Coterra Energy reported strong fourth-quarter and full-year 2025 results driven by efficient capital allocation and operational execution. The company is well-positioned for 2026 and is preparing for a transformative merger with Devon Energy, which is expected to create a leading shale operator with enhanced free cash flow and shareholder return potential.
Generated $970 million of Cash Flow from Operating Activities (GAAP) and $507 million of Free Cash Flow (non-GAAP) in Q4 2025.
positiveFull-year 2025 Cash Flow from Operating Activities increased 44% to $4.0 billion and Free Cash Flow increased 67% to $2.0 billion from 2024 levels.
positiveReturned $263 million to shareholders in Q4 2025 through $170 million of declared dividends and $93 million of share repurchases.
positiveProved reserves totaled 2,565 million barrels of oil equivalent (MMBoe) at December 31, 2025, up approximately 13% year-over-year.
positivePermian Basin natural gas prices were negative ($0.52/Mcf) in Q4 2025, a significant decrease from $0.79/Mcf in the prior year quarter.
negativeUnit Operating Cost increased to $9.29/Boe in Q4 2025 from $8.89/Boe in Q4 2024.
attentionThe company's Net Debt to Adjusted EBITDAX ratio increased to 0.8x at December 31, 2025, from 0.4x at December 31, 2024.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Marcellus Shale | N/A | — | — | — |
Permian Basin | N/A | — | — | — |
Anadarko Basin | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Coterra's strong fourth-quarter and full-year 2025 results were driven by efficient capital allocation and strong execution.
Prioritizing safety, financial strength, and shareholder value creation, Coterra is well positioned for a highly capital efficient 2026.
We are excited about the announced merger with Devon Energy and the opportunities created by the combined company.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.