Our Portfolio

The Permian is the highest oil-producing basin in the United States, supplying nearly half of the country’s oil production in 2024. Coterra’s Permian acreage position is comprised of 346,000 net acres across the Delaware Basin in Culberson and Reeves counties in Texas, and Lea and Eddy counties in New Mexico. In November 2024, we announced two acquisitions for a total consideration of $3.95 billion for 49,000 net acres primarily located in Lea County, New Mexico. This acquisition closed in January 2025, creating a new focus area consisting of more than 80,000 net acres in Lea County, New Mexico.

In Culberson County, Texas, our highly contiguous acreage position allows for sizable and highly efficient projects such as ‘row developments’. In these row developments, we focus on drilling and completing side-by-side projects spanning numerous sections while targeting multiple formations at a time, all of which support lower costs, increased hydrocarbon recovery and most importantly, enhanced project returns. The Company also owns a significant infrastructure footprint across the basin, including three centralized substations and more than 200 miles of electrical infrastructure, which powers our operations using grid power. We also own and operate over 600 miles of gas gathering pipeline and significant water transportation and disposal systems, all of which support lower operational costs and enhanced full-cycle project economics.

Our properties are principally located in Susquehanna County, Pennsylvania, where we currently hold approximately 186,000 net acres in the dry gas window of the Marcellus Shale. Our 2024 net production in the Marcellus Shale was 350 MBoe per day, representing 52 percent of our total equivalent production for the year. Net natural gas production in 2024 averaged 2,099 MMcf per day, representing 75 percent of our total natural gas production. As of December 31, 2024, we had a total of 1,135.1 producing net wells in the Marcellus Shale, of which over 99 percent are operated by us. During 2024, we invested $304 million of drilling and completion capital and had no drilling rigs or completion crews operating in the Marcellus Shale at year end.

Our properties are located in the Mid-Continent region in Oklahoma where we currently hold approximately 181,000 net acres. Our development activities are primarily focused on both the Woodford Shale and the Meramec formations. Our 2024 net production in the Anadarko Basin was 64 MBoe per day, representing nine percent of our total equivalent production for the year. As of December 31, 2024, we had a total of 527.2 producing net wells in the Anadarko Basin, of which approximately 62 percent are operated by us. During 2024, we invested $289 million of drilling and completion capital and had one drilling rig and no completion crews operating in the Anadarko Basin at year end.