Coterra Energy Reports 2025 Results

27 Feb Coterra Energy Reports 2025 Results

(Oilandgaspress) – Coterra Energy Inc. reported fourth-quarter and full-year 2025 results, provided full-year 2026 guidance, and declared a quarterly dividend of $0.22 per share.

The Company ended the year with a cash balance of $114 million and no debt outstanding under its $2.0 billion revolving credit facility, resulting in total liquidity of approximately $2.1 billion. Coterra’s Net Debt to Adjusted EBITDAX ratio (non-GAAP) at December 31, 2025 was 0.8x. The Company expects to maintain a Net Debt to Adjusted EBITDAX ratio (non-GAAP) below 1.0x, through commodity price cycles.

Key Takeaways & Updates

Fourth quarter 2025: Efficient Execution and Strong Well Results Drove Production Beat

Total barrels of oil equivalent (BOE) and natural gas production beat the high-end of guidance, while oil production beat the midpoint of guidance.
Generated $970 million of Cash Flow from Operating Activities (GAAP) and $507 million of Free Cash Flow (non-GAAP).
Returned $263 million to shareholders through $170 million of declared dividends and $93 million of share repurchases, which retired 4 million shares at an average price of $24.37 per share.
Repaid $100 million of our remaining term loans (issued in connection with the 2025 Delaware Basin acquisitions), leaving $300 million outstanding at year-end, which will be fully repaid in February 2026.
Total shareholder returns, including declared dividends, share repurchases, and debt redemption, represented 72% of Free Cash Flow (non-GAAP).
Full-year 2025: Highly Capital Efficient Program, Strong Sequential Oil Volume Growth, and Successful Integration of Delaware Basin Acquisitions

Total BOE and natural gas production exceeded the high-end of our original February 2025 guidance and exceeded the mid-point by 6% and 7%, respectively, while oil production came in at the mid-point of guidance.
Completed the integration of Delaware Basin acquisitions (closed in January 2025). Continue to see strong operational execution and upside from the development of new landing zones, lower operating costs, and optimization of midstream commitments.
Generated $4.0 billion of Cash Flow from Operating Activities (GAAP) and $2.0 billion of Free Cash Flow (non-GAAP), an increase of 44% and 67%, respectively, from 2024 levels.
Annual reinvestment rate was 54%.

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