Acquisitions (Tables)

9 Months Ended

Sep. 30, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table represents the preliminary allocation of the total purchase price of the FME Interests to the identifiable assets acquired and liabilities assumed based on the fair values as of the closing date of the acquisition:

(In millions, except shares and share price)	Preliminary Purchase Price Allocation
Consideration:
Coterra common stock issued in exchange for FME equity interests	28,190,682
Coterra common stock closing price on January 27, 2025	$	27.83
Total value of Coterra common stock issued	$	785
Cash consideration (1)	1,733
Total consideration	$	2,518
Assets acquired:
Current assets	$	178
Proved oil and gas properties	1,833
Unproved oil and gas properties	590
Gathering and pipeline systems	172
Other assets	6
Total assets acquired	$	2,779
Liabilities assumed:
Current liabilities	$	239
Asset retirement obligations	13
Other liabilities	9
Total liabilities assumed	$	261
Net assets acquired	$	2,518

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(1)Cash consideration included the releases of escrow funds totaling $123 million. These funds were included in restricted cash in the Condensed Consolidated Balance Sheet as of December 31, 2024.

The following table represents the preliminary allocation of the total purchase price of the Avant assets to the identifiable assets acquired and liabilities assumed based on the fair values as of the closing date of the acquisition:

(In millions)	Preliminary Purchase Price Allocation
Consideration:
Cash consideration (1)	$	1,518
Total consideration	$	1,518
Assets acquired:
Current assets	$	34
Proved oil and gas properties	640
Unproved oil and gas properties	696
Gathering and pipeline systems	161
Other assets	1
Total assets acquired	$	1,532
Liabilities assumed:
Current liabilities	$	3
Asset retirement obligations	6
Other liabilities	5
Total liabilities assumed	$	14
Net assets acquired	$	1,518

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(1)Cash consideration included the releases of escrow funds totaling $109 million. These funds were included in restricted cash in the Condensed Consolidated Balance Sheet as of December 31, 2024.

Schedule of Pro forma Financial Information

The FME Interests contributed the following to the Company’s consolidated operating results:

(In millions)	Three Months Ended September 30, 2025		January 28, 2025 through September 30, 2025
Revenue	$	204	$	588
Net income	$	118	$	263

The Avant assets contributed the following to the Company’s consolidated operating results:

(In millions)	Three Months Ended September 30, 2025		January 18, 2025 through September 30, 2025
Revenue	$	77	$	195
Net income	$	26	$	56

The following table represents the pro forma effect on the Company of the FME and Avant acquisitions as if they had occurred on January 1, 2024:

	Three Months Ended September 30,		Nine Months Ended September 30,
(In millions)	2024		2025		2024
Pro forma revenue	$	1,713	$	5,781	$	5,021
Pro forma net income	$	355	$	1,641	$	1,093