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Coterra Energy
Coterra Energy (CTRA) investor relations material
Coterra Energy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Announced a transformative all-stock merger with Devon Energy, creating a large-cap shale operator with a $61 billion combined enterprise value and significant operational synergies, expected to close in Q2 2026.
Fourth-quarter and full-year 2025 results exceeded production guidance, with strong operational execution and capital efficiency.
Delivered $2.0 billion in free cash flow for 2025, with a reinvestment rate of 54% and $820 million returned to shareholders.
Maintained a strong balance sheet, exiting 2025 with net debt to Adjusted EBITDAX of 0.8x.
Integration of Delaware Basin acquisitions completed, driving lower costs and operational upside.
Financial highlights
4Q25 oil production reached 176 mbod, above guidance; gas production was 2,964 mmcfd, also above guidance.
Full-year 2025 capex was $2.32 billion, slightly above guidance due to incremental Marcellus spending.
Free cash flow for 2025 totaled $2.03 billion, with discretionary cash flow of $4.32 billion.
Net income for 2025 was $1.72 billion, with adjusted net income of $1.58 billion.
Ended 2025 with $114 million in cash and $2.1 billion in liquidity.
Outlook and guidance
2026 standalone capex guidance is $2.25 billion, down 3% YoY, with a reinvestment rate around 50%.
2026 free cash flow expected at $2.35 billion, up 16% YoY, with relatively flat total production and 4-5% annual oil growth.
2026 production guidance: total 750–810 MBoepd, natural gas 2,775–2,975 MMcfpd, oil 162–172 MBopd.
Guidance includes impacts from winter storm Fern, lowering Q1 production below annual average; combined company guidance to be provided post-merger.
Breakdown of $1B synergy capture by 2027
Drivers for 2025 unit operating cost increase
Strategy for PUD conversion and development
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Next Coterra Energy earnings date
Q1 20265 May, 2026
Coterra Energy
Next Coterra Energy earnings date
Q1 20265 May, 2026
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Frequently asked questions
Coterra Energy Inc is an independent exploration and production company focused on the development of oil and natural gas. The company operates in the Marcellus, Permian, and Anadarko basins, using horizontal drilling and hydraulic fracturing technologies. The company is headquartered in Houston, Texas, and its shares are listed on the NYSE.
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