Coterra Energy Inc 2025年季度报告

☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934.For the quarterly period endedMarch 31, 2025 COTERRA ENERGY INC. Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☒ As of April30, 2025, there were763,260,740shares of common stock, par value $0.10 per share, outstanding. COTERRA ENERGY INC.TABLE OF CONTENTS PartI. Financial Information Item2.Management’s Discussion and Analysis of Financial Condition and Results of Operations22Item3.Quantitative and Qualitative Disclosures about Market Risk33Item4.Controls and Procedures36 PartII. Other Information Signatures42 COTERRA ENERGY INC. COTERRA ENERGY INC. COTERRA ENERGY INC. NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1.Financial Statement Presentation During interim periods, Coterra Energy Inc. (the “Company”) follows the same accounting policies disclosed in its Annual Report onForm10-K for the year ended December31, 2024 (the “Form10-K”) filed with the SEC. The interim condensed consolidated financialstatements are unaudited and should be read in conjunction with the Notes to the Consolidated Financial Statements and information From time-to-time, management makes certain reclassifications to prior year statements to conform with the current yearpresentation. These reclassifications have no impact on previously reported stockholders’ equity, net income or cash flows. Significant Accounting Policies Segment Reporting The Company operates inonereportable operating segment, oil and natural gas development, exploration and production.Refer toNote 1 of the Notes to the Consolidated Financial Statements in the Form 10-K for further information. 2.Acquisitions Franklin Mountain Energy (“FME”) Acquisition On January 27, 2025, the Company closed on its acquisition of all of the issued and outstanding equity ownership interests of a groupof privately owned oil and gas exploration and production companies with assets and operations in the Delaware Basin of New Mexico(the “FME Interests”) for total consideration of $2.5billion, subject to certain post-closing adjustments, which included $1.7billion in cash Preliminary Purchase Price Allocation The transaction was accounted for using the acquisition method of accounting. Under the acquisition method of accounting, theassets and liabilities of the FME Interests were recorded at their respective fair values as of the effective closing date of the acquisition.The purchase price allocation is substantially complete; however, management continues to refine the preliminary valuation of certainassets acquired and liabilities assumed, and may adjust the allocation in subsequent periods. Determining the fair value of the assets and Table of Contents The following table represents the preliminary allocation of the total purchase price of the FME Interests to the identifiable assetsacquired and liabilities assumed based on the fair values as of the closing date of the acquisition: (1)Cash consideration included the release of escrow funds in the amount of $107million. These funds were included in restrictedcash in the Condensed Consolidated Balance Sheet as of December31, 2024. (2)As of March31, 2025, cash consideration of $18million remains unpaid and is included in restricted cash and accounts payableon the Company’s Condensed Consolidated Balance Sheet. Avant Acquisition On January 17, 2025, the Company closed on the acquisition of certain interests in oil and gas properties located in the DelawareBasin in New Mexico from certain privately owned sellers for total cash consideration of $1.5billion, subject to certain post-closing The transaction was accounted for using the acquisition method of accounting. Under the acquisition method of accounting, theassets and liabilities ac