Coterra Energy Closes Previously Announced Permian Basin Acquisitions
Coterra Energy (NYSE: CTRA) has completed its previously announced acquisitions of assets from Franklin Mountain Energy and Avant Natural Resources for approximately $3.9 billion, subject to post-closing adjustments. The acquisitions strengthen Coterra's portfolio in Lea County, New Mexico, adding approximately 49,000 highly contiguous net acres and 400 to 550 net locations, primarily targeting Bone Spring formations, with additional upside potential.
Tom Jorden, Chairman, CEO, and President of Coterra, confirmed the transactions closed on schedule and announced that the company will share its 2025 formal guidance and updated three-year outlook during the year-end 2024 earnings release in February.
Coterra Energy (NYSE: CTRA) ha completato le acquisizioni precedentemente annunciate di beni da Franklin Mountain Energy e Avant Natural Resources per circa 3,9 miliardi di dollari, soggetto a rettifiche post-chiusura. Le acquisizioni rafforzano il portafoglio di Coterra in Lea County, Nuovo Messico, aggiungendo circa 49.000 acri netti altamente contigui e 400 a 550 localizzazioni nette, mirando principalmente alle formazioni Bone Spring, con ulteriore potenziale di crescita.
Tom Jorden, Presidente, CEO e Direttore di Coterra, ha confermato che le transazioni si sono concluse secondo i programmi e ha annunciato che la società condividerà la sua guida formale per il 2025 e le previsioni aggiornate per i tre anni durante il rilascio dei risultati di fine anno 2024 a febbraio.
Coterra Energy (NYSE: CTRA) ha completado sus adquisiciones previamente anunciadas de activos de Franklin Mountain Energy y Avant Natural Resources por aproximadamente 3,9 mil millones de dólares, sujeto a ajustes posteriores al cierre. Las adquisiciones refuerzan el portafolio de Coterra en Lea County, Nuevo México, añadiendo aproximadamente 49,000 acres netos muy contiguos y 400 a 550 localizaciones netas, enfocándose principalmente en las formaciones Bone Spring, con un potencial adicional prometedor.
Tom Jorden, Presidente, CEO y Director de Coterra, confirmó que las transacciones se cerraron según lo programado y anunció que la compañía compartirá su guía formal para 2025 y su perspectiva actualizada de tres años durante la publicación de resultados de fin de año 2024 en febrero.
Coterra Energy (NYSE: CTRA)는 Franklin Mountain Energy 및 Avant Natural Resources의 자산 인수를 발표한 대로 약 39억 달러에 완료했습니다. 이 인수는 뉴멕시코주 리아 카운티에서 Coterra의 포트폴리오를 강화하며, 약 49,000 에이커의 넓은 연속 면적과 400에서 550개의 순위 위치를 추가합니다. 주로 Bone Spring 층을 목표로 하며, 추가적인 성장 가능성이 있습니다.
Coterra의 회장 겸 CEO인 Tom Jorden은 거래가 예정대로 완료되었음을 확인했으며, 회사가 2025년 정식 가이드를 공유하고 2024년 연말 실적 발표에서 3년 전망을 업데이트할 것이라고 발표했습니다.
Coterra Energy (NYSE: CTRA) a finalisé ses acquisitions précédemment annoncées d'actifs auprès de Franklin Mountain Energy et d'Avant Natural Resources pour environ 3,9 milliards de dollars, sous réserve d'ajustements postérieurs à la clôture. Ces acquisitions renforcent le portefeuille de Coterra dans Lea County, Nouveau-Mexique, ajoutant environ 49 000 acres nets très contigus et 400 à 550 emplacements nets, visant principalement les formations Bone Spring, avec un potentiel d'augmentation supplémentaire.
Tom Jorden, Président, PDG et Directeur de Coterra, a confirmé que les transactions ont été conclues selon le calendrier prévu et a annoncé que la société partagera ses prévisions formelles pour 2025 et sa perspective de trois ans mise à jour lors de la publication des résultats de fin d'année 2024 en février.
Coterra Energy (NYSE: CTRA) hat die zuvor angekündigten Akquisitionen von Vermögenswerten von Franklin Mountain Energy und Avant Natural Resources für etwa 3,9 Milliarden Dollar abgeschlossen, vorbehaltlich nachträglicher Anpassungen. Die Akquisitionen stärken das Portfolio von Coterra in Lea County, New Mexico, und fügen etwa 49.000 hoch zusammenhängende Netto-Acres und 400 bis 550 Netto-Standorte hinzu, wobei der Schwerpunkt auf den Bone Spring-Formationen liegt, mit zusätzlichem Wachstumspotenzial.
Tom Jorden, Vorsitzender, CEO und Präsident von Coterra, bestätigte, dass die Transaktionen planmäßig abgeschlossen wurden, und kündigte an, dass das Unternehmen seine offizielle Prognose für 2025 und die aktualisierte Dreijahresausblick während der Ergebnismitteilung für das Jahr 2024 im Februar bekannt geben wird.
- Acquisition of 49,000 highly contiguous net acres in Lea County, New Mexico
- Addition of 400-550 net drilling locations primarily in Bone Spring formations
- Strategic expansion of Permian Basin portfolio
- Additional upside potential beyond primary targets
- Significant capital expenditure of $3.9 billion for acquisitions
- Subject to post-closing price adjustments that could affect final purchase price
Insights
The completion of Coterra Energy's
The transaction's strategic value lies in three key aspects: First, the high contiguity of the acquired acreage suggests operational efficiency opportunities through economies of scale and optimized well spacing. Second, the 400-550 net locations primarily targeting Bone Spring formations provide a substantial inventory runway for future development. Third, the mentioned "additional upside potential" likely refers to multiple stacked pay zones typical in this area, offering future development optionality.
From a financial perspective, this acquisition aligns with the ongoing consolidation trend in the Permian Basin, where operators are seeking scale advantages to improve cost structures and operational efficiency. The timing of the closing, coupled with the company's promise to provide updated guidance and a three-year outlook in February, suggests confidence in rapid integration and value creation.
The transaction's impact on Coterra's portfolio quality is significant, as Lea County is known for some of the highest-returning well locations in the Permian Basin. The Bone Spring formation, in particular, has demonstrated strong production profiles and favorable economics, even in moderate commodity price environments.
Tom Jorden, Chairman, CEO, and President of Coterra, noted, “Through the hard work of Franklin Mountain Energy, Avant Natural Resources, and the Coterra team, we are pleased to have closed the two previously announced acquisitions on schedule. We expect to immediately hit the ground running and, in coordination with our year-end 2024 earnings release in February, we are excited to share our 2025 formal guidance as well as an updated three-year outlook.”
These assets strengthen the Company’s portfolio in
Our previously published slide deck related to the acquisitions is available under the “Events & Presentations” page under the “Investors” section of the Company’s website at www.coterra.com.
About Coterra Energy
Coterra is a premier exploration and production company based in
Cautionary Statement Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of federal securities laws. Forward-looking statements are not statements of historical fact and reflect Coterra's current views about future events. Such forward-looking statements include, but are not limited to, statements about the integration of the acquisitions, the performance of the assets to be acquired, returns to shareholders, growth rates, enhanced shareholder value, reserves estimates (both of Coterra and for the reserves to be acquired), future financial and operating performance and goals and commitment to sustainability and ESG leadership, strategic pursuits and goals, and other statements that are not historical facts contained in this press release. The words "expect," "project," "estimate," "believe," "anticipate," "intend," "budget," "plan," "predict," "potential," "possible," "may," "should," "could," "would," "will," "strategy," "outlook," "guide" and similar expressions are also intended to identify forward-looking statements. We can provide no assurance that the forward-looking statements contained in this press release will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation: our ability to integrate the assets to be acquired into our operations and to implement our capital plan with respect to such assets; the volatility in commodity prices for crude oil and natural gas; cost increases; the effect of future regulatory or legislative actions; actions by, or disputes among or between, the Organization of Petroleum Exporting Countries and other producer countries; market factors; market prices (including geographic basis differentials) of oil and natural gas; impacts of inflation; labor shortages and economic disruption (including as a result of geopolitical disruptions such as the war in
Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Except to the extent required by applicable law, Coterra does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
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Investor Contact
Daniel Guffey – Vice President of Finance, Investor Relations, and Treasurer
281.589.4875
Hannah Stuckey – Investor Relations Manager
281.589.4983
Source: Coterra Energy Inc.
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