Coterra Energy Files Q3 2024 10-Q
Ticker: CTRA · Form: 10-Q · Filed: Nov 1, 2024 · CIK: 858470
Sentiment: neutral
Topics: 10-Q, energy, oil and gas, financials
TL;DR
Coterra Energy's Q3 2024 10-Q is in. Check financials.
AI Summary
Coterra Energy Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial figures and operational metrics are presented, reflecting the company's activities in the crude petroleum and natural gas sector.
Why It Matters
This filing provides investors and analysts with the latest financial and operational data for Coterra Energy, crucial for understanding the company's performance in the energy market.
Risk Assessment
Risk Level: medium — Energy sector companies face inherent risks related to commodity price volatility, regulatory changes, and operational challenges.
Key Numbers
- 2024-09-30 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
- 2024-11-01 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
Key Players & Entities
- Coterra Energy Inc. (company) — Filer of the 10-Q
- 0000858470 (company) — Central Index Key for Coterra Energy Inc.
- 20240930 (date) — End of the reporting period
- 20241101 (date) — Filing date
- CABOT OIL & GAS CORP (company) — Former name of Coterra Energy Inc.
FAQ
What is the primary business of Coterra Energy Inc.?
Coterra Energy Inc. is primarily involved in Crude Petroleum & Natural Gas extraction, as indicated by its SIC code [1311].
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q is the quarter ending September 30, 2024.
When was this 10-Q filed with the SEC?
This 10-Q was filed on November 1, 2024.
Has Coterra Energy Inc. operated under a different name previously?
Yes, Coterra Energy Inc. was formerly known as CABOT OIL & GAS CORP, with a name change date of July 3, 1992.
What is Coterra Energy's state of incorporation?
Coterra Energy Inc. is incorporated in Delaware (DE).
Filing Stats: 5,014 words · 20 min read · ~17 pages · Grade level 13.8 · Accepted 2024-11-01 16:06:19
Key Financial Figures
- $0.10 — ich registered Common Stock, par value $0.10 per share CTRA New York Stock Exchange
Filing Documents
- ctra-20240930.htm (10-Q) — 1847KB
- ctra-09302024ex31_1.htm (EX-31.1) — 9KB
- ctra-09302024ex31_2.htm (EX-31.2) — 9KB
- ctra-09302024ex32_1.htm (EX-32.1) — 6KB
- 0000858470-24-000121.txt ( ) — 8005KB
- ctra-20240930.xsd (EX-101.SCH) — 41KB
- ctra-20240930_cal.xml (EX-101.CAL) — 95KB
- ctra-20240930_def.xml (EX-101.DEF) — 188KB
- ctra-20240930_lab.xml (EX-101.LAB) — 602KB
- ctra-20240930_pre.xml (EX-101.PRE) — 416KB
- ctra-20240930_htm.xml (XML) — 1301KB
Financial Information
Part I. Financial Information Item 1.
Financial Statements
Financial Statements Condensed Consolidated Balance Sheet (Unaudited) as of Sep tember 30 , 2024 and December 31, 2023 3 Condensed Consolidated Statement of Operations (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statement of Cash Flows (Unaudited) for the Nine Mo nths Ended September 30, 2024 and 2023 5 Condensed Consolidated Statement of Stockholders' Equity (Unaudited) for the Three and Nine Months Ended September 30, 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 35 Item 4.
Controls and Procedures
Controls and Procedures 38
Other Information
Part II. Other Information Item 1.
Legal Proceedings
Legal Proceedings 39 Item 1A.
Risk Factors
Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 5. Other Information 40 Item 6. Exhibits 41
Signatures
Signatures 42 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) September 30, 2024 December 31, 2023 ASSETS Current assets Cash and cash equivalents $ 843 $ 956 Restricted cash 5 9 Accounts receivable, net 764 843 Income taxes receivable 7 51 Inventories 46 59 Other current assets 70 97 Total current assets 1,735 2,015 Properties and equipment, net (successful efforts method) 17,941 17,933 Other assets 450 467 $ 20,126 $ 20,415 LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 773 $ 803 Current portion of long-term debt — 575 Accrued liabilities 291 261 Interest payable 16 21 Total current liabilities 1,080 1,660 Long-term debt 2,066 1,586 Deferred income taxes 3,359 3,413 Asset retirement obligations 288 280 Other liabilities 291 429 Total liabilities 7,084 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 — 736 shares and 751 shares in 2024 and 2023, respectively 74 75 Additional paid-in capital 7,233 7,587 Retained earnings 5,716 5,366 Accumulated other comprehensive income 11 11 Total stockholders' equity 13,034 13,039 $ 20,126 $ 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 September 30, Nine Months Ended September 30, (In millions, except per share amounts) 2024 2023 2024 2023 OPERATING REVENUES Oil $ 765 $ 684 $ 2,240 $ 1,925 Natural gas 320 481 1,177 1,739 NGL 186 170 535 476 Gain on derivative instruments 64 3 48 129 Other 24 18 63 49 1,359 1,356 4,063 4,318 OPERATING EXPENSES Direct operations 165 137 481 401 Gathering, processing and transpor