5. Other Information 37 Item 6. Exhibits 38

Signatures

Signatures 39 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) June 30, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents $ 1,070 $ 956 Restricted cash 9 9 Short-term investments 250 — Accounts receivable, net 857 843 Income taxes receivable 69 51 Inventories 45 59 Other current assets 37 97 Total current assets 2,337 2,015 Properties and equipment, net (successful efforts method) 17,996 17,933 Other assets 431 467 $ 20,764 $ 20,415 LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 775 $ 803 Current portion of long-term debt 575 575 Accrued liabilities 285 261 Interest payable 30 21 Total current liabilities 1,665 1,660 Long-term debt 2,071 1,586 Deferred income taxes 3,390 3,413 Asset retirement obligations 286 280 Other liabilities 315 429 Total liabilities 7,727 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 — 740 shares and 751 shares in 2024 and 2023, respectively 74 75 Additional paid-in capital 7,324 7,587 Retained earnings 5,620 5,366 Accumulated other comprehensive income 11 11 Total stockholders' equity 13,029 13,039 $ 20,764 $ 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 June 30, Six Months Ended June 30, (In millions, except per share amounts) 2024 2023 2024 2023 OPERATING REVENUES Oil $ 774 $ 626 $ 1,475 $ 1,241 Natural gas 319 436 857 1,258 NGL 176 129 349 306 (Loss) gain on derivative instruments ( 16 ) ( 12 ) ( 16 ) 126 Other 18 6 39 31 1,271 1,185 2,704 2,962 OPERATING EXPENSES Direct operations 160 130 316 264

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View this 10-Q filing on SEC EDGAR