Coterra
{{Short description|US energy company}}
{{Infobox company
| name = Coterra Energy Inc.
| logo = Coterra_Logo.svg
| type = Public
| traded_as = {{ubl|{{NYSE|CTRA}}|S&P 500 component}}
| founded = {{Start date and age|1989}}
| hq_location = Houston, Texas, U.S.
| key_people = Thomas E. Jorden (chairman, president & CEO)
| predecessors = {{ubl|Cabot Oil & Gas Corporation|Cimarex Energy}}
| industry = Petroleum industry
| products = {{ubl|Petroleum|Natural gas|Natural gas liquids}}
| revenue = {{decrease}} {{US$|5.46 billion|link=yes}} (2024)
| operating_income = {{decrease}} US$1.39 billion (2024)
| net_income = {{decrease}} US$1.12 billion (2024)
| assets = {{increase}} US$21.6 billion (2024)
| equity = {{increase}} US$13.1 billion (2024)
| num_employees = 915 (2024)
| website = {{URL|coterra.com}}
| footnotes = {{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/858470/000085847025000075/cog-20241231.htm | title=Coterra Energy Inc. 2024 Form 10-K Annual Report | publisher=U.S. Securities and Exchange Commission |date=February 25, 2025}}
}}
Coterra Energy Inc. is an American energy company engaged in hydrocarbon exploration based in Houston, Texas. The company has operations in the Permian Basin, Marcellus Shale, and the Anadarko Basin.
{{as of|2024|12|31}}, the company had {{convert|2271|e6BOE|lk=in}} of estimated proved reserves, of which 85% was natural gas, 7% was petroleum, and 8% was natural gas liquids.
History
The company was formed as Cabot Oil & Gas Corporation, a subsidiary of Cabot Corporation. It became a public company via an initial public offering in February 1990. In March 1991, the company became 100% publicly owned.{{cite web | url=https://www.sec.gov/Archives/edgar/data/858470/000119312503014713/d11k.htm | title=FORM 11-K | publisher=U.S. Securities and Exchange Commission}}
In 1994, the company acquired Washington Energy Resources in a $180 million stock transaction.{{cite news | url=https://www.nytimes.com/1994/02/26/business/company-news-cabot-oil-adding-washington-state-energy-unit.html | title=Cabot Oil Adding Washington State Energy Unit | work=The New York Times | date=February 26, 1994}}
In May 1995, the company ousted John Lollar, its chairman and CEO, in part due to the ill-timing of the acquisition of Washington Energy Resources.{{cite news | url=https://www.nytimes.com/1995/05/20/business/company-news-cabot-oil-and-gas-ousts-its-top-officer.html | title=Cabot Oil and Gas Ousts its Top Officer | work=The New York Times | date=May 20, 1995 | url-access=limited}}
In 1997, the company sold oil reserves and land in northwest Pennsylvania for $92.5 million.{{cite news | url=https://www.nytimes.com/1997/09/09/business/cabot-oil-to-sell-reserves-to-lomak-for-92.5-million.html | title=CABOT OIL TO SELL RESERVES TO LOMAK FOR $92.5 MILLION | agency=Dow Jones & Company | work=The New York Times | date=September 9, 1997 | url-access=limited}}
In 2001, the company acquired Cody Energy for $230 million.{{cite news | url=https://www.ogj.com/general-interest/companies/article/17262025/cabot-oil-gas-to-acquire-cody-for-230-million | title=Cabot Oil & Gas to acquire Cody for $230 million | first=ROBERT | last=PIEPUL | work=Oil & Gas Journal | date=June 21, 2001}}
In June 2008, the company was added to the S&P 500.{{cite news | url=https://www.marketwatch.com/story/cabot-oil-to-replace-brunswick-corp-in-sp-500 | title=Cabot Oil to replace Brunswick Corp. in S&P 500 | first=Sue | last=Chang | work=MarketWatch | date=June 12, 2008 | url-access=limited}}
In 2013, the company sold its assets in the Marmaton play of Oklahoma and West Texas for $160 million.{{cite press release | url=https://www.prnewswire.com/news-releases/cabot-oil--gas-corporation-provides-operations-update-announces-share-repurchases-and-sale-of-conventional-mid-continent-properties-235028431.html | title=Cabot Oil & Gas Corporation Provides Operations Update, Announces Share Repurchases and Sale of Conventional Mid-Continent Properties | publisher=PR Newswire | date=December 9, 2013}}
In March 2018, the company sold its assets in the Eagle Ford Group to KKR and Venado Oil & Gas.{{cite press release | url=https://www.businesswire.com/news/home/20180319006208/en/Venado-Oil-Gas-KKR-Acquire-Cabot-Eagle | title=Venado Oil & Gas and KKR Acquire Cabot Eagle Ford Assets | publisher=Business Wire | date=March 19, 2018}}
In October 2021, the company acquired Cimarex Energy and was renamed Coterra Energy.{{Cite press release | url=https://www.prnewswire.com/news-releases/cabot-oil--gas-and-cimarex-energy-complete-combination-forming-coterra-energy-301389768.html | title=Cabot Oil & Gas and Cimarex Energy Complete Combination, Forming Coterra Energy | publisher=PR Newswire | date=October 1, 2021}}
Controversies
=Environmental damage=
In 2009, the company was cited for violations in regard to spills of toxic hydraulic fracturing fluids in Northeastern Pennsylvania.{{cite news | url=https://www.thetimes-tribune.com/news/cited-for-chemical-spills-cabot-oil-reports-another-1.277029 | title=Cited for chemical spills, Cabot Oil reports another | work=The Scranton Times-Tribune | date=September 23, 2009}}
In 2012, the company was cited for improper well construction that had resulted in polluted drinking water.{{cite news | url=https://www.upstreamonline.com/live/1116493/cabot-slapped-with-violation | title=Cabot slapped with violation | work=Upstream | date=January 9, 2012 | url-access=subscription}}
=Restraining order on anti-fracking activist=
In January 2014, the company sought, and a judge granted, a temporary injunction barring anti-fracking activist Vera Scroggins from entering on any of the 312.5 square miles of land in Pennsylvania owned or leased by the company. The company acknowledged that Scroggins had not violated any laws, but the lawsuit was due to her being a "nuisance" at company sites.{{cite news |first=Suzanne |last=Goldenberg |url=https://www.theguardian.com/environment/2014/jan/29/vera-scroggins-fracking-activist-pennsylvania |title=The Anti-Fracking Activist Barred from 312.5 sq Miles of Pennsylvania |work=The Guardian |date=January 29, 2014 }} In March 2014, the judge narrowed the injunction to prevent Scroggins only from going within 100 feet of an active well pad and 25 feet of an inactive well pad, access road or access road entrance.{{Citation needed|date=June 2023}}
References
{{reflist}}
External links
- {{Official website|https://www.coterra.com}}
{{Finance links
| name = Coterra Energy Inc.
| google = CTRA:NYSE
| yahoo = CTRA
| bloomberg = CTRA:US
| reuters = CTRA.N
| sec_cik = 858470
}}
{{Authority control}}
Category:1989 establishments in Texas
Category:Companies based in Houston
Category:Companies listed on the New York Stock Exchange
Category:Natural gas companies of the United States
Category:Non-renewable resource companies established in 1989