Coterra Energy Inc. - CTRA STOCK NEWS

Coterra Energy Inc. (NYSE: CTRA) reported third-quarter 2021 earnings with a net income of $62.7 million ($0.16 per share) and an adjusted net income of $207.0 million ($0.52 per share). The company's board approved a 14% increase in its annual base common stock dividend to $0.50 per share, and declared a dividend of $0.30 per share, payable on November 24, 2021. Coterra's combined free cash flow was $387.3 million despite merger costs. The company exited the quarter with $1.1 billion in cash and no substantial debt maturities until 2024.

Coterra Energy Inc. (NYSE: CTRA) is set to host a conference call on November 3, 2021, at 9:30 AM ET to discuss its third-quarter 2021 financial results. The company plans to announce these results before the market opens on the same day. Interested parties can join the call by dialing in, with dedicated numbers for the U.S. and Canada, or access the live webcast through the company's Investor Relations page. A replay will be available after the event.

Coterra Energy Inc. (NYSE: CTRA) announced the results of its Exchange Offers and Consent Solicitations regarding Cimarex Energy Co. notes. Approximately $1.83 billion (91.30%) of existing notes were tendered by the expiration date of October 5, 2021. The Exchange Offers involved the issuance of up to $2 billion in new Coterra notes. Completion of the merger with Cimarex was a prerequisite for these offers. The final settlement is expected around October 7, 2021.

Coterra Energy Inc. (NYSE: CTRA) has announced a special cash dividend of $0.50 per share, with a payment date set for October 22, 2021. Shareholders on record as of October 14, 2021 will receive this dividend. CEO Thomas E. Jorden highlighted the company's commitment to providing strong capital returns and maintaining a robust balance sheet, ensuring value for shareholders through fluctuating commodity prices. The company aims to sustain its operational efficiency and capital allocation.

Contura Energy (NYSE: CTRA) will officially change its name to Alpha Metallurgical Resources, Inc. on February 1, 2021. The stock will transition to a new ticker symbol, AMR, starting February 4, 2021. This rebranding reflects a strategic focus on metallurgical coal, essential for steel production, following the divestiture of the Cumberland Mine, marking an exit from the thermal coal business. Chairman David Stetson emphasized the historical significance of the Alpha name and the company’s vision to be a premier metallurgical coal producer.

Contura Energy (NYSE: CTRA) has announced significant promotions within its executive team, effective December 14, 2020. Andy Eidson has been promoted to president and chief financial officer, continuing his role as CFO. Roger Nicholson becomes executive vice president and chief administrative officer, while Dan Horn is now executive vice president of sales and a Section 16 officer. These changes are part of a long-term succession planning strategy aimed at ensuring the company's future success and sustainability.

Contura Energy (NYSE: CTRA) has finalized its sale of the Cumberland Mine and related assets to Iron Senergy Holding, LLC, effective December 10, 2020. The transaction included the transfer of multiple subsidiaries and released Contura from approximately $169 million in reclamation obligations. Additionally, Contura provided $20 million in cash to Iron Senergy and retained key metallurgical coal reserves. The divestiture is part of Contura's strategy to focus on metallurgical product production and reduce thermal coal output, with an updated 2021 guidance reflecting these changes.

Contura Energy (NYSE: CTRA) announced the appointment of Michael J. Quillen to its board of directors, effective November 23, 2020. Quillen, an industry veteran with extensive experience in the coal sector, will also serve as lead independent director and chair of the compensation and safety, health, and environmental committees. His previous roles include CEO of Alpha Natural Resources and senior positions at other mining companies. Quillen's expertise is expected to enhance Contura's strategic decision-making and address challenges in the coal industry.

Contura Energy (NYSE: CTRA) announced that John E. Lushefski, Daniel J. Geiger, and Emily S. Medine have resigned from its board of directors effective immediately. Their resignations are not due to any disagreements and aim to facilitate the search for new board members ahead of the 2021 shareholder meeting. Under their leadership, Contura exited the Powder River Basin and achieved its lowest mining costs. The company is focused on transitioning to an exclusively metallurgical producer, planning to divest the Cumberland mine, and continues to seek qualified candidates for the board.