Coterra Energy Inc. (CTRA)

Coterra Energy Inc. was an independent oil and natural gas producer headquartered in Houston, Texas. It was formed in October 2021 through the all-stock merger of Cabot Oil & Gas Corporation and Cimarex Energy Co. Cabot, which was founded in 1989 and became independent of Cabot Corporation's other businesses, was the larger partner in the combination, and the combined company kept the NYSE listing under a new ticker, CTRA.

Coterra's assets were concentrated in three areas. The Marcellus Shale in Susquehanna County, Pennsylvania, was a large dry natural gas position. The Permian Basin in West Texas and New Mexico produced oil, gas and natural gas liquids, and the Anadarko Basin in Oklahoma added further liquids-rich and gas acreage. The company sold its production to local distribution companies, marketers, pipelines, industrial users and power generators.

The merger that created Coterra combined Cabot's low-cost gas operations in Appalachia with Cimarex's oil-weighted assets in the Permian and Anadarko basins. The company was known for a returns-focused framework that combined a base dividend, a variable dividend and share repurchases, and for reducing debt. In its filings it reported proved reserves of roughly 2.9 billion barrels of oil equivalent at year-end 2021.

In early 2026, Coterra and Devon Energy Corporation announced a merger under which each Coterra share would convert into 0.70 shares of Devon common stock, with cash paid in lieu of fractional shares. Devon shareholders would own about 54 percent of the combined company on a fully diluted basis, and former Coterra shareholders about 46 percent. Devon targeted about $1 billion of annual pre-tax synergies by the end of 2027.

Stockholders of both companies approved the transaction at special meetings held on May 4, 2026. The merger was completed in May 2026, and Coterra common stock ceased trading on the NYSE, with a Form 25 filed with the SEC on May 7, 2026. The combined company holds a leading position in the economic core of the Delaware Basin.

The combined company operates under the Devon Energy name, with Clay Gaspar as president and chief executive officer and Tom Jorden as non-executive chairman. Coterra's former shareholders now hold Devon stock, which trades on the NYSE under the symbol DVN.