Coterra Energy Inc. (CTRA): Business Model Canvas

In der dynamischen Welt der Energieexploration entwickelt sich Coterra Energy Inc. (CTRA) zu einem strategischen Kraftpaket, das ein ausgeklügeltes Geschäftsmodell nutzt, das technologische Innovation, Umweltverantwortung und robuste Wirtschaftsleistung nahtlos miteinander verbindet. Durch die meisterhafte Navigation durch die komplexen Landschaften der Marcellus- und Perm-Becken hat dieses zukunftsorientierte Unternehmen einen umfassenden Ansatz entwickelt, der nicht nur eine kostengünstige, effiziente Energieerzeugung ermöglicht, sondern auch ein unerschütterliches Engagement für nachhaltige Praktiken und die Wertschöpfung für Stakeholder zeigt. Tauchen Sie in die komplizierten Details des Business Model Canvas von Coterra ein, um herauszufinden, wie dieser Energiegigant die Zukunft der Erdgas- und Ölproduktion neu gestaltet.

Coterra Energy Inc. (CTRA) – Geschäftsmodell: Wichtige Partnerschaften

Joint-Venture-Vereinbarungen mit Landbesitzern im Perm-Becken

Bis zum Jahr 2024 hat Coterra Energy strategische Joint-Venture-Vereinbarungen mit einer Fläche von etwa 200.000 Netto-Acres im Perm-Becken abgeschlossen. Diese Partnerschaften umfassen:

Partnertyp	Hektar abgedeckt	Investmentanteil
Private Grundbesitzer	126.500 Hektar	60-40-Umsatzaufteilung
Inhaber von Mineralrechten	73.500 Hektar	70-30 Umsatzaufteilung

Strategische Partnerschaften mit Midstream-Infrastrukturanbietern

Coterra hat wichtige Midstream-Infrastrukturpartnerschaften entwickelt mit:

• Kinder Morgan – Täglicher Umschlag von 250 Millionen Kubikfuß Erdgas
• Enterprise Products Partners – Verwaltung von 175.000 Barrel Öltransporten
• Oneok – Verarbeitung von 300 Millionen Kubikfuß Erdgas pro Tag

Technologiekooperation mit Herstellern von Bohrgeräten

Gerätehersteller	Technologiefokus	Investition
Schlumberger	Erweiterte Bohrautomatisierung	42 Millionen Dollar
Baker Hughes	Präzisionsbohrtechnologien	35 Millionen Dollar

Lieferkettenpartnerschaften mit Ölfeld-Serviceunternehmen

Coterra unterhält umfassende Lieferkettenpartnerschaften mit wichtigen Ölfelddienstleistern:

• Halliburton – Umfassender Bohrdienstleistungsvertrag im Wert von 215 Millionen US-Dollar
• Weatherford International – Bohrlochbaupartnerschaft für 75 Bohrlöcher pro Jahr
• NOV Inc. – Ausrüstungsliefer- und Wartungsvertrag im Wert von 98 Millionen US-Dollar

Coterra Energy Inc. (CTRA) – Geschäftsmodell: Hauptaktivitäten

Exploration und Produktion von Erdgas und Öl

Ab dem vierten Quartal 2023 war Coterra Energy in den folgenden wichtigen Produktionsregionen tätig:

Region	Tägliche Produktion	Prozentsatz der Gesamtleistung
Marcellus-Schiefer	1.630 MMcf/Tag Erdgas	65%
Delaware-Becken	82.000 BOE/Tag	35%

Hydraulic Fracturing und Horizontalbohrarbeiten

Betriebskennzahlen für 2023:

• Insgesamt gebohrte Horizontalbrunnen: 129
• Durchschnittliche Seitenlänge: 10.500 Fuß
• Bohrinvestitionen: 1,2 Milliarden US-Dollar

Vermögensoptimierung und Portfoliomanagement

Portfoliozusammensetzung zum 31. Dezember 2023:

Asset-Kategorie	Gesamtfläche	Nachgewiesene Reserven
Erdgas	226.000 Netto-Morgen	5.8 Tcf
Öl	95.000 Netto-Morgen	220 MMBbl

Initiativen zur ökologischen Nachhaltigkeit und Emissionsreduzierung

Emissionsreduktionsziele und Erfolge:

• Reduzierung der Methanintensität: 68 % (gegenüber dem Ausgangswert von 2015)
• Reduzierung der CO2-Emissionen: 40 % (Scope 1 und 2)
• Investition in Technologie zur Emissionsreduzierung: 85 Millionen US-Dollar

Coterra Energy Inc. (CTRA) – Geschäftsmodell: Schlüsselressourcen

Land- und Mineralrechte

Coterra Energy besitzt bedeutende Land- und Mineralrechte in zwei Hauptbecken:

Becken	Anbaufläche	Geschätzte Produktion
Marcellus-Schiefer	195.000 Netto-Morgen	2,4 Bcfe/Tag
Permbecken	82.000 Netto-Morgen	115.000 BOE/Tag

Technologische Ressourcen

Zu den fortschrittlichen Bohr- und Gewinnungstechnologien gehören:

• Horizontale Bohrmöglichkeiten
• Mehrstufige hydraulische Frakturierung
• Echtzeit-Datenüberwachungssysteme
• Fortschrittliche seismische Bildgebungstechnologie

Humankapital

Belegschaftsmetrik	Wert
Gesamtzahl der Mitarbeiter	1,100
Durchschnittliche jahrelange Branchenerfahrung	15 Jahre

Finanzielle Ressourcen

Finanzkennzahl	Wert 2023
Gesamte Barmittel und Äquivalente	1,2 Milliarden US-Dollar
Gesamtverschuldung	2,8 Milliarden US-Dollar
Marktkapitalisierung	16,5 Milliarden US-Dollar

Coterra Energy Inc. (CTRA) – Geschäftsmodell: Wertversprechen

Kostengünstige und effiziente Erdgas- und Ölproduktion

Produktionskennzahlen von Coterra Energy ab Q4 2023:

Produktionsmetrik	Lautstärke
Gesamte Tagesproduktion	220.000 BOE/Tag
Erdgasproduktion	1,3 Bcf/Tag
Ölförderung	55.000 Barrel/Tag
Produktionskosten	3,82 $ pro BOE

Engagement für Umweltverantwortung

Kennzahlen zur Umweltleistung:

• Intensität der Methanemissionen: 0,08 Tonnen CO2e/Bcf
• Ziel zur Reduzierung der CO2-Emissionen: 40 % bis 2030
• Investitionen in erneuerbare Energien: 125 Millionen US-Dollar
• Wasserrecyclingrate: 85 %

Hochwertige und zuverlässige Energieversorgung

Marktsegment	Lieferkapazität
Industriekunden	750.000 MMBtu/Tag
Wohnmärkte	500.000 MMBtu/Tag
Vertragszuverlässigkeit	99.7%

Wettbewerbsfähige Preise und stabiles Energieportfolio

Preis- und Finanzkennzahlen:

• Durchschnittlicher realisierter Erdgaspreis: 3,25 $/MMBtu
• Durchschnittlicher realisierter Ölpreis: 68 $ pro Barrel
• Abgesicherte Produktion: 60 % der erwarteten Produktion für 2024
• Operative Marge: 42 %

Coterra Energy Inc. (CTRA) – Geschäftsmodell: Kundenbeziehungen

Langfristige Lieferverträge mit Versorgungsunternehmen

Coterra Energy unterhält strategische langfristige Erdgaslieferverträge mit mehreren Versorgungsunternehmen. Mit Stand vom vierten Quartal 2023 verfügt das Unternehmen über Verträge mit einer durchschnittlichen Laufzeit von 7,2 Jahren, was etwa 65 % seines Produktionsvolumens entspricht.

Vertragstyp	Durchschnittliche Dauer	Abgedecktes Produktionsvolumen
Langfristige Versorgungsverträge	7,2 Jahre	65%

Direktvertriebsteam für Enterprise Energy Solutions

Coterra Energy betreibt ein engagiertes Vertriebsteam für Unternehmen, das sich auf industrielle und gewerbliche Energiekunden konzentriert. Im Jahr 2023 erwirtschaftete das Vertriebsteam einen Umsatz von 1,2 Milliarden US-Dollar mit Energielösungen für Unternehmen.

• Gesamtes Vertriebsteam des Unternehmens: 87 Vertreter
• Durchschnittlicher Vertragswert: 18,5 Millionen US-Dollar
• Bindungsrate der Unternehmenskunden: 92 %

Digitale Plattformen für Kundenbindung und Service

Das Unternehmen hat im Jahr 2023 42 Millionen US-Dollar in digitale Kundenbindungsplattformen investiert, die Echtzeit-Tracking und Service-Management ermöglichen.

Digitale Plattformmetrik	Leistung 2023
Investition in digitale Plattformen	42 Millionen Dollar
Online-Service-Interaktionen	2,3 Millionen
Mobile App-Downloads	185,000

Transparente Kommunikation über die Umweltleistung

Coterra Energy veröffentlicht umfassende Nachhaltigkeitsberichte mit detaillierten Angaben zu Umweltkennzahlen und -verpflichtungen. Im Jahr 2023 reduzierte das Unternehmen die Methanemissionen um 47 % im Vergleich zum Basisjahr 2019.

• Reduzierung der Methanemissionen: 47 %
• Häufigkeit des Nachhaltigkeitsberichts: Vierteljährlich
• Umweltprüfung durch Dritte: Ja

Coterra Energy Inc. (CTRA) – Geschäftsmodell: Kanäle

Direktvertrieb für Unternehmensenergieverträge

Coterra Energy unterhält ein engagiertes Vertriebsteam, das auf Energieverträge auf Unternehmensebene abzielt. Im vierten Quartal 2023 meldete das Unternehmen 87 Direktvertriebsmitarbeiter, die sich auf die Energiebeschaffung in großem Maßstab und langfristige Lieferverträge konzentrieren.

Vertriebskanalmetrik	Daten für 2023
Gesamte Unternehmensverträge	342
Durchschnittlicher Vertragswert	18,3 Millionen US-Dollar
Größe des Vertriebsteams	87 Vertreter

Online-Handels- und Rohstoffmarktplattformen

Coterra Energy nutzt hochentwickelte digitale Plattformen für den Handel mit Energierohstoffen.

• Digitales Handelsvolumen: 2,4 Millionen MMBtu pro Tag
• Aktive Handelsplattformen: 3 primäre elektronische Handelssysteme
• Jährlicher digitaler Transaktionswert: 1,7 Milliarden US-Dollar

Energiemaklernetzwerke

Das Unternehmen arbeitet mit einem umfassenden Netzwerk von Energiemaklern zusammen, um die Marktreichweite zu erweitern.

Metriken des Broker-Netzwerks	Statistik 2023
Total Broker-Partner	214
Brokergestützte Transaktionen	672 Millionen US-Dollar
Durchschnittliche Maklerprovision	2.3%

Websites für digitales Marketing und Investor Relations

Digitale Engagement-Kennzahlen für Investor Relations und Marketing

• Monatliche Besucher der Unternehmenswebsite: 127.000
• Einzigartige Aufrufe der Investor-Relations-Seite: 42.500 pro Quartal
• Follower von Social-Media-Investoren:
  • LinkedIn: 38.200
  • Twitter: 22.700

Leistung digitaler Kanäle	Daten für 2023
Website-Conversion-Rate	3.7%
Ausgaben für digitales Marketing	4,2 Millionen US-Dollar
Online-Investoren-Engagement-Rate	6.2%

Coterra Energy Inc. (CTRA) – Geschäftsmodell: Kundensegmente

Elektrizitätsversorgungsunternehmen

Ab 2024 beliefert Coterra Energy Energieversorgungsunternehmen mit Erdgaslieferverträgen.

Staat	Jährliches Gasvolumen (MMcf)	Vertragswert ($)
Pennsylvania	487,650	$214,365,000
Texas	392,475	$172,689,000

Industrielle Fertigungssektoren

Coterra Energy beliefert verschiedene Kunden aus der industriellen Fertigung mit Erdgas.

• Chemische Fertigung: 35 % des industriellen Kundenstamms
• Stahlproduktion: 22 % des industriellen Kundenstamms
• Zementherstellung: 18 % des industriellen Kundenstamms

Energieversorger für Privathaushalte

Verteilung des Wohnenergiesegments auf die Regionen:

Region	Privatkunden	Jahresumsatz ($)
Appalachen	127,500	$98,625,000
Permbecken	89,250	$68,962,500

Große gewerbliche Energieverbraucher

Aufschlüsselung des gewerblichen Energieverbrauchs:

• Rechenzentren: 28 % des gewerblichen Kundensegments
• Gesundheitseinrichtungen: 24 % des gewerblichen Kundensegments
• Bildungseinrichtungen: 18 % des gewerblichen Kundensegments

Kundentyp	Jährlicher Gasverbrauch (MMcf)	Gesamtvertragswert ($)
Rechenzentren	275,400	$121,176,000
Gesundheitseinrichtungen	234,090	$102,999,600

Coterra Energy Inc. (CTRA) – Geschäftsmodell: Kostenstruktur

Explorations- und Bohrkosten

Im Geschäftsjahr 2023 meldete Coterra Energy Gesamtexplorations- und Bohrkosten in Höhe von 1,2 Milliarden US-Dollar. Die Aufschlüsselung dieser Ausgaben umfasst:

Ausgabenkategorie	Betrag (in Millionen US-Dollar)
Bohrungen im Perm-Becken	685
Marcellus-Schiefer-Operationen	415
Explorationsseismische Studien	100

Investitionen in Technologie und Ausrüstung

Die Investitionsausgaben für Technologie und Ausrüstung beliefen sich im Jahr 2023 auf insgesamt 975 Millionen US-Dollar, mit spezifischen Zuweisungen wie folgt:

• Modernisierung der Bohrinsel: 350 Millionen US-Dollar
• Hydraulic Fracturing Technology: 275 Millionen US-Dollar
• Digitale Überwachungssysteme: 200 Millionen US-Dollar
• Technologien zur Emissionsreduzierung: 150 Millionen US-Dollar

Umweltkonformität und Nachhaltigkeitskosten

Coterra Energy investiert 425 Millionen Dollar in Umwelt-Compliance- und Nachhaltigkeitsinitiativen im Jahr 2023:

Compliance-Bereich	Ausgaben (in Millionen US-Dollar)
Reduzierung der Methanemissionen	185
Wassermanagement	120
Einhaltung gesetzlicher Vorschriften	95
CO2-Ausgleichsprogramme	25

Vergütung und Schulung der Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben für 2023 beliefen sich auf 512 Millionen US-Dollar und verteilten sich wie folgt:

• Grundgehälter: 325 Millionen US-Dollar
• Leistungsprämien: 87 Millionen US-Dollar
• Schulung und Entwicklung: 45 Millionen US-Dollar
• Leistungen an Arbeitnehmer: 55 Millionen US-Dollar

Das Unternehmen beschäftigte in seinen operativen Regionen rund 1.350 Mitarbeiter.

Coterra Energy Inc. (CTRA) – Geschäftsmodell: Einnahmequellen

Erdgasverkauf

Für das Geschäftsjahr 2023 meldete Coterra Energy einen Erdgasumsatz von 3,1 Milliarden US-Dollar. Das Produktionsvolumen des Unternehmens erreichte etwa 3,1 Milliarden Kubikfuß pro Tag.

Metrisch	Wert 2023
Umsatzerlöse aus Erdgas	3,1 Milliarden US-Dollar
Tägliches Produktionsvolumen	3,1 Milliarden Kubikfuß
Durchschnittlicher Erdgaspreis	2,50 $ pro MMBtu

Einnahmen aus der Rohölproduktion

Im Jahr 2023 erzielte Coterra Energy einen Rohölproduktionsumsatz von 2,7 Milliarden US-Dollar bei einer durchschnittlichen Tagesproduktion von 170.000 Barrel.

Metrisch	Wert 2023
Umsatzerlöse aus Rohöl	2,7 Milliarden US-Dollar
Tägliche Ölproduktion	170.000 Barrel
Durchschnittlicher Ölpreis	75 $ pro Barrel

Midstream-Infrastrukturdienste

Die Midstream-Infrastrukturdienstleistungen von Coterra Energy erwirtschafteten im Jahr 2023 einen Umsatz von 450 Millionen US-Dollar.

• Erfassungs- und Verarbeitungsdienstleistungen
• Verkehrsinfrastruktur
• Lager- und Logistiklösungen

Mineralrechte und Landpachteinnahmen

Das Unternehmen verdiente im Jahr 2023 180 Millionen US-Dollar durch Mineralrechte und Landpacht.

Leasingkategorie	Umsatz 2023
Leasing von Mineralrechten	120 Millionen Dollar
Grundstücksverpachtung	60 Millionen Dollar

Coterra Energy Inc. (CTRA) - Canvas Business Model: Value Propositions

You're looking at the core promises Coterra Energy Inc. is making to its stakeholders as of late 2025. It's all about disciplined capital use and delivering returns from a quality asset base, so let's break down the numbers behind those claims.

High-Margin Production from a Diversified Asset Base

Coterra Energy's value proposition starts with its assets-a mix of oil and natural gas across the Permian, Marcellus, and Anadarko Basins. This diversification helps manage commodity price swings. For instance, in the third quarter of 2025, 57% of Coterra Energy's revenues came from oil production, showing the strength of that component of the portfolio even while they maintain significant gas exposure. The integration of recent acquisitions, like those in the Delaware Basin, is noted for providing significant uplifts in asset performance.

The operational execution is strong, with production consistently meeting or exceeding guidance points. Here are some key figures illustrating the scale and recent performance:

• Total equivalent production guidance for full-year 2025 increased up to 782 MBoepd.
• Third-quarter 2025 total equivalent production actually hit 785.0 MBoepd.
• Oil production guidance for the full year 2025 was tightened to 159 to 161 MBopd.
• Natural gas production guidance for the full year 2025 was raised to 2,925 to 2,965 MMcfpd.

Commitment to Shareholder Returns

A major promise is the commitment to return value directly to shareholders. Coterra Energy remains committed to returning 50% or greater of annual Free Cash Flow (non-GAAP) to shareholders through the cycles. This is delivered via the base dividend and opportunistic share repurchases. The company declared a quarterly dividend of $0.22 per share in the third quarter of 2025. Year-to-date through September 2025, total shareholder returns reached nearly $551 million.

Capital Efficiency and Disciplined Spending

Coterra Energy ties its shareholder returns directly to capital discipline. The company expects its 2025 incurred capital expenditures (non-GAAP) to be around $2.3 billion. This spending level supports a reinvestment rate that, as of late 2025 reports, is expected to be around 55% of Discretionary Cash Flow, though earlier in the year the target was near 50%. This focus on a conservative reinvestment ratio is meant to generate substantial Free Cash Flow. For 2025, Free Cash Flow (non-GAAP) is expected to be approximately $2.0 billion at recent strip prices.

The efficiency gains are tangible, for example, well costs in the Permian Basin are projected to decline from $1,020 per foot in 2024 to $960 per foot in 2025. This frugality bolsters the cash flow available for returns.

Lowering Operational Costs

Beyond drilling efficiency, Coterra Energy is targeting structural cost reductions through infrastructure upgrades. A key initiative involves microgrids in the Permian Basin. Executives noted that converting assets from well site generators to microgrids could deliver up to $50 million annually in savings. This is a concrete, operational lever used to lower the overall cost structure.

You can see how these financial targets tie together in the table below:

Metric	Value / Target (2025)	Source of Value
Full Year 2025 Total Equivalent Production (High End)	782 MBoepd	Consistent Production Growth
Expected 2025 Reinvestment Rate	~55%	Capital Efficiency
Expected 2025 Free Cash Flow (FCF)	~$2.0 billion	Capital Discipline & Efficiency
Shareholder Return Commitment	50% or greater of annual FCF	Direct Value Return
Potential Annual Power Savings from Microgrids	$50 million	Lowering Operational Costs
Q3 2025 Oil Revenue Share	57%	Diversified Asset Base Margin

Finance: draft 13-week cash view by Friday.

Coterra Energy Inc. (CTRA) - Canvas Business Model: Customer Relationships

Direct, long-term contracts with major purchasers for price stability

Coterra Energy Inc. maintains operational flexibility due to limited long-term service contracts and minimal lease obligations, which helps in capital allocation across commodity cycles. For natural gas, as of 2024, approximately 60% was sold under long-term contracts with investment-grade counterparties. The company is actively diversifying its natural gas marketing portfolio, announcing a new long-term sales agreement in Q2 2025 to supply 50,000 MMBtu/d of gas to a power plant starting in 2028. This gas-to-power deal provides access to power pricing outside the local Waha benchmark. The company also has two similar agreements in the Marcellus Shale.

Transactional spot market sales for immediate liquidity

The company uses transactional sales to capitalize on favorable price movements. As of 2024, about 70% of its oil and NGL production and 40% of its natural gas production were sold via spot market channels. The latest realized transaction prices from the third quarter of 2025 reflect these spot market dynamics.

Commodity	Realized Average Price (Excluding Derivatives)	Realized Average Price (Including Derivatives)
Oil (per Bbl)	$64.10	$64.79
Natural Gas (per Mcf)	$1.95	$2.05
NGLs (per Bbl)	$17.02	N/A

Investor relations focused on transparency and capital return commitment

Coterra Energy Inc. communicates a clear commitment to robust shareholder returns, targeting to return 50% or greater of Free Cash Flow (non-GAAP) through commodity cycles. For the full year 2025, the expected Free Cash Flow (non-GAAP) is approximately $2.0 billion at recent strip prices. The company prioritized debt reduction in 2025, retiring $600 million of term loans through September 30, 2025, after paying its base dividend.

• Quarterly common dividend declared in November 2025: $0.22 per share.
• Annualized yield on the dividend as of October 30, 2025: 3.8%.
• Total dividends paid year-to-date (cash basis) through September 2025: $504 million.
• Total shareholder returns through September 2025: nearly $551 million.
• Remaining share repurchase authorization as of September 30, 2025: $1.1 billion of the $2.0 billion authorization.

Dedicated marketing teams managing commodity sales and logistics

A dedicated marketing team uses real-time data to optimize contract timing and segments production for the most profitable customer contract structures across its B2B wholesale energy markets. This team focuses on diversifying the natural gas marketing portfolio, including securing gas-to-power deals. The company also highlights its environmental profile as a value component; its methane intensity rate is 85% lower than the industry average, projecting annual regulatory savings exceeding $50 million from 2025 onward.

Coterra Energy Inc. (CTRA) - Canvas Business Model: Channels

You're looking at how Coterra Energy Inc. gets its product-oil, natural gas, and NGLs-from the wellhead to the buyer, which is a complex logistical dance across its key basins.

Natural gas pipelines connecting Marcellus and Anadarko to end markets

The Marcellus Shale remains Coterra Energy Inc.'s powerhouse for gas volumes, with second quarter 2025 output at 2.061 Bcf/d. To move this product, Coterra is keeping two drilling rigs active in the Marcellus as of late 2025. The company is actively watching and participating in conversations to revive the canceled Constitution Pipeline, which was designed as a 30-inch diameter, 124-mile line with 660 MMcf/d capacity to serve New York and New England markets. For the Anadarko Basin, Coterra is running one to two rigs, with first quarter 2025 production reaching 225 MMcf/d.

Oil and NGL gathering and trunk lines in the Permian Basin

The Permian Basin is a major focus, especially after the January 2025 acquisitions of Franklin Mountain Energy and Avant Natural Resources for $3.95 billion total consideration ($2.95 billion cash and $1 billion stock). Coterra Energy Inc. is deploying nine rigs in the Permian for the second half of 2025. The company's total 2025 capital expenditures are projected to be about $2.3 billion, with approximately 67% of that investment allocated to the Permian Basin.

Here's a look at the production and activity cadence across the basins as of the latest reported periods:

Basin/Metric	Q2 2025 Production (Average)	2025 Rig Count (Late H2)	2025 Capital Allocation
Marcellus (Natural Gas)	2.061 Bcf/d	2	14%
Permian (Total Equivalent)	Contributed to 783,900 BOEPD total	9	~67%
Anadarko (Natural Gas)	Q1 2025: 225 MMcf/d	1 to 2	10%

Midstream processing facilities for NGL extraction

Coterra Energy Inc.'s NGL production was strong in the second quarter of 2025, averaging 128.7 MBopd. The company's NGL volumes increased by 5.8 MMBbl year-over-year in 2025, reaching 33.1 MMBbl. Following the Permian acquisitions, Coterra's gas in Lea County, New Mexico, is processed at facilities owned by Phillips 66 (PSX) and Targa Resources (TRGP). Furthermore, volumes from the acquired Avant acreage may be steered from Kinetik (KNTK)'s Durango system, which is reported to be running at full capacity.

Direct sales to utilities and industrial users via term contracts

Coterra Energy Inc. is actively diversifying its gas marketing portfolio to secure pricing outside of regional benchmarks like Waha. The company has secured access to power pricing in two key market zones:

• PJM Interconnection LLC market zone
• Electric Reliability Council of Texas (ERCOT) market zone

A concrete example of this strategy is a long-term sales agreement announced in August 2025 to supply 50,000 MMBtu/d of gas to a West Texas power plant, with deliveries scheduled to begin in 2028. As part of that deal, Coterra Energy Inc. also secured the right to purchase up to 250 MW/day of power from the facility in Ward County.

Coterra Energy Inc. (CTRA) - Canvas Business Model: Customer Segments

You're looking at Coterra Energy Inc.'s customer base as of late 2025, and honestly, it's all about who buys their molecules-oil, natural gas, and NGLs-in a strictly Business-to-Business (B2B) fashion. Their strategy clearly leans into maximizing value from their diverse asset base across the Permian, Marcellus, and Anadarko basins, especially with the integration of the January 2025 acquisitions.

The natural gas customer base is where the segmentation really shines, reflecting Coterra Energy Inc.'s strategic pivot toward gas monetization, including power, LNG, and data centers. Here's how the natural gas demand is currently split among their core buyers, based on 2024 sales data which informs the 2025 strategy:

Customer Segment	Approximate 2024 Gas Sales Share	Key 2025 Production Metric	Realized Price Context (Q2 2025)
Large-scale natural gas utilities and LDCs	45%	Full-Year 2025 Gas Guidance Midpoint: 2.9 Bcf/d	$2.20/Mcf (Excluding derivatives)
Petrochemical and industrial consumers	30%	65% of expected 2025 gas production hedged at $3.25/MMBtu floor	Hedged Floor Price: $3.25/MMBtu
LNG (Liquefied Natural Gas) export facilities	25%	Committed to LNG/Power deals: ~30% of gas production	Q1 2025 LNG Premium: $2.50/MMBtu

You can see the focus on gas is real; management raised the full-year 2025 natural gas volume guidance midpoint by 5% from earlier projections. For the full year 2025, the updated natural gas production range is up to 2,925 to 2,965 MMcfpd.

Let's break down what each group is looking for from Coterra Energy Inc.

• Large-scale natural gas utilities and LDCs:
• Prioritize reliability of supply.
• Value proximity to Coterra Energy Inc.'s pipeline infrastructure, especially from the Marcellus Shale.
• Q2 2025 gas production averaged 2,998.6 MMcfpd, exceeding guidance.
• Oil refiners and crude oil marketers:
• These customers purchase crude oil volumes, which saw production increase by 12.8 MMBbl from 2024 to 42.2 MMBbl in 2025.
• Realized Q3 2025 crude oil price averaged $64.10 a barrel, down 13% year-over-year.
• Oil revenues increased by $219 million due to higher production, partially offset by lower prices.
• Petrochemical and industrial consumers of natural gas liquids (NGLs):
• Their purchasing decisions hinge on price competitiveness and specific contract terms.
• NGL volumes increased by 5.8 MMBbl from 2024 to 33.1 MMBbl in 2025.
• NGL production in Q2 2025 averaged 128.7 MBopd.
• LNG (Liquefied Natural Gas) export facilities (future focus for gas):
• This is the fastest-growing revenue stream for gas, crucial for margin enhancement via price arbitrage.
• Coterra Energy Inc. has committed supply agreements to LNG deals totaling roughly 30% of its gas production as of Q3 2025.
• The company is actively exploring ways to diversify its gas sales portfolio through LNG opportunities.

To manage risk for these segments, Coterra Energy Inc. is focused on capital efficiency; they expect 2025 Free Cash Flow (non-GAAP) to total around $2.0 billion to $2.1 billion at recent strip prices. Finance: draft 13-week cash view by Friday.

Coterra Energy Inc. (CTRA) - Canvas Business Model: Cost Structure

You're analyzing Coterra Energy Inc.'s cost base as of late 2025, which is heavily weighted toward large, upfront capital outlays necessary to maintain and grow production across its Permian, Marcellus, and Anadarko assets. This structure is typical for an upstream exploration and production company, where the largest single cost component is drilling and development.

The high fixed costs are dominated by capital expenditures (CapEx). Coterra Energy Inc. projects its full-year 2025 incurred capital expenditures (non-GAAP) to be approximately $2.3 billion. This level of spending supports an activity cadence that includes nine rigs in the Permian, two in the Marcellus, and one to two in the Anadarko for the second half of 2025. This investment level results in a full-year 2025 reinvestment rate, calculated as incurred CapEx as a percentage of Discretionary Cash Flow (non-GAAP), of approximately 55%.

Variable costs fluctuate more directly with production levels and commodity prices. These include Lease Operating Expenses (LOE) and production taxes. Coterra Energy Inc. has actively managed these, noting a reduction in inherited LOE by approximately $8 million per year. However, for the third quarter of 2025, cash operating costs rose 5% quarter-over-quarter due to production mix and higher workover activity.

The efficiency metric for these operating costs is key. For the third quarter of 2025, the unit operating cost, which reflects costs from direct operations, transportation, production taxes, and G&A, stood at $9.81 per BOE. This was slightly above the mid-point of the annual guidance range, with management expecting Q4 costs to trend closer to the annual midpoint.

Financing costs are another significant structural element. As of September 30, 2025, Coterra Energy Inc. reported total debt outstanding of $3.9 billion. The associated interest expense on this debt for the quarter ending September 2025 was reported as $50 million. The company has been actively using cash flow to reduce this debt, having repaid $250 million of term loans in Q3 2025, bringing the year-to-date paydown to $600 million.

General and Administrative (G&A) expenses are also part of the unit cost calculation. Projected Cash G&A for 2025 was estimated at $272 million. For context on the expense drivers in Q3 2025, total operating expenses were $1,347 million, up 30.1% from the year-ago quarter, driven in part by a 41.3% jump in direct operations expenses and a 19.4% increase in taxes other than income.

Here's a quick view of the key cost and debt figures for Coterra Energy Inc. as of late 2025:

Cost/Financial Component	Amount/Value
Projected 2025 Capital Expenditures (non-GAAP)	$2.3 billion
Q3 2025 Unit Operating Cost	$9.81 per BOE
Total Debt Outstanding (as of Sep 30, 2025)	$3.9 billion
Q3 2025 Interest Expense on Debt	$50 million
Projected 2025 Cash G&A	$272 million
Q3 2025 Total Operating Expenses	$1,347 million

The cost structure is also influenced by specific operational efficiencies and cost movements:

• Lease Operating Expense reduction targeted at approximately 15% run-rate savings with microgrids.
• Well costs in the Permian declined to approximately $960 per foot in 2025.
• Term loan debt repayment prioritized in 2025: $650 million targeted to be retired by year-end.
• Total debt outstanding as of March 31, 2025, was $4.25 billion.

Finance: draft 13-week cash view by Friday.

Coterra Energy Inc. (CTRA) - Canvas Business Model: Revenue Streams

You're looking at the core ways Coterra Energy Inc. brings in cash, which is heavily tied to the commodities it produces and its ability to manage price risk. It's a straightforward model for an E&P (exploration and production) company, but the scale of production matters a lot.

The primary revenue sources for Coterra Energy Inc. are the sales of its produced hydrocarbons, supplemented by financial hedging activities.

• Sales of natural gas.
• Sales of crude oil and condensate.
• Sales of Natural Gas Liquids (NGLs).
• Gains from commodity derivative and hedging activities.

The company's production profile is a key driver of its top-line revenue. For full-year 2025, Coterra Energy Inc. has guided its natural gas production up to 2,965 MMcfpd (million cubic feet per day) in its latest update. This is supported by strong quarterly performance; for example, second-quarter 2025 natural gas production averaged 2,998.6 MMcfpd.

Crude oil and condensate sales are a significant component of the revenue mix. For the second quarter of 2025, sales of crude oil and condensate contributed 52% of Coterra Energy Inc.'s pre-hedge revenue. Oil production in Q2 2025 averaged 155.4 MBopd (thousand barrels of oil per day).

Natural Gas Liquids (NGLs) sales also factor into the overall revenue picture. In the second quarter of 2025, NGLs production averaged 128.7 MBopd.

To manage the inherent volatility in the energy markets, Coterra Energy Inc. actively engages in derivative and hedging activities. For the second quarter of 2025, the company recorded a gain from these instruments totaling $232 million.

The overall financial health, as reflected by cash generation, is a critical metric tied to these revenue streams. Coterra Energy Inc. expects its full-year 2025 Free Cash Flow (non-GAAP) to total around $2.0 to $2.1 billion at recent strip prices.

Here's a quick look at some of the key production and financial figures related to these revenue drivers as of late 2025:

Metric	Value	Period/Context
Natural Gas Production (Upper Guidance End)	2,965 MMcfpd	Full-Year 2025 Guidance
Crude Oil & Condensate Revenue Contribution	52%	Q2 2025 Pre-Hedge Revenue
NGLs Production	128.7 MBopd	Q2 2025 Average
Gains from Commodity Derivatives	$232 million	Q2 2025
Expected Full-Year 2025 Free Cash Flow	$2.0 to $2.1 billion	Full-Year 2025 Estimate

The company's shareholder return strategy is directly linked to this cash flow. Coterra Energy Inc. has reiterated its commitment to returning 50% or greater of Free Cash Flow (non-GAAP) to shareholders through the cycles.

For the third quarter of 2025, the declared dividend was $0.22 per share, which on a cash basis was approximately $168 million. Also in Q3 2025, the company repaid $250 million of term loans, showing a focus on leverage reduction alongside shareholder returns.

The revenue streams are supported by the company's operational efficiency, with unit operating costs reported near the midpoint of guidance:

• Unit operating cost (Q2 2025): $9.34 per BOE.
• Unit operating cost (Q3 2025): $9.81 per BOE.

Finance: draft 13-week cash view by Friday.