Coterra Energy Inc. (CTRA): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da exploração energética, a Coterra Energy Inc. (CTRA) surge como uma potência estratégica, alavancando um sofisticado modelo de negócios que combina perfeitamente a inovação tecnológica, a responsabilidade ambiental e o desempenho econômico robusto. Ao navegar magistralmente nas complexas paisagens das bacias Marcellus e Permiano, esta empresa de visão de futuro criou uma abordagem abrangente que não apenas oferece produção de energia eficiente e de baixo custo, mas também demonstra um compromisso inabalável com práticas sustentáveis ​​e criação de valor de partes interessadas. Mergulhe nos complexos detalhes da tela de modelo de negócios de CoTerra para descobrir como esse titã de energia está remodelando o futuro da produção de gás natural e petróleo.

Coterra Energy Inc. (CTRA) - Modelo de negócios: Parcerias -chave

Acordos de joint venture com proprietários de terras na bacia do Permiano

A partir de 2024, a Coterra Energy estabeleceu acordos estratégicos de joint venture, cobrindo aproximadamente 200.000 acres líquidos na bacia do Permiano. Essas parcerias envolvem:

Tipo de parceiro	Acres cobertos	Participação de investimentos
Proprietários de terras particulares	126.500 acres	60-40 Receita dividida
Proprietários de direitos minerais	73.500 acres	70-30 Receita dividida

Parcerias estratégicas com provedores de infraestrutura Midstream

A CoTerra desenvolveu parcerias críticas de infraestrutura intermediária com:

• Kinder Morgan - lidando com 250 milhões de pés cúbicos de gás natural diariamente
• Enterprise Products Partners - Gerenciando 175.000 barris de transporte de petróleo
• Oneok - Processando 300 milhões de pés cúbicos de gás natural por dia

Colaboração de tecnologia com fabricantes de equipamentos de perfuração

Fabricante de equipamentos	Foco em tecnologia	Investimento
Schlumberger	Automação avançada de perfuração	US $ 42 milhões
Baker Hughes	Tecnologias de perfuração de precisão	US $ 35 milhões

Parcerias da cadeia de suprimentos com empresas de serviços petrolíferos

A CoTerra mantém parcerias abrangentes da cadeia de suprimentos com os principais provedores de serviços de campo petrolífero:

• Halliburton - Contrato abrangente de serviços de perfuração avaliado em US $ 215 milhões
• Weatherford International - Parceria de construção do Wellbore, cobrindo 75 poços anualmente
• Nov Inc. - Contrato de fornecimento e manutenção de equipamentos no valor de US $ 98 milhões

Coterra Energy Inc. (CTRA) - Modelo de Negócios: Atividades -chave

Exploração e produção de gás natural e petróleo

A partir do quarto trimestre 2023, a CoTerra Energy operou nas seguintes regiões de produção:

Região	Produção diária	Porcentagem da produção total
Marcellus Shale	1.630 MMCF/D GAS NATURAL	65%
Bacia de Delaware	82.000 boe/d	35%

Operações hidráulicas de fraturamento e perfuração horizontal

Métricas operacionais para 2023:

• Poços horizontais totais perfurados: 129
• Comprimento lateral médio: 10.500 pés
• Drilling Capital Despesas: US $ 1,2 bilhão

Otimização de ativos e gerenciamento de portfólio

Composição do portfólio em 31 de dezembro de 2023:

Categoria de ativos	Área total	Reservas comprovadas
Gás natural	226.000 acres líquidos	5.8 TCF
Óleo	95.000 acres líquidos	220 MMBBL

Iniciativas de sustentabilidade ambiental e redução de emissões

Metas e realizações de redução de emissões:

• Redução da intensidade do metano: 68% (da linha de base de 2015)
• Redução de emissões de carbono: 40% (escopo 1 e 2)
• Investimento em tecnologia de redução de emissões: US $ 85 milhões

Coterra Energy Inc. (CTRA) - Modelo de negócios: Recursos -chave

Terras e direitos minerais

A CoTerra Energy detém direitos de terra e minerais significativos em duas bacias primárias:

Bacia	Cultura	Produção estimada
Marcellus Shale	195.000 acres líquidos	2.4 BCFE/dia
Bacia do Permiano	82.000 acres líquidos	115.000 boe/dia

Recursos tecnológicos

As tecnologias avançadas de perfuração e extração incluem:

• Capacidades de perfuração horizontal
• Fraturamento hidráulico de vários estágios
• Sistemas de monitoramento de dados em tempo real
• Tecnologia avançada de imagem sísmica

Capital humano

Métrica da força de trabalho	Valor
Total de funcionários	1,100
Anos médios de experiência do setor	15 anos

Recursos financeiros

Métrica financeira	2023 valor
Dinheiro total e equivalentes	US $ 1,2 bilhão
Dívida total	US $ 2,8 bilhões
Capitalização de mercado	US $ 16,5 bilhões

Coterra Energy Inc. (CTRA) - Modelo de negócios: proposições de valor

Produção de gás natural e de petróleo de baixo custo e eficiência

As métricas de produção da CoTerra Energy a partir do quarto trimestre 2023:

Métrica de produção	Volume
Produção diária total	220.000 BOE/DIA
Produção de gás natural	1.3 BCF/dia
Produção de petróleo	55.000 barris/dia
Custo de produção	US $ 3,82 por Boe

Compromisso com a responsabilidade ambiental

Métricas de desempenho ambiental:

• Intensidade de emissões de metano: 0,08 toneladas métricas CO2E/BCF
• Alvo de redução de emissões de carbono: 40% até 2030
• Investimentos de energia renovável: US $ 125 milhões
• Taxa de reciclagem de água: 85%

Fornecimento de energia confiável e de alta qualidade

Segmento de mercado	Capacidade de fornecimento
Clientes industriais	750.000 mmbtu/dia
Mercados residenciais	500.000 mmbtu/dia
Confiabilidade do contrato	99.7%

Preços competitivos e portfólio de energia estável

Preços e métricas financeiras:

• Preço médio de gás natural realizado: US $ 3,25/mMBTU
• Preço médio de petróleo realizado: US $ 68 por barril
• Produção com cobertura: 60% da saída esperada de 2024
• Margem operacional: 42%

Coterra Energy Inc. (CTRA) - Modelo de negócios: Relacionamentos ao cliente

Contratos de fornecimento de longo prazo com empresas de serviços públicos

A CoTerra Energy mantém contratos estratégicos de fornecimento de gás natural a longo prazo com várias empresas de serviços públicos. No quarto trimestre 2023, a empresa garantiu contratos com uma duração média de 7,2 anos, representando aproximadamente 65% do seu volume de produção.

Tipo de contrato	Duração média	Volume de produção coberto
Contratos de utilidade de longo prazo	7,2 anos	65%

Equipe direta de vendas para soluções de energia corporativa

A CoTerra Energy opera uma equipe de vendas empresarial dedicada focada em clientes de energia industrial e comercial. Em 2023, a equipe de vendas gerou US $ 1,2 bilhão em receita da Enterprise Energy Solutions.

• Equipe total de vendas corporativas: 87 representantes
• Valor médio do contrato: US $ 18,5 milhões
• Taxa de retenção de clientes corporativos: 92%

Plataformas digitais para envolvimento e serviço do cliente

A empresa investiu US $ 42 milhões em plataformas de engajamento digital de clientes em 2023, permitindo o rastreamento e o gerenciamento de serviços em tempo real.

Métrica da plataforma digital	2023 desempenho
Investimento de plataforma digital	US $ 42 milhões
Interações de serviço online	2,3 milhões
Downloads de aplicativos móveis	185,000

Comunicação transparente sobre o desempenho ambiental

A CoTerra Energy publica relatórios abrangentes de sustentabilidade, detalhando métricas e compromissos ambientais. Em 2023, a empresa reduziu as emissões de metano em 47% em comparação com a linha de base de 2019.

• Redução de emissão de metano: 47%
• Relatório de sustentabilidade Frequência: trimestral
• Verificação ambiental de terceiros: sim

Coterra Energy Inc. (CTRA) - Modelo de Negócios: Canais

Força de vendas direta para contratos de energia corporativa

A CoTerra Energy mantém uma equipe de vendas dedicada direcionada aos contratos de energia em nível corporativo. A partir do quarto trimestre de 2023, a Companhia relatou 87 representantes de vendas diretas focadas em compras de energia em larga escala e acordos de fornecimento de longo prazo.

Métrica do canal de vendas	2023 dados
Contratos da empresa total	342
Valor médio do contrato	US $ 18,3 milhões
Tamanho da equipe de vendas	87 representantes

Plataformas de mercado de negociação e commodities online

A CoTerra Energy utiliza plataformas digitais sofisticadas para negociação de commodities energéticas.

• Volume de negociação digital: 2,4 milhões de MMBTU por dia
• Plataformas de negociação ativa: 3 sistemas de negociação eletrônica primária
• Valor anual da transação digital: US $ 1,7 bilhão

Redes de corretores de energia

A empresa se envolve com uma rede abrangente de corretores de energia para expandir o alcance do mercado.

Métricas de rede de corretoras	2023 Estatísticas
Total Broker Partners	214
Transações facilitadas por corretor	US $ 672 milhões
Comissão Média de Corretores	2.3%

Sites de marketing digital e relações com investidores

Métricas de engajamento digital para relações com investidores e marketing

• Site corporativo Visitantes mensais: 127.000
• Página de relações com investidores visualizações exclusivas: 42.500 por trimestre
• Seguidores de investidores de mídia social:
  • LinkedIn: 38.200
  • Twitter: 22.700

Desempenho do canal digital	2023 dados
Taxa de conversão do site	3.7%
Gastos de marketing digital	US $ 4,2 milhões
Taxa de engajamento de investidores on -line	6.2%

Coterra Energy Inc. (CTRA) - Modelo de negócios: segmentos de clientes

Empresas de serviços públicos elétricos

A partir de 2024, a CoTerra Energy atende às empresas de serviços públicos com contratos de fornecimento de gás natural.

Estado	Volume anual de gás (MMCF)	Valor do contrato ($)
Pensilvânia	487,650	$214,365,000
Texas	392,475	$172,689,000

Setores industriais de fabricação

A CoTerra Energy fornece gás natural a vários clientes industriais de fabricação.

• Fabricação química: 35% da base de clientes industriais
• Produção de aço: 22% da base de clientes industriais
• Fabricação de cimento: 18% da base de clientes industriais

Fornecedores de energia residencial

Distribuição do segmento de energia residencial entre regiões:

Região	Clientes residenciais	Receita anual ($)
Appalachia	127,500	$98,625,000
Bacia do Permiano	89,250	$68,962,500

Consumidores de energia comercial em larga escala

Redução de consumo de energia comercial:

• Data Centers: 28% do segmento de clientes comerciais
• Instalações de saúde: 24% do segmento de clientes comerciais
• Instituições educacionais: 18% do segmento de clientes comerciais

Tipo de cliente	Consumo anual de gás (MMCF)	Valor total do contrato ($)
Data centers	275,400	$121,176,000
Instalações de saúde	234,090	$102,999,600

Coterra Energy Inc. (CTRA) - Modelo de negócios: estrutura de custos

Despesas de exploração e perfuração

No ano fiscal de 2023, a CoTerra Energy registrou despesas totais de exploração e perfuração de US $ 1,2 bilhão. A quebra dessas despesas inclui:

Categoria de despesa	Valor (US $ milhões)
Perfuração da bacia do Permiano	685
Operações de xisto de Marcellus	415
Estudos sísmicos de exploração	100

Investimentos de tecnologia e equipamentos

As despesas de capital para tecnologia e equipamento em 2023 totalizaram US $ 975 milhões, com alocações específicas da seguinte forma:

• Atualizações de plataforma de perfuração: US $ 350 milhões
• Tecnologia de fraturamento hidráulico: US $ 275 milhões
• Sistemas de monitoramento digital: US $ 200 milhões
• Tecnologias de redução de emissões: US $ 150 milhões

Custos de conformidade ambiental e sustentabilidade

A CoTerra Energy investiu US $ 425 milhões Em iniciativas de conformidade ambiental e sustentabilidade em 2023:

Área de conformidade	Despesas (US $ milhões)
Redução de emissão de metano	185
Gerenciamento da água	120
Conformidade regulatória	95
Programas de compensação de carbono	25

Compensação e treinamento de funcionários

As despesas totais relacionadas aos funcionários em 2023 foram de US $ 512 milhões, distribuídos da seguinte forma:

• Salários base: US $ 325 milhões
• Bônus de desempenho: US $ 87 milhões
• Treinamento e desenvolvimento: US $ 45 milhões
• Benefícios dos funcionários: US $ 55 milhões

A empresa manteve uma força de trabalho de aproximadamente 1.350 funcionários em suas regiões operacionais.

Coterra Energy Inc. (CTRA) - Modelo de negócios: fluxos de receita

Vendas de gás natural

Para o ano fiscal de 2023, a CoTerra Energy registrou vendas de gás natural de US $ 3,1 bilhões. O volume de produção da empresa atingiu aproximadamente 3,1 bilhões de pés cúbicos por dia.

Métrica	2023 valor
Receita de vendas de gás natural	US $ 3,1 bilhões
Volume diário de produção	3,1 bilhões de pés cúbicos
Preço médio do gás natural	US $ 2,50 por MMBTU

Receitas de produção de petróleo bruto

Em 2023, a Coterra Energy gerou receitas de produção de petróleo de US $ 2,7 bilhões, com uma produção média diária de 170.000 barris.

Métrica	2023 valor
Receita de vendas de petróleo bruto	US $ 2,7 bilhões
Produção diária de petróleo	170.000 barris
Preço médio do petróleo	US $ 75 por barril

Serviços de infraestrutura média

Os serviços de infraestrutura média da CoTerra Energy geraram US $ 450 milhões em receita para 2023.

• Serviços de coleta e processamento
• Infraestrutura de transporte
• Soluções de armazenamento e logística

Direitos minerais e renda de arrendamento de terras

A empresa ganhou US $ 180 milhões com os direitos minerais e leasing de terras em 2023.

Categoria de leasing	2023 Receita
Leasing de Direitos Minerais	US $ 120 milhões
Arrendamento de terras	US $ 60 milhões

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.