Group 1: Apache Corporation (APA.US) - Analyst Neal Dingmann from William Blair initiates coverage on Apache Corporation, highlighting its unique investment value despite previous concerns about asset quality in the Permian Basin [1] - The report emphasizes significant growth potential in the Egyptian gas sector due to prior underdevelopment and improved pricing structures [1] - Apache is projected to generate nearly $1.4 billion in free cash flow by 2026, increasing to $1.7 billion by 2027 [1] Group 2: Coterra Energy (CTRA.US) - Coterra Energy demonstrates operational efficiency through the Windham Row project, which includes a total of 73 wells across six drilling units [2] - The company is expected to produce approximately $2.9 billion in free cash flow in 2026, with an increase to $3.9 billion in 2027, assuming stable oil and gas prices [2] Group 3: Ovintiv (OVV.US) - Ovintiv has established a high-quality asset portfolio centered around the Permian Basin and Montney formation, focusing on internal growth and external acquisitions [2] - The company aims to optimize its balance sheet, with net debt potentially falling below $4 billion if land block assets are successfully sold [2] - Free cash flow projections for Ovintiv are estimated at $1.7 billion in 2026, rising to $2.4 billion in 2027 [2]

Core Insights - Coterra Energy (CTRA) is an oil and gas producer with high-quality multi-basin assets across the US, and its stock has remained relatively flat since the significant acquisition of Cimarex Energy [1] Group 1: Company Overview - Coterra Energy operates in the oil and gas sector, focusing on multi-basin assets which enhance its production capabilities [1] - The company has a history of strategic acquisitions, notably the deal with Cimarex Energy, which has influenced its stock performance [1] Group 2: Analyst Background - The analyst has over 10 years of experience researching various companies across multiple sectors, including commodities and technology [1] - The analyst has researched over 1000 companies, providing a broad perspective on investment opportunities [1] - The analyst has transitioned from writing a blog to creating a value investing-focused YouTube channel, indicating a shift in content delivery and audience engagement [1]

Core Insights - Coterra Energy Inc. (NYSE:CTRA) is recognized as one of the best low-priced stocks to buy according to analysts, with a maintained "Buy" rating and a price target of $33.00 by TD Cowen [1][2] Production and Financial Performance - In Q3 2025, Coterra Energy reported total equivalent production averaging 785.0 MBoepd, which is at the high end of its guidance range of 740 to 790 MBoepd [3] - The company's oil production averaged 166.8 MBopd during the same period [3] - Coterra Energy's realized average oil prices were $64.10 per barrel, excluding commodity derivatives, and $64.79 per barrel when including them [4] Guidance and Market Conditions - The company has increased its full-year 2025 guidance, raising the total equivalent production range to 772 – 782 MBoepd and natural gas production range to 2,925 – 2,965 MMcfpd [4] - Despite lower-than-expected natural gas and NGL prices, oil prices have marginally exceeded projections, indicating resilience in a volatile market [2]

Core Insights - Coterra Energy Inc. (CTRA) reported third-quarter 2025 adjusted earnings per share of 39 cents, missing the Zacks Consensus Estimate of 41 cents, primarily due to weaker oil and NGL realizations and a 30.1% increase in operating expenses, although the earnings improved from 30 cents in the same quarter last year [1][2] Financial Performance - Operating revenues for Coterra reached $1.8 billion, exceeding the Zacks Consensus Estimate by $60 million, driven by stronger-than-expected oil, NGL, and other revenues, despite a 33.7% decrease from the previous year due to lower contributions from derivative gains [2] - Cash flow from operations increased by 28.6% to $971 million, supporting a free cash flow of $533 million for the quarter [12][10] - The company declared a quarterly cash dividend of 22 cents per share, consistent with the previous quarter, to be paid on November 26, 2025 [3] Production and Pricing - Average daily production rose 17.3% year-over-year to 785 thousand barrels of oil equivalent (Mboe), surpassing the Zacks Consensus Estimate of 781 Mboe [6] - Oil production increased by 50.3% to 166.8 thousand barrels (MBbl) per day, slightly exceeding the consensus estimate, while natural gas production decreased by 7.3% to 2,894.6 million cubic feet (Mmcf) per day, falling short of expectations [7] - The average realized price for crude oil was $64.10 per barrel, a 13.4% decrease from the prior year, while the average realized natural gas price rose to $1.95 per thousand cubic feet [8][9] Costs and Expenses - Total operating expenses increased to $1,347 million from $1,035 million in the prior year, driven by higher costs including a 10.3% rise in depreciation, depletion, and amortization expenses [11] - The average unit cost rose to $19.33 per barrel of oil equivalent from $16.96 the previous year [10] Financial Position - As of September 30, 2025, Coterra had $98 million in cash and cash equivalents, with total liquidity of approximately $2.1 billion and a long-term debt of $4.2 billion, resulting in a debt-to-capitalization ratio of 20% [13] Guidance - Coterra expects 2025 capital expenditures of roughly $2.3 billion and has raised its full-year production outlook to 772-782 Mboepd, with specific fourth-quarter guidance indicating continued operational strength [14][15]

Financial Performance - Net income increased by $525 million from $824 million in 2024 to $1.3 billion in 2025, representing a 64% increase[92] - Operating revenues for the third quarter of 2025 were $1.817 billion, a 34% increase from $1.359 billion in the same quarter of 2024[125] - Operating revenues for the first nine months of 2025 reached $5,686 million, a 40% increase from $4,063 million in the same period of 2024[150] Production Metrics - Equivalent production increased by 25.9 MMBoe, from 184.9 MMBoe in 2024 to 210.8 MMBoe in 2025, a 14% increase[92] - Oil production increased by 12.8 MMBbl, from 29.4 MMBbl in 2024 to 42.2 MMBbl in 2025, a 43% increase[92] - Natural gas production increased by 44.0 Bcf, from 769.1 Bcf in 2024 to 813.1 Bcf in 2025, a 5.7% increase[92] Capital Expenditures - Total capital expenditures increased from $1.3 billion in 2024 to $1.8 billion in 2025, a 38% increase[92] - Capital expenditures for the nine months ended September 30, 2025, totaled $4.092 billion, with $2.473 billion allocated to proved oil and gas properties[116] Cash Flow - Net cash provided by operating activities rose by $882 million, from $2.2 billion in 2024 to $3.1 billion in 2025, a 41% increase[108] - Cash flows used in investing activities increased by $3.7 billion, from $1.3 billion in 2024 to $5.0 billion in 2025, a 279% increase[111] - Cash flows used in financing activities decreased by $767 million for the nine months ended September 30, 2025, compared to the same period in 2024, primarily due to $947 million higher proceeds from debt issuance and $350 million lower common stock repurchases[112] Debt and Equity - Total debt increased to $3.922 billion as of September 30, 2025, from $3.535 billion as of December 31, 2024, while stockholders' equity rose to $14.718 billion from $13.122 billion[113] - The company repurchased 2 million shares for $47 million during the nine months ended September 30, 2025, compared to 15 million shares for $404 million in the same period of 2024[114] - As of September 30, 2025, total debt stood at $3.9 billion, with $400 million outstanding under term loans and no balance under the revolving credit agreement[183] Dividends - The quarterly dividend was increased from $0.21 per share to $0.22 per share in February 2025[92] - The quarterly dividend was increased from $0.21 to $0.22 per share, resulting in total dividends of $510 million for the nine months ended September 30, 2025, compared to $474 million in 2024[115] Operating Expenses - Operating expenses increased by 30% to $1,347 million in Q3 2025 from $1,035 million in Q3 2024, with direct operations costs rising by 67% to $275 million[136] - Operating expenses totaled $3.81 billion, reflecting a $807 million (27%) increase compared to $3.00 billion in 2024[158] - Direct operations expenses rose by $246 million (51%) to $727 million, primarily due to higher production levels and costs in the Permian Basin[159] Acquisitions - The company closed two acquisitions in January 2025 for a total consideration of $3.3 billion in cash and 28,190,682 shares valued at $785 million[92] - The company completed the FME and Avant acquisitions in January 2025, expanding operations in the Permian Basin[134] Taxation - The effective income tax rate increased to 24.1% in Q3 2025 from 21.0% in Q3 2024, reflecting higher pre-tax income and adjustments[149] - Income tax expense increased by $176 million for the nine months ended September 30, 2025, primarily due to higher pre-tax income and an effective tax rate increase to 22.4% from 20.5%[169] Market Risks - The company is exposed to market risks associated with changes in commodity prices and interest rate movements on outstanding debt[173] - The company has entered into financial commodity derivatives to mitigate commodity price volatility, with significant portions of production currently unhedged[176]

Financial Data and Key Metrics Changes - Coterra Energy reported strong third-quarter results, with oil, natural gas, and BOE production each exceeding expectations by approximately 2.5% above the midpoint of guidance [12][14] - Pre-hedge oil and gas revenues reached $1.7 billion, with 57% of revenues derived from oil production, up from 52% in the previous quarter, driven by an increase of 11,300 barrels per day in oil volumes, representing over a 7% increase from the second quarter [15][16] - Cash operating costs totaled $9.81 per BOE, reflecting a 5% quarter-over-quarter increase due to production mix and higher workover activity [15][16] - Discretionary cash flow for the quarter was $1.15 billion, and free cash flow was $533 million after cash capital expenditures [15][22] Business Line Data and Key Metrics Changes - In the Permian, Coterra had 38 net turn-in lines during the quarter, slightly below the low end of guidance, while the Anadarko and Marcellus had net turn-in lines of six and four, respectively, in line with expectations [14] - NGL production reached an all-time high of approximately 136 MBbl per day [13] Market Data and Key Metrics Changes - The company is committed to diversifying its natural gas supply arrangements, with 200 million cubic feet per day committed to recently announced LNG deals and additional agreements with Cove Point LNG and local power plants [8][9] - The increase in LNG exports and growing electricity demand is viewed positively for the medium and long-term outlook for natural gas [8] Company Strategy and Development Direction - Coterra aims for consistent profitable growth and value creation for shareholders, with a focus on smart, full-cycle investments through commodity swings [6][7] - The company plans to deliver a comprehensive updated three-year outlook with its fourth-quarter release in February, indicating a commitment to growing revenue, cash flow, and profitability [6][18] - The integration of acquired assets has led to significant uplifts in performance and cost reductions, with a focus on maximizing capital efficiency [5][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate a rapidly changing environment, emphasizing a disciplined approach to growth amid market volatility [7][9] - The company is prepared to be patient regarding natural gas demand increases and is actively engaged in discussions for new supply arrangements [8][9] - Management highlighted the importance of maintaining a strong balance sheet and the goal of returning capital to shareholders through dividends and buybacks [19][22] Other Important Information - Coterra announced a dividend of $0.22 per share, representing one of the highest yields in the industry at over 3.5% [19] - The company repaid $250 million of outstanding term loans during the third quarter, bringing total term loan pay down to $600 million [19][20] - Coterra ended the quarter with total liquidity of $2.1 billion and a commitment to maintaining a top-tier balance sheet [20][21] Q&A Session Summary Question: Comments on the Cambridge letter and portfolio mix - Management acknowledged the letter but emphasized the benefits of being a multi-basin, multi-commodity company, which provides operational efficiencies and resilience [36] Question: Expectations for LOE and oil production - Management expects LOE costs to decrease as workover activities transition, with a focus on maintaining production growth [38][39] Question: Cash return strategy and allocation of excess free cash flow - Management indicated a balanced approach between debt reduction and share buybacks, aiming to return a significant portion of free cash flow to shareholders [41][43] Question: Activity in the Permian and production guidance - Management noted that production profiles are tracking as expected, with a focus on maintaining strong performance across all assets [44][46] Question: CapEx reduction and drivers for 2026 - Management indicated a modest reduction in CapEx for 2026, driven by strong asset performance and a focus on cash flow and profitability [50][52] Question: Insights on Franklin Mountain and Avant acquisitions - Management reported positive performance and cost efficiencies from the acquired assets, exceeding initial expectations [54][55] Question: Value of operating as a multi-basin portfolio - Management highlighted the advantages of diversification, including operational efficiencies and improved resilience in varying market conditions [58][60] Question: Scale and competitiveness in the Northeast - Management expressed confidence in their scale in the Northeast, which allows for better negotiations and cost efficiencies [61][62] Question: Running room and cost structure in the Northern Delaware - Management is focused on expanding their footprint and driving efficiencies through strategic acquisitions and trades [66][67]

Financial Data and Key Metrics Changes - Coterra Energy reported strong third-quarter results, with oil, natural gas, and BOE production exceeding guidance by approximately 2.5% [12][14] - Pre-hedge oil and gas revenues reached $1.7 billion, with oil production contributing 57% of revenues, up from 52% in the previous quarter [15] - Cash operating costs increased to $9.81 per BOE, a 5% rise quarter-over-quarter, attributed to production mix and higher workover activity [15][19] - Free cash flow for the quarter was $533 million, benefiting from negative current taxes related to recent U.S. tax law changes [15][19] Business Line Data and Key Metrics Changes - NGL production hit an all-time high of approximately 136 MBbl per day [13] - In the Permian, 38 net turn-in lines were recorded, slightly below guidance, while the Anadarko and Marcellus regions met expectations with six and four net turn-in lines, respectively [14] - The company expects oil production in Q4 2024 to average 175 MBbl per day, a 5% increase quarter-over-quarter [16] Market Data and Key Metrics Changes - Coterra's marketing team is actively engaged in discussions for new natural gas supply arrangements, with significant commitments already in place for LNG deals [8] - The company has committed 200 million cu ft per day to new LNG deals and 320 million cu ft per day to local power plants within the Marcellus [8] Company Strategy and Development Direction - Coterra is focused on consistent profitable growth and value creation for shareholders, with a commitment to a long-term path of capital efficiency and low breakevens [6][7] - The company plans to provide a comprehensive updated three-year outlook in February, emphasizing a disciplined approach to capital allocation [6][18] - Coterra aims to maintain a top-tier balance sheet and leverage of around 0.5x net debt to EBITDA, allowing for opportunistic share buybacks [19][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future of natural gas, citing increasing LNG exports and electricity demand as positive indicators [8][9] - The company is monitoring oil markets closely, considering geopolitical factors and market dynamics before making capital allocation decisions [7][52] - Management emphasized the importance of patience and strategic decision-making in a rapidly changing environment [7][9] Other Important Information - Coterra announced a dividend of $0.22 per share, reflecting confidence in future cash flow and inventory quality [19] - The company repaid $250 million of outstanding term loans during the quarter, totaling $600 million in debt reduction for the year [19][20] - Management acknowledged a public letter from Cambridge, expressing openness to constructive engagement despite some factual inaccuracies [10][11] Q&A Session Summary Question: Comments on the Cambridge letter and portfolio performance - Management believes Coterra is a premier operator and sees benefits from being a multi-basin, multi-commodity company, despite the letter's implications [36] Question: Expectations for LOE and oil production - Management expects LOE costs to decrease as workover activities transition, with a focus on maintaining production growth [38][39] Question: Cash return strategy and buyback allocation - The company plans to balance debt reduction and share buybacks, aiming to return a significant portion of free cash flow to shareholders [41][43] Question: Activity in the Permian and production guidance - Production performance has met or exceeded expectations, with a focus on maintaining strong returns and managing rig counts effectively [46][48] Question: CapEx reduction and drivers for 2026 - Management anticipates modest CapEx reduction driven by asset performance and market conditions, with flexibility to adjust as needed [50][52] Question: Insights on Franklin Mountain and Avant acquisitions - The integration of acquired assets has exceeded expectations, with significant operational efficiencies and cost reductions realized [54][55] Question: Value of multi-basin operations - Management highlighted the advantages of operational synergies and best practices derived from being a multi-basin operator [58][60] Question: Scale and competitiveness in the Northeast - Coterra believes it has sufficient scale in the Northeast to negotiate effectively and drive down costs [62] Question: Running room and cost structure in the Northern Delaware - The company is focused on expanding its footprint and driving efficiencies through strategic acquisitions and operational improvements [66][68]

Financial Data and Key Metrics Changes - Coterra Energy reported strong third-quarter results, with oil, natural gas, and BOE production each exceeding guidance by approximately 2.5% [11][12] - Pre-hedge oil and gas revenues reached $1.7 billion, with oil production contributing 57% of revenues, up from 52% in the previous quarter, driven by an increase of 11,300 barrels per day, a 7% rise from Q2 [12][13] - Cash operating costs were $9.81 per BOE, a 5% increase quarter-over-quarter due to production mix and higher workover activity [13][19] - Free cash flow for the quarter was $533 million, benefiting from negative current taxes related to recent U.S. tax law changes [13][20] Business Line Data and Key Metrics Changes - In the Permian, Coterra had 38 net turn-in lines, slightly below guidance, while the Anadarko and Marcellus had net turn-in lines of six and four, respectively, in line with expectations [12][14] - NGL production reached an all-time high of approximately 136 MBbl per day [11] - The company expects oil production to average 175 MBbl per day in Q4, a 5% increase quarter-over-quarter [14][15] Market Data and Key Metrics Changes - Coterra's marketing team is actively engaged in discussions for new natural gas supply arrangements, with 200 million cubic feet per day committed to recent LNG deals [6][7] - The company is prepared to be patient regarding natural gas demand increases, with a focus on diversifying its portfolio [6][8] Company Strategy and Development Direction - Coterra is committed to a long-term path of consistency, profitable growth, and value creation for shareholders, with a focus on smart, full-cycle investments [3][5] - The company plans to deliver a comprehensive updated three-year outlook in February, with expectations for modestly lower capital year-over-year while maintaining production parameters [17][22] - Coterra aims to enhance capital efficiency and maintain a strong balance sheet, with a focus on shareholder returns through dividends and share buybacks [18][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future of natural gas, citing increasing LNG exports and electricity demand as positive indicators [6][8] - The company is closely monitoring oil markets, considering various geopolitical factors, and remains disciplined in its growth strategy [5][8] - Management emphasized the importance of operational flexibility and maintaining a low breakeven portfolio to navigate commodity price volatility [17][19] Other Important Information - Coterra announced a dividend of $0.22 per share, reflecting confidence in its long-term free cash flow [18] - The company repaid $250 million of outstanding term loans, bringing total term loan pay down to $600 million through Q3 2025 [18][19] - Coterra's total debt outstanding decreased to $3.9 billion from $4.5 billion at the time of acquisitions [19] Q&A Session Summary Question: Comments on the Cambridge letter and company performance - Management acknowledged the Cambridge letter but emphasized Coterra's strong multi-basin, multi-commodity strategy, which they believe provides benefits over being a standalone entity [34][35] Question: Expectations for LOE and oil production - Management expects LOE costs to decrease as workover activities transition, with oil production anticipated to rise [36][37] Question: Cash return strategy and allocation of excess free cash flow - Management indicated a balanced approach between debt reduction and share buybacks, aiming to return to high levels of cash return to shareholders [40][42] Question: Activity in the Permian and production guidance - Management noted that production from new wells has met or exceeded expectations, with a cautious outlook for 2026 based on TIL timing [43][45] Question: Commentary on CapEx reduction and drivers - Management highlighted good asset performance as a driver for potential CapEx reduction, with a focus on cash flow and profitability rather than volume growth [49][50] Question: Insights on the Franklin Mountain and Avant acquisitions - Management reported that the integration of these assets has exceeded expectations, with improvements in productivity and cost efficiencies [53][54] Question: Value of operating as a multi-basin portfolio - Management discussed the advantages of being a multi-basin company, including operational efficiencies and better resilience during market fluctuations [57][59] Question: Plans for microgrids and power opportunities - Management confirmed ongoing efforts to expand microgrid capabilities to reduce power costs in the Permian [76][78] Question: Regional power demand growth in Northeast PA - Management expressed optimism about power demand growth in Northeast PA, with ongoing discussions for potential projects [80][82]

Production and Guidance - 3Q25 production beat both oil and natural gas production guidance midpoints by approximately 2.5%[7] - Coterra is raising FY25 BOE and natural gas guidance while tightening the range around oil production guidance[7] - Updated 2025 total production guidance is 772-782 mboed, compared to the February guidance of 710-770 mboed[9] - Updated 2025 natural gas guidance is 2,925-2,965 mmcfd, compared to the February guidance of 2,675-2,875 mmcfd[9] - Updated 2025 oil production guidance is 159-161 mbod, compared to the February guidance of 152-168 mbod[9] Financial Performance and Outlook - Coterra anticipates 2026 capex to be modestly down year-over-year, while maintaining 0-5% annual BOE & natural gas growth, and approximately 5% annual oil growth; expects reinvestment rate to be less than 50%[7] - Estimated 2025 Free Cash Flow is approximately $2.0 billion[7] - Pro forma leverage is approximately 0.8x[7] - The company retired $600 million of Term Loans year-to-date and restarted the share repurchase program in 4Q25[7] Cost and Efficiency - Franklin / Avant acquisitions are exceeding expectations with approximately 5% LOE improvement and a line-of-sight to additional savings; well costs are down 10%; increased the asset's inventory footage by over 10% through trades, leasing, and successful delineation[7] - Coterra expects approximately $14 billion, or approximately 45%, of capex to generate 2.0x PVI10 or better[32] - Marcellus asset overview shows a 24% cost reduction YoY with an average well cost per foot of $790[66] - Anadarko asset overview shows a 15% cost reduction YoY with an average well cost per foot of $1,060[70]

[Filing Information](index=1&type=section&id=Filing%20Information) This section provides Coterra Energy Inc.'s general filing details, including its corporate status, Form 8-K filing date, and stock exchange listing [General Company and Filing Details](index=1&type=section&id=General%20Company%20and%20Filing%20Details) This section outlines Coterra Energy Inc.'s general filing details, including its Delaware corporation status, Form 8-K filing date, NYSE common stock listing, and non-emerging growth company status - Coterra Energy Inc., a Delaware corporation, filed this Form 8-K on **October 22, 2025**[1](index=1&type=chunk) Common Stock Listing Details | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :------------------ | :---------------- | :-------------------------------------- | | Common Stock, par value $0.10 per share | CTRA | New York Stock Exchange | - Coterra Energy Inc. is not an emerging growth company[3](index=3&type=chunk) [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) This section presents Coterra Energy Inc.'s Q3 2025 realized prices for commodities and anticipated net cash from derivative settlements [Realized Prices](index=2&type=section&id=Realized%20Prices) This section details Coterra Energy Inc.'s average sales prices for oil, natural gas, and NGL for Q3 2025, both excluding and including hedging impacts Average Sales Prices for Q3 2025 | Product | Price (excluding hedges) ($) | Price (including hedges) ($) | | :------------------ | :-------------------------- | :-------------------------- | | Oil ($/Bbl) | 64.10 | 64.79 | | Natural gas ($/Mcf) | 1.95 | 2.05 | | NGL ($/Bbl) | 17.02 | 17.02 | [Derivative Activity](index=2&type=section&id=Derivative%20Activity) Coterra anticipates receiving **$36 million** in net cash from derivative settlements for Q3 2025, noting these figures are preliminary - Coterra anticipates recognizing **$36 million** in net cash from derivative instrument settlements for Q3 2025[6](index=6&type=chunk) - Realized prices and hedge impacts are subject to final financial closing procedures and adjustments[6](index=6&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=3&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section details the exhibits filed with the Form 8-K, specifically Exhibit 104, the Cover Page Interactive Data File [Exhibits](index=3&type=section&id=Exhibits) This section lists Exhibit 104, the Cover Page Interactive Data File, filed with the Form 8-K - Exhibit 104 is the Cover Page Interactive Data File, embedded within the Inline XBRL document[7](index=7&type=chunk) [Other Information](index=4&type=section&id=Other%20Information) This section includes cautionary statements regarding forward-looking information and the official signatures for the report [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section provides cautionary statements regarding forward-looking information, noting potential material differences in actual results due to risks and uncertainties - The report contains forward-looking statements, including anticipated effects of derivatives on Coterra's Q3 2025 results[8](index=8&type=chunk) - Actual results may materially differ from forward-looking statements due to risks and uncertainties detailed in SEC filings, such as 'Risk Factors' in Form 10-K[8](index=8&type=chunk) - The company disclaims any obligation to update or revise forward-looking statements, except as legally required[8](index=8&type=chunk) [Signatures](index=5&type=section&id=SIGNATURE) This section confirms the report's official signing on **October 22, 2025**, by Gregory F. Conaway, Vice President and Chief Accounting Officer - The report was signed by Gregory F. Conaway, Vice President and Chief Accounting Officer (Principal Accounting Officer) of Coterra Energy Inc[13](index=13&type=chunk) - Date of signature: **October 22, 2025**[13](index=13&type=chunk)