（原标题：?近年来油气行业最大合并倒计时? 传二叠纪巨头Coterra(CTRA.US)与戴文能源(DVN.US)酝 酿并购） Piazza补充表示："由于资产多元使得难以向投资者包装成一个清晰的主题，因此精简整合最优质资源 最为可行。" 戴文能源公司在二叠纪盆地一片钻探规模快速增长的区域——被称为特拉华盆地(Delaware Basin)，拥 有大约40万净英亩的权利;Coterra在该区域也拥有34.6万英亩的持仓。此外，Coterra在马塞勒斯页岩 (Marcellus Shale)也拥有大规模资产。 Kimmeridge Energy Management Co.是一家长期以来直言不讳的油气投资机构，在两家公司均持有股份; 其已表态支持潜在的双方联姻，使合并后的公司能够聚焦其二叠纪特拉华盆地资产。 合并对双方而言都是有利的结果 智通财经APP获悉，媒体援引知情人士透露的消息报道称，美国二叠纪油气巨头Coterra Energy Inc. (CTRA.US)与戴文能源公司(DVN.US)正在就合并进行深入谈判;若达成，这将成为近年来全球规模最大 的油气领域并购交易之一。知情人士表示，两家油气巨头可能在未 ...

智通财经APP获悉，媒体援引知情人士透露的消息报道称，美国二叠纪油气巨头Coterra Energy Inc. (CTRA.US)与戴文能源公司(DVN.US)正在就合并进行深入谈判;若达成，这将成为近年来全球规模最大 的油气领域并购交易之一。知情人士表示，两家油气巨头可能在未来几天内宣布并购交易。知情人士补 充称，双方尚未作出任何最终决定，时间安排可能变化，谈判也可能破裂。该交易将加强他们在西得克 萨斯州和新墨西哥州二叠纪盆地的市场领先地位，使他们拥有更大的规模，更好地与埃克森美孚等竞争 对手们进行竞争。 周四在纽约股票市场，并购利好消息催化之下Coterra股价一度上涨4.6%，使该公司市值一度高达约220 亿美元。戴文能源公司股价一度上涨3.7%，市值一度高达260亿美元。 双方关于并购的最新讨论表明，在2025年相对低迷之后，美国大型油气钻探商们正迫切希望通过整合实 现油气资源集中化。该交易将强化它们在得克萨斯州西部与新墨西哥州二叠纪盆地(Permian Basin)的能 源主导地位——这是美国规模最大且产量最高的油气田，并购成功之后的实体将获得更庞大油气市场规 模，以便更好地与埃克森美孚公司(XOM ...

Coterra Energy and Devon Energy could announce an agreement to merge as soon as next week, in what would be the largest oil and gas deal in the U.S. shale industry in almost two years, a source famili... ...

Core Insights - U.S. natural gas futures have surged above $6 per million British thermal units (MMBtu) for the first time since 2022, driven by an Arctic blast that increased heating demand and constrained supply [1][4][6] - The price increase is expected to enhance profitability for exploration and production companies in the natural gas sector, benefiting diversified energy ETFs that hold these companies [2][6] Factors Behind the Price Surge - The surge in natural gas prices is attributed to intense weather-driven demand due to severe winter conditions, with nearly half of U.S. states declaring emergencies [4] - U.S. natural gas production fell by over 11 billion cubic feet per day due to operational disruptions caused by the storm, tightening supply further [5][6] - Despite robust gas storage levels prior to the storm, the immediate demand for heating created a short-term market squeeze [5] Impact on Companies - Major natural gas producers such as EQT Corporation, Expand Energy, and Coterra Energy are positioned to benefit from higher realized prices [6] - Larger diversified energy companies like ExxonMobil and Chevron, as well as LNG transporters like Kinder Morgan, are also expected to gain from the price rally [7] Advantages of Energy ETFs - Investing in energy ETFs mitigates risks associated with individual stocks, such as operational outages or regulatory hurdles, while providing diversified exposure across the sector [8][9] - Energy ETFs allow investors to capitalize on rising commodity prices and sector-wide profitability without relying on the performance of a single company [9][10] Recommended Energy ETFs - **State Street Energy Select Sector SPDR ETF (XLE)**: AUM of $31.16 billion, exposure to 22 companies, top holdings include ExxonMobil (24.14%) and Chevron (17.58%), up 10.7% over the past year [11][12] - **Vanguard Energy ETF (VDE)**: Net assets of $7 billion, exposure to 107 companies, top holdings include ExxonMobil (22.87%) and Chevron (15.02%), up 19.9% over the past year [13][14] - **Fidelity MSCI Energy Index ETF (FENY)**: Net assets of $1.28 billion, exposure to 101 companies, top holdings include ExxonMobil (22.98%) and Chevron (15.24%), up 10.6% over the past year [15] - **Global X U.S. Natural Gas ETF (LNGX)**: Net assets of $10.48 million, exposure to 34 companies, top holdings include Coterra Energy (8.21%) and Expand Energy (7.25%), up 10.8% over the past year [16][17]

Core Viewpoint - Coterra Energy Inc. (CTRA) is an independent exploration and production company with a market cap of $20.9 billion, focusing on natural gas, oil, and natural gas liquids across major shale regions [1] Performance Summary - CTRA has declined 1.1% over the past year, underperforming the S&P 500 Index, which increased by 16.1%. However, the stock has rebounded with a 16.5% increase over the last six months, outperforming the index's 9.2% year-to-date gain [2] - Compared to the SPDR S&P Oil & Gas Exploration & Production ETF (XOP), which fell 1.9% over the past year and rose 5.8% in the last six months, CTRA has shown stronger performance [3] Price Movement and Analyst Expectations - CTRA shares rose over 1% on January 21 due to a surge in natural gas prices, marking a six-week high for U.S. gas producers [4] - For FY2025, analysts project CTRA's EPS to grow by 29.2% to $2.08 on a diluted basis, with a mixed earnings surprise history [4] Analyst Ratings - Among 25 analysts covering CTRA, the consensus rating is a "Moderate Buy," consisting of 17 "Strong Buy" ratings, two "Moderate Buys," five "Holds," and one "Strong Sell" [5] - The overall rating has shifted to bearish compared to a month ago when it was a "Strong Buy." Analyst Biju Perincheril from Susquehanna has reaffirmed a "Positive" rating and raised the price target to $32 from $31, indicating increased optimism [6] - The mean price target of $32.46 suggests an 18% premium to CTRA's current price, while the highest price target of $37 indicates a potential upside of 34.4% [6]

Group 1 - Kimmeridge, holding over 1% of Coterra Energy's outstanding shares, plans to nominate Scott Sheffield, former CEO of Pioneer Natural Resources, for the company's board [1] - Kimmeridge is advocating for new leadership at Coterra and believes the company should divest its natural-gas operations to concentrate on its crude business in the Permian Basin [1]

Core Viewpoint - Investment firm Kimmeridge intends to nominate Scott Sheffield, the former CEO of Pioneer Natural Resources, to the board of Coterra Energy, as reported by the Wall Street Journal [1] Group 1 - Kimmeridge is actively seeking to influence Coterra Energy's governance by proposing Sheffield's nomination [1] - The move reflects Kimmeridge's strategy to enhance shareholder value and improve operational performance at Coterra Energy [1] - Sheffield's extensive experience in the energy sector is expected to bring valuable insights to Coterra's board [1]

Sales Prices - Coterra Energy Inc. reported an average sales price of $58.16 per barrel for oil, $2.37 per Mcf for natural gas, and $15.63 per barrel for NGL, excluding hedges [5]. - Including hedges, the average sales price for oil was $60.34 per barrel, for natural gas was $2.44 per Mcf, and for NGL remained at $15.63 per barrel [5]. Derivative Instruments - For the fourth quarter of 2025, Coterra anticipates recognizing net cash received on settlements of derivative instruments amounting to $57 million [6]. - The company emphasizes that realized prices and the impact of hedges are subject to completion of financial closing procedures and final adjustments [6]. Risks and Uncertainties - Coterra's forward-looking statements indicate potential risks and uncertainties that could cause actual results to differ materially from expectations [9].

Core Viewpoint - Coterra Energy Inc. is an independent oil and gas company focused on sustainable development, with a market cap of $19.6 billion, and is expected to announce its fiscal fourth-quarter earnings for 2025 soon [1]. Financial Performance - Analysts anticipate Coterra to report a profit of $0.46 per share for the upcoming quarter, reflecting a 2.1% decrease from $0.47 per share in the same quarter last year [2]. - For the full fiscal year, analysts project an EPS of $2.11, which is a 31.1% increase from $1.61 in fiscal 2024, but expect a decline to $2.06 in fiscal 2026, representing a 2.4% year-over-year decrease [3]. Stock Performance - Coterra's stock has underperformed, with a 13.8% decline over the past 52 weeks, contrasting with the S&P 500 Index's 16.9% gains and the Energy Select Sector SPDR Fund's 2.3% gains during the same period [4]. - Following the Q3 results announcement, Coterra shares rose over 3%, despite an adjusted EPS of $0.41 falling short of the expected $0.43, while revenue of $1.82 billion exceeded forecasts of $1.76 billion [5]. Analyst Ratings - The consensus opinion on Coterra stock is bullish, with a "Strong Buy" rating from 17 out of 25 analysts, while two suggest a "Moderate Buy" and six recommend a "Hold" [6]. - The average analyst price target for Coterra is $32.29, indicating a potential upside of 25.6% from current levels [6].

Core Insights - Natural gas futures are stabilizing around $3 per million British thermal units (MMBtu), influenced by storage trends and weather forecasts, with LNG exports providing some support [1][2][4] Natural Gas Market Overview - Natural gas prices showed limited volatility, ending the week at $3.103 per MMBtu, approximately 2% lower than the previous week, with the February contract dropping to around $3.12, its lowest since mid-2020 [2] - Gas inventories decreased by 71 billion cubic feet (Bcf) for the week ending January 9, significantly below the five-year average draw of 146 Bcf, resulting in total storage of 3,185 Bcf, which is 106 Bcf above the five-year average [3] Weather and LNG Exports - Weather forecasts are a key factor for natural gas prices, with colder temperatures expected later in January, but recent mild conditions have limited heating demand [4] - Between January 8 and January 15, 33 LNG vessels departed U.S. ports carrying a total of 127 Bcf of gas, indicating steady demand despite high inventories [4] Investment Opportunities - Companies such as Expand Energy (EXE), Excelerate Energy (EE), and Coterra Energy (CTRA) are highlighted as potential investment opportunities due to their focus on natural gas and LNG demand [1][8] - Expand Energy has become the largest natural gas producer in the U.S. post-merger, with a projected 41.6% year-over-year earnings growth for 2026 [9][10] - Excelerate Energy, focusing on LNG infrastructure, is expected to see a 34.2% year-over-year earnings growth for 2026, with a significant share of the global FSRU fleet [11][12] - Coterra Energy, primarily engaged in natural gas production, has a projected earnings growth rate of 27.8% over the next three to five years, outperforming the industry average [13][14]