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10-Q Filing

COTERRA ENERGY INC. CIK: 858470 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0000858470-23-000028
Period End Date 20230331
Filing Date 20230505
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance cog-20230331_htm.xml
Filing Contents
Balance Sheet 66 line items
Line Item Tag Value Unit Period
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 1.80B shares Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 1.80B shares Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.10 USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.10 USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $673.00M USD Point-in-time
Common stock, issued (in shares) CommonStockSharesIssued 757.00M shares Point-in-time
Common stock, issued (in shares) CommonStockSharesIssued 768.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $973.00M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalents $10.00M USD Point-in-time
Restricted cash RestrictedCashAndCashEquivalents $10.00M USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $1.22B USD Point-in-time
Accounts receivable, net AccountsReceivableNetCurrent $775.00M USD Point-in-time
Income taxes receivable IncomeTaxesReceivable $89.00M USD Point-in-time
Income taxes receivable IncomeTaxesReceivable - USD Point-in-time
Inventories InventoryNet $63.00M USD Point-in-time
Inventories InventoryNet $56.00M USD Point-in-time
Derivative instruments DerivativeAssetsCurrent $146.00M USD Point-in-time
Derivative instruments DerivativeAssetsCurrent $184.00M USD Point-in-time
Other current assets OtherAssetsCurrent $9.00M USD Point-in-time
Other current assets OtherAssetsCurrent $7.00M USD Point-in-time
Total current assets AssetsCurrent $2.21B USD Point-in-time
Total current assets AssetsCurrent $2.00B USD Point-in-time
Properties and equipment, net (Successful efforts method) PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization $17.48B USD Point-in-time
Properties and equipment, net (Successful efforts method) PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization $17.68B USD Point-in-time
Other assets OtherAssetsNoncurrent $452.00M USD Point-in-time
Other assets OtherAssetsNoncurrent $464.00M USD Point-in-time
Total assets Assets $20.15B USD Point-in-time
Total assets Assets $20.14B USD Point-in-time
Accounts payable AccountsPayableCurrent $844.00M USD Point-in-time
Accounts payable AccountsPayableCurrent $833.00M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $328.00M USD Point-in-time
Accrued liabilities AccruedLiabilitiesCurrent $280.00M USD Point-in-time
Income taxes payable TaxesPayableCurrent - USD Point-in-time
Income taxes payable TaxesPayableCurrent $81.00M USD Point-in-time
Interest payable InterestPayableCurrent $15.00M USD Point-in-time
Interest payable InterestPayableCurrent $21.00M USD Point-in-time
Total current liabilities LiabilitiesCurrent $1.19B USD Point-in-time
Total current liabilities LiabilitiesCurrent $1.21B USD Point-in-time
Long-term debt, net LongTermDebtNoncurrent $2.18B USD Point-in-time
Long-term debt, net LongTermDebtNoncurrent $2.18B USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $3.36B USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $3.34B USD Point-in-time
Asset retirement obligations AssetRetirementObligationsNoncurrent $277.00M USD Point-in-time
Asset retirement obligations AssetRetirementObligationsNoncurrent $271.00M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $500.00M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $464.00M USD Point-in-time
Total liabilities Liabilities $7.49B USD Point-in-time
Total liabilities Liabilities $7.48B USD Point-in-time
Commitments and contingencies (Note 7) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 7) CommitmentsAndContingencies - USD Point-in-time
Cimarex redeemable preferred stock TemporaryEquityCarryingAmountAttributableToParent $11.00M USD Point-in-time
Cimarex redeemable preferred stock TemporaryEquityCarryingAmountAttributableToParent $8.00M USD Point-in-time
Common stock: Authorized 1,800 shares of $0.10 par value in 2023 and 2022, respectively Issued 757 shares and 768 shares in 2023 and 2022, respectively CommonStockValue $77.00M USD Point-in-time
Common stock: Authorized 1,800 shares of $0.10 par value in 2023 and 2022, respectively Issued 757 shares and 768 shares in 2023 and 2022, respectively CommonStockValue $76.00M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $7.68B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $7.93B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $4.88B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $4.64B USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $13.00M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $13.00M USD Point-in-time
Total stockholders' equity StockholdersEquity $12.66B USD Point-in-time
Total stockholders' equity StockholdersEquity $12.64B USD Point-in-time
Total stockholders' equity StockholdersEquity $11.72B USD Point-in-time
Total stockholders' equity StockholdersEquity $11.74B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $20.14B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $20.15B USD Point-in-time
Income Statement 42 line items
Line Item Tag Value Unit Period
Operating revenues RevenueFromContractWithCustomerExcludingAssessedTax $1.64B USD 1 Quarter
Operating revenues RevenueFromContractWithCustomerExcludingAssessedTax $2.07B USD 1 Quarter
Gain (loss) on derivative instruments GainLossOnSaleOfDerivatives $-391.00M USD 1 Quarter
Gain (loss) on derivative instruments GainLossOnSaleOfDerivatives $138.00M USD 1 Quarter
Total operating revenues Revenues $1.68B USD 1 Quarter
Total operating revenues Revenues $1.78B USD 1 Quarter
Direct operations DirectOperatingCosts $100.00M USD 1 Quarter
Direct operations DirectOperatingCosts $134.00M USD 1 Quarter
Transportation, processing and gathering ResultsOfOperationsTransportationCosts $233.00M USD 1 Quarter
Transportation, processing and gathering ResultsOfOperationsTransportationCosts $236.00M USD 1 Quarter
Taxes other than income TaxesExcludingIncomeAndExciseTaxes $76.00M USD 1 Quarter
Taxes other than income TaxesExcludingIncomeAndExciseTaxes $86.00M USD 1 Quarter
Exploration ExplorationExpense $6.00M USD 1 Quarter
Exploration ExplorationExpense $4.00M USD 1 Quarter
Depreciation, depletion and amortization DepreciationDepletionAndAmortization $360.00M USD 1 Quarter
Depreciation, depletion and amortization DepreciationDepletionAndAmortization $369.00M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $76.00M USD 1 Quarter
General and administrative GeneralAndAdministrativeExpense $107.00M USD 1 Quarter
Total operating expenses CostsAndExpenses $905.00M USD 1 Quarter
Total operating expenses CostsAndExpenses $882.00M USD 1 Quarter
Gain on sale of assets GainLossOnSaleOfPropertyPlantEquipment $5.00M USD 1 Quarter
Gain on sale of assets GainLossOnSaleOfPropertyPlantEquipment $2.00M USD 1 Quarter
INCOME FROM OPERATIONS OperatingIncomeLoss $877.00M USD 1 Quarter
INCOME FROM OPERATIONS OperatingIncomeLoss $799.00M USD 1 Quarter
Interest expense InterestExpense $21.00M USD 1 Quarter
Interest expense InterestExpense $17.00M USD 1 Quarter
Interest income InvestmentIncomeInterest - USD 1 Quarter
Interest income InvestmentIncomeInterest $12.00M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $872.00M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $778.00M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $170.00M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $195.00M USD 1 Quarter
NET INCOME NetIncomeLoss $677.00M USD 1 Quarter
NET INCOME NetIncomeLoss $608.00M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.75 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $0.88 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.88 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $0.74 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 764.00M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 810.00M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 768.00M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 814.00M shares 1 Quarter
Cash Flow Statement 66 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $677.00M USD 1 Quarter
Net income NetIncomeLoss $608.00M USD 1 Quarter
Depreciation, depletion and amortization DepreciationDepletionAndAmortization $360.00M USD 1 Quarter
Depreciation, depletion and amortization DepreciationDepletionAndAmortization $369.00M USD 1 Quarter
Deferred income tax expense DeferredIncomeTaxExpenseBenefit $23.00M USD 1 Quarter
Deferred income tax expense DeferredIncomeTaxExpenseBenefit $36.00M USD 1 Quarter
Gain on sale of assets GainLossOnSaleOfPropertyPlantEquipment $5.00M USD 1 Quarter
Gain on sale of assets GainLossOnSaleOfPropertyPlantEquipment $2.00M USD 1 Quarter
(Gain) loss on derivative instruments DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet $-391.00M USD 1 Quarter
(Gain) loss on derivative instruments DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet $138.00M USD 1 Quarter
Net cash received (paid) in settlement of derivative instruments ProceedsfromPaymentsforDerivativeInstrumentOperatingActivities $100.00M USD 1 Quarter
Net cash received (paid) in settlement of derivative instruments ProceedsfromPaymentsforDerivativeInstrumentOperatingActivities $-171.00M USD 1 Quarter
Amortization of debt premium and debt issuance costs AmortizationOfFinancingCostsAndDiscounts $-10.00M USD 1 Quarter
Amortization of debt premium and debt issuance costs AmortizationOfFinancingCostsAndDiscounts $-4.00M USD 1 Quarter
Stock-based compensation and other StockBasedCompensationExpenseAndOther $20.00M USD 1 Quarter
Stock-based compensation and other StockBasedCompensationExpenseAndOther $17.00M USD 1 Quarter
Accounts receivable, net IncreaseDecreaseInReceivables $-446.00M USD 1 Quarter
Accounts receivable, net IncreaseDecreaseInReceivables $57.00M USD 1 Quarter
Income taxes IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable $170.00M USD 1 Quarter
Income taxes IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable $124.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $2.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-7.00M USD 1 Quarter
Other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-2.00M USD 1 Quarter
Other current assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-1.00M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $-198.00M USD 1 Quarter
Accounts payable and accrued liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities $21.00M USD 1 Quarter
Interest payable IncreaseDecreaseInInterestPayableNet $1.00M USD 1 Quarter
Interest payable IncreaseDecreaseInInterestPayableNet $-6.00M USD 1 Quarter
Other assets and liabilities IncreaseDecreaseInOtherOperatingCapitalNet $-35.00M USD 1 Quarter
Other assets and liabilities IncreaseDecreaseInOtherOperatingCapitalNet $-1.00M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $1.49B USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $1.32B USD 1 Quarter
Capital expenditures for drilling, completion and other fixed asset additions PaymentsToExploreAndDevelopOilAndGasProperties $270.00M USD 1 Quarter
Capital expenditures for drilling, completion and other fixed asset additions PaymentsToExploreAndDevelopOilAndGasProperties $483.00M USD 1 Quarter
Capital expenditures for leasehold and property acquisitions PaymentsProceedsFromCapitalImprovements $1.00M USD 1 Quarter
Capital expenditures for leasehold and property acquisitions PaymentsProceedsFromCapitalImprovements $1.00M USD 1 Quarter
Proceeds from sale of assets ProceedsFromSaleOfPropertyPlantAndEquipment $2.00M USD 1 Quarter
Proceeds from sale of assets ProceedsFromSaleOfPropertyPlantAndEquipment $5.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-269.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-479.00M USD 1 Quarter
Repayments of finance leases FinanceLeasePrincipalPayments $2.00M USD 1 Quarter
Repayments of finance leases FinanceLeasePrincipalPayments $2.00M USD 1 Quarter
Common stock repurchases PaymentsForRepurchaseOfCommonStock $184.00M USD 1 Quarter
Common stock repurchases PaymentsForRepurchaseOfCommonStock $268.00M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $456.00M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $436.00M USD 1 Quarter
Cash received for stock option exercises ProceedsFromStockOptionsExercised - USD 1 Quarter
Cash received for stock option exercises ProceedsFromStockOptionsExercised $6.00M USD 1 Quarter
Cash paid for conversion of redeemable preferred stock PaymentsForRepurchaseOfRedeemableNoncontrollingInterest - USD 1 Quarter
Cash paid for conversion of redeemable preferred stock PaymentsForRepurchaseOfRedeemableNoncontrollingInterest $1.00M USD 1 Quarter
Tax withholding on vesting of stock awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $6.00M USD 1 Quarter
Tax withholding on vesting of stock awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $1.00M USD 1 Quarter
Capitalized debt issuance costs CapitalizedDebtIssuanceCosts $-7.00M USD 1 Quarter
Capitalized debt issuance costs CapitalizedDebtIssuanceCosts - USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-642.00M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-715.00M USD 1 Quarter
Net increase in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $300.00M USD 1 Quarter
Net increase in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $411.00M USD 1 Quarter
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.46B USD Point-in-time
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $983.00M USD Point-in-time
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $683.00M USD Point-in-time
Cash, cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.05B USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.46B USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $983.00M USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $683.00M USD Point-in-time
Cash, cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.05B USD Point-in-time
Stockholders Equity 29 line items
Line Item Tag Value Unit Period
Cash dividends, per share (in dollars per share) CommonStockDividendsPerShareDeclared $0.15 USD Annual
Cash dividends, per share (in dollars per share) CommonStockDividendsPerShareDeclared $0.57 USD 1 Quarter
Cash dividends, per share (in dollars per share) CommonStockDividendsPerShareDeclared $0.20 USD Point-in-time
Cash dividends, per share (in dollars per share) CommonStockDividendsPerShareDeclared $0.56 USD 1 Quarter
Preferred stock, dividends (in dollars per share) PreferredStockDividendsPerShareDeclared $20.31 USD 1 Quarter
Balance at beginning of period StockholdersEquity $12.66B USD Point-in-time
Balance at beginning of period StockholdersEquity $12.64B USD Point-in-time
Balance at beginning of period StockholdersEquity $11.72B USD Point-in-time
Balance at beginning of period StockholdersEquity $11.74B USD Point-in-time
Net income NetIncomeLoss $677.00M USD 1 Quarter
Net income NetIncomeLoss $608.00M USD 1 Quarter
Exercise of stock options StockIssuedDuringPeriodValueStockOptionsExercised $6.00M USD 1 Quarter
Stock amortization and vesting StockAmortizationAndVesting $13.00M USD 1 Quarter
Stock amortization and vesting StockAmortizationAndVesting $10.00M USD 1 Quarter
Conversion of Cimarex redeemable preferred stock StockIssuedDuringPeriodValueConversionOfConvertibleSecurities $3.00M USD 1 Quarter
Treasury stock repurchases (in shares) StockRepurchasedDuringPeriodShares 11.00M shares 1 Quarter
Treasury stock repurchases (in shares) StockRepurchasedDuringPeriodShares 8.00M shares 1 Quarter
Common stock repurchases StockRepurchasedDuringPeriodValue $192.00M USD 1 Quarter
Common stock repurchases StockRepurchasedDuringPeriodValue $271.00M USD 1 Quarter
Common stock retirements (in shares) TreasuryStockSharesRetired 11.00M shares 1 Quarter
Common stock retirements TreasuryStockRetiredCostMethodAmount - USD 1 Quarter
Common stock cash dividends DividendsCommonStockCash $438.00M USD 1 Quarter
Common stock cash dividends DividendsCommonStockCash $455.00M USD 1 Quarter
Preferred stock cash dividends DividendsPreferredStockCash $1.00M USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTax $4.00M USD 1 Quarter
Balance at end of period StockholdersEquity $12.66B USD Point-in-time
Balance at end of period StockholdersEquity $12.64B USD Point-in-time
Balance at end of period StockholdersEquity $11.72B USD Point-in-time
Balance at end of period StockholdersEquity $11.74B USD Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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