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Coterra Energy – 2025 Development Summary
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Strategic Focus
Coterra’s 2025 development program emphasizes:
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Capital discipline
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Balanced exposure to oil and gas markets
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Efficient multi-basin operations
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High-return well inventory utilization
The company plans to maintain capital spending levels flat year-over-year, while continuing to optimize returns across its three core basins: Delaware, Marcellus, and Anadarko.
Capital Expenditure Plan
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Total capital budget: $1.7–$1.9 billion
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Flat vs. 2024, reflecting efficiency gains and consistent pricing
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Majority of capex directed to Delaware Basin (~70%)
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Continued investment in short-cycle, high-return projects
Costs remain flat to slightly lower versus 2024 due to:
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Improved drilling/completion cycle times
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Enhanced vendor management
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Reduced inflationary pressure in service markets
Program Flexibility
Coterra maintains flexibility to adjust activity:
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Marcellus and Anadarko programs can ramp up or down based on gas and NGL pricing.
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Delaware activity is steady, given its oil weighting and capital efficiency.
Additional Highlights
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FTI (free cash flow yield) expected to remain strong due to disciplined spending.
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Production guidance reflects a slight increase YoY, particularly in oil-weighted volumes.
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Operational focus areas:
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