Coterra
| Company type | Public |
|---|---|
| Industry | Energy |
| Predecessor | Cabot Oil & Gas Corporation |
| Founded | 1989 |
| Headquarters | Houston , United States |
Area served | Permian Basin, Marcellus Shale, Anadarko Basin |
| Products | Hydrocarbon exploration (natural gas, crude oil, natural gas liquids) |
Coterra Energy Inc. is an American energy firm headquartered in Houston, focusing on hydrocarbon exploration with active operations in the Permian Basin, Marcellus Shale, and Anadarko Basin regions.
By December 31, 2024, the company reported estimated proved reserves totaling 2,271 million barrels of oil equivalent (MMBOE), distributed as 85% natural gas, 7% crude oil, and 8% natural gas liquids.
History
The entity was initially founded as Cabot Oil & Gas Corporation, a division of Cabot Corporation. It transitioned to a public company in February 1990 and achieved complete public ownership by March 1991.
In 1994, Cabot expanded by acquiring Washington Energy Resources through a $180 million stock transaction. This move preceded the dismissal of Chairman and CEO John Lollar in May 1995.
The company sold its oil properties and land holdings in northwest Pennsylvania for $92.5 million in 1997, and later purchased Cody Energy for $230 million in 2001. It became part of the S&P 500 index in June 2008.
Cabot divested assets located in Oklahoma and the Marmaton play of West Texas for $160 million in 2013. Subsequently, in March 2018, it sold its Eagle Ford Group assets to KKR and Venado Oil & Gas.
Following the acquisition of Cimarex Energy in October 2021, the corporation rebranded itself as Coterra Energy.
Environmental issues
In 2009, the company was cited due to spills involving hazardous hydraulic fracturing fluids in Northeastern Pennsylvania. In 2012, it incurred violations related to inadequate well construction that resulted in contamination of drinking water supplies.
Legal action against anti-fracking protester
In January 2014, Coterra secured a temporary court order preventing anti-fracking activist Vera Scroggins from accessing any portion of its 312.5 square miles of land in Pennsylvania, labeling her a "nuisance" despite no legal wrongdoing on her part. By March 2014, this injunction was limited to prohibit her from coming within 100 feet of active well pads and within 25 feet of inactive pads, access roads, or entrances.