Coterra (CTRA) FY2024 10-K Annual Report
Coterra (CTRA) 10-K annual report for fiscal year 2024, filed with SEC EDGAR on Feb 25, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Coterra FY2024 10-K Analysis
Business Overview
- • Core business model: Exploration, development, and production of oil and natural gas resources
- • New acquisitions: Membership Interest Purchase Agreement with Franklin Mountain Energy Holdings effective November 12, 2024
- • Strategic financing: Issued multiple senior notes including 5.60% due 2034 and 5.40%-5.90% due 2035 and 2055
- • Equity incentives: Introduced 2023 Equity Incentive Plan for executives and non-employee directors
- • Noteworthy filing fact: Extensive incorporation by reference to Proxy Statement and prior reports; no standalone Business section details provided
Management Discussion & Analysis
- • Derivative usage includes collars, swaps, basis swaps to manage commodity price risk
- • Derivatives limit upside benefits of commodity price increases, introduce financial loss risks
- • Risks include adverse price differential changes, lower production, counterparty default
- • Regulatory changes and reduced derivatives market liquidity may increase derivative costs and exposure
- • Potential for greater earnings volatility and less predictable cash flow if swap use declines
Risk Factors
- • Regulatory risk: potential delays/restrictions from renewable energy and emissions laws amid climate change focus impacting permitting and project development
- • Geopolitical risk: LNG export demand threatened by China’s recently announced retaliatory LNG tariffs in 2025
- • Operational vulnerability: natural gas production curtailed by 232 MMcf per day Aug-Nov 2024 due to low prices and pipeline constraints
- • Competitive risk: increased Permian Basin capital spending post $4.0B FME and Avant acquisitions closed Jan 2025 to maintain market position
- • Financial risk: total debt rose to $3.54B (21% of capitalization) at Dec 31, 2024 after issuance of $2.0B senior notes and $1.0B term loan for acquisitions
Coterra FY2024 Key Financial MetricsXBRL
Revenue
$5.5B
▼ -3.9% YoY
Net Income
$1.1B
▼ -31.0% YoY
Operating Margin
25.4%
▼ -1246bp YoY
Net Margin
20.5%
▼ -806bp YoY
ROE
8.5%
▼ -392bp YoY
Total Assets
$21.6B
▲ +5.9% YoY
EPS (Diluted)
$1.50
▼ -29.6% YoY
Operating Cash Flow
$2.8B
▼ -23.6% YoY
Source: XBRL data from Coterra FY2024 10-K filing on SEC EDGAR. All figures in USD.
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