Coterra Energy Inc. (CTRA): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de l'exploration énergétique, Coterra Energy Inc. (CTRA) apparaît comme une puissance stratégique, tirant parti d'un modèle commercial sophistiqué qui mélange de manière transparente l'innovation technologique, la responsabilité environnementale et des performances économiques robustes. En naviguant magistralement dans les paysages complexes des bassins de Marcellus et du Permien, cette entreprise avant-gardiste a conçu une approche complète qui offre non seulement une production d'énergie efficace et à faible coût, mais démontre également un engagement inébranlable envers les pratiques durables et la création de valeur des parties prenantes. Plongez dans les détails complexes de la toile du modèle commercial de Coterra pour découvrir comment cette énergie Titan remodèle l'avenir de la production de gaz naturel et d'huile.

Cotera Energy Inc. (CTRA) - Modèle d'entreprise: partenariats clés

Contension de coentreprise avec des propriétaires fonciers dans le bassin du Permien

En 2024, Coterra Energy a établi des accords de coentreprise stratégiques couvrant environ 200 000 acres nets dans le bassin du Permien. Ces partenariats impliquent:

Type de partenaire	Acres couverts	Partage d'investissement
Propriétaires fonciers privés	126 500 acres	60-40 Split des revenus
Propriétaires de droits minéraux	73 500 acres	70-30 Split des revenus

Partenariats stratégiques avec les fournisseurs d'infrastructures moyennes

Coterra a développé des partenariats critiques d'infrastructures médianes avec:

• Kinder Morgan - Manipulation de 250 millions de pieds cubes de gaz naturel quotidiennement
• Enterprise Products Partners - Gérer 175 000 barils de transport de pétrole
• Oneok - Traitement 300 millions de pieds cubes de gaz naturel par jour

Collaboration technologique avec les fabricants d'équipements de forage

Fabricant d'équipements	Focus technologique	Investissement
Schlumberger	Automatisation de forage avancée	42 millions de dollars
Baker Hughes	Technologies de forage de précision	35 millions de dollars

Partenariats de la chaîne d'approvisionnement avec les sociétés de services pétroliers

Coterra maintient des partenariats complets de la chaîne d'approvisionnement avec les principaux fournisseurs de services de champ pétrolifères:

• Halliburton - Contrat complet des services de forage d'une valeur de 215 millions de dollars
• Weatherford International - Wellbore Construction Partnership couvrant 75 puits par an
• Nov Inc. - Accord d'offre d'équipement et de maintenance d'une valeur de 98 millions de dollars

Cotera Energy Inc. (CTRA) - Modèle d'entreprise: Activités clés

Exploration et production de gaz naturel et de pétrole

Depuis le quatrième trimestre 2023, Cotera Energy a fonctionné dans les principales régions de production suivantes:

Région	Production quotidienne	Pourcentage de la production totale
Marcellus Schiste	1 630 mmcf / j au gaz naturel	65%
Bassin du Delaware	82 000 BOE / D	35%

Fracture hydraulique et opérations de forage horizontal

Métriques opérationnelles pour 2023:

• Total des puits horizontaux forés: 129
• Longueur latérale moyenne: 10 500 pieds
• Forage des dépenses en capital: 1,2 milliard de dollars

Optimisation des actifs et gestion du portefeuille

Composition du portefeuille au 31 décembre 2023:

Catégorie d'actifs	Superficie totale	Réserves prouvées
Gaz naturel	226 000 acres nets	5.8 TCF
Huile	95 000 acres nets	220 mmbbl

Initiatives de réduction de la durabilité et des émissions environnementales

Objectifs et réalisations de réduction des émissions:

• Réduction de l'intensité du méthane: 68% (par rapport à la ligne de base de 2015)
• Réduction des émissions de carbone: 40% (portée 1 et 2)
• Investissement dans la technologie de réduction des émissions: 85 millions de dollars

Cotera Energy Inc. (CTRA) - Modèle d'entreprise: Ressources clés

Droits terrestres et minéraux

Coterra Energy détient des droits fonciers et minéraux importants dans deux bassins primaires:

Bassin	Superficie	Production estimée
Marcellus Schiste	195 000 acres nets	2,4 BCFE / JOUR
Bassin permien	82 000 acres nets	115 000 BOE / Day

Ressources technologiques

Les technologies de forage et d'extraction avancées comprennent:

• Capacités de forage horizontal
• Fracturation hydraulique à plusieurs étapes
• Systèmes de surveillance des données en temps réel
• Technologie avancée d'imagerie sismique

Capital humain

Métrique de la main-d'œuvre	Valeur
Total des employés	1,100
Des années moyennes d'expérience de l'industrie	15 ans

Ressources financières

Métrique financière	Valeur 2023
Cash total et équivalents	1,2 milliard de dollars
Dette totale	2,8 milliards de dollars
Capitalisation boursière	16,5 milliards de dollars

Coterra Energy Inc. (CTRA) - Modèle d'entreprise: propositions de valeur

Production de gaz naturel et de pétrole à faible coût et à coût

Les métriques de production de Coterra Energy au Q4 2023:

Métrique de production	Volume
Production quotidienne totale	220 000 BOE / Day
Production de gaz naturel	1,3 BCF / jour
Production de pétrole	55 000 barils / jour
Coût de production	3,82 $ par Boe

Engagement envers la responsabilité de l'environnement

Métriques de performance environnementale:

• Intensité des émissions de méthane: 0,08 tonnes métriques CO2E / BCF
• Cible de réduction des émissions de carbone: 40% d'ici 2030
• Investissements en énergie renouvelable: 125 millions de dollars
• Taux de recyclage de l'eau: 85%

Approvisionnement énergétique de haute qualité et fiable

Segment de marché	Capacité d'approvisionnement
Clients industriels	750 000 mmbtu / jour
Marchés résidentiels	500 000 mmbtu / jour
Fiabilité du contrat	99.7%

Prix ​​compétitive et portefeuille d'énergie stable

Prix ​​et métriques financières:

• Prix ​​moyen réalisé du gaz naturel: 3,25 $ / MMBTU
• Prix ​​moyen réalisé du pétrole: 68 $ par baril
• Production couverte: 60% de la production attendue de 2024
• Marge opérationnelle: 42%

Cotera Energy Inc. (CTRA) - Modèle d'entreprise: relations avec les clients

Contrats d'approvisionnement à long terme avec des sociétés de services publics

Cottera Energy maintient des contrats stratégiques d'approvisionnement en gaz naturel à long terme avec plusieurs sociétés de services publics. Au quatrième trimestre 2023, la Société a obtenu des contrats avec une durée moyenne de 7,2 ans, ce qui représente environ 65% de son volume de production.

Type de contrat	Durée moyenne	Volume de production couvert
Contrats d'utilité à long terme	7,2 ans	65%

Équipe de vente directe pour Enterprise Energy Solutions

Coterra Energy exploite une équipe de vente d'entreprise dédiée axée sur les clients de l'énergie industrielle et commerciale. En 2023, l'équipe de vente a généré 1,2 milliard de dollars de revenus des solutions énergétiques Enterprise.

• Total Enterprise Sales Team: 87 Représentants
• Valeur du contrat moyen: 18,5 millions de dollars
• Taux de rétention de la clientèle de l'entreprise: 92%

Plateformes numériques pour l'engagement et le service des clients

La société a investi 42 millions de dollars dans des plateformes numériques d'engagement client en 2023, permettant la gestion du suivi et des services en temps réel.

Métrique de la plate-forme numérique	Performance de 2023
Investissement de plate-forme numérique	42 millions de dollars
Interactions de service en ligne	2,3 millions
Téléchargements d'applications mobiles	185,000

Communication transparente sur les performances environnementales

Coterra Energy publie des rapports de durabilité complets détaillant les métriques et les engagements environnementaux. En 2023, la société a réduit les émissions de méthane de 47% par rapport à la référence de 2019.

• Réduction des émissions de méthane: 47%
• Fréquence du rapport de durabilité: trimestriel
• Vérification environnementale tierce: oui

Cotera Energy Inc. (CTRA) - Modèle d'entreprise: canaux

Force de vente directe pour les contrats d'énergie d'entreprise

Cottera Energy maintient une équipe de vente dédiée ciblant les contrats énergétiques au niveau de l'entreprise. Au quatrième trimestre 2023, la société a déclaré 87 représentants des ventes directes axées sur les accords d'approvisionnement en énergie à grande échelle et à long terme.

Métrique du canal de vente	2023 données
Total des contrats d'entreprise	342
Valeur du contrat moyen	18,3 millions de dollars
Taille de l'équipe de vente	87 représentants

Plateformes de marché de trading et de matières premières en ligne

Coterra Energy utilise des plates-formes numériques sophistiquées pour le trading des produits d'énergie.

• Volume de trading numérique: 2,4 millions de mmbtu par jour
• Plateformes de trading actif: 3 systèmes de trading électronique primaire
• Valeur annuelle de transaction numérique: 1,7 milliard de dollars

Réseaux de courtiers énergétiques

La société s'engage avec un réseau complet de courtiers d'énergie pour étendre la portée du marché.

Métriques du réseau de courtiers	2023 statistiques
Partners du courtier total	214
Transactions facilitées par les courtiers	672 millions de dollars
Commission moyenne des courtiers	2.3%

Sites Web de marketing numérique et de relations avec les investisseurs

Métriques d'engagement numérique pour les relations et le marketing des investisseurs

• Visiteurs mensuels du site Web de l'entreprise: 127 000
• Page de relations avec les investisseurs Vues uniques: 42 500 par trimestre
• Investisseurs des médias sociaux adeptes:
  • LinkedIn: 38 200
  • Twitter: 22 700

Performance du canal numérique	2023 données
Taux de conversion du site Web	3.7%
Dépenses de marketing numérique	4,2 millions de dollars
Taux d'engagement des investisseurs en ligne	6.2%

Cotera Energy Inc. (CTRA) - Modèle d'entreprise: segments de clientèle

Entreprises de services publics électriques

Depuis 2024, Coterra Energy dessert des sociétés de services publics électriques avec des contrats d'approvisionnement en gaz naturel.

État	Volume de gaz annuel (MMCF)	Valeur du contrat ($)
Pennsylvanie	487,650	$214,365,000
Texas	392,475	$172,689,000

Secteurs de la fabrication industrielle

Cottera Energy fournit du gaz naturel à divers clients de fabrication industrielle.

• Fabrication chimique: 35% de la clientèle industrielle
• Production en acier: 22% de la clientèle industrielle
• Fabrication de ciment: 18% de la clientèle industrielle

Fournisseurs d'énergie résidentiels

Distribution du segment d'énergie résidentielle entre les régions:

Région	Clients résidentiels	Revenus annuels ($)
Appalache	127,500	$98,625,000
Bassin permien	89,250	$68,962,500

Consommateurs d'énergie commerciale à grande échelle

Répartition commerciale de la consommation d'énergie:

• Centres de données: 28% du segment commercial de la clientèle
• Installations de soins de santé: 24% du segment de clientèle commercial
• Institutions éducatives: 18% du segment de la clientèle commerciale

Type de client	Consommation annuelle de gaz (MMCF)	Valeur totale du contrat ($)
Centres de données	275,400	$121,176,000
Établissements de santé	234,090	$102,999,600

Cotera Energy Inc. (CTRA) - Modèle d'entreprise: Structure des coûts

Frais d'exploration et de forage

Au cours de l'exercice 2023, Coterra Energy a déclaré des dépenses totales d'exploration et de forage de 1,2 milliard de dollars. La répartition de ces dépenses comprend:

Catégorie de dépenses	Montant (millions de dollars)
Forage du bassin du Permien	685
Opérations de schiste Marcellus	415
Études sismiques d'exploration	100

Investissements technologiques et équipements

Les dépenses en capital pour la technologie et l'équipement en 2023 ont totalisé 975 millions de dollars, avec des allocations spécifiques comme suit:

• Mises à niveau de la plate-forme de forage: 350 millions de dollars
• Technologie de fracturation hydraulique: 275 millions de dollars
• Systèmes de surveillance numérique: 200 millions de dollars
• Technologies de réduction des émissions: 150 millions de dollars

Coûts de conformité environnementale et de durabilité

L'énergie coterra a investi 425 millions de dollars Dans les initiatives de conformité et de durabilité environnementales en 2023:

Zone de conformité	Dépenses (millions de dollars)
Réduction des émissions de méthane	185
Gestion de l'eau	120
Conformité réglementaire	95
Programmes de compensation de carbone	25

Compensation et formation des employés

Les dépenses totales liées aux employés pour 2023 étaient de 512 millions de dollars, distribuées comme suit:

• Salaires de base: 325 millions de dollars
• Bonus de performance: 87 millions de dollars
• Formation et développement: 45 millions de dollars
• Avantages sociaux: 55 millions de dollars

L'entreprise a maintenu une main-d'œuvre d'environ 1 350 employés dans ses régions opérationnelles.

Cotera Energy Inc. (CTRA) - Modèle d'entreprise: Strots de revenus

Ventes de gaz naturel

Pour l'exercice 2023, Coterra Energy a déclaré des ventes de gaz naturel de 3,1 milliards de dollars. Le volume de production de l'entreprise a atteint environ 3,1 milliards de pieds cubes par jour.

Métrique	Valeur 2023
Revenus de vente au gaz naturel	3,1 milliards de dollars
Volume de production quotidien	3,1 milliards de pieds cubes
Prix ​​moyen du gaz naturel	2,50 $ par MMBTU

Revenus de production de pétrole brut

En 2023, Cottera Energy a généré des revenus de production de pétrole brut de 2,7 milliards de dollars, avec une production quotidienne moyenne de 170 000 barils.

Métrique	Valeur 2023
Revenus de vente de pétrole brut	2,7 milliards de dollars
Production quotidienne de pétrole	170 000 barils
Prix ​​du pétrole moyen	75 $ le baril

Services d'infrastructure intermédiaire

Les services d'infrastructure intermédiaire de CoTERRA Energy ont généré 450 millions de dollars de revenus pour 2023.

• Services de rassemblement et de traitement
• Infrastructure de transport
• Solutions de stockage et logistique

Droits minéraux et revenu de location de terres

La société a gagné 180 millions de dollars de droits minéraux et de location de terres en 2023.

Catégorie de location	Revenus de 2023
Location de droits minéraux	120 millions de dollars
Location de terres	60 millions de dollars

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.