Coterra Energy is an independent U.S. oil and gas exploration and production (E&P) company operating across three core basins: the Permian Basin (Delaware Basin in west Texas and New Mexico), the Marcellus Shale (northeast Pennsylvania), and the Anadarko Basin (Oklahoma). Coterra drills wells and sells the oil, natural gas, and NGLs produced to industrial users, utilities, pipelines, energy marketers, and power generators. The Permian is Coterra's largest and fastest-growing area, focused on oil and NGLs, while the Marcellus is a major dry-gas asset producing roughly 2 Bcf per day. Coterra's production mix is intentionally balanced between oil and gas, which management argues smooths cash flow across commodity price cycles. A portion of gas is sold under differentiated contracts tied to LNG export facilities and power plants — including deals with Cove Point LNG — which management argues generates better pricing than in-basin spot sales. Coterra also operates gathering and saltwater disposal infrastructure in the Permian to reduce reliance on third parties. Coterra targets reinvesting roughly 50% of operating cash flow back into drilling, returning the remainder to shareholders via a base dividend of $0.88 per share annually and buybacks. In early 2025, Coterra acquired Franklin Mountain Energy and Avant assets in the Delaware Basin for $4.0B, expanding its Permian position. In February 2026, Coterra agreed to merge with Devon Energy in an all-stock deal, under which Coterra shareholders will receive 0.70 Devon shares per Coterra share, with closing expected in Q2 2026.