Coterra Energy (CTRA) 10-K 27 Feb 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2022	Feb. 24, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Entity File Number	1-10447
Entity Registrant Name	COTERRA ENERGY INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3072771
Entity Address, Address Line One	Three Memorial City Plaza
Entity Address, Address Line Two	840 Gessner Road
Entity Address, Address Line Three	Suite 1400
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77024
City Area Code	281
Local Phone Number	589-4600
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	CTRA
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 20.2
Entity Common Stock, Shares Outstanding		768,258,911
Documents Incorporated by Reference	Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held May 4, 2023 are incorporated by reference into Part III of this report.
Entity Central Index Key	0000858470
Document Annual Report	true
Document Transition Report	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Houston, Texas
Auditor Firm ID	238

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 673	$ 1,036
Restricted cash	10	10
Accounts receivable, net	1,221	1,037
Income taxes receivable	89	0
Inventories	63	39
Derivative instruments	146	7
Other current assets	9	7
Total current assets	2,211	2,136
Properties and equipment, net (Successful efforts method)	17,479	17,375
Other assets	464	389
Total assets	20,154	19,900
Current liabilities
Accounts payable	844	747
Accrued liabilities	328	260
Interest payable	21	25
Income taxes payable	0	29
Derivative instruments	0	159
Total current liabilities	1,193	1,220
Long-term debt, net	2,181	3,125
Deferred income taxes	3,339	3,101
Asset retirement obligations	271	259
Other liabilities	500	407
Total liabilities	7,484	8,112
Commitments and contingencies
Cimarex redeemable preferred stock	11	50
Stockholders' equity
Common stock: Authorized — 1,800,000,000 shares of $0.10 par value in 2022 and 2021 Issued — 768,244,610 shares and 892,612,010 shares in 2022 and 2021, respectively	77	89
Additional paid-in capital	7,933	10,911
Retained earnings	4,636	2,563
Accumulated other comprehensive income	13	1
Less treasury stock, at cost: 79,082,385 shares in 2021	0	(1,826)
Total stockholders' equity	12,659	11,738
Total liabilities and stockholders' equity	$ 20,154	$ 19,900

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, authorized (in shares)	1,800,000,000	1,800,000,000
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, issued (in shares)	768,244,610	892,612,010
Treasury stock (in shares)	0	79,082,385

CONSOLIDATED STATEMENT OF OPERA

CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OPERATING REVENUES
Operating revenues	$ 9,514	$ 3,670	$ 1,405
(Loss) gain on derivative instruments	(463)	(221)	61
Total operating revenues	9,051	3,449	1,466
OPERATING EXPENSES
Direct operations	460	156	73
Transportation, processing and gathering	955	663	571
Taxes other than income	366	83	14
Exploration	29	18	15
Depreciation, depletion and amortization	1,635	693	391
General and administrative	396	270	106
Total operating expenses	3,841	1,883	1,170
Loss on sale of assets	(1)	(2)	0
INCOME FROM OPERATIONS	5,209	1,564	296
Interest expense, net	70	62	54
Gain on debt extinguishment	(28)	0	0
Other (income) expense	2	0	0
Income before income taxes	5,169	1,502	242
Income tax expense	1,104	344	41
NET INCOME	$ 4,065	$ 1,158	$ 201
Earnings per share
Basic (in dollars per share)	$ 5.09	$ 2.30	$ 0.50
Diluted (in dollars per share)	$ 5.08	$ 2.29	$ 0.50
Weighted-average common shares outstanding
Basic (in shares)	796	503	399
Diluted (in shares)	799	504	401
Natural gas
OPERATING REVENUES
Operating revenues	$ 5,469	$ 2,798	$ 1,405
Oil
OPERATING REVENUES
Operating revenues	3,016	616	0
NGL
OPERATING REVENUES
Operating revenues	964	243	0
Other
OPERATING REVENUES
Operating revenues	$ 65	$ 13	$ 0

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income		$ 4,065	$ 1,158	$ 201
Postretirement benefits:
Net actuarial gain	[1]	12	0	1
Amortization of prior service credit	[2]	(1)	(1)	(1)
Plan amendment	[3]	1	0	0
Total other comprehensive income		12	(1)	0
Comprehensive income		$ 4,077	$ 1,157	$ 201
[1]Net of income taxes of $3 million for the year ended December 31, 2022 and less than $1 million for the years ended December 31, 2021 and 2020.[2]Net of income taxes of less than $1 million for each of the years ended December 31, 2022, 2021 and 2020[3]Net of income taxes of less than $1 million for the year ended December 31, 2022

CONSOLIDATED STATEMENT OF COM_2

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Postretirement benefits:
Net actuarial gain (loss), income taxes (less than)	$ 3	$ 1	$ 1
Amortization of prior service cost, income taxes (less than)	1	$ 1	$ 1
Plan amendment, income taxes (less than)	$ 1

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 4,065	$ 1,158	$ 201
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization	1,635	693	391
Deferred income tax expense	235	126	72
Loss on sale of assets	1	2	0
Exploratory dry hole cost	0	0	4
Loss (gain) on derivative instruments	463	221	(61)
Net cash (paid) received in settlement of derivative instruments	(762)	(431)	35
Amortization of debt premium and debt issuance costs	(40)	(10)	3
Gain on debt extinguishment	(28)	0	0
Stock-based compensation and other	73	52	40
Changes in assets and liabilities:
Accounts receivable, net	(184)	(229)	(6)
Income taxes	(118)	34	124
Inventories	(24)	5	(2)
Other current assets	(4)	(4)	0
Accounts payable and accrued liabilities	96	47	(30)
Interest payable	(5)	6	(2)
Other assets and liabilities	53	(3)	9
Net cash provided by operating activities	5,456	1,667	778
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures for drilling, completion and other fixed asset additions	(1,700)	(723)	(570)
Capital expenditures for leasehold and property acquisitions	(10)	(5)	(6)
Proceeds from sale of assets	36	8	1
Cash received from Merger	0	1,033	0
Proceeds from sale of equity method investments	0	0	(9)
Net cash (used in) provided by investing activities	(1,674)	313	(584)
CASH FLOWS FROM FINANCING ACTIVITIES
Borrowings from debt	0	100	196
Repayments of debt	(874)	(288)	(283)
Repayment of finance leases	(6)	(2)	0
Common stock repurchases	(1,250)	0	0
Dividends paid	(1,992)	(780)	(159)
Tax withholding on vesting of stock awards	(25)	(114)	(10)
Capitalized debt issuance costs	0	(4)	0
Cash received for stock option exercises	12	2	0
Cash paid for conversion of redeemable preferred stock	(10)	0	0
Net cash used in financing activities	(4,145)	(1,086)	(256)
Net (decrease) increase in cash, cash equivalents and restricted cash	(363)	894	(62)
Cash, cash equivalents and restricted cash, beginning of period	1,046	152	214
Cash, cash equivalents and restricted cash, end of period	$ 683	$ 1,046	$ 152

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock	Treasury Shares	Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2019		477,000,000
Beginning balance (in shares) at Dec. 31, 2019			79,000,000
Balance at beginning of period at Dec. 31, 2019	$ 2,151	$ 48	$ (1,823)	$ 1,782	$ 1	$ 2,143
Increase (Decrease) in Stockholders' Equity
Net income	201					201
Stock amortization and vesting (in shares)		1,000,000
Stock amortization and vesting	$ 22			22
Common stock repurchases (in shares)	0
Common stock retirements	$ 0
Common stock cash dividends	(159)					(159)
Other comprehensive income	1				1
Ending balance (in shares) at Dec. 31, 2020		478,000,000
Ending balance (in shares) at Dec. 31, 2020			79,000,000
Balance at end of period at Dec. 31, 2020	2,216	$ 48	$ (1,823)	1,804	2	2,185
Increase (Decrease) in Stockholders' Equity
Net income	1,158					1,158
Issuance of common stock for merger (in shares)		408,000,000
Issuance of common stock for merger	9,083	$ 41		9,042
Issuance of replacement awards and options for merger consideration (in shares)		4,000,000
Issuance of replacement awards and options for merger consideration	37			37
Exercise of stock options	2			2
Stock amortization and vesting (in shares)		3,000,000
Stock amortization and vesting	$ 23		$ (3)	26
Common stock repurchases (in shares)	0
Common stock retirements	$ 0
Common stock cash dividends	(779)					(779)
Preferred stock cash dividends	(1)					(1)
Other comprehensive income	$ (1)				(1)
Ending balance (in shares) at Dec. 31, 2021		893,000,000
Ending balance (in shares) at Dec. 31, 2021	79,082,385		79,000,000
Balance at end of period at Dec. 31, 2021	$ 11,738	$ 89	$ (1,826)	10,911	1	2,563
Increase (Decrease) in Stockholders' Equity
Net income	$ 4,065					4,065
Exercise of stock options (in shares)	780,606	1,000,000
Exercise of stock options	$ 12			12
Stock amortization and vesting (in shares)		1,000,000	1,000,000
Stock amortization and vesting	$ 46	$ 1	$ (9)	54
Common stock repurchases (in shares)	48,000,000		48,000,000
Common stock repurchases	$ (1,250)		$ (1,250)
Common stock retirements (in shares)		(128,000,000)	(128,000,000)
Common stock retirements	0	$ (13)	$ 3,085	(3,072)
Conversion of Cimarex redeemable preferred stock (in shares)		1,000,000
Conversion of Cimarex redeemable preferred stock	28			28
Common stock cash dividends	(1,991)					(1,991)
Preferred stock cash dividends	(1)					(1)
Other comprehensive income	$ 12				12
Ending balance (in shares) at Dec. 31, 2022		768,000,000
Ending balance (in shares) at Dec. 31, 2022	0		0
Balance at end of period at Dec. 31, 2022	$ 12,659	$ 77	$ 0	$ 7,933	$ 13	$ 4,636

CONSOLIDATED STATEMENT OF STO_2

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends, per share (in dollars per share)	$ 2.49	$ 1.12
Preferred stock dividends, per share (in dollars per share)	$ 20.3125	$ 20.3125

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Year Ended December 31, (In millions) 2022 2021 2020 Cash paid for interest and income taxes Interest $ 119 $ 81 $ 57 Income taxes 983 184 11 Non-cash activity Retirement of treasury shares $ 3,085 $ — $ — Equity and replacement stock awards issued as consideration in the Merger $ — $ 9,120 $ —

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Nature of Operations Coterra Energy Inc. and its subsidiaries (“Coterra” or the “Company”) are engaged in the development, exploration and production of oil, natural gas and NGLs exclusively within the continental U.S. The Company’s exploration and development activities are concentrated in areas with known hydrocarbon resources, which are conducive to multi-well, repeatable drilling programs. The Company operates in one segment, oil and natural gas development, exploration and production. The Company’s oil and gas properties are managed as a whole rather than through discrete operating segments. Operational information is tracked by geographic area; however, financial performance is assessed as a single enterprise and not on a geographic basis. Allocation of resources is made on a project basis across the Company’s entire portfolio without regard to geographic areas. The consolidated financial statements include the accounts of the Company and its subsidiaries after eliminating all significant intercompany balances and transactions. Certain reclassifications have been made to prior year statements to conform with the current year presentation. These reclassifications have no impact on previously reported stockholders’ equity, net income or cash flows. The Company and Cimarex Energy Co. (“Cimarex”) completed a merger transaction on October 1, 2021 (the “Merger”), pursuant to an agreement entered into by the Company and Cimarex (the “Merger Agreement”). Refer to Note 2, “Acquisitions,” for further information. Additionally, on October 1, 2021, Cabot Oil & Gas Corporation changed its name to Coterra Energy Inc. Significant Accounting Policies Cash and Cash Equivalents The Company considers all highly liquid short-term investments with a maturity of three months or less and deposits in money market funds that are readily convertible to cash to be cash equivalents. Cash and cash equivalents were primarily concentrated in three financial institutions at December 31, 2022. The Company periodically assesses the financial condition of its financial institutions and considers any possible credit risk to be minimal. Restricted Cash Restricted cash includes cash that is legally or contractually restricted as to withdrawal or usage. As of December 31, 2022 and 2021, the restricted cash balance of $10 million and $10 million, respectively, includes cash deposited in escrow accounts that are restricted for use. Allowance for Doubtful Accounts The Company records an allowance for doubtful accounts based on the Company’s estimate of future expected credit losses on outstanding receivables. Inventories Inventories are comprised of tubular goods and well equipment and are carried at average cost. Inventories are assessed periodically for obsolescence. Properties and Equipment Oil and Gas Properties The Company uses the successful efforts method of accounting for oil and gas producing activities. Under this method, acquisition costs for proved and unproved properties are capitalized when incurred. Exploration costs, including geological and geophysical costs, the costs of carrying and retaining unproved properties and exploratory dry hole drilling costs, are expensed. Development costs, including the costs to drill and equip development wells and successful exploratory drilling costs to locate proved reserves are capitalized. Exploratory drilling costs are capitalized when incurred pending the determination of whether a well has found proved reserves. The determination is based on a process which relies on interpretations of available geologic, geophysical and engineering data. If a well is determined to be successful, the capitalized drilling costs will be reclassified as part of the cost of the well. If a well is determined to be unsuccessful, the capitalized drilling costs will be charged to exploration expense in the Consolidated Statement of Operations in the period the determination is made. If an exploratory well requires a major capital expenditure before production can begin, the cost of drilling the exploratory well will continue to be carried as an asset pending determination of whether reserves have been found only as long as: (1) the well has found a sufficient quantity of reserves to justify its completion as a producing well if the required capital expenditure is made and (2) drilling of an additional exploratory well is under way or firmly planned for the near future. If drilling in the area is not under way or firmly planned or if the well has not found a commercially producible quantity of reserves, the exploratory well is assumed to be impaired and its costs are charged to exploration expense. Development costs of proved oil and gas properties, including estimated dismantlement, restoration and abandonment costs and acquisition costs, are depreciated and depleted on a field basis by the unit-of-production method using proved developed and proved reserves, respectively. Costs of sold or abandoned properties that make up a part of an amortization base (partial field) remain in the amortization base if the unit-of-production rate is not significantly affected. If significant, a gain or loss, if any, is recognized and the sold or abandoned properties are retired. A gain or loss, if any, is also recognized when a group of proved properties (entire field) that make up the amortization base has been retired, abandoned or sold. The Company evaluates its proved oil and gas properties for impairment whenever events or changes in circumstances indicate an asset’s carrying amount may not be recoverable. The Company compares expected undiscounted future cash flows to the net book value of the asset. If the future undiscounted expected cash flows, based on estimates of future commodity prices, operating costs and anticipated production from proved reserves and risk-adjusted probable and possible reserves, are lower than the net book value of the asset, the capitalized cost is reduced to fair value. Commodity pricing is estimated by using a combination of assumptions management uses in its budgeting and forecasting process as well as historical and current prices adjusted for geographical location and quality differentials, as well as other factors that management believes will impact realizable prices. Fair value is calculated by discounting the future cash flows. The discount factor used is based on rates utilized by market participants that are commensurate with the risks inherent in the development and production of the underlying oil and natural gas. Unproved oil and gas properties are assessed periodically for impairment on an aggregate basis through periodic updates to the Company’s undeveloped acreage amortization based on past drilling and exploration experience, the Company’s expectation of converting leases to held by production and average property lives. Average property lives are determined on a geographical basis and based on the estimated life of unproved property leasehold rights. Fixed Assets Fixed assets consist primarily of gas gathering systems, water infrastructure, buildings, vehicles, aircraft, furniture and fixtures, and computer equipment and software. These items are recorded at cost and are depreciated on the straight-line method based on expected lives of the individual assets, which range from three Asset Retirement Obligations The Company records the fair value of a liability for an asset retirement obligation in the period in which it is incurred if a reasonable estimate of fair value can be made. The associated asset retirement cost is capitalized as part of the carrying amount of the long-lived asset. Asset retirement costs for oil and gas properties are depreciated using the unit-of-production method, while asset retirement costs for other assets are depreciated using the straight-line method over estimated useful lives. Additional retirement obligations increase the liability associated with new oil and gas wells and other facilities as these obligations are incurred. Accretion expense is included in depreciation, depletion and amortization expense in the Consolidated Statement of Operations. Derivative Instruments The Company enters into financial derivative contracts, primarily collars, swaps and basis swaps, to manage its exposure to price fluctuations on a portion of its anticipated future production volumes. The Company’s credit agreement restricts the ability of the Company to enter into financial commodity derivatives other than to hedge or mitigate risks to which the Company has actual or projected exposure or as permitted under the Company’s risk management policies and where such derivatives do not subject the Company to material speculative risks. All of the Company’s derivatives are used for risk management purposes and are not held for trading purposes. The Company has elected not to designate its financial derivative instruments as accounting hedges under the accounting guidance. The Company evaluates all of its physical purchase and sale contracts to determine if they meet the definition of a derivative. For contracts that meet the definition of a derivative, the Company may elect the normal purchase normal sale (“NPNS”) exception provided under the applicable accounting guidance and account for the contract using the accrual method of accounting. Contracts that do not qualify for or for which the Company elects not to apply the NPNS exception are accounted for at fair value. All derivatives, except for derivatives that qualify for the NPNS exception, are recognized on the balance sheet and are measured at fair value. At the end of each quarterly period, these derivatives are marked to market. As a result, changes in the fair value of derivatives are recognized in operating revenues in gain (loss) on derivative instruments. The resulting cash flows are reported as cash flows from operating activities. Leases The Company determines if an arrangement is, or contains, a lease at inception based on whether that contract conveys the right to control the use of an identified asset in exchange for consideration for a period of time. Operating leases are included in right-of-use assets (“ROU assets”) and lease liabilities (current and non-current) in the Consolidated Balance Sheet. Financing leases are included in properties and equipment, net and lease liabilities (current and non-current) in the Consolidated Balance Sheet. Short-term leases (a lease that, at commencement, has a lease term of one year or less and does not contain a purchase option that the Company is reasonably certain to exercise) are not recognized in ROU assets and lease liabilities. For all operating leases, lease and non-lease components are accounted for as a single lease component. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of minimum lease payments over the lease term. Most leases do not provide an implicit interest rate; therefore, the Company uses its incremental borrowing rate based on the information available at the inception date to determine the present value of the lease payments. Lease terms include options to extend the lease when it is reasonably certain that the Company will exercise that option. Lease cost for lease payments is recognized on a straight-line basis over the lease term. Certain leases have payment terms that vary based on the usage of the underlying assets. Variable lease payments are not included in ROU assets and lease liabilities. Fair Value of Assets and Liabilities The Company follows the authoritative accounting guidance for measuring fair value of assets and liabilities in its financial statements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants who are independent, knowledgeable and willing and able to transact would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. The Company is able to classify fair value balances based on the observability of these inputs. The authoritative guidance for fair value measurements establishes three levels of the fair value hierarchy, defined as follows: • Level 1: Unadjusted, quoted prices for identical assets or liabilities in active markets. • Level 2: Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly for substantially the full term of the asset or liability. • Level 3: Significant, unobservable inputs for use when little or no market data exists, requiring a significant degree of judgment. The hierarchy gives the highest priority to Level 1 measurements and the lowest priority to Level 3 measurements. Depending on the particular asset or liability, input availability can vary depending on factors such as product type, longevity of a product in the market and other particular transaction conditions. In some cases, certain inputs used to measure fair value may be categorized into different levels of the fair value hierarchy. For disclosure purposes under the accounting guidance, the lowest level that contains significant inputs used in the valuation should be chosen. Revenue Recognition The Company’s revenue is typically generated from contracts to sell oil, natural gas and NGLs produced from interests in oil and gas properties owned by the Company. These contracts generally require the Company to deliver a specific amount of a commodity per day for a specified number of days at a price that is either fixed or variable. The contracts specify a delivery point which represents the point at which control of the product is transferred to the customer. The Company has determined that these contracts represent multiple performance obligations which are satisfied when control of the commodity transfers to the customer, typically through the delivery of the specified commodity to a designated delivery point. Revenue is measured based on consideration specified in the contract with the customer, and excludes any amounts collected on behalf of third parties. The Company recognizes revenue in the amount that reflects the consideration it expects to be entitled to in exchange for transferring control of those goods to the customer. The contract consideration in the Company’s variable price contracts are typically allocated to specific performance obligations in the contract according to the price stated in the contract. Amounts allocated in the Company’s fixed price contracts are based on the standalone selling price of those products in the context of long-term, fixed price contracts, which generally approximates the contract price. Payment is generally received one or two months after the sale has occurred. The Company has not adjusted the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised good or service to the customer and when the customer pays for that good or service will be one year or less. For contracts with an original expected term of one year or less, the Company has elected not to disclose the transaction price allocated to the unsatisfied performance obligations. For contracts with terms greater than one year, the Company has elected not to disclose the price allocated to the unsatisfied performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Since each unit of the respective commodity typically represents a separate performance obligation, future volumes are considered wholly unsatisfied, and disclosure of the transaction price allocated to the remaining performance obligation is not required. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, and that are collected by the Company from a customer, are excluded from revenue. Income Taxes The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for the estimated future tax consequences attributable to the differences between the financial carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the tax rate in effect for the year in which those temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the year of the enacted rate change. A valuation allowance is established to reduce deferred tax assets if it is more likely than not that the related tax benefits will not be realized. The Company follows the “equity first” approach when applying the limitation for certain executive compensation in excess of $1 million to future compensation. The limitation is first applied to stock-based compensation that vests in future tax years before considering cash compensation paid in a future period. Accordingly, the Company records a deferred tax asset for stock-based compensation expense recorded in the current period, and reverses the temporary difference in the future period, during which the stock-based compensation becomes deductible for tax purposes. The Company is required to make judgments, including estimating reserves for potential adverse outcomes regarding tax positions that the Company has taken. The Company accounts for uncertainty in income taxes using a recognition and measurement threshold for tax positions taken or expected to be taken in a tax return. The tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination by taxing authorities based on technical merits of the position. The amount of the tax benefit recognized is the largest amount of the benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. The effective tax rate and the tax basis of assets and liabilities reflect management’s estimates of the ultimate outcome of various tax uncertainties. The Company recognizes accrued interest related to uncertain tax positions in interest expense and accrued penalties related to such positions in general and administrative expense in the Consolidated Statement of Operations. Stock-Based Compensation The Company accounts for stock-based compensation under the fair value method of accounting. Under this method, compensation cost is measured at the grant date for equity-classified awards and re-measured each reporting period for liability-classified awards based on the fair value of an award and is recognized over the service period, which is generally the vesting period. To calculate fair value, the Company uses a Black Scholes or Monte Carlo valuation model based on the specific provisions of the award. Stock-based compensation cost for all types of awards is included in general and administrative expense in the Consolidated Statement of Operations. The Company records excess tax benefits and tax deficiencies on stock-based compensation in the income statement upon vesting of the respective awards. Excess tax benefits and tax deficiencies are included in cash flows from operating activities in the Consolidated Statement of Cash Flow. Cash paid by the Company when directly withholding shares from employee stock-based compensation awards for tax-withholding purposes are classified as financing activities in the Consolidated Statement of Cash Flow. Earnings per Share The Company calculates earnings per share recognizing that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are “participating securities” and, therefore, should be included in computing earnings per share using the two-class earnings allocation method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Certain of the Company’s unvested share-based payment awards, consisting of restricted stock, qualify as participating securities. The Company’s participating securities do not have a contractual obligation to share in the losses of the entity and, therefore, net losses are not allocated to them. Environmental Matters Environmental expenditures are expensed or capitalized, as appropriate, depending on their future economic benefit. Expenditures that relate to an existing condition caused by past operations, and that do not have future economic benefit are expensed. Liabilities related to future costs are recorded on an undiscounted basis when environmental assessments and/or remediation activities are probable and the costs can be reasonably estimated. Any insurance recoveries are recorded as assets when received. Credit and Concentration Risk Substantially all of the Company’s accounts receivable result from the sale of oil, natural gas and NGLs to third parties in the oil and gas industry and joint interest billings with other participants in joint operations. This concentration of purchasers and joint owners may impact the Company’s overall credit risk, either positively or negatively, in that these entities may be similarly affected by changes in economic or other conditions. The Company does not anticipate any material impact on its financial results due to non-performance by the third parties. During the year ended December 31, 2022, two customers accounted for approximately 13 percent and 11 percent of the Company’s total sales. During the year ended December 31, 2021, no customer accounted for more than 10 percent of the Company’s total sales. During the year ended December 31, 2020, three customers accounted for approximately 21 percent, 16 percent and 12 percent of the Company’s total sales. The Company does not believe that the loss of any of its major customers would have a material adverse effect on it because alternative customers are readily available. If any one of the Company’s major customers were to stop purchasing the Company’s production, the Company believes there are a number of other purchasers to whom it could sell its production. If multiple significant customers were to stop purchasing the Company’s production, the Company believes there could be some initial challenges, but the Company believes it has ample alternative markets to handle any sales disruptions. The Company regularly monitors the creditworthiness of its customers and may require parent company guarantees, letters of credit or prepayments when necessary. Historically, losses associated with uncollectible receivables have been insignificant. Use of Estimates In preparing financial statements, the Company follows GAAP. These principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The most significant estimates pertain to proved oil and gas reserves and related cash flow estimates which are used to compute depreciation, depletion and amortization, impairments of proved oil and gas properties and the fair value of oil and gas properties in purchase accounting. Other estimates include oil, natural gas and NGL revenues and expenses, fair value of derivative instruments, estimates of expenses related to legal, environmental and other contingencies, asset retirement obligations, postretirement obligations, stock-based compensation and deferred income taxes. Actual results could differ from those estimates.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Cimarex Energy Co. On October 1, 2021, the Company and Cimarex completed the Merger. Cimarex is an oil and gas exploration and production company with operations in Texas, New Mexico and Oklahoma. Upon the effectiveness of the Merger, each eligible share of Cimarex common stock was converted into the right to receive 4.0146 shares of common stock of the Company. Based on the closing price of Coterra’s common stock on October 1, 2021, the total value of such shares of Coterra common stock was approximately $9.1 billion. The Company and Cimarex intended for the Merger to qualify as a tax-free reorganization for U.S. federal income tax purposes. Also in accordance with the Merger Agreement with Cimarex and included as merger consideration, the Company issued 3.4 million shares of restricted stock to replace Cimarex restricted stock awards granted to certain employees. Because these restricted shares have non-forfeitable rights to dividends or dividend equivalents, the Company considers these shares as issued and outstanding shares of common stock. Purchase Price Allocation The transaction was accounted for using the acquisition method of accounting, with the Company being treated as the accounting acquirer. Under the acquisition method of accounting, the assets, liabilities and mezzanine equity of Cimarex and its subsidiaries were recorded at their respective fair values as of the effective date of the Merger. The purchase price allocation is complete and there were no material adjustments to the amounts disclosed herein. Determining the fair value of the assets and liabilities of Cimarex required judgment and certain assumptions to be made. The most significant fair value estimates related to the valuation of Cimarex’s oil and gas properties and certain other fixed assets, long-term debt and derivative instruments. Oil and gas properties and certain fixed assets were valued using an income and market approach utilizing Level 3 inputs including internally generated production and development data and estimated price and cost estimates. Long-term debt was valued using a market approach utilizing Level 1 inputs including observable market prices on the underlying debt instruments. Derivative liabilities were based on Level 3 inputs consistent with the Company’s other commodity derivative instruments. Refer to Note 6, “Fair Value Measurements,” for additional information. The following table represents the final allocation of the total purchase price of Cimarex to the identifiable assets acquired and the liabilities assumed based on the fair values as of the effective date of the Merger. (In millions, except share price and exchange ratio) Final Purchase Price Allocation Consideration: Cimarex common stock issued as of October 1, 2021 103 Less unvested common stock (3) Total Cimarex common stock to be converted 100 Exchange ratio 4.0146 Coterra common stock issued in exchange for Cimarex common stock 403 Coterra common stock issued for Cimarex share awards vested on October 1, 2021 5 Total shares of Coterra common stock issued 408 Coterra common stock closing price on October 1, 2021 $ 22.25 Total value of Coterra common stock issued $ 9,083 Total value of Coterra stock options issued 15 Total value of Coterra restricted stock awards issued 22 Total consideration $ 9,120 Assets acquired: Cash and cash equivalents $ 1,033 Accounts receivable 598 Other current assets 31 Properties and equipment 13,300 Other assets 324 Total assets acquired $ 15,286 Liabilities and Mezzanine Equity assumed: Accounts payable $ 528 Accrued liabilities 258 Derivative instruments, current 382 Other current liabilities 83 Long-term debt 2,196 Deferred income taxes 2,201 Asset retirement obligations 162 Derivative instruments, noncurrent 7 Other liabilities 299 Cimarex redeemable preferred stock 50 Total liabilities and mezzanine equity assumed $ 6,166 Net assets acquired $ 9,120 Post-Acquisition Operating Results Cimarex contributed the following to the Company’s 2021 consolidated operating results. (in millions) October 1, 2021 through December 31, 2021 Revenue $ 1,129 Net income 394 Unaudited Pro Forma Financial Information The results of Cimarex’s operations have been included in the Company’s consolidated financial statements since October 1, 2021, the effective date of the Merger. The following supplemental pro forma information for the years ended December 31, 2021 and 2020 has been prepared to give effect to the Cimarex acquisition as if it had occurred on January 1, 2020. The information below reflects pro forma adjustments based on available information and certain assumptions that Coterra believes are factual and supportable. The pro forma results of operations do not include any cost savings or other synergies that may result from the acquisition or any estimated costs that have been or will be incurred by Coterra to integrate the Cimarex assets. The pro forma information is not necessarily indicative of the results that might have occurred had the transaction actually taken place on January 1, 2020 and is not intended to be a projection of future results. Future results may vary significantly from the results reflected in the following pro forma information because of normal production declines, changes in commodity prices, future acquisitions and divestitures, future development and exploration activities and other factors. Year Ended December 31, (In millions, except per share information) 2021 2020 Pro forma revenue $ 5,236 $ 2,990 Pro forma net income (loss) 1,205 (2,189) Pro forma basic earnings (loss) per share $ 1.49 $ (2.71) Pro forma diluted earnings (loss) per share $ 1.48 $ (2.71) Other Information

Properties and Equipment, Net

Properties and Equipment, Net	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Properties and Equipment, Net	Properties and Equipment, Net Properties and equipment, net are comprised of the following: December 31, (In millions) 2022 2021 Proved oil and gas properties $ 17,085 $ 15,340 Unproved oil and gas properties 5,150 5,316 Gathering and pipeline systems 450 395 Land, buildings and other equipment 183 140 Finance lease right-of-use asset 16 20 22,884 21,211 Accumulated depreciation, depletion and amortization (5,405) (3,836) $ 17,479 $ 17,375 Capitalized Exploratory Well Costs As of and for the years ended December 31, 2022, 2021 and 2020, the Company did not have any projects with exploratory well costs capitalized for a period of greater than one year after drilling.

Long-Term Debt and Credit Agree

Long-Term Debt and Credit Agreements	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Long-Term Debt and Credit Agreements	Long-Term Debt and Credit Agreements The following table includes a summary of the Company’s long-term debt. December 31, (In millions) 2022 2021 Total debt 6.51% weighted-average private placement senior notes $ — $ 37 5.58% weighted-average private placement senior notes — 87 3.65% weighted-average private placement senior notes (1) 825 825 4.375% senior notes due June 1, 2024 (2) — 750 3.90% senior notes due May 15, 2027 (2) 750 750 4.375% senior notes due March 15, 2029 (2) 500 500 Revolving credit facility — — Total 2,075 2,949 Net premium 111 185 Unamortized debt issuance costs (5) (9) Long-term debt $ 2,181 $ 3,125 _______________________________________________________________________________ (1) The 3.65% weighted-average senior notes have bullet maturities of $575 million and $250 million due in September 2024 and 2026, respectively. (2) These notes were assumed by the Company in October 2021 in connection with the Merger. Subsequent to an exchange transaction completed in October 2021, approximately $130 million of these notes remain the unsecured and unsubordinated obligation of Cimarex, a subsidiary of the Company, at December 31, 2022. The following table includes a summary of Cimarex debt that was outstanding as of the consummation of the Merger on October 1, 2021: (In millions) Face Value Fair Value 4.375% senior notes due June 1, 2024 $ 750 $ 809 3.90% senior notes due May 15, 2027 750 823 4.375% senior notes due March 15, 2029 500 564 $ 2,000 $ 2,196 Private Placement Senior Notes The Company has various issuances of senior unsecured notes that were issued in separate private placements (the “private placement senior notes”). Interest on each of such series of private placement senior notes is payable semi-annually. Under the terms of the various note purchase agreements, the Company may prepay all or any portion of the notes of each series on any date at a price equal to the principal amount thereof plus accrued and unpaid interest plus a make-whole premium. During 2022, the Company repaid $37.0 million of its 6.51% weighted-average senior notes for $38 million and $87 million of its 5.58% weighted-average senior notes for $92 million prior to their original maturity dates, and recognized a net loss on debt extinguishment of $7 million. The note purchase agreements provide that the Company must maintain a minimum annual coverage ratio of consolidated cash flow to interest expense for the trailing four quarters of 2.8 to 1.0 and require a maximum ratio of total debt to consolidated EBITDA for the trailing four quarters of not more than 3.0 to 1.0. There are also various other covenants and events of default customarily found in such debt instruments. As of December 31, 2022, the Company was in compliance with its financial covenants under the private placement senior notes. Senior Notes In connection with the Merger in 2021, the Company assumed $2.0 billion of Cimarex debt (“Existing Cimarex Notes”) and completed a private exchange offer of $1.8 billion of the Existing Cimarex Notes for new Company notes (“Coterra Notes” and, together with the Existing Cimarex Notes, the “Senior Notes”). The Coterra Notes have the same interest rate and payment and maturity dates as the Existing Cimarex Notes for which they were exchanged. The Senior Notes are general, unsecured obligations of the Company. Interest on each series of Senior Notes is payable semi-annually. Under the terms of the indenture documents governing the Senior Notes, the Company may redeem all or any portion of the Senior Notes of each series on any date at a price equal to the principal amount thereof plus applicable redemption prices described in the governing indentures. The Company is also subject to various covenants and events of default customarily found in such debt instruments. In 2022, the Company redeemed the $750 million principal amount of its 4.375% Senior Notes for approximately $750 million and recognized a net gain on debt extinguishment of $35 million primarily due to the write off of the associated debt premiums and debt issuance costs. Revolving Credit Agreement On April 22, 2019, the Company entered into a second amended and restated credit agreement (the “revolving credit agreement”). The revolving credit agreement is unsecured. The revolving credit agreement was subsequently amended on July 17, 2021 to address certain matters precedent to the Merger with Cimarex and on September 16, 2021 to among other things: (1) remove the provisions which limited borrowings thereunder to an amount not to exceed the borrowing base and certain related provisions; (2) replace the then-existing financial maintenance covenants with a covenant requiring maintenance of a leverage ratio not more than 3.0 to 1.0; (3) provide that if, in the future, the Company no longer has any other indebtedness subject to a leverage-based financial maintenance covenant, then the leverage covenant shall be replaced by a covenant requiring maintenance of a ratio of total debt to total capitalization not to exceed 65 percent at any time; and (4) provide for changes to certain exceptions to the negative covenants to reflect the completion of the Merger. This amendment became effective upon completion of the Merger and closing of the debt exchange described above. The Company’s revolving credit facility matures in April 2024 and can be extended by one year upon the agreement of the Company and lenders holding at least 50 percent of the commitments under the revolving credit facility. As of December 31, 2022, the Company was in compliance with its financial covenants under the revolving credit agreement. Interest rates under the revolving credit facility are based on LIBOR or ABR indications, plus a margin which ranges from 112.5 to 175 basis points for LIBOR loans and from 12.5 to 75 basis points for ABR loans. The revolving credit facility also provides for a commitment fee on the unused available balance and is calculated at annual rates ranging from 12.5 to 27.5 basis points. From time to time, the Company uses the LIBOR benchmark rate for borrowings under its revolving credit facility. In July 2017, the U.K. Financial Conduct Authority (“FCA”) announced that it will no longer compel banks to submit rates that are currently used to calculate LIBOR after 2021. Subsequently in March 2021, the FCA announced some U.S. Dollar LIBOR tenors (overnight, 1 month, 3 month, 6 month and 12 month) will continue to be published until June 30, 2023. Regulators in the U.S. and other jurisdictions have been working to replace these rates with alternative reference interest rates that are supported by transactions in liquid and observable markets, such as the Secured Overnight Financing Rate (“SOFR”) for U.S. Dollar LIBOR. The Company’s revolving credit facility has a term that extends beyond June 30, 2023. The Company’s revolving credit facility also provides that in the event that the LIBOR benchmark rate is no longer available, the Company and its lenders will endeavor to establish an alternative interest rate based on the then prevailing market convention for purposes of LIBOR borrowings. The Company currently has no borrowings outstanding under its revolving credit facility and does not expect the transition to an alternative rate to have a material impact on its results of operations or cash flows. At December 31, 2022, there were no borrowings outstanding under the Company’s revolving credit facility and unused commitments were $1.5 billion.

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments As of December 31, 2022, the Company had the following outstanding financial commodity derivatives: 2023 Natural Gas First Quarter Second Quarter Third Quarter Fourth Quarter Waha gas collars Volume (MMBtu) 8,100,000 8,190,000 8,280,000 8,280,000 Weighted average floor ($/MMBtu) $ 3.03 $ 3.03 $ 3.03 $ 3.03 Weighted average ceiling ($/MMBtu) $ 5.39 $ 5.39 $ 5.39 $ 5.39 NYMEX collars Volume (MMBtu) 54,000,000 31,850,000 32,200,000 29,150,000 Weighted average floor ($/MMBtu) $ 5.12 $ 4.07 $ 4.07 $ 4.03 Weighted average ceiling ($/MMBtu) $ 9.34 $ 6.78 $ 6.78 $ 6.61 2023 Oil First Quarter Second Quarter WTI oil collars Volume (MBbl) 1,350 1,365 Weighted average floor ($/Bbl) $ 70.00 $ 70.00 Weighted average ceiling ($/Bbl) $ 116.03 $ 116.03 WTI Midland oil basis swaps Volume (MBbl) 1,350 1,365 Weighted average differential ($/Bbl) $ 0.63 $ 0.63 Effect of Derivative Instruments on the Consolidated Balance Sheet Fair Values of Derivative Instruments Derivative Assets Derivative Liabilities December 31, December 31, (In millions) Balance Sheet Location 2022 2021 2022 2021 Commodity contracts Derivative instruments (current) $ 146 $ 7 $ — $ 159 Offsetting of Derivative Assets and Liabilities in the Consolidated Balance Sheet December 31, (In millions) 2022 2021 Derivative assets Gross amounts of recognized assets $ 147 $ 27 Gross amounts offset in the consolidated balance sheet (1) (20) Net amounts of assets presented in the consolidated balance sheet 146 7 Gross amounts of financial instruments not offset in the consolidated balance sheet 2 — Net amount $ 148 $ 7 Derivative liabilities Gross amounts of recognized liabilities $ 1 $ 179 Gross amounts offset in the consolidated balance sheet (1) (20) Net amounts of liabilities presented in the consolidated balance sheet — 159 Gross amounts of financial instruments not offset in the consolidated balance sheet 1 35 Net amount $ 1 $ 194 Effect of Derivative Instruments on the Consolidated Statement of Operations Year Ended December 31, (In millions) 2022 2021 2020 Cash (paid) received on settlement of derivative instruments Gas contracts $ (438) $ (307) $ 35 Oil contracts (324) (124) — Non-cash gain on derivative instruments Gas contracts 149 99 26 Oil contracts 150 111 — $ (463) $ (221) $ 61 Additional Disclosures about Derivative Instruments The use of derivative instruments involves the risk that the counterparties will be unable to meet their obligations under the agreements. The Company’s counterparties are primarily commercial banks and financial service institutions that management believes present minimal credit risk and its derivative contracts are with multiple counterparties to minimize its exposure to any individual counterparty. The Company performs both quantitative and qualitative assessments of these counterparties based on their credit ratings and credit default swap rates where applicable. Certain counterparties to the Company’s derivative instruments are also lenders under its revolving credit facility. The Company’s revolving credit facility and derivative instruments contain certain cross default and acceleration provisions that may require immediate payment of the Company’s liabilities thereunder if the Company defaults on other material indebtedness. The Company also has netting arrangements with each of its counterparties that allow it to offset assets and liabilities from separate derivative contracts with that counterparty.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Financial Assets and Liabilities The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis: (In millions) Quoted Prices in Significant Other Significant Balance at Assets Deferred compensation plan $ 43 $ — $ — $ 43 Derivative instruments — — 147 147 Total assets $ 43 $ — $ 147 $ 190 Liabilities Deferred compensation plan $ 55 $ — $ — $ 55 Derivative instruments — — 1 1 Total liabilities $ 55 $ — $ 1 $ 56 (In millions) Quoted Prices in Significant Other Significant Balance at Assets Deferred compensation plan $ 47 $ — $ — $ 47 Derivative instruments — — 27 27 Total assets $ 47 $ — $ 27 $ 74 Liabilities Deferred compensation plan $ 56 $ — $ — $ 56 Derivative instruments — — 179 179 Total liabilities $ 56 $ — $ 179 $ 235 The Company’s investments associated with its deferred compensation plan consist of mutual funds and deferred shares of the Company’s common stock that are publicly traded and for which market prices are readily available. The derivative instruments were measured based on quotes from the Company’s counterparties or internal models. Such quotes and models have been derived using an income approach that considers various inputs, including current market and contractual prices for the underlying instruments, quoted forward commodity prices, basis differentials, volatility factors and interest rates for a similar length of time as the derivative contract term as applicable. Estimates are derived from or verified using relevant NYMEX futures contracts and/or are compared to multiple quotes obtained from counterparties. The determination of the fair values presented above also incorporates a credit adjustment for non-performance risk. The Company measured the non-performance risk of its counterparties by reviewing credit default swap spreads for the various financial institutions with which it has derivative contracts while non-performance risk of the Company is evaluated using a market credit spread provided by several of the Company’s banks. The Company has not incurred any losses related to non-performance risk of its counterparties and does not anticipate any material impact on its financial results due to non-performance by third parties. The most significant unobservable inputs relative to the Company’s Level 3 derivative contracts are basis differentials and volatility factors. An increase (decrease) in these unobservable inputs would result in an increase (decrease) in fair value, respectively. The Company does not have access to the specific assumptions used in its counterparties’ valuation models. Consequently, additional disclosures regarding significant Level 3 unobservable inputs were not provided. The following table sets forth a reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy: Year Ended December 31, (In millions) 2022 2021 2020 Balance at beginning of period $ (152) $ 24 $ — Total gain (loss) included in earnings (446) (532) 41 Settlement (gain) loss 744 356 (17) Transfers in and/or out of Level 3 — — — Balance at end of period $ 146 $ (152) $ 24 Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period $ 179 $ (154) $ 24 Non-Financial Assets and Liabilities The Company discloses or recognizes its non-financial assets and liabilities, such as impairments of oil and gas properties or acquisitions, at fair value on a nonrecurring basis. On October 1, 2021, the Company and Cimarex completed the Merger. In connection with the Merger, the assets acquired and liabilities assumed were recorded at fair value. The most significant fair value determinations for non-financial assets and liabilities related to oil and gas properties acquired. Refer to Note 2, “Acquisitions,” for additional information. As none of the Company’s other non-financial assets and liabilities were measured at fair value as of December 31, 2022, 2021 and 2020, additional disclosures were not required. The estimated fair value of the Company’s asset retirement obligations at inception is determined by utilizing the income approach by applying a credit-adjusted risk-free rate, which takes into account the Company’s credit risk, the time value of money, and the current economic state to the undiscounted expected abandonment cash flows. Given the unobservable nature of the inputs, the measurement of the asset retirement obligations was classified as Level 3 in the fair value hierarchy. Fair Value of Other Financial Instruments The estimated fair value of other financial instruments is the amount at which the instruments could be exchanged currently between willing parties. The carrying amounts reported in the Consolidated Balance Sheet for cash and cash equivalents and restricted cash approximate fair value, due to the short-term maturities of these instruments. Cash and cash equivalents and restricted cash are classified as Level 1 in the fair value hierarchy and the remaining financial instruments are classified as Level 2. The fair value of the Company’s Senior Notes is based on quoted market prices, which is classified as Level 1 in the fair value hierarchy. The Company uses available market data and valuation methodologies to estimate the fair value of its private placement senior notes. The fair value of the private placement senior notes is the estimated amount the Company would have to pay a third party to assume the debt, including a credit spread for the difference between the issue rate and the period end market rate. The credit spread is the Company’s default or repayment risk. The credit spread (premium or discount) is determined by comparing the Company’s senior notes and revolving credit facility to new issuances (secured and unsecured) and secondary trades of similar size and credit statistics for both public and private debt. The fair value of the private placement senior notes is based on interest rates currently available to the Company. The Company’s private placement senior notes are valued using an income approach and are classified as Level 3 in the fair value hierarchy. The carrying amount and estimated fair value of debt is as follows: December 31, 2022 December 31, 2021 (In millions) Carrying Estimated Carrying Estimated Long-term debt $ 2,181 $ 1,955 $ 3,125 $ 3,163

Asset Retirement Obligations

Asset Retirement Obligations	12 Months Ended
	Dec. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations Activity related to the Company’s asset retirement obligations is as follows: Year Ended December 31, (In millions) 2022 2021 2020 Balance at beginning of period $ 263 $ 86 $ 72 Liabilities assumed in Merger — 175 — Liabilities incurred 10 6 10 Liabilities settled (3) (10) — Liabilities divested (2) — — Accretion expense 9 6 4 Balance at end of period 277 263 $ 86 Less: current asset retirement obligation (6) (4) (1) Noncurrent asset retirement obligation $ 271 $ 259 $ 85

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Transportation, Processing and Gathering Agreements Transportation, Processing and Gathering Commitments The Company has entered into certain transportation and gathering agreements with various pipeline carriers. Under certain of these agreements, the Company is obligated to ship minimum daily quantities, or pay for any deficiencies at a specified rate. The Company’s forecasted production to be shipped on these pipelines is expected to exceed minimum daily quantities provided in the agreements. The Company is also obligated under certain of these arrangements to pay a demand charge for firm capacity rights on pipeline systems regardless of the amount of pipeline capacity utilized by the Company. If the Company does not utilize the capacity, it can release it to others, thus reducing its potential liability. As of December 31, 2022, the Company’s future minimum obligations under transportation and gathering agreements are as follows: (In millions) 2023 $ 108 2024 159 2025 169 2026 153 2027 159 Thereafter 901 $ 1,649 Other Gathering and Processing Volume Commitments The Company has entered into certain gas processing agreements. Under certain of these agreements, the Company is obligated to process minimum daily quantities, or pay for any deficiencies at a specified rate. The Company’s forecasted production to be processed under most of these agreements is expected to exceed minimum daily quantities provided in the agreements. As of December 31, 2022, the Company’s future minimum obligations under gas processing agreements are as follows: (In millions) 2023 $ 93 2024 96 2025 96 2026 84 2027 80 Thereafter 157 $ 606 The Company also has minimum volume delivery commitments associated with agreements to reimburse connection costs to various pipelines. Under certain of these agreements, the Company is obligated to deliver minimum daily quantities, or pay for any deficiencies at a specified rate. The Company’s forecasted production to be delivered under most of these agreements is expected to exceed minimum daily quantities provided in the agreements. As of December 31, 2022, the Company’s future minimum obligations under these delivery commitments are as follows: (In millions) 2023 $ 16 2024 19 2025 13 2026 13 2027 16 Thereafter 13 $ 90 As of December 31, 2022, the Company had accrued $14 million in other non-current liabilities associated with these commitments, representing the present value of estimated amounts payable due to insufficient forecasted delivery volumes. Water Delivery Commitments The Company has minimum volume water delivery commitments associated with a water services agreement that expires in 2030. The Company is obligated to deliver minimum daily quantities, or pay for any deficiencies at a specified rate. As of December 31, 2022, the Company’s future minimum obligations under this water delivery commitment are as follows: (In millions) 2023 $ 7 2024 7 2025 7 2026 7 2027 7 Thereafter 18 $ 53 As of December 31, 2022, the Company had accrued $20 million in other non-current liabilities associated with this commitment, representing the present value of estimated amounts payable due to insufficient forecasted delivery volumes. Lease Commitments The Company has operating leases for office space, surface use agreements, compressor services, electric hydraulic fracturing services, and other leases. The leases have remaining terms ranging from one month to 23 years, including options to extend leases that the Company is reasonably certain to exercise. During the year ended December 31, 2022, the Company recognized operating lease cost and variable lease cost of $104 million and $9 million, respectively. During the year ended December 31, 2021, the Company recognized operating lease cost and variable lease cost of $23 million and $6 million, respectively. Short-term leases. The Company leases drilling rigs, fracturing and other equipment under lease terms ranging from 30 days to one year. Lease cost of $265 million and $113 million was recognized on short-term leases during the year ended December 31, 2022 and 2021, respectively. Certain lease costs are capitalized and included in Properties and equipment, net in the Consolidated Balance Sheet because they relate to drilling and completion activities, while other costs are expensed because they relate to production and administrative activities. As of December 31, 2022, the Company’s future undiscounted minimum cash payment obligations for its operating lease liabilities are as follows: (In millions) Year Ending December 31, 2023 $ 126 2024 115 2025 101 2026 38 2027 9 Thereafter 47 Total undiscounted future lease payments 436 Present value adjustment (35) Net operating lease liabilities $ 401 As of December 31, 2022, the Company’s future undiscounted minimum cash payment obligations for its financing lease liabilities are as follows: (In millions) Year Ending December 31, 2023 $ 7 2024 7 2025 4 Total undiscounted future lease payments 18 Present value adjustment (1) Net financing lease liabilities $ 17 Supplemental cash flow information related to leases was as follows: Year Ended December 31, (In millions) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 104 $ 23 Financing cash flows from financing leases $ 6 $ 2 Information regarding the weighted-average remaining lease term and the weighted-average discount rate for operating and financing leases is summarized below: December 31, 2022 2021 Weighted-average remaining lease term (in years) Operating leases 4.6 5.7 Financing leases 2.7 3.7 Weighted-average discount rate Operating leases 3.3 % 2.4 % Financing leases 2.4 % 2.1 % Legal Matters Pennsylvania Office of Attorney General Matter On June 16, 2020, the Office of Attorney General of the Commonwealth of Pennsylvania (“OAG”) informed the Company that it would pursue certain misdemeanor and felony charges in a Susquehanna County Magisterial District Court against the Company related to alleged violations of the Pennsylvania Clean Streams Law. On November 29, 2022, the Company and the OAG resolved these charges, with the Company pleading no contest to one misdemeanor and the OAG dismissing the remaining charges. In addition, the Company agreed to (i) make a one-time payment of $16 million to fund a public water line (or fund permanent water treatment systems if the water line is not constructed), (ii) provide temporary water treatment pending construction of the water line (which is reimbursable from the $16 million payment), and (iii) make a donation of $2,500 to the Clean Water Fund. Concurrently, the Company and the Pennsylvania Department of Environmental Protection entered into a new Consent Order & Agreement dated November 29, 2022 (“COA”) concerning the nine-square mile area in Dimock, Pennsylvania. This COA replaced the December 15, 2010 Consent Order & Settlement Agreement and provides a framework for potential future development by utilizing horizontal drilling under the nine-square mile area, provided the Company satisfies certain conditions. The Company further agreed to (i) pay a fine of $444,000, (ii) investigate the feasibility of alleviating potential gas pressures near a specific pad, and (iii) plug and abandon various legacy wells no later than December 31, 2032. This COA also incorporates the requirements of the plea agreement regarding the $16 million payment and the provision regarding temporary water treatment. Securities Litigation In October 2020, a class action lawsuit styled Delaware County Emp. Ret. Sys. v. Cabot Oil and Gas Corp., et. al. (U.S. District Court, Middle District of Pennsylvania), was filed against the Company, Dan O. Dinges, its then Chief Executive Officer, and Scott C. Schroeder, its Chief Financial Officer, alleging that the Company made misleading statements in its periodic filings with the SEC in violation of Section 10(b) and Section 20 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The plaintiffs allege misstatements in the Company’s public filings and disclosures over a number of years relating to its potential liability for alleged environmental violations in Pennsylvania. The plaintiffs allege that such misstatements caused a decline in the price of the Company’s common stock when it disclosed in its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2019 two notices of violations from the Pennsylvania Department of Environmental Protection and an additional decline when it disclosed on June 15, 2020 the criminal charges brought by the Office of the Attorney General of the Commonwealth of Pennsylvania related to alleged violations of the Pennsylvania Clean Streams Law, which prohibits discharge of industrial wastes. The court appointed Delaware County Employees Retirement System to represent the purported class on February 3, 2021. In April 2021, the complaint was amended to include Phillip L. Stalnaker, the Company’s then Senior Vice President of Operations, as a defendant. The plaintiffs seek monetary damages, interest and attorney’s fees. Also in October 2020, a stockholder derivative action styled Ezell v. Dinges, et. al. (U.S. District Court, Middle District of Pennsylvania) was filed against the Company, Messrs. Dinges and Schroeder and the Board of Directors of the Company serving at that time, for alleged securities violations under Section 10(b) and Section 21D of the Exchange Act arising from the same alleged misleading statements that form the basis of the class action lawsuit described above. In addition to the Exchange Act claims, the derivative actions also allege claims based on breaches of fiduciary duty and statutory contribution theories. In December 2020, the Ezell case was consolidated with a second derivative case filed in the U.S. District Court, Middle District of Pennsylvania with similar allegations. In January 2021, a third derivative case was filed in the U.S. District Court, Middle District of Pennsylvania with substantially similar allegations and it too was consolidated with the Ezell case in February 2021. On February 25, 2021, the Company filed a motion to transfer the class action lawsuit to the U.S. District Court for the Southern District of Texas, in Houston, Texas, where its headquarters are located. On June 11, 2021, the Company filed a motion to dismiss the class action lawsuit on the basis that the plaintiffs’ allegations do not meet the requirements for pleading a claim under Section 10(b) or Section 20 of the Exchange Act. On June 22, 2021, the motion to transfer the class action lawsuit to the Southern District of Texas was granted. Pursuant to the prior agreement of the parties, the consolidated derivative case discussed in the preceding paragraph was also transferred to the Southern District of Texas on July 12, 2021. Subsequently, an additional stockholder derivative action styled Treppel Family Trust U/A 08/18/18 Lawrence A. Treppel and Geri D. Treppel for the benefit of Geri D. Treppel and Larry A. Treppel v. Dinges, et al. (U.S. District Court, Southern District of Texas, Houston Division), asserting substantially similar Delaware common law claims as in the existing derivative cases, was filed in the Southern District of Texas and consolidated with the existing consolidated derivative cases. On January 12, 2022, the U.S. District Court for the Southern District of Texas granted the Company’s motion to dismiss the class action lawsuit but allowed the plaintiffs to file an amended complaint. The class action plaintiffs filed their amended complaint on February 11, 2022. The Company filed a motion to dismiss the amended class action complaint on March 10, 2022. On August 10, 2022, the U.S. District Court for the Southern District of Texas granted in part and denied in part the Company’s motion to dismiss the amended class action complaint, dismissing certain claims with prejudice but allowing certain claims to proceed. The Company filed its answer to the amended class action complaint on September 14, 2022. With respect to the consolidated derivative cases, on April 1, 2022, the U.S. District Court for the Southern District of Texas granted the Company’s motion to dismiss such consolidated derivative cases but allowed the plaintiffs to file an amended complaint. The derivative plaintiffs filed their third amended complaint on May 16, 2022. The Company filed its motion to dismiss such amended complaint on June 24, 2022, and filed its reply in support of such motion to dismiss on September 4, 2022. The Company’s motion to dismiss the consolidated derivative cases is fully briefed and is pending for decision. The Company intends to vigorously defend the class action and derivative lawsuits. In November 2020, the Company received a stockholder demand for inspection of books and records under Section 220 of the General Corporation Law of the State of Delaware (“Section 220 Demand”). The Section 220 Demand seeks broad categories of documents reviewed by the Board of Directors and minutes of meetings of the Board of Directors pertaining to alleged environmental violations in Pennsylvania, as well as documents relating to any board of directors conflicts of interest, dating from January 1, 2015 to the present. The Company also received three other similar requests from other stockholders in February and June 2021. On May 17, 2021, the Company was served with a complaint filed in the Court of Chancery of the State of Delaware by the stockholder making the February 2021 Section 220 Demand to compel the production of books and records requested. After making an agreed books and records production, the Section 220 complaint was voluntarily dismissed effective September 21, 2021. The Company also provided substantially the same books and records production in response to the other three Section 220 requests described above. It is possible that one or more additional stockholder suits could be filed pertaining to the subject matter of the Section 220 Demands and the class and derivative actions described above. Other Legal Matters The Company is a defendant in various other legal proceedings arising in the normal course of business. All known liabilities are accrued when management determines they are probable based on its estimate of the potential loss. While the outcome and impact of these legal proceedings on the Company cannot be predicted with certainty, management believes that the resolution of these proceedings will not have a material effect on the Company’s financial position, results of operations or cash flows. Contingency Reserves When deemed necessary, the Company establishes reserves for certain legal proceedings. The establishment of a reserve is based on an estimation process that includes the advice of legal counsel and subjective judgment of management. While management believes these reserves to be adequate, it is reasonably possible that the Company could incur additional losses with respect to those matters for which reserves have been established. The Company believes that any such amount above the amounts accrued would not be material to the Consolidated Financial Statements. Future changes in facts and circumstances not currently known or foreseeable could result in the actual liability exceeding the estimated ranges of loss and amounts accrued.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Disaggregation of Revenue The following table presents revenues from contracts with customers disaggregated by product: Year Ended December 31, (In millions) 2022 2021 2020 OPERATING REVENUES Natural gas $ 5,469 $ 2,798 $ 1,405 Oil 3,016 616 — NGL 964 243 — Other 65 13 — $ 9,514 $ 3,670 $ 1,405 All of the Company’s revenues from contracts with customers represent products transferred at a point in time as control is transferred to the customer and generated in the U.S. Transaction Price Allocated to Remaining Performance Obligations A significant number of the Company’s product sales contracts are short-term in nature with a contract term of one year or less. For those contracts, the Company has utilized the practical expedient exempting the Company from disclosure of the transaction price allocated to remaining performance obligations if the performance obligation is part of a contract that has an original expected duration of one year or less. As of December 31, 2022, the Company has $7.2 billion of unsatisfied performance obligations related to natural gas sales that have a fixed pricing component and a contract term greater than one year. The Company expects to recognize these obligations over the next 16 years. Contract Balances

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense is summarized as follows: Year Ended December 31, (In millions) 2022 2021 2020 Current Federal $ 791 $ 207 $ (32) State 78 11 1 869 218 (31) Deferred Federal 217 119 68 State 18 7 4 235 126 72 Income tax expense $ 1,104 $ 344 $ 41 Income tax expense was different than the amounts computed by applying the statutory federal income tax rate as follows: Year Ended December 31, 2022 2021 2020 (In millions, except rates) Amount Rate Amount Rate Amount Rate Computed “expected” federal income tax $ 1,085 21.00 % $ 315 21.00 % $ 51 21.00 % State income tax, net of federal income tax benefit 93 1.80 % 24 1.59 % 5 1.86 % Deferred tax adjustment related to change in overall state tax rate (23) (0.45) % (7) (0.46) % 1 0.50 % Valuation allowance (66) (1.28) % 3 0.22 % (4) (1.58) % Excess executive compensation 10 0.20 % 15 1.03 % 5 2.18 % Reserve on uncertain tax positions 6 0.12 % 1 0.05 % 6 2.47 % Tax credits generated (34) (0.66) % (6) (0.39) % (23) (9.63) % Other, net 33 0.62 % (1) (0.14) % — 0.04 % Income tax expense $ 1,104 21.35 % $ 344 22.90 % $ 41 16.84 % In 2022, the Company's overall effective tax rate decreased compared to 2021, primarily due to a decrease in the non-deductible excess executive compensation paid in 2022 compared to 2021, tax benefits recorded in 2022 compared to 2021 from the release of valuation allowances primarily associated with state net operating loss carryforwards, and greater research and development tax credit benefits recorded in 2022 compared to 2021 related to amended prior-year returns. The overall effective tax rate increased in 2021 compared to 2020, primarily due to lower research and development tax credit benefits recorded in 2021 compared to 2020. The composition of net deferred tax liabilities is as follows: December 31, (In millions) 2022 2021 Deferred Tax Assets Net operating losses $ 196 $ 388 Incentive compensation 24 23 Deferred compensation 30 22 Post-retirement benefits 4 8 Capital loss carryforward 16 30 Other credit carryforwards 4 10 Leases 13 11 Derivative instruments — 35 Other 30 18 Less: valuation allowance (110) (177) Total 207 368 Deferred Tax Liabilities Properties and equipment 3,498 3,459 Equity method investments 1 1 Leases 14 9 Derivative instruments 33 — Total 3,546 3,469 Net deferred tax liabilities $ 3,339 $ 3,101 At December 31, 2022, the Company had federal net operating loss carryforwards of approximately $442 million, of which $378 million is subject to expiration in years 2035 through 2037, and of which $64 million does not expire. The Company has a valuation allowance on $37 million of the federal net operating losses, but believes the remaining $405 million will be fully utilized prior to expiration. The Company had gross state net operating losses of $2.6 billion at December 31, 2022, primarily expiring between 2022 and 2040, with all but $198 million covered by a valuation allowance. The Company had capital loss carryforwards of $71 million, which can only be used to offset future capital gains, and expires in 2024. Accordingly, all but $6 million has been offset with a valuation allowance. The Company also had enhanced oil recovery credits of $4 million at December 31, 2022 that are fully offset by valuation allowances. As of December 31, 2022, the Company had $8 million of valuation allowances on the deferred tax benefits related to federal net operating losses, $83 million of valuation allowances on the deferred tax benefits related to state net operating losses, $15 million of valuation allowances on the deferred tax benefits related to capital loss carryforwards, and $4 million of valuation allowances on the deferred tax benefits related to enhanced oil recovery credits. The Company believes it is more likely than not that the remainder of its deferred tax benefits will be utilized prior to their expiration. Unrecognized Tax Benefits A reconciliation of unrecognized tax benefits is as follows: Year Ended December 31, (In millions) 2022 2021 2020 Balance at beginning of period $ 7 $ 6 $ 1 Additions for tax positions of current period 1 1 — Additions for tax positions of prior periods 5 — 5 Balance at end of period $ 13 $ 7 $ 6 During 2022, the Company recorded a $1 million reserve for unrecognized tax benefits related to estimated current year research and development tax credits. In addition, the Company also recorded a $5 million reserve for unrecognized tax benefits related to research and development credits attributable to Cimarex for prior years. As of December 31, 2022, the Company’s overall net reserve for unrecognized tax positions was $13 million, with a $1 million liability for accrued interest on the uncertain tax positions. If recognized, the net tax benefit of $13 million would not have a material effect on the Company’s effective tax rate. The Company files income tax returns in the U.S. federal, various states and other jurisdictions. The Company is no longer subject to examinations by state authorities before 2012 or by federal authorities before 2017. The Company believes that appropriate provisions have been made for all jurisdictions and all open years, and that any assessment on these filings will not have a material impact on the Company’s financial position, results of operations or cash flows. Recent U.S. Tax Legislation

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans Postretirement Benefits The Company provides certain health care benefits for legacy retired employees of Cabot Oil & Gas Corporation, including their spouses, eligible dependents and surviving spouses (retirees). These benefits are commonly called postretirement benefits. The health care plans are contributory, with participants’ contributions adjusted annually. Most legacy employees of Cabot Oil & Gas Corporation become eligible for these benefits if they meet certain age and service requirements at retirement. The Company provided postretirement benefits to 320 retirees and their dependents at the end of 2022 and 364 retirees and their dependents at the end of 2021. During 2022, the Company amended its postretirement plans to phase out all postretirement benefits and freeze future participation in the plan. The plan amendment provides that certain employees will be grandfathered and remain eligible for future participation in the pre-65 plan upon their retirement based on certain age and years of service criteria, while the post-65 benefit for all plan participants that reach the age of 65 after December 31, 2022, including current retirees participating the pre-65 plan, will be eliminated. Existing retirees participating in both the pre-65 and post-65 plans prior to December 31, 2022 will continue to receive benefits under the plan until the age of 65 in the case of the pre-65 participants, or voluntary termination of benefits or by death in the case of post-65 participants. Obligations and Funded Status The funded status represents the difference between the accumulated benefit obligation of the Company’s postretirement plan and the fair value of plan assets at December 31. The postretirement plan does not have any plan assets; therefore, the unfunded status is equal to the amount of the December 31 accumulated benefit obligation. The change in the Company’s postretirement benefit obligation is as follows: Year Ended December 31, (In millions) 2022 2021 2020 Change in Benefit Obligation Benefit obligation at beginning of period $ 35 $ 33 $ 34 Service cost 2 2 2 Interest cost 1 1 1 Actuarial (gain) loss (15) 1 (2) Benefits paid (2) (2) (2) Plan amendments (3) — — Benefit obligation at end of period $ 18 $ 35 $ 33 Change in Plan Assets Fair value of plan assets at end of period — — — Funded status at end of period $ (18) $ (35) $ (33) Amounts recognized in balance sheet Current liabilities $ 1 $ 2 $ 2 Non-current liabilities 17 33 31 Net amount $ 18 $ 35 $ 33 Amounts recognized in accumulated other comprehensive income (loss) Net actuarial (gain) loss $ (15) $ — $ — Prior service credit (3) (2) (3) Total $ (18) $ (2) $ (3) Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) Year Ended December 31, (In millions) 2022 2021 2020 Components of Net Periodic Postretirement Benefit Cost Service cost $ 2 $ 2 $ 2 Interest cost 1 1 1 Amortization of prior service credit (1) (1) (1) Net periodic postretirement cost $ 2 $ 2 $ 2 Recognized curtailment gain (1) — — Total post retirement cost $ 1 $ 2 $ 2 Other Changes in Benefit Obligations Recognized in Other Comprehensive Income Net gain $ (15) $ — $ (2) Prior service credit (1) — — Amortization of prior service credit 1 1 1 Total recognized in other comprehensive income (15) 1 (1) Total recognized in net periodic benefit cost (income) and other comprehensive income $ (14) $ 3 $ 1 Assumptions Assumptions used to determine projected postretirement benefit obligations and postretirement costs are as follows: December 31, 2022 2021 2020 Discount rate (1) 5.55 % 2.85 % 2.65 % Health care cost trend rate for medical benefits assumed for next year (pre-65) 8.00 % 6.50 % 6.75 % Health care cost trend rate for medical benefits assumed for next year (post-65) 4.50 % 4.75 % 5.00 % Ultimate trend rate (pre-65) 4.50 % 4.50 % 4.50 % Ultimate trend rate (post-65) 4.50 % 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate (pre-65) 2030 2030 2030 Year that the rate reaches the ultimate trend rate (post-65) 2023 2023 2023 _______________________________________________________________________________ (1) Represents the year end rates used to determine the projected benefit obligation. To compute postretirement cost in 2022, 2021 and 2020, the beginning of year discount rates of 2.85 percent , 2.65 percent and 3.50 percent, respectively, were used. Coverage provided to participants age 65 and older is under a fully-insured arrangement. The Company subsidy is limited to 60 percent of the expected annual fully-insured premium for participants age 65 and older. For all participants under age 65, the Company subsidy for all retiree medical and prescription drug benefits, beginning January 1, 2006, was limited to an aggregate annual amount not to exceed $648,000. This limit increases by three percent annually thereafter. Cash Flows Contributions. The Company expects to contribute approximately $1 million to the postretirement benefit plan in 2023. Estimated Future Benefit Payments. The following estimated benefit payments under the Company’s postretirement plans, which reflect expected future service, are expected to be paid as follows: (In millions) 2023 $ 1 2024 1 2025 1 2026 1 2027 1 Years 2028 - 2032 6 Retirement Savings Plan The Company has a Retirement Savings Plan (“RSP”), which is a defined contribution plan. The Company matches a portion of employees’ contributions in cash. Participation in the RSP is voluntary and all employees of the Company are eligible to participate. The Company matches employee contributions dollar-for-dollar, up to the maximum Internal Revenue Service (“IRS”) limit, on the first six percent of an employee’s pretax earnings. The RSP also provides for discretionary contributions in an amount equal to 10 percent of an eligible plan participant’s salary and bonus. In connection with the Merger, the Company assumed the Cimarex Energy Co. 401(k) Plan (the “401(k) Plan”) with respect to Cimarex employees. The Company maintained this plan throughout the integration process and terminated this plan effective December 31, 2022, with all legacy Cimarex employees becoming eligible for the Company’s RSP effective January 1, 2023. During the years ended December 31, 2022, 2021 and 2020, the Company made aggregate contributions to the RSP and 401(k) Plan of $12 million, $7 million and $6 million, respectively, which are included in general and administrative expense in the Consolidated Statement of Operations. The Company’s common stock was an investment option within the RSP and the 401(k) Plan. Effective December 31, 2022, investment in the Company’s common stock is no longer an option. Deferred Compensation Plans The Company has deferred compensation plans which are available to officers and select employees and act as a supplement to the RSP. The Internal Revenue Code does not cap the amount of compensation that may be taken into account for purposes of determining contributions to the deferred compensation plans and does not impose limitations on the amount of contributions to the deferred compensation plans. At the present time, the Company anticipates making a contribution to the deferred compensation plans on behalf of a participant in the event that Internal Revenue Code limitations cause a participant to receive less than the Company contribution under the RSP. The assets of the deferred compensation plans are held in a rabbi trust and are subject to additional risk of loss in the event of bankruptcy or insolvency of the Company. Under the deferred compensation plans, the participants direct the deemed investment of amounts credited to their accounts. The trust assets are invested in either mutual funds that cover the investment spectrum from equity to money market, or may include holdings of the Company’s common stock, which is funded by the issuance of shares to the trust. The mutual funds are publicly traded and have market prices that are readily available. The Company’s common stock is no longer an investment option in the deferred compensation plan effective December 31, 2022. All outstanding Coterra shares previously held in the trust will be liquidated in March 2023. Shares of the Company’s stock currently held in the deferred compensation plan represent vested performance share awards that were previously deferred into the rabbi trust. Settlement payments are made to participants in cash, either in a lump sum or in periodic installments. The market value of the trust assets, excluding the Company’s common stock, was $43 million and $47 million at December 31, 2022 and 2021, respectively, and is included in other assets in the Consolidated Balance Sheet. Related liabilities, including the Company’s common stock, totaled $55 million and $56 million at December 31, 2022 and 2021, respectively, and are included in other liabilities in the Consolidated Balance Sheet. Increases (decreases) in the fair value of the Company’s common stock are recognized as compensation expense (benefit) in general and administrative expense in the Consolidated Statement of Operations. There is no impact on earnings or earnings per share from the changes in market value of the other deferred compensation plan assets because the changes in market value of the trust assets are offset completely by changes in the value of the liability, which represents trust assets belonging to plan participants. As of December 31, 2022 and 2021, 495,774 shares of the Company’s common stock were held in the rabbi trust, respectively. These shares were recorded at the market value on the date of deferral, which totaled $5 million and is included in additional paid-in capital in stockholders’ equity in the Consolidated Balance Sheet. On September 30, 2021, certain executives of the Company entered into letter agreements whereby, in exchange for the cancellation of their rights under their change-in-control agreements and the non-competition and non-solicitation provisions contained in the letter agreements, each such executive would receive a contribution into his or her deferred compensation account at the effective time of the Merger. On October 1, 2021, the Company made deferred contribution payments totaling approximately $19 million into such executives’ deferred compensation accounts. All of such contributions are fully vested. In connection with the Merger, the Company assumed the Cimarex deferred compensation plan. The market value of the trust assets and related liabilities was $27 million at the effective date of the Merger, October 1, 2021. Subsequent to the completion of the Merger, in October 2021, the Company distributed $27 million to the plan participants as a result of the change-in-control provision under the plan. The Company made contributions to the deferred compensation plans of $1 million, $20 million and $1 million in 2022, 2021 and 2020, respectively, which are included in general and administrative expense in the Consolidated Statement of Operations.

Capital Stock

Capital Stock	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Capital Stock	Capital Stock Issuance of Common Stock Following the effectiveness of the Merger, on October 1, 2021, the Company issued approximately 408.2 million shares of its common stock to Cimarex stockholders under the terms of the Merger Agreement. In October 2021, in accordance with the Merger Agreement, the Company issued 3.4 million shares of restricted stock to replace Cimarex restricted stock awards granted to certain employees. Because these awards have non-forfeitable rights to dividends or dividend equivalents, the Company considers these shares as issued common stock. Increase in Number of Authorized Shares On September 29, 2021, the Company’s stockholders approved an amendment to the Company’s certificate of incorporation to increase the number of authorized shares of Company common stock from 960,000,000 shares to 1,800,000,000 shares. That amendment became effective on October 1, 2021. Dividends Common Stock The following table summarizes the dividends the Company has paid on its common stock during 2022, 2021 and 2020: Rate per share Base Variable Total Total Dividends Paid (In millions) 2022: First quarter $ 0.15 $ 0.41 $ 0.56 $ 455 Second quarter 0.15 0.45 0.60 484 Third quarter 0.15 0.50 0.65 519 Fourth quarter 0.15 0.53 0.68 533 Total year-to-date $ 0.60 $ 1.89 $ 2.49 $ 1,991 2021: First quarter $ 0.10 $ — $ 0.10 $ 40 Second quarter 0.11 — 0.11 44 Third quarter 0.11 — 0.11 44 Fourth quarter (1) 0.13 0.67 0.80 651 Total year-to-date $ 0.45 $ 0.67 $ 1.12 $ 779 2020: First quarter $ 0.10 $ — $ 0.10 $ 40 Second quarter 0.10 — 0.10 40 Third quarter 0.10 — 0.10 40 Fourth quarter 0.10 — 0.10 39 Total year-to-date $ 0.40 $ — $ 0.40 $ 159 _______________________________________________________________________________ (1) Includes a special dividend of $0.50 per share on the Company’s common stock that was paid in connection with the completion of the Merger. Subsequent Event. In February 2023, the Company’s Board of Directors approved an increase in the base quarterly dividend from $0.15 per share to $0.20 per share beginning in the first quarter of 2023, and approved a quarterly base dividend of $0.20 per share and a variable dividend of $0.37 per share, resulting in a base-plus-variable dividend of $0.57 per share on the Company’s common stock. Cimarex Redeemable Preferred Stock During 2022 and 2021, the Company paid dividends of $1 million each year, or $20.3125 per share on the outstanding shares of Preferred Stock (as defined below) issued by Cimarex. Treasury Stock In February 2022, the Company’s Board of Directors terminated the previously authorized share repurchase program and authorized a new share repurchase program. This new share repurchase program authorized the Company to purchase up to $1.25 billion of the Company’s common stock in the open market or in negotiated transactions. During 2022, the Company repurchased 48 million shares of common stock for $1.25 billion under the February 2022 share repurchase program. During 2021 and 2020, there were no share repurchases under the prior share repurchase program. As of December 31, 2022, the Company’s February 2022 repurchase program was fully executed. During 2022 and 2021, the Company withheld 320,236 and 125,067 shares of common stock, respectively, valued at $9 million and $3 million, respectively, related to shares withheld for taxes upon the vesting of certain restricted stock awards. In December 2022, the Company’s Board of Directors authorized the retirement of the Company’s common stock held in treasury and as of December 31, 2022, there were no common shares held in treasury stock on the Consolidated Balance Sheet. Prospectively, share repurchases and shares withheld for the vesting of stock awards will be retired in the period in which they are repurchased or withheld. Subsequent Event. In February 2023, the Company’s Board of Directors approved a new share repurchase program which authorizes the purchase of up to $2.0 billion of the Company’s common stock. Dividend Restrictions The Board of Directors of the Company determines the amount of future cash dividends, if any, to be declared and paid on the common stock depending on, among other things, the Company’s financial condition, funds from operations, the level of its capital and exploration expenditures and its future business prospects. None of the senior note or credit agreements in place have restricted payment provisions or other provisions which currently limit the Company’s ability to pay dividends. Cimarex Redeemable Preferred Stock In October 2021, in connection with the Merger, the Company effectively assumed the obligations associated with Cimarex’s preferred stock, par value $0.01 per share, designated as 8 1/8% Series A Cumulative Perpetual Convertible Preferred Stock (the “Preferred Stock”). The Preferred Stock was originally issued by Cimarex and remains on the Cimarex balance sheet after the Merger. The fair value of the Preferred Stock as of the effective date of the Merger was $50 million. The Company accounts for the Preferred Stock as a non-controlling interest, which is immaterial for reporting purposes. In May 2022, the holders of 21,900 shares of Preferred Stock elected to convert their Preferred Stock into Coterra common stock and cash. As a result of the conversion, the holders received 809,846 shares of Coterra common stock and $10 million in cash according to the terms of the Certificate of Designations for the Preferred Stock. The book value of the converted shares was $39 million, and upon conversion the excess of carrying value over cash paid was credited to additional paid-in capital. There was no gain or loss recognized on the transaction because it was completed in accordance with the original terms of the Certificate of Designations for the Preferred Stock. At December 31, 2022, there were 6,125 shares of Preferred Stock outstanding with a carrying value of $11 million.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Incentive Plans Cabot Oil & Gas Corporation 2014 Incentive Plan On May 1, 2014, the Company’s stockholders approved the Cabot Oil & Gas Corporation 2014 Incentive Plan (the “2014 Plan”). Under the 2014 Plan, incentive and non-statutory stock options, stock appreciation rights (“SARs”), stock awards, cash awards and performance share awards may be granted to key employees, consultants and officers of the Company. Non-employee directors of the Company may be granted discretionary awards under the 2014 Plan consisting of stock options or stock awards. A total of 18.0 million shares of common stock may be issued under the 2014 Plan. Under the 2014 Plan, no more than 10.0 million shares may be issued pursuant to incentive stock options. No additional awards may be granted under the 2014 Plan on or after May 1, 2024. At December 31, 2022, approximately 9.5 million shares are available for issuance under the 2014 Plan. Cimarex Energy Co. Amended and Restated 2019 Equity Incentive Plan In connection with the Merger, the Company assumed all rights and obligations under the Cimarex Energy Co. Amended and Restated 2019 Equity Incentive Plan (the “2019 Plan”) and the Company will be entitled to grant equity or equity-based awards with respect to Coterra common stock under the 2019 Plan to current or former employees of Cimarex, to the extent permissible under applicable law and NYSE listing rules. The 2019 Plan provides for grants of stock options, SARs, restricted stock, restricted stock units, performance stock units, cash awards and other stock-based awards. As of December 31, 2022, approximately 35.2 million shares of Coterra common stock are available for issuance under the 2019 Plan, subject to certain limitations. General Stock-based compensation expense of awards issued under the Company’s incentive plans, and the income tax benefit of awards vested and exercised, are as follows: Year Ended December 31, (In millions) 2022 2021 2020 Restricted stock units - employees and non-employee directors $ 31 $ 6 $ 2 Restricted stock awards 20 6 — Performance share awards (1) 22 41 40 Deferred performance shares 2 1 (1) Dividend equivalents 11 3 2 Total stock-based compensation expense $ 86 $ 57 $ 43 Income tax benefit $ 20 $ 24 $ 10 _______________________________________________________________________________ (1) In accordance with the Merger Agreement, the Company recognized approximately $18 million of stock-based compensation expense in the fourth quarter of 2021 associated with the acceleration of vesting of certain performance share awards. In the third quarter of 2022, the Company recognized approximately $7 million of stock-based compensation expense associated with the acceleration of vesting of certain employee performance awards. Restricted Stock Units - Employees Restricted stock units are granted from time to time to employees of the Company. The fair value of restricted stock unit grants is based on the closing stock price on the grant date. Restricted stock units generally vest either at the end of a three year service period or on a graded or graduated vesting basis at each anniversary date over a three For awards that vest at the end of the service period, expense is recognized ratably using a straight-line approach over the service period. Under the graded or graduated approach, the Company recognizes compensation cost ratably over the requisite service period, as applicable, for each separately vesting tranche as though the awards are, in substance, multiple awards. For most restricted stock units, vesting is dependent upon the employees’ continued service with the Company, with the exception of employment termination due to death, disability or, if applicable, retirement. If retirement protection is included in the grant award, the Company accelerates the vesting period for retirement-eligible employees for purposes of recognizing compensation expense in accordance with the vesting provisions of the Company’s stock-based compensation programs. The Company used an annual forfeiture rate assumption ranging from zero to five percent for purposes of recognizing stock-based compensation expense for these restricted stock units. The annual forfeiture rates were based on the Company’s actual forfeiture history or expectations for this type of award to various employee groups. The following table is a summary of restricted stock unit award activity: Year Ended December 31, 2022 Shares Weighted- Outstanding at beginning of period 1,286,471 $ 21.00 Granted 2,249,405 24.81 Vested (316,322) 22.75 Forfeited (31,410) 25.25 Outstanding at end of period 3,188,144 $ 23.47 The weighted-average grant date fair value per unit granted during 2022 and 2021 was $24.81 and $20.83, respectively. There were no units granted in 2020. Restricted Stock Units - Non-Employee Directors Restricted stock units are granted from time to time to non-employee directors of the Company. The fair value of the restricted stock units is based on the closing stock price on the grant date. Prior to 2022, these units vested on the grant date, compensation was recorded immediately and the shares of the Company’s common stock are issued when the director ceases to be a director of the Company. Beginning in 2022, these units will generally vest the earlier of a one-year service period or termination from the Board of Directors with compensation expense recognized ratably over the vesting period and the units will be settled in shares of the Company’s common stock on the vesting date. The Company did not use an annual forfeiture rate for purposes of recognizing stock-based compensation expense for these restricted stock units. The annual forfeiture rate assumption was based on the Company’s actual forfeiture history or expectations for this type of award. The following table is a summary of restricted stock unit award activity: Year Ended December 31, 2022 Shares Weighted- Outstanding at beginning of period 245,898 $ 20.41 Granted 45,472 35.19 Vested — — Forfeited — — Outstanding at end of period 291,370 $ 22.72 The weighted-average grant date fair value per unit granted during 2022, 2021 and 2020 was $35.19, $18.51 and $15.88, respectively. Restricted Stock Awards Restricted stock awards are granted from time to time to employees of the Company. The fair value of restricted stock grants is based on the closing stock price on the grant date. Restricted stock awards generally vest either at the end of a three year service period or on a graded or graduated vesting basis at each anniversary date over a three year service period. For awards that vest at the end of the service period, expense is recognized ratably using a straight-line approach over the service period. Under the graded or graduated approach, the Company recognizes compensation cost ratably over the requisite service period, as applicable, for each separately vesting tranche as though the awards are, in substance, multiple awards. For most restricted stock awards, vesting is dependent upon the employees’ continued service with the Company, with the exception of employment termination due to death, disability or, if applicable, retirement. If retirement protection is included in the grant award, the Company accelerates the vesting period for retirement-eligible employees for purposes of recognizing compensation expense in accordance with the vesting provisions of the Company’s stock-based compensation programs. The Company used an annual forfeiture rate assumption of ranging from zero to 15 percent for purposes of recognizing stock-based compensation expense for restricted stock awards. The annual forfeiture rates were based on the Company’s actual forfeiture history for this type of award to various employee groups. The following table is a summary of restricted stock award activity: Year Ended December 31, 2022 Shares Weighted- Outstanding at beginning of period 3,019,183 $ 22.25 Granted — — Vested (813,812) 22.25 Forfeited (136,397) 22.25 Outstanding at end of period 2,068,974 $ 22.25 On October 1, 2021, the Company granted 3,364,354 shares of restricted stock, with a grant date value of $22.25 per share. These awards were replacement awards granted to Cimarex employees as provided under the Merger Agreement. The fair value of these awards was measured based on the closing stock price on the closing date of the Merger (grant date). The remaining outstanding awards will vest over the next two years. Approximately $22 million of the grant date value was recognized as merger consideration and the remaining fair value will be recognized as stock-based compensation expense over the respective vesting periods. There were no restricted stock awards granted in 2022. Performance Share Awards From time to time, the Company grants performance share awards that are based on performance conditions measured against the Company’s internal performance metrics or based on the Company’s performance relative to a predetermined peer group and/or industry-related indices (“TSR Performance Share Awards”). The performance period for these awards generally commences on February 1 of the respective year in which the award was granted and extends over a three-year performance period. For most performance share awards, vesting is dependent upon the employees’ continued service with the Company, with the exception of employment termination due to death, disability or, if applicable, retirement. For all outstanding performance share awards, the Company did not use an annual forfeiture rate for purposes of recognizing stock-based compensation expense for its performance share awards. The annual forfeiture rate assumption was based on the Company’s actual forfeiture history or expectations for this type of award. Performance Share Awards Based on Internal Performance Metrics The fair value of performance share award grants based on internal performance metrics is based on the closing stock price on the grant date. Each performance share award represents the right to receive up to 100 percent of the award in shares of common stock. Employee Performance Share Awards. The Employee Performance Share Awards vest at the end of the three-year performance period and the performance metric are set by the Company’s Compensation Committee. An employee will earn 100 percent of the award on the third anniversary, provided that the Company averages $100 million or more of operating cash flow during the three-year performance period. Based on the Company’s probability assessment at December 31, 2022, it is considered probable that all of the criteria for these awards will be met. The following table is a summary of activity for Employee Performance Share Awards: Year Ended December 31, 2022 Shares Weighted- Outstanding at beginning of period 1,858,104 $ 18.93 Granted — — Vested (1,775,790) 18.88 Forfeited (9,000) 17.20 Outstanding at end of period 73,314 $ 20.46 During 2022, the compensation committee of the Board of Directors of the Company certified that the performance conditions f or certain of the Employee Performance Share Awards that were granted in 2020 and 2021 had been met. In July 2022, 1,775,790 shares with a grant date fair value of $22 million were issued and fully vested. Performance Share Awards Based on Market Conditions These awards have both an equity and liability component, with the right to receive up to the first 100 percent of the award in shares of common stock and the right to receive up to an additional 100 percent of the value of the award in excess of the equity component in cash. The equity portion of these awards is valued on the grant date and is not marked to market, while the liability portion of the awards is valued as of the end of each reporting period on a mark-to-market basis. The Company calculates the fair value of the equity and liability portions of the awards using a Monte Carlo simulation model. TSR Performance Share Awards. The TSR Performance Share Awards granted are earned, or not earned, based on the comparative performance of the Company’s common stock measured against a predetermined group of companies in the Company’s peer group and certain industry-related indices over a three-year performance period. The Company’s TSR Performance Share Awards also include a feature that will reduce the potential cash component of the award if the actual performance is negative over the three-year period and the base calculation indicates an above-target payout. The following table is a summary of activity for the TSR Performance Share Awards: Year Ended December 31, 2022 Shares Weighted- Average Grant Date Fair Value per Unit (1) Outstanding at beginning of period — $ — Granted 1,161,599 17.89 Vested — — Forfeited — — Outstanding at end of period 1,161,599 $ 17.89 _______________________________________________________________________________ (1) The grant date fair value figures in this table represent the fair value of the equity component of the performance share awards. The following table reflects certain balance sheet information of outstanding TSR Awards: December 31, (In millions) 2022 2021 Other non-current liabilities $ 3 $ — The following table reflects certain cash payments related to the vesting of TSR Awards: Year Ended December 31, (In millions) 2022 2021 2020 Cash payments for TSR awards $ — $ — $ 14 The following assumptions were used to determine the grant date fair value of the equity component of the TSR Performance Share Awards for the respective periods: Year Ended December 31, 2022 2021 2020 Fair value per performance share award granted during the period $ 9.01 $ 16.07 $ 13.79 Assumptions Stock price volatility 42.6 % 39.8 % 29.5 % Risk free rate of return 4.4 % 0.2 % 1.4 % The following assumptions were used to determine the fair value of the liability component of the TSR Performance Share Awards for the respective periods: December 31, 2022 2021 2020 Fair value per performance share award at the end of the period $14.92 $ — $10.37 - $10.81 Assumptions Stock price volatility 42.6 % — % 42.4% - 52.4% Risk free rate of return 4.4 % — % 0.1% The stock price volatility was calculated using historical closing stock price data for the Company for the period associated with the expected term through the grant date of each award. The risk free rate of return percentages are based on the continuously compounded equivalent of the U.S. Treasury within the expected term as measured on the grant date. Other Information The following table reflects the aggregate fair value of awards and units that vested during the respective period: December 31, (In millions) 2022 2021 2020 Restricted stock units - employees and non-employee directors $ 9 $ 11 $ — Restricted stock awards 22 7 — Performance share awards 45 84 25 $ 76 $ 102 $ 25 The following table reflects the unrecognized stock-based compensation and the related weighted-average recognition period associated with the unvested awards and units as of December 31, 2022: Unrecognized Stock-Based Compensation Weighted-Average Period For Recognition Restricted stock units - employees and non-employee directors $ 48 2.2 Restricted stock awards 21 1.4 Performance share awards 15 1.9 $ 84 Stock Option Awards On October 1, 2021, the Company granted stock option awards to purchase 1,577,554 shares of the Company’s common stock with exercise prices ranging from $8.47 to $28.72 per share. These awards were replacement awards granted to Cimarex employees as provided under the Merger Agreement and were fully vested on the closing date of the Merger. The grant date fair value of approximately $14 million was recognized as merger consideration and, accordingly, no compensation expense will be recognized by the Company related to these awards, as there is no future service requirement for the holders of these awards . The following table is a summary of activity for the Stock Option Awards: Year Ended December 31, 2022 Shares Weighted- Outstanding at beginning of period 1,355,352 $ 17.35 Granted — — Exercised (780,606) 16.29 Forfeited or Expired (38,137) 28.67 Outstanding at end of period (1) 536,609 $ 18.08 Exercisable at end of period (1) 536,609 $ 18.08 _______________________________________________________________________________ (1) The intrinsic value of a stock option is the amount by which the current market value of the underlying stock exceeds the exercise price of the stock option. The aggregate intrinsic value of stock options outstanding and exercisable at December 31, 2022 was $4 million and $4 million, respectively. The weighted-average remaining contractual term is 2.6 years. Deferred Performance Shares As of December 31, 2022, 495,774 shares of the Company’s common stock representing vested performance share awards were deferred into the deferred compensation plan. During 2022, no shares were sold out of the plan. During 2022, an increase to the deferred compensation liability of $2 million was recognized, which represents the increase in the closing price of the Company’s shares held in the trust during the period. The increase in compensation expense was included in general and administrative expense in the Consolidated Statement of Operations.

Earnings per Common Share

Earnings per Common Share	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings per Common Share	Earnings per Common Share Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is similarly calculated except that the common shares outstanding for the period is increased using the treasury stock and as-if-converted methods to reflect the potential dilution that could occur if outstanding stock awards were vested or exercised at the end of the applicable period. Anti-dilutive shares represent potentially dilutive securities that are excluded from the computation of diluted income or loss per share as their impact would be anti-dilutive. The following is a calculation of basic and diluted net earnings per common share under the two-class method: Year Ended December 31, (In millions except per share amounts) 2022 2021 2020 Income (Numerator) Net income $ 4,065 $ 1,158 $ 201 Less: dividends attributable to participating securities (7) (2) — Less: Cimarex redeemable preferred stock dividends (1) (1) — Net income available to common stockholders $ 4,057 $ 1,155 $ 201 Shares (Denominator) Weighted average shares - Basic 796 503 399 Dilution effect of stock awards at end of period 3 1 2 Weighted average shares - Diluted 799 504 401 Earnings per share: Basic $ 5.09 $ 2.30 $ 0.50 Diluted $ 5.08 $ 2.29 $ 0.50 The following is a calculation of weighted-average shares excluded from diluted EPS due to the anti-dilutive effect: Year Ended December 31, (In millions) 2022 2021 2020 Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method 1 1 —

Restructuring Costs

Restructuring Costs	12 Months Ended
	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring Costs	Restructuring Costs During 2022 and 2021, the Company recognized $52 million and $44 million, respectively, of restructuring costs that are primarily related to workforce reductions and associated severance benefits that were triggered by the Merger. The following table summarizes the Company’s restructuring liabilities: Year Ended December 31, (In millions) 2022 2021 Balance at beginning of period $ 43 $ — Additions related to merger integration 52 44 Reductions related to merger integration payments (18) (1) Balance at end of period $ 77 $ 43

Additional Balance Sheet Inform

Additional Balance Sheet Information	12 Months Ended
	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Additional Balance Sheet Information	Additional Balance Sheet Information Certain balance sheet amounts are comprised of the following: December 31, (In millions) 2022 2021 Accounts receivable, net Trade accounts $ 1,067 $ 922 Joint interest accounts 108 83 Other accounts 48 34 1,223 1,039 Allowance for doubtful accounts (2) (2) $ 1,221 $ 1,037 Other assets Deferred compensation plan $ 43 $ 47 Debt issuance cost 3 5 Operating lease right-of-use assets 382 317 Other accounts 36 20 $ 464 $ 389 Accounts payable Trade accounts $ 27 $ 94 Royalty and other owners 438 315 Accrued transportation 85 96 Accrued capital costs 148 88 Accrued lease operating costs 32 29 Taxes other than income 73 60 Other accounts 41 65 $ 844 $ 747 Accrued liabilities Employee benefits $ 74 $ 81 Taxes other than income 62 13 Restructuring liability 39 43 Operating lease liabilities 114 69 Financing lease liabilities 6 14 Other accounts 33 40 $ 328 $ 260 Other liabilities Deferred compensation plan $ 55 $ 56 Postretirement benefits 17 33 Operating lease liabilities 287 248 Financing lease liabilities 11 7 Restructuring liability 38 — Other accounts 92 63 $ 500 $ 407

Interest Expense, net

Interest Expense, net	12 Months Ended
	Dec. 31, 2022
Interest Income (Expense), Net [Abstract]
Interest Expense, net	Interest Expense, net Interest expense is comprised of the following: Year Ended December 31, (In millions) 2022 2021 2020 Interest Expense, net Interest expense $ 110 $ 62 $ 49 Debt premium amortization (37) (10) — Debt issuance cost amortization 4 3 3 Other (7) 7 2 $ 70 $ 62 $ 54

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Nature of Operations	Basis of Presentation and Nature of Operations Coterra Energy Inc. and its subsidiaries (“Coterra” or the “Company”) are engaged in the development, exploration and production of oil, natural gas and NGLs exclusively within the continental U.S. The Company’s exploration and development activities are concentrated in areas with known hydrocarbon resources, which are conducive to multi-well, repeatable drilling programs. The Company operates in one segment, oil and natural gas development, exploration and production. The Company’s oil and gas properties are managed as a whole rather than through discrete operating segments. Operational information is tracked by geographic area; however, financial performance is assessed as a single enterprise and not on a geographic basis. Allocation of resources is made on a project basis across the Company’s entire portfolio without regard to geographic areas. The consolidated financial statements include the accounts of the Company and its subsidiaries after eliminating all significant intercompany balances and transactions. Certain reclassifications have been made to prior year statements to conform with the current year presentation. These reclassifications have no impact on previously reported stockholders’ equity, net income or cash flows. The Company and Cimarex Energy Co. (“Cimarex”) completed a merger transaction on October 1, 2021 (the “Merger”), pursuant to an agreement entered into by the Company and Cimarex (the “Merger Agreement”). Refer to Note 2, “Acquisitions,” for further information. Additionally, on October 1, 2021, Cabot Oil & Gas Corporation changed its name to Coterra Energy Inc.
Recently Issued and Adopted Accounting Pronouncements
Cash and Cash Equivalents	Cash and Cash EquivalentsThe Company considers all highly liquid short-term investments with a maturity of three months or less and deposits in money market funds that are readily convertible to cash to be cash equivalents. Cash and cash equivalents were primarily concentrated in three financial institutions at December 31, 2022. The Company periodically assesses the financial condition of its financial institutions and considers any possible credit risk to be minimal.
Restricted Cash	Restricted Cash
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The Company records an allowance for doubtful accounts based on the Company’s estimate of future expected credit losses on outstanding receivables.
Inventories	Inventories Inventories are comprised of tubular goods and well equipment and are carried at average cost. Inventories are assessed periodically for obsolescence.
Properties and Equipment	Properties and Equipment Oil and Gas Properties The Company uses the successful efforts method of accounting for oil and gas producing activities. Under this method, acquisition costs for proved and unproved properties are capitalized when incurred. Exploration costs, including geological and geophysical costs, the costs of carrying and retaining unproved properties and exploratory dry hole drilling costs, are expensed. Development costs, including the costs to drill and equip development wells and successful exploratory drilling costs to locate proved reserves are capitalized. Exploratory drilling costs are capitalized when incurred pending the determination of whether a well has found proved reserves. The determination is based on a process which relies on interpretations of available geologic, geophysical and engineering data. If a well is determined to be successful, the capitalized drilling costs will be reclassified as part of the cost of the well. If a well is determined to be unsuccessful, the capitalized drilling costs will be charged to exploration expense in the Consolidated Statement of Operations in the period the determination is made. If an exploratory well requires a major capital expenditure before production can begin, the cost of drilling the exploratory well will continue to be carried as an asset pending determination of whether reserves have been found only as long as: (1) the well has found a sufficient quantity of reserves to justify its completion as a producing well if the required capital expenditure is made and (2) drilling of an additional exploratory well is under way or firmly planned for the near future. If drilling in the area is not under way or firmly planned or if the well has not found a commercially producible quantity of reserves, the exploratory well is assumed to be impaired and its costs are charged to exploration expense. Development costs of proved oil and gas properties, including estimated dismantlement, restoration and abandonment costs and acquisition costs, are depreciated and depleted on a field basis by the unit-of-production method using proved developed and proved reserves, respectively. Costs of sold or abandoned properties that make up a part of an amortization base (partial field) remain in the amortization base if the unit-of-production rate is not significantly affected. If significant, a gain or loss, if any, is recognized and the sold or abandoned properties are retired. A gain or loss, if any, is also recognized when a group of proved properties (entire field) that make up the amortization base has been retired, abandoned or sold. The Company evaluates its proved oil and gas properties for impairment whenever events or changes in circumstances indicate an asset’s carrying amount may not be recoverable. The Company compares expected undiscounted future cash flows to the net book value of the asset. If the future undiscounted expected cash flows, based on estimates of future commodity prices, operating costs and anticipated production from proved reserves and risk-adjusted probable and possible reserves, are lower than the net book value of the asset, the capitalized cost is reduced to fair value. Commodity pricing is estimated by using a combination of assumptions management uses in its budgeting and forecasting process as well as historical and current prices adjusted for geographical location and quality differentials, as well as other factors that management believes will impact realizable prices. Fair value is calculated by discounting the future cash flows. The discount factor used is based on rates utilized by market participants that are commensurate with the risks inherent in the development and production of the underlying oil and natural gas. Unproved oil and gas properties are assessed periodically for impairment on an aggregate basis through periodic updates to the Company’s undeveloped acreage amortization based on past drilling and exploration experience, the Company’s expectation of converting leases to held by production and average property lives. Average property lives are determined on a geographical basis and based on the estimated life of unproved property leasehold rights. Fixed Assets Fixed assets consist primarily of gas gathering systems, water infrastructure, buildings, vehicles, aircraft, furniture and fixtures, and computer equipment and software. These items are recorded at cost and are depreciated on the straight-line method based on expected lives of the individual assets, which range from three
Asset Retirement Obligations	Asset Retirement Obligations The Company records the fair value of a liability for an asset retirement obligation in the period in which it is incurred if a reasonable estimate of fair value can be made. The associated asset retirement cost is capitalized as part of the carrying amount of the long-lived asset. Asset retirement costs for oil and gas properties are depreciated using the unit-of-production method, while asset retirement costs for other assets are depreciated using the straight-line method over estimated useful lives. Additional retirement obligations increase the liability associated with new oil and gas wells and other facilities as these obligations are incurred. Accretion expense is included in depreciation, depletion and amortization expense in the Consolidated Statement of Operations.
Derivative Instruments	Derivative Instruments The Company enters into financial derivative contracts, primarily collars, swaps and basis swaps, to manage its exposure to price fluctuations on a portion of its anticipated future production volumes. The Company’s credit agreement restricts the ability of the Company to enter into financial commodity derivatives other than to hedge or mitigate risks to which the Company has actual or projected exposure or as permitted under the Company’s risk management policies and where such derivatives do not subject the Company to material speculative risks. All of the Company’s derivatives are used for risk management purposes and are not held for trading purposes. The Company has elected not to designate its financial derivative instruments as accounting hedges under the accounting guidance. The Company evaluates all of its physical purchase and sale contracts to determine if they meet the definition of a derivative. For contracts that meet the definition of a derivative, the Company may elect the normal purchase normal sale (“NPNS”) exception provided under the applicable accounting guidance and account for the contract using the accrual method of accounting. Contracts that do not qualify for or for which the Company elects not to apply the NPNS exception are accounted for at fair value. All derivatives, except for derivatives that qualify for the NPNS exception, are recognized on the balance sheet and are measured at fair value. At the end of each quarterly period, these derivatives are marked to market. As a result, changes in the fair value of derivatives are recognized in operating revenues in gain (loss) on derivative instruments. The resulting cash flows are reported as cash flows from operating activities.
Leases	Leases The Company determines if an arrangement is, or contains, a lease at inception based on whether that contract conveys the right to control the use of an identified asset in exchange for consideration for a period of time. Operating leases are included in right-of-use assets (“ROU assets”) and lease liabilities (current and non-current) in the Consolidated Balance Sheet. Financing leases are included in properties and equipment, net and lease liabilities (current and non-current) in the Consolidated Balance Sheet. Short-term leases (a lease that, at commencement, has a lease term of one year or less and does not contain a purchase option that the Company is reasonably certain to exercise) are not recognized in ROU assets and lease liabilities. For all operating leases, lease and non-lease components are accounted for as a single lease component.
Fair Value of Assets and Liabilities	Fair Value of Assets and Liabilities The Company follows the authoritative accounting guidance for measuring fair value of assets and liabilities in its financial statements. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants who are independent, knowledgeable and willing and able to transact would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. The Company is able to classify fair value balances based on the observability of these inputs. The authoritative guidance for fair value measurements establishes three levels of the fair value hierarchy, defined as follows: • Level 1: Unadjusted, quoted prices for identical assets or liabilities in active markets. • Level 2: Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly for substantially the full term of the asset or liability. • Level 3: Significant, unobservable inputs for use when little or no market data exists, requiring a significant degree of judgment. The hierarchy gives the highest priority to Level 1 measurements and the lowest priority to Level 3 measurements. Depending on the particular asset or liability, input availability can vary depending on factors such as product type, longevity of a product in the market and other particular transaction conditions. In some cases, certain inputs used to measure fair value may be categorized into different levels of the fair value hierarchy. For disclosure purposes under the accounting guidance, the lowest level that contains significant inputs used in the valuation should be chosen.
Revenue Recognition	Revenue Recognition The Company’s revenue is typically generated from contracts to sell oil, natural gas and NGLs produced from interests in oil and gas properties owned by the Company. These contracts generally require the Company to deliver a specific amount of a commodity per day for a specified number of days at a price that is either fixed or variable. The contracts specify a delivery point which represents the point at which control of the product is transferred to the customer. The Company has determined that these contracts represent multiple performance obligations which are satisfied when control of the commodity transfers to the customer, typically through the delivery of the specified commodity to a designated delivery point. Revenue is measured based on consideration specified in the contract with the customer, and excludes any amounts collected on behalf of third parties. The Company recognizes revenue in the amount that reflects the consideration it expects to be entitled to in exchange for transferring control of those goods to the customer. The contract consideration in the Company’s variable price contracts are typically allocated to specific performance obligations in the contract according to the price stated in the contract. Amounts allocated in the Company’s fixed price contracts are based on the standalone selling price of those products in the context of long-term, fixed price contracts, which generally approximates the contract price. Payment is generally received one or two months after the sale has occurred. The Company has not adjusted the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised good or service to the customer and when the customer pays for that good or service will be one year or less. For contracts with an original expected term of one year or less, the Company has elected not to disclose the transaction price allocated to the unsatisfied performance obligations. For contracts with terms greater than one year, the Company has elected not to disclose the price allocated to the unsatisfied performance obligations if the variable consideration is allocated entirely to a wholly unsatisfied performance obligation. Since each unit of the respective commodity typically represents a separate performance obligation, future volumes are considered wholly unsatisfied, and disclosure of the transaction price allocated to the remaining performance obligation is not required.
Income Taxes	Income Taxes The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recorded for the estimated future tax consequences attributable to the differences between the financial carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the tax rate in effect for the year in which those temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the year of the enacted rate change. A valuation allowance is established to reduce deferred tax assets if it is more likely than not that the related tax benefits will not be realized. The Company follows the “equity first” approach when applying the limitation for certain executive compensation in excess of $1 million to future compensation. The limitation is first applied to stock-based compensation that vests in future tax years before considering cash compensation paid in a future period. Accordingly, the Company records a deferred tax asset for stock-based compensation expense recorded in the current period, and reverses the temporary difference in the future period, during which the stock-based compensation becomes deductible for tax purposes. The Company is required to make judgments, including estimating reserves for potential adverse outcomes regarding tax positions that the Company has taken. The Company accounts for uncertainty in income taxes using a recognition and measurement threshold for tax positions taken or expected to be taken in a tax return. The tax benefit from an uncertain tax position is recognized when it is more likely than not that the position will be sustained upon examination by taxing authorities based on technical merits of the position. The amount of the tax benefit recognized is the largest amount of the benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. The effective tax rate and the tax basis of assets and liabilities reflect management’s estimates of the ultimate outcome of various tax uncertainties. The Company recognizes accrued interest related to uncertain tax positions in interest expense and accrued penalties related to such positions in general and administrative expense in the Consolidated Statement of Operations.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based compensation under the fair value method of accounting. Under this method, compensation cost is measured at the grant date for equity-classified awards and re-measured each reporting period for liability-classified awards based on the fair value of an award and is recognized over the service period, which is generally the vesting period. To calculate fair value, the Company uses a Black Scholes or Monte Carlo valuation model based on the specific provisions of the award. Stock-based compensation cost for all types of awards is included in general and administrative expense in the Consolidated Statement of Operations. The Company records excess tax benefits and tax deficiencies on stock-based compensation in the income statement upon vesting of the respective awards. Excess tax benefits and tax deficiencies are included in cash flows from operating activities in the Consolidated Statement of Cash Flow. Cash paid by the Company when directly withholding shares from employee stock-based compensation awards for tax-withholding purposes are classified as financing activities in the Consolidated Statement of Cash Flow.
Earnings per Share	Earnings per Share The Company calculates earnings per share recognizing that unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are “participating securities” and, therefore, should be included in computing earnings per share using the two-class earnings allocation method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Certain of the Company’s unvested share-based payment awards, consisting of restricted stock, qualify as participating securities. The Company’s participating securities do not have a contractual obligation to share in the losses of the entity and, therefore, net losses are not allocated to them.
Environmental Matters	Environmental Matters Environmental expenditures are expensed or capitalized, as appropriate, depending on their future economic benefit. Expenditures that relate to an existing condition caused by past operations, and that do not have future economic benefit are expensed. Liabilities related to future costs are recorded on an undiscounted basis when environmental assessments and/or remediation activities are probable and the costs can be reasonably estimated. Any insurance recoveries are recorded as assets when received.
Credit and Concentration Risk	Credit and Concentration Risk Substantially all of the Company’s accounts receivable result from the sale of oil, natural gas and NGLs to third parties in the oil and gas industry and joint interest billings with other participants in joint operations. This concentration of purchasers and joint owners may impact the Company’s overall credit risk, either positively or negatively, in that these entities may be similarly affected by changes in economic or other conditions. The Company does not anticipate any material impact on its financial results due to non-performance by the third parties. During the year ended December 31, 2022, two customers accounted for approximately 13 percent and 11 percent of the Company’s total sales. During the year ended December 31, 2021, no customer accounted for more than 10 percent of the Company’s total sales. During the year ended December 31, 2020, three customers accounted for approximately 21 percent, 16 percent and 12 percent of the Company’s total sales. The Company does not believe that the loss of any of its major customers would have a material adverse effect on it because alternative customers are readily available. If any one of the Company’s major customers were to stop purchasing the Company’s production, the Company believes there are a number of other purchasers to whom it could sell its production. If multiple significant customers were to stop purchasing the Company’s production, the Company believes there could be some initial challenges, but the Company believes it has ample alternative markets to handle any sales disruptions.
Use of Estimates	Use of Estimates In preparing financial statements, the Company follows GAAP. These principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The most significant estimates pertain to proved oil and gas reserves and related cash flow estimates which are used to compute depreciation, depletion and amortization, impairments of proved oil and gas properties and the fair value of oil and gas properties in purchase accounting. Other estimates include oil, natural gas and NGL revenues and expenses, fair value of derivative instruments, estimates of expenses related to legal, environmental and other contingencies, asset retirement obligations, postretirement obligations, stock-based compensation and deferred income taxes. Actual results could differ from those estimates.

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Preliminary Allocation of the Total Purchase Price of Cimarex to the Identifiable Assets Acquired and the Liabilities	The following table represents the final allocation of the total purchase price of Cimarex to the identifiable assets acquired and the liabilities assumed based on the fair values as of the effective date of the Merger. (In millions, except share price and exchange ratio) Final Purchase Price Allocation Consideration: Cimarex common stock issued as of October 1, 2021 103 Less unvested common stock (3) Total Cimarex common stock to be converted 100 Exchange ratio 4.0146 Coterra common stock issued in exchange for Cimarex common stock 403 Coterra common stock issued for Cimarex share awards vested on October 1, 2021 5 Total shares of Coterra common stock issued 408 Coterra common stock closing price on October 1, 2021 $ 22.25 Total value of Coterra common stock issued $ 9,083 Total value of Coterra stock options issued 15 Total value of Coterra restricted stock awards issued 22 Total consideration $ 9,120 Assets acquired: Cash and cash equivalents $ 1,033 Accounts receivable 598 Other current assets 31 Properties and equipment 13,300 Other assets 324 Total assets acquired $ 15,286 Liabilities and Mezzanine Equity assumed: Accounts payable $ 528 Accrued liabilities 258 Derivative instruments, current 382 Other current liabilities 83 Long-term debt 2,196 Deferred income taxes 2,201 Asset retirement obligations 162 Derivative instruments, noncurrent 7 Other liabilities 299 Cimarex redeemable preferred stock 50 Total liabilities and mezzanine equity assumed $ 6,166 Net assets acquired $ 9,120
Pro Forma Financial Information	Cimarex contributed the following to the Company’s 2021 consolidated operating results. (in millions) October 1, 2021 through December 31, 2021 Revenue $ 1,129 Net income 394 The pro forma information is not necessarily indicative of the results that might have occurred had the transaction actually taken place on January 1, 2020 and is not intended to be a projection of future results. Future results may vary significantly from the results reflected in the following pro forma information because of normal production declines, changes in commodity prices, future acquisitions and divestitures, future development and exploration activities and other factors. Year Ended December 31, (In millions, except per share information) 2021 2020 Pro forma revenue $ 5,236 $ 2,990 Pro forma net income (loss) 1,205 (2,189) Pro forma basic earnings (loss) per share $ 1.49 $ (2.71) Pro forma diluted earnings (loss) per share $ 1.48 $ (2.71)

Properties and Equipment, Net (

Properties and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Properties and Equipment, Net	Properties and equipment, net are comprised of the following: December 31, (In millions) 2022 2021 Proved oil and gas properties $ 17,085 $ 15,340 Unproved oil and gas properties 5,150 5,316 Gathering and pipeline systems 450 395 Land, buildings and other equipment 183 140 Finance lease right-of-use asset 16 20 22,884 21,211 Accumulated depreciation, depletion and amortization (5,405) (3,836) $ 17,479 $ 17,375

Long-Term Debt and Credit Agr_2

Long-Term Debt and Credit Agreements (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt and Credit Agreement Components	The following table includes a summary of the Company’s long-term debt. December 31, (In millions) 2022 2021 Total debt 6.51% weighted-average private placement senior notes $ — $ 37 5.58% weighted-average private placement senior notes — 87 3.65% weighted-average private placement senior notes (1) 825 825 4.375% senior notes due June 1, 2024 (2) — 750 3.90% senior notes due May 15, 2027 (2) 750 750 4.375% senior notes due March 15, 2029 (2) 500 500 Revolving credit facility — — Total 2,075 2,949 Net premium 111 185 Unamortized debt issuance costs (5) (9) Long-term debt $ 2,181 $ 3,125 _______________________________________________________________________________ (1) The 3.65% weighted-average senior notes have bullet maturities of $575 million and $250 million due in September 2024 and 2026, respectively. (2) These notes were assumed by the Company in October 2021 in connection with the Merger. Subsequent to an exchange transaction completed in October 2021, approximately $130 million of these notes remain the unsecured and unsubordinated obligation of Cimarex, a subsidiary of the Company, at December 31, 2022.
Schedule of Climarex Senior Note Debt	The following table includes a summary of Cimarex debt that was outstanding as of the consummation of the Merger on October 1, 2021: (In millions) Face Value Fair Value 4.375% senior notes due June 1, 2024 $ 750 $ 809 3.90% senior notes due May 15, 2027 750 823 4.375% senior notes due March 15, 2029 500 564 $ 2,000 $ 2,196

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Commodity Derivatives	As of December 31, 2022, the Company had the following outstanding financial commodity derivatives: 2023 Natural Gas First Quarter Second Quarter Third Quarter Fourth Quarter Waha gas collars Volume (MMBtu) 8,100,000 8,190,000 8,280,000 8,280,000 Weighted average floor ($/MMBtu) $ 3.03 $ 3.03 $ 3.03 $ 3.03 Weighted average ceiling ($/MMBtu) $ 5.39 $ 5.39 $ 5.39 $ 5.39 NYMEX collars Volume (MMBtu) 54,000,000 31,850,000 32,200,000 29,150,000 Weighted average floor ($/MMBtu) $ 5.12 $ 4.07 $ 4.07 $ 4.03 Weighted average ceiling ($/MMBtu) $ 9.34 $ 6.78 $ 6.78 $ 6.61 2023 Oil First Quarter Second Quarter WTI oil collars Volume (MBbl) 1,350 1,365 Weighted average floor ($/Bbl) $ 70.00 $ 70.00 Weighted average ceiling ($/Bbl) $ 116.03 $ 116.03 WTI Midland oil basis swaps Volume (MBbl) 1,350 1,365 Weighted average differential ($/Bbl) $ 0.63 $ 0.63
Schedule of Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet	Effect of Derivative Instruments on the Consolidated Balance Sheet Fair Values of Derivative Instruments Derivative Assets Derivative Liabilities December 31, December 31, (In millions) Balance Sheet Location 2022 2021 2022 2021 Commodity contracts Derivative instruments (current) $ 146 $ 7 $ — $ 159
Schedule of Offsetting Derivative Assets in the Consolidated Balance Sheet	Offsetting of Derivative Assets and Liabilities in the Consolidated Balance Sheet December 31, (In millions) 2022 2021 Derivative assets Gross amounts of recognized assets $ 147 $ 27 Gross amounts offset in the consolidated balance sheet (1) (20) Net amounts of assets presented in the consolidated balance sheet 146 7 Gross amounts of financial instruments not offset in the consolidated balance sheet 2 — Net amount $ 148 $ 7 Derivative liabilities Gross amounts of recognized liabilities $ 1 $ 179 Gross amounts offset in the consolidated balance sheet (1) (20) Net amounts of liabilities presented in the consolidated balance sheet — 159 Gross amounts of financial instruments not offset in the consolidated balance sheet 1 35 Net amount $ 1 $ 194
Schedule of Offsetting Derivative Liabilities in the Consolidated Balance Sheet	Offsetting of Derivative Assets and Liabilities in the Consolidated Balance Sheet December 31, (In millions) 2022 2021 Derivative assets Gross amounts of recognized assets $ 147 $ 27 Gross amounts offset in the consolidated balance sheet (1) (20) Net amounts of assets presented in the consolidated balance sheet 146 7 Gross amounts of financial instruments not offset in the consolidated balance sheet 2 — Net amount $ 148 $ 7 Derivative liabilities Gross amounts of recognized liabilities $ 1 $ 179 Gross amounts offset in the consolidated balance sheet (1) (20) Net amounts of liabilities presented in the consolidated balance sheet — 159 Gross amounts of financial instruments not offset in the consolidated balance sheet 1 35 Net amount $ 1 $ 194
Schedule of Effect of Derivatives on the Condensed Consolidated Statement of Operations	Effect of Derivative Instruments on the Consolidated Statement of Operations Year Ended December 31, (In millions) 2022 2021 2020 Cash (paid) received on settlement of derivative instruments Gas contracts $ (438) $ (307) $ 35 Oil contracts (324) (124) — Non-cash gain on derivative instruments Gas contracts 149 99 26 Oil contracts 150 111 — $ (463) $ (221) $ 61

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis: (In millions) Quoted Prices in Significant Other Significant Balance at Assets Deferred compensation plan $ 43 $ — $ — $ 43 Derivative instruments — — 147 147 Total assets $ 43 $ — $ 147 $ 190 Liabilities Deferred compensation plan $ 55 $ — $ — $ 55 Derivative instruments — — 1 1 Total liabilities $ 55 $ — $ 1 $ 56 (In millions) Quoted Prices in Significant Other Significant Balance at Assets Deferred compensation plan $ 47 $ — $ — $ 47 Derivative instruments — — 27 27 Total assets $ 47 $ — $ 27 $ 74 Liabilities Deferred compensation plan $ 56 $ — $ — $ 56 Derivative instruments — — 179 179 Total liabilities $ 56 $ — $ 179 $ 235
Reconciliation of Changes in the Fair Value of Financial Assets and Liabilities Classified as Level 3	The following table sets forth a reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy: Year Ended December 31, (In millions) 2022 2021 2020 Balance at beginning of period $ (152) $ 24 $ — Total gain (loss) included in earnings (446) (532) 41 Settlement (gain) loss 744 356 (17) Transfers in and/or out of Level 3 — — — Balance at end of period $ 146 $ (152) $ 24 Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period $ 179 $ (154) $ 24
Carrying Amounts and Fair Values of Debt	The carrying amount and estimated fair value of debt is as follows: December 31, 2022 December 31, 2021 (In millions) Carrying Estimated Carrying Estimated Long-term debt $ 2,181 $ 1,955 $ 3,125 $ 3,163

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	12 Months Ended
	Dec. 31, 2022
Asset Retirement Obligation Disclosure [Abstract]
Activity Related to Asset Retirement Obligations	Activity related to the Company’s asset retirement obligations is as follows: Year Ended December 31, (In millions) 2022 2021 2020 Balance at beginning of period $ 263 $ 86 $ 72 Liabilities assumed in Merger — 175 — Liabilities incurred 10 6 10 Liabilities settled (3) (10) — Liabilities divested (2) — — Accretion expense 9 6 4 Balance at end of period 277 263 $ 86 Less: current asset retirement obligation (6) (4) (1) Noncurrent asset retirement obligation $ 271 $ 259 $ 85

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Other Commitments	As of December 31, 2022, the Company’s future minimum obligations under transportation and gathering agreements are as follows: (In millions) 2023 $ 108 2024 159 2025 169 2026 153 2027 159 Thereafter 901 $ 1,649 As of December 31, 2022, the Company’s future minimum obligations under gas processing agreements are as follows: (In millions) 2023 $ 93 2024 96 2025 96 2026 84 2027 80 Thereafter 157 $ 606 As of December 31, 2022, the Company’s future minimum obligations under these delivery commitments are as follows: (In millions) 2023 $ 16 2024 19 2025 13 2026 13 2027 16 Thereafter 13 $ 90 As of December 31, 2022, the Company’s future minimum obligations under this water delivery commitment are as follows: (In millions) 2023 $ 7 2024 7 2025 7 2026 7 2027 7 Thereafter 18 $ 53
Future Undiscounted Minimum Cash Payment Obligations for Operating Lease Liabilities	As of December 31, 2022, the Company’s future undiscounted minimum cash payment obligations for its operating lease liabilities are as follows: (In millions) Year Ending December 31, 2023 $ 126 2024 115 2025 101 2026 38 2027 9 Thereafter 47 Total undiscounted future lease payments 436 Present value adjustment (35) Net operating lease liabilities $ 401
Future Undiscounted Minimum Cash Payment Obligations for Financing Lease Liabilities	As of December 31, 2022, the Company’s future undiscounted minimum cash payment obligations for its financing lease liabilities are as follows: (In millions) Year Ending December 31, 2023 $ 7 2024 7 2025 4 Total undiscounted future lease payments 18 Present value adjustment (1) Net financing lease liabilities $ 17
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases was as follows: Year Ended December 31, (In millions) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 104 $ 23 Financing cash flows from financing leases $ 6 $ 2 Information regarding the weighted-average remaining lease term and the weighted-average discount rate for operating and financing leases is summarized below: December 31, 2022 2021 Weighted-average remaining lease term (in years) Operating leases 4.6 5.7 Financing leases 2.7 3.7 Weighted-average discount rate Operating leases 3.3 % 2.4 % Financing leases 2.4 % 2.1 %

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents revenues from contracts with customers disaggregated by product: Year Ended December 31, (In millions) 2022 2021 2020 OPERATING REVENUES Natural gas $ 5,469 $ 2,798 $ 1,405 Oil 3,016 616 — NGL 964 243 — Other 65 13 — $ 9,514 $ 3,670 $ 1,405

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense (Benefit)	Income tax expense is summarized as follows: Year Ended December 31, (In millions) 2022 2021 2020 Current Federal $ 791 $ 207 $ (32) State 78 11 1 869 218 (31) Deferred Federal 217 119 68 State 18 7 4 235 126 72 Income tax expense $ 1,104 $ 344 $ 41
Schedule of Reconciliation of Income Tax Expense Computed by Applying Statutory Federal Income Tax Rate	Income tax expense was different than the amounts computed by applying the statutory federal income tax rate as follows: Year Ended December 31, 2022 2021 2020 (In millions, except rates) Amount Rate Amount Rate Amount Rate Computed “expected” federal income tax $ 1,085 21.00 % $ 315 21.00 % $ 51 21.00 % State income tax, net of federal income tax benefit 93 1.80 % 24 1.59 % 5 1.86 % Deferred tax adjustment related to change in overall state tax rate (23) (0.45) % (7) (0.46) % 1 0.50 % Valuation allowance (66) (1.28) % 3 0.22 % (4) (1.58) % Excess executive compensation 10 0.20 % 15 1.03 % 5 2.18 % Reserve on uncertain tax positions 6 0.12 % 1 0.05 % 6 2.47 % Tax credits generated (34) (0.66) % (6) (0.39) % (23) (9.63) % Other, net 33 0.62 % (1) (0.14) % — 0.04 % Income tax expense $ 1,104 21.35 % $ 344 22.90 % $ 41 16.84 %
Schedule of Composition of Net Deferred Tax Liabilities	The composition of net deferred tax liabilities is as follows: December 31, (In millions) 2022 2021 Deferred Tax Assets Net operating losses $ 196 $ 388 Incentive compensation 24 23 Deferred compensation 30 22 Post-retirement benefits 4 8 Capital loss carryforward 16 30 Other credit carryforwards 4 10 Leases 13 11 Derivative instruments — 35 Other 30 18 Less: valuation allowance (110) (177) Total 207 368 Deferred Tax Liabilities Properties and equipment 3,498 3,459 Equity method investments 1 1 Leases 14 9 Derivative instruments 33 — Total 3,546 3,469 Net deferred tax liabilities $ 3,339 $ 3,101
Schedule of Reconciliation of Unrecognized Tax Benefits	A reconciliation of unrecognized tax benefits is as follows: Year Ended December 31, (In millions) 2022 2021 2020 Balance at beginning of period $ 7 $ 6 $ 1 Additions for tax positions of current period 1 1 — Additions for tax positions of prior periods 5 — 5 Balance at end of period $ 13 $ 7 $ 6

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Change in Postretirement Benefit Obligation	The change in the Company’s postretirement benefit obligation is as follows: Year Ended December 31, (In millions) 2022 2021 2020 Change in Benefit Obligation Benefit obligation at beginning of period $ 35 $ 33 $ 34 Service cost 2 2 2 Interest cost 1 1 1 Actuarial (gain) loss (15) 1 (2) Benefits paid (2) (2) (2) Plan amendments (3) — — Benefit obligation at end of period $ 18 $ 35 $ 33 Change in Plan Assets Fair value of plan assets at end of period — — — Funded status at end of period $ (18) $ (35) $ (33) Amounts recognized in balance sheet Current liabilities $ 1 $ 2 $ 2 Non-current liabilities 17 33 31 Net amount $ 18 $ 35 $ 33 Amounts recognized in accumulated other comprehensive income (loss) Net actuarial (gain) loss $ (15) $ — $ — Prior service credit (3) (2) (3) Total $ (18) $ (2) $ (3)
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss)	Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) Year Ended December 31, (In millions) 2022 2021 2020 Components of Net Periodic Postretirement Benefit Cost Service cost $ 2 $ 2 $ 2 Interest cost 1 1 1 Amortization of prior service credit (1) (1) (1) Net periodic postretirement cost $ 2 $ 2 $ 2 Recognized curtailment gain (1) — — Total post retirement cost $ 1 $ 2 $ 2 Other Changes in Benefit Obligations Recognized in Other Comprehensive Income Net gain $ (15) $ — $ (2) Prior service credit (1) — — Amortization of prior service credit 1 1 1 Total recognized in other comprehensive income (15) 1 (1) Total recognized in net periodic benefit cost (income) and other comprehensive income $ (14) $ 3 $ 1
Assumptions Used to Determine Projected Postretirement Benefit Obligations and Postretirement Costs	Assumptions used to determine projected postretirement benefit obligations and postretirement costs are as follows: December 31, 2022 2021 2020 Discount rate (1) 5.55 % 2.85 % 2.65 % Health care cost trend rate for medical benefits assumed for next year (pre-65) 8.00 % 6.50 % 6.75 % Health care cost trend rate for medical benefits assumed for next year (post-65) 4.50 % 4.75 % 5.00 % Ultimate trend rate (pre-65) 4.50 % 4.50 % 4.50 % Ultimate trend rate (post-65) 4.50 % 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate (pre-65) 2030 2030 2030 Year that the rate reaches the ultimate trend rate (post-65) 2023 2023 2023 _______________________________________________________________________________ (1) Represents the year end rates used to determine the projected benefit obligation. To compute postretirement cost in 2022, 2021 and 2020, the beginning of year discount rates of 2.85 percent , 2.65 percent and 3.50 percent, respectively, were used.
Schedule of Estimated Benefit Payments	The following estimated benefit payments under the Company’s postretirement plans, which reflect expected future service, are expected to be paid as follows: (In millions) 2023 $ 1 2024 1 2025 1 2026 1 2027 1 Years 2028 - 2032 6

Capital Stock (Tables)

Capital Stock (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Schedule of Stock by Class	The following table summarizes the dividends the Company has paid on its common stock during 2022, 2021 and 2020: Rate per share Base Variable Total Total Dividends Paid (In millions) 2022: First quarter $ 0.15 $ 0.41 $ 0.56 $ 455 Second quarter 0.15 0.45 0.60 484 Third quarter 0.15 0.50 0.65 519 Fourth quarter 0.15 0.53 0.68 533 Total year-to-date $ 0.60 $ 1.89 $ 2.49 $ 1,991 2021: First quarter $ 0.10 $ — $ 0.10 $ 40 Second quarter 0.11 — 0.11 44 Third quarter 0.11 — 0.11 44 Fourth quarter (1) 0.13 0.67 0.80 651 Total year-to-date $ 0.45 $ 0.67 $ 1.12 $ 779 2020: First quarter $ 0.10 $ — $ 0.10 $ 40 Second quarter 0.10 — 0.10 40 Third quarter 0.10 — 0.10 40 Fourth quarter 0.10 — 0.10 39 Total year-to-date $ 0.40 $ — $ 0.40 $ 159 _______________________________________________________________________________ (1) Includes a special dividend of $0.50 per share on the Company’s common stock that was paid in connection with the completion of the Merger.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Share-Based Compensation Expense Income Tax Benefit Awards Issued Under Incentive Plans	Stock-based compensation expense of awards issued under the Company’s incentive plans, and the income tax benefit of awards vested and exercised, are as follows: Year Ended December 31, (In millions) 2022 2021 2020 Restricted stock units - employees and non-employee directors $ 31 $ 6 $ 2 Restricted stock awards 20 6 — Performance share awards (1) 22 41 40 Deferred performance shares 2 1 (1) Dividend equivalents 11 3 2 Total stock-based compensation expense $ 86 $ 57 $ 43 Income tax benefit $ 20 $ 24 $ 10 _______________________________________________________________________________
Summary of Restricted Stock Award / Unit Activity	The following table is a summary of restricted stock unit award activity: Year Ended December 31, 2022 Shares Weighted- Outstanding at beginning of period 1,286,471 $ 21.00 Granted 2,249,405 24.81 Vested (316,322) 22.75 Forfeited (31,410) 25.25 Outstanding at end of period 3,188,144 $ 23.47 The following table is a summary of restricted stock unit award activity: Year Ended December 31, 2022 Shares Weighted- Outstanding at beginning of period 245,898 $ 20.41 Granted 45,472 35.19 Vested — — Forfeited — — Outstanding at end of period 291,370 $ 22.72 The following table is a summary of restricted stock award activity: Year Ended December 31, 2022 Shares Weighted- Outstanding at beginning of period 3,019,183 $ 22.25 Granted — — Vested (813,812) 22.25 Forfeited (136,397) 22.25 Outstanding at end of period 2,068,974 $ 22.25
Schedule of Performance Share Awards Activity	The following table is a summary of activity for Employee Performance Share Awards: Year Ended December 31, 2022 Shares Weighted- Outstanding at beginning of period 1,858,104 $ 18.93 Granted — — Vested (1,775,790) 18.88 Forfeited (9,000) 17.20 Outstanding at end of period 73,314 $ 20.46 The following table is a summary of activity for the TSR Performance Share Awards: Year Ended December 31, 2022 Shares Weighted- Average Grant Date Fair Value per Unit (1) Outstanding at beginning of period — $ — Granted 1,161,599 17.89 Vested — — Forfeited — — Outstanding at end of period 1,161,599 $ 17.89 _______________________________________________________________________________ (1) The grant date fair value figures in this table represent the fair value of the equity component of the performance share awards.
Assumptions Used to Determine Grant Date Fair Value of Equity and Liability Component	The following table reflects certain balance sheet information of outstanding TSR Awards: December 31, (In millions) 2022 2021 Other non-current liabilities $ 3 $ — The following table reflects certain cash payments related to the vesting of TSR Awards: Year Ended December 31, (In millions) 2022 2021 2020 Cash payments for TSR awards $ — $ — $ 14 Year Ended December 31, 2022 2021 2020 Fair value per performance share award granted during the period $ 9.01 $ 16.07 $ 13.79 Assumptions Stock price volatility 42.6 % 39.8 % 29.5 % Risk free rate of return 4.4 % 0.2 % 1.4 % The following assumptions were used to determine the fair value of the liability component of the TSR Performance Share Awards for the respective periods: December 31, 2022 2021 2020 Fair value per performance share award at the end of the period $14.92 $ — $10.37 - $10.81 Assumptions Stock price volatility 42.6 % — % 42.4% - 52.4% Risk free rate of return 4.4 % — % 0.1% The following table reflects the aggregate fair value of awards and units that vested during the respective period: December 31, (In millions) 2022 2021 2020 Restricted stock units - employees and non-employee directors $ 9 $ 11 $ — Restricted stock awards 22 7 — Performance share awards 45 84 25 $ 76 $ 102 $ 25 The following table reflects the unrecognized stock-based compensation and the related weighted-average recognition period associated with the unvested awards and units as of December 31, 2022: Unrecognized Stock-Based Compensation Weighted-Average Period For Recognition Restricted stock units - employees and non-employee directors $ 48 2.2 Restricted stock awards 21 1.4 Performance share awards 15 1.9 $ 84
Summary of Option Activity	The following table is a summary of activity for the Stock Option Awards: Year Ended December 31, 2022 Shares Weighted- Outstanding at beginning of period 1,355,352 $ 17.35 Granted — — Exercised (780,606) 16.29 Forfeited or Expired (38,137) 28.67 Outstanding at end of period (1) 536,609 $ 18.08 Exercisable at end of period (1) 536,609 $ 18.08 _______________________________________________________________________________

Earnings per Common Share (Tabl

Earnings per Common Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Calculation of Basic and Diluted Weighted-Average Shares Outstanding	The following is a calculation of basic and diluted net earnings per common share under the two-class method: Year Ended December 31, (In millions except per share amounts) 2022 2021 2020 Income (Numerator) Net income $ 4,065 $ 1,158 $ 201 Less: dividends attributable to participating securities (7) (2) — Less: Cimarex redeemable preferred stock dividends (1) (1) — Net income available to common stockholders $ 4,057 $ 1,155 $ 201 Shares (Denominator) Weighted average shares - Basic 796 503 399 Dilution effect of stock awards at end of period 3 1 2 Weighted average shares - Diluted 799 504 401 Earnings per share: Basic $ 5.09 $ 2.30 $ 0.50 Diluted $ 5.08 $ 2.29 $ 0.50
Calculation of Weighted-Average Shares Excluded from Diluted EPS Due to Anti-Dilutive Effect	The following is a calculation of weighted-average shares excluded from diluted EPS due to the anti-dilutive effect: Year Ended December 31, (In millions) 2022 2021 2020 Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method 1 1 —

Restructuring Costs (Tables)

Restructuring Costs (Tables)	12 Months Ended
	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring Costs	The following table summarizes the Company’s restructuring liabilities: Year Ended December 31, (In millions) 2022 2021 Balance at beginning of period $ 43 $ — Additions related to merger integration 52 44 Reductions related to merger integration payments (18) (1) Balance at end of period $ 77 $ 43

Additional Balance Sheet Info_2

Additional Balance Sheet Information (Tables)	12 Months Ended
	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Additional Balance Sheet Information	Certain balance sheet amounts are comprised of the following: December 31, (In millions) 2022 2021 Accounts receivable, net Trade accounts $ 1,067 $ 922 Joint interest accounts 108 83 Other accounts 48 34 1,223 1,039 Allowance for doubtful accounts (2) (2) $ 1,221 $ 1,037 Other assets Deferred compensation plan $ 43 $ 47 Debt issuance cost 3 5 Operating lease right-of-use assets 382 317 Other accounts 36 20 $ 464 $ 389 Accounts payable Trade accounts $ 27 $ 94 Royalty and other owners 438 315 Accrued transportation 85 96 Accrued capital costs 148 88 Accrued lease operating costs 32 29 Taxes other than income 73 60 Other accounts 41 65 $ 844 $ 747 Accrued liabilities Employee benefits $ 74 $ 81 Taxes other than income 62 13 Restructuring liability 39 43 Operating lease liabilities 114 69 Financing lease liabilities 6 14 Other accounts 33 40 $ 328 $ 260 Other liabilities Deferred compensation plan $ 55 $ 56 Postretirement benefits 17 33 Operating lease liabilities 287 248 Financing lease liabilities 11 7 Restructuring liability 38 — Other accounts 92 63 $ 500 $ 407

Interest Expense, net (Tables)

Interest Expense, net (Tables)	12 Months Ended
	Dec. 31, 2022
Interest Income (Expense), Net [Abstract]
Interest Expense, net	Interest expense is comprised of the following: Year Ended December 31, (In millions) 2022 2021 2020 Interest Expense, net Interest expense $ 110 $ 62 $ 49 Debt premium amortization (37) (10) — Debt issuance cost amortization 4 3 3 Other (7) 7 2 $ 70 $ 62 $ 54

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Summary of Cash Paid for Interest and Income Taxes	Year Ended December 31, (In millions) 2022 2021 2020 Cash paid for interest and income taxes Interest $ 119 $ 81 $ 57 Income taxes 983 184 11 Non-cash activity Retirement of treasury shares $ 3,085 $ — $ — Equity and replacement stock awards issued as consideration in the Merger $ — $ 9,120 $ —

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) Institution Segment Customer	Dec. 31, 2021 USD ($) Customer	Dec. 31, 2020 Customer
Properties and Equipment
Number of operating segments | Segment	1
Number of financial institutions | Institution	3
Restricted cash | $	$ 10	$ 10
Sales Revenue, Net | Customer
Properties and Equipment
Number of customers | Customer	2	0	3
Sales Revenue, Net | Customer | Customer One
Properties and Equipment
Percentage of Total Sales	13%		21%
Sales Revenue, Net | Customer | Customer Two
Properties and Equipment
Percentage of Total Sales	11%		16%
Sales Revenue, Net | Customer | Customer Three
Properties and Equipment
Percentage of Total Sales			12%
Minimum
Properties and Equipment
Estimated useful life	3 years
Maximum
Properties and Equipment
Estimated useful life	30 years

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - Cimarex - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Oct. 01, 2021
Significant Acquisitions and Disposals
Issued restricted stock award (in shares)	3,400,000
Transaction costs		$ 42
Common Stock
Significant Acquisitions and Disposals
Right to receive (in shares)			4.0146
Value of shares issued			$ 9,083

Acquisitions - Identifiable Ass

Acquisitions - Identifiable Assets Acquired and Liabilities (Details) - USD ($)	Oct. 01, 2021	Dec. 31, 2022	Dec. 31, 2021
Significant Acquisitions and Disposals
Cimarex common stock issued as of October 1, 2021 (in shares)		768,244,610	892,612,010
Liabilities and Mezzanine Equity assumed:
Cimarex redeemable preferred stock	$ 50,000,000
Cimarex
Significant Acquisitions and Disposals
Total consideration	9,120,000,000
Assets acquired:
Cash and cash equivalents	1,033,000,000
Accounts receivable	598,000,000
Other current assets	31,000,000
Properties and equipment	13,300,000,000
Other assets	324,000,000
Total assets acquired	15,286,000,000
Liabilities and Mezzanine Equity assumed:
Accounts payable	528,000,000
Accrued liabilities	258,000,000
Derivative instruments, current	382,000,000
Other current liabilities	83,000,000
Long-term debt	2,196,000,000
Deferred income taxes	2,201,000,000
Asset retirement obligations	162,000,000
Derivative instruments, noncurrent	7,000,000
Other liabilities	299,000,000
Cimarex redeemable preferred stock	50,000,000
Total liabilities and mezzanine equity assumed	6,166,000,000
Net assets acquired	9,120,000,000
Cimarex | Stock Options
Significant Acquisitions and Disposals
Value of shares issued	15,000,000
Cimarex | Restricted Stock Awards
Significant Acquisitions and Disposals
Value of shares issued	$ 22,000,000
Cimarex | Common Stock
Significant Acquisitions and Disposals
Exchange ratio (in shares)	4.0146
Coterra common stock issued in exchange for Cimarex common stock (in shares)	403,000,000
Coterra common stock issued for Cimarex share awards vested on October 1, 2021 (in shares)	5,000,000
Total shares of Coterra common stock issued (in shares)	408,000,000
Coterra common stock closing price on October 1, 2021 (in dollars per share)	$ 22.25
Value of shares issued	$ 9,083,000,000
Cimarex | Cimarex
Significant Acquisitions and Disposals
Cimarex common stock issued as of October 1, 2021 (in shares)	103,000,000
Less unvested common stock (in shares)	(3,000,000)
Total Cimarex common stock to be converted (in shares)	100,000,000

Acquisitions - Post-Acquisition

Acquisitions - Post-Acquisition Operating Results (Details) - Cimarex $ in Millions	3 Months Ended
	Dec. 31, 2021 USD ($)
Significant Acquisitions and Disposals
Revenue	$ 1,129
Net income	$ 394

Acquisitions - Pro Forma Inform

Acquisitions - Pro Forma Information (Details) - Cimarex - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro forma revenue	$ 5,236	$ 2,990
Pro forma net income (loss)	$ 1,205	$ (2,189)
Pro forma basic earnings (loss) per share (in dollars per share)	$ 1.49	$ (2.71)
Pro forma diluted earnings (loss) per share (in dollars per share)	$ 1.48	$ (2.71)

Properties and Equipment, Net_2

Properties and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Properties and Equipment
Finance lease right-of-use asset	$ 16	$ 20
Property, plant and equipment	22,884	21,211
Accumulated depreciation, depletion and amortization	(5,405)	(3,836)
Properties and equipment, net	$ 17,479	$ 17,375
Cost capitalized period	1 year	1 year	1 year
Proved oil and gas properties
Properties and Equipment
Properties and equipment, gross	$ 17,085	$ 15,340
Unproved oil and gas properties
Properties and Equipment
Properties and equipment, gross	5,150	5,316
Gathering and pipeline systems
Properties and Equipment
Properties and equipment, gross	450	395
Land, buildings and other equipment
Properties and Equipment
Properties and equipment, gross	$ 183	$ 140

Long-Term Debt and Credit Agr_3

Long-Term Debt and Credit Agreements - Schedule of Long-term Debt (Details) - USD ($)	1 Months Ended		12 Months Ended
	Sep. 30, 2026	Sep. 30, 2024	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total debt			$ 2,075,000,000	$ 2,949,000,000
Net premium			111,000,000	185,000,000
Unamortized debt issuance costs			(5,000,000)	(9,000,000)
Long-term debt			2,181,000,000	3,125,000,000
Senior Notes | Cimarex
Debt Instrument [Line Items]
Total debt			130,000,000
Revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Total debt			$ 0	0
6.51% weighted-average private placement senior notes | Senior Notes
Debt Instrument [Line Items]
Weighted-average interest rate			6.51%
Total debt			$ 0	37,000,000
Amount of maturity			$ 37,000,000
5.58% weighted-average private placement senior notes | Senior Notes
Debt Instrument [Line Items]
Weighted-average interest rate			5.58%
Total debt			$ 0	87,000,000
Amount of maturity			$ 87,000,000
3.65% weighted-average private placement senior notes(1) | Senior Notes
Debt Instrument [Line Items]
Weighted-average interest rate			3.65%
Total debt			$ 825,000,000	825,000,000
3.65% weighted-average private placement senior notes(1) | Senior Notes | Scenario Forecast
Debt Instrument [Line Items]
Amount of maturity	$ 250,000,000	$ 575,000,000
4.375% senior notes due June 1, 2024 | Senior Notes
Debt Instrument [Line Items]
Weighted-average interest rate			4.375%
Stated percentage			4.375%
Total debt			$ 0	750,000,000
Amount of maturity			$ 750,000,000
3.90% senior notes due May 15, 2027 | Senior Notes
Debt Instrument [Line Items]
Stated percentage			3.90%
Total debt			$ 750,000,000	750,000,000
4.375% senior notes due March 15, 2029 | Senior Notes
Debt Instrument [Line Items]
Stated percentage			4.375%
Total debt			$ 500,000,000	$ 500,000,000

Long-Term Debt and Credit Agr_4

Long-Term Debt and Credit Agreements - Cimarex Senior Notes (Details) - Senior Notes	Oct. 01, 2021 USD ($)
Debt Instrument [Line Items]
Face Value	$ 2,000,000,000
Fair Value	2,196,000,000
4.375% senior notes due June 1, 2024
Debt Instrument [Line Items]
Face Value	750,000,000
Fair Value	809,000,000
3.90% senior notes due May 15, 2027
Debt Instrument [Line Items]
Face Value	750,000,000
Fair Value	823,000,000
4.375% senior notes due March 15, 2029
Debt Instrument [Line Items]
Face Value	500,000,000
Fair Value	$ 564,000,000

Long-Term Debt and Credit Agr_5

Long-Term Debt and Credit Agreements - Narrative (Details)			12 Months Ended
	Sep. 16, 2021	Apr. 22, 2019	Dec. 31, 2022 USD ($) fiscal_period	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Oct. 01, 2021 USD ($)
Debt Instrument [Line Items]
Gain (loss) on debt extinguishment			$ 28,000,000	$ 0	$ 0
Total debt			$ 2,075,000,000	2,949,000,000
Senior Notes
Debt Instrument [Line Items]
Fiscal quarters for reduction in coverage ratio | fiscal_period			4
Minimum required annual coverage ratio			2.8
Consolidated debt to EBIDTA ratio			3
Debt instrument, face amount						$ 2,000,000,000
Senior Notes | Cimarex
Debt Instrument [Line Items]
Debt instrument, face amount			$ 2,000,000,000
Total debt			130,000,000
Revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Minimum required asset coverage ratio	3
Total capitalization	65%
Agreement extended period	1 year
Lenders holding percent	50%
Remaining borrowing capacity on line of credit			1,500,000,000
Total debt			0	0
Revolving credit facility | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Commitment fee percentage		12.50%
Revolving credit facility | Revolving Credit Facility | Minimum | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		112.50%
Revolving credit facility | Revolving Credit Facility | Minimum | ABR
Debt Instrument [Line Items]
Basis spread on variable rate		12.50%
Revolving credit facility | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Commitment fee percentage		27.50%
Revolving credit facility | Revolving Credit Facility | Maximum | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		175%
Revolving credit facility | Revolving Credit Facility | Maximum | ABR
Debt Instrument [Line Items]
Basis spread on variable rate		75%
4.375% senior notes due March 15, 2029 | Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount						500,000,000
Total debt			500,000,000	500,000,000
6.51% weighted-average private placement senior notes | Senior Notes
Debt Instrument [Line Items]
Amount of principal repurchased			$ 37,000,000
Weighted-average interest rate			6.51%
Payment for extinguishment of debt			$ 38,000,000
Total debt			0	37,000,000
5.58% weighted-average private placement senior notes | Senior Notes
Debt Instrument [Line Items]
Amount of principal repurchased			$ 87,000,000
Weighted-average interest rate			5.58%
Payment for extinguishment of debt			$ 92,000,000
Gain (loss) on debt extinguishment			(7,000,000)
Total debt			$ 0	87,000,000
3.65% weighted-average private placement senior notes(1) | Senior Notes
Debt Instrument [Line Items]
Weighted-average interest rate			3.65%
Total debt			$ 825,000,000	825,000,000
4.375% senior notes due June 1, 2024 | Senior Notes
Debt Instrument [Line Items]
Amount of principal repurchased			$ 750,000,000
Weighted-average interest rate			4.375%
Gain (loss) on debt extinguishment			$ 35,000,000
Debt instrument, face amount						$ 750,000,000
Total debt			0	$ 750,000,000
Existing Cimarex Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount			$ 1,800,000,000

Derivative Instruments - Outsta

Derivative Instruments - Outstanding Financial Commodity Derivatives (Details) - Forecast	3 Months Ended
	Dec. 31, 2023 MMBTU $ / MMBTU	Sep. 30, 2023 MMBTU $ / MMBTU	Jun. 30, 2023 MBoe MMBTU $ / MMBTU $ / MBbls	Mar. 31, 2023 MMBTU MBoe $ / MMBTU $ / MBbls
Waha gas collars
Derivative [Line Items]
Notional amount, energy | MMBTU	8,280,000	8,280,000	8,190,000	8,100,000
Floor, weighted-average (in dollars per Mmbtu/Bbl)	3.03	3.03	3.03	3.03
Ceiling, weighted-average (in dollars per Mmbtu/Bbl)	5.39	5.39	5.39	5.39
NYMEX collars
Derivative [Line Items]
Notional amount, energy | MMBTU	29,150,000	32,200,000	31,850,000	54,000,000
Floor, weighted-average (in dollars per Mmbtu/Bbl)	4.03	4.07	4.07	5.12
Ceiling, weighted-average (in dollars per Mmbtu/Bbl)	6.61	6.78	6.78	9.34
WTI oil collars
Derivative [Line Items]
Notional amount, energy | MBoe			1,365	1,350
Floor, weighted-average (in dollars per Mmbtu/Bbl) | $ / MBbls			70	70
Ceiling, weighted-average (in dollars per Mmbtu/Bbl) | $ / MBbls			116.03	116.03
WTI Midland oil basis swaps
Derivative [Line Items]
Notional amount, energy | MBoe			1,365	1,350
Differential price weighted average (in dollars per Mmbtu/Bbl) | $ / MBbls			0.63	0.63

Derivative Instruments - Effect

Derivative Instruments - Effect of Derivative Instruments on the Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Effect of derivative instruments on the Consolidated Balance Sheet
Derivative Assets	$ 146	$ 7
Derivative Liabilities	0	159
Derivatives Not Designated as Hedges | Commodity Contracts
Effect of derivative instruments on the Consolidated Balance Sheet
Derivative Assets	146	7
Derivative Liabilities	$ 0	$ 159

Derivative Instruments - Offset

Derivative Instruments - Offsetting Derivative Assets and Liabilities in Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Derivative assets
Gross amounts of recognized assets	$ 147	$ 27
Gross amounts offset in the consolidated balance sheet	(1)	(20)
Net amounts of assets presented in the consolidated balance sheet	146	7
Gross amounts of financial instruments not offset in the consolidated balance sheet	2	0
Net amount	148	7
Derivative liabilities
Gross amounts of recognized liabilities	1	179
Gross amounts offset in the consolidated balance sheet	(1)	(20)
Net amounts of liabilities presented in the consolidated balance sheet	0	159
Gross amounts of financial instruments not offset in the consolidated balance sheet	1	35
Net amount	$ 1	$ 194

Derivative Instruments - Effe_2

Derivative Instruments - Effect of Derivative Instruments on the Consolidated Statement of Operations (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other (income) expense
Total	$ (463)	$ (221)	$ 61
Gas contracts
Derivative [Line Items]
Cash (paid) received on settlement of derivative instruments	(438)	(307)	35
Non-cash gain on derivative instruments	149	99	26
Oil contracts
Derivative [Line Items]
Cash (paid) received on settlement of derivative instruments	(324)	(124)	0
Non-cash gain on derivative instruments	$ 150	$ 111	$ 0

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities, Recurring (Details)) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets
Deferred compensation plan	$ 43	$ 47
Derivative instruments	146	7
Liabilities
Deferred compensation plan	55	56
Derivative Liabilities	$ 0	$ 159
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Derivative instruments	Derivative instruments
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Derivative Asset, Current, Other assets	Derivative Asset, Current, Other assets
Recurring Basis
Assets
Deferred compensation plan	$ 43	$ 47
Derivative instruments	147	27
Total assets	190	74
Liabilities
Deferred compensation plan	55	56
Derivative Liabilities	1	179
Total liabilities	56	235
Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Deferred compensation plan	43	47
Derivative instruments	0	0
Total assets	43	47
Liabilities
Deferred compensation plan	55	56
Derivative Liabilities	0	0
Total liabilities	55	56
Recurring Basis | Significant Other Observable Inputs (Level 2)
Assets
Deferred compensation plan	0	0
Derivative instruments	0	0
Total assets	0	0
Liabilities
Deferred compensation plan	0	0
Derivative Liabilities	0	0
Total liabilities	0	0
Recurring Basis | Significant Unobservable Inputs (Level 3)
Assets
Deferred compensation plan	0	0
Derivative instruments	147	27
Total assets	147	27
Liabilities
Deferred compensation plan	0	0
Derivative Liabilities	1	179
Total liabilities	$ 1	$ 179

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Changes in Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in the fair value of financial assets and liabilities classified as Level 3 in the fair value hierarchy
Balance at beginning of period	$ (152)	$ 24	$ 0
Total gain (loss) included in earnings	(446)	(532)	41
Settlement (gain) loss	744	356	(17)
Transfers in and/or out of Level 3	0	0	0
Balance at end of period	146	(152)	24
Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period	$ 179	$ (154)	$ 24
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings	Total gain (loss) included in earnings	Total gain (loss) included in earnings
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income , Extensible List Not Disclosed Flag	Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - Impaired_Asset_And_Liabilty	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Number of non-financial assets and liabilities impaired	0	0	0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Other Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Carrying Amount
Fair value disclosures
Long-term debt	$ 2,181	$ 3,125
Estimated Fair Value
Fair value disclosures
Long-term debt	$ 1,955	$ 3,163

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Asset Retirement Obligation
Balance at beginning of period	$ 263,000	$ 86,000	$ 72,000
Liabilities assumed in Merger	0	175,000	0
Liabilities incurred	10,000	6,000	10,000
Liabilities settled	(3,000)	(10,000)	0
Liabilities divested	2,000	0	0
Accretion expense	9,000	6,000	4,000
Balance at end of period	277,000	263,000	86,000
Less: current asset retirement obligation	(6,000)	(4,000)	(1,000)
Noncurrent asset retirement obligation	$ 271,000	$ 259,000	$ 85,000

Commitments and Contingencies -

Commitments and Contingencies - Future Minimum Obligations (Details) $ in Millions	Dec. 31, 2022 USD ($)
Transportation Agreement Obligation
Other Commitments [Line Items]
2023	$ 108
2024	159
2025	169
2026	153
2027	159
Thereafter	901
Future transportation agreement obligation	1,649
Minimum Volume Commitments
Other Commitments [Line Items]
2023	93
2024	96
2025	96
2026	84
2027	80
Thereafter	157
Future transportation agreement obligation	606
Minimum Volume Delivery Commitments
Other Commitments [Line Items]
2023	16
2024	19
2025	13
2026	13
2027	16
Thereafter	13
Future transportation agreement obligation	90
Minimum Volume Water Delivery Commitments
Other Commitments [Line Items]
2023	7
2024	7
2025	7
2026	7
2027	7
Thereafter	18
Future transportation agreement obligation	$ 53

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Nov. 29, 2022	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating lease cost		$ 104,000	$ 23,000
Variable lease cost		9,000	6,000
Short-term lease payments		$ 265,000	$ 113,000
Pennsylvania Office of Attorney General Matter
Lessee, Lease, Description [Line Items]
Amount awarded to other party	$ 16,000
Pennsylvania Office of Attorney General Matter | Charity Donation
Lessee, Lease, Description [Line Items]
Amount awarded to other party	2,500
Pennsylvania Department of Environmental Protection
Lessee, Lease, Description [Line Items]
Amount awarded to other party	$ 444
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term		1 month
Minimum | Drilling Rigs, Fracturing and Other Equipment
Lessee, Lease, Description [Line Items]
Short-term lease, term		30 days
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term		23 years
Maximum | Drilling Rigs, Fracturing and Other Equipment
Lessee, Lease, Description [Line Items]
Short-term lease, term		1 year
Minimum Volume Commitments
Lessee, Lease, Description [Line Items]
Other commitment		$ 606,000
Minimum Volume Delivery Commitments
Lessee, Lease, Description [Line Items]
Other commitment		90,000
Minimum Volume Water Delivery Commitments
Lessee, Lease, Description [Line Items]
Other commitment		53,000
Other assets (non-current) | Minimum Volume Delivery Commitments
Lessee, Lease, Description [Line Items]
Other commitment		14,000
Other assets (non-current) | Minimum Volume Water Delivery Commitments
Lessee, Lease, Description [Line Items]
Other commitment		$ 20,000

Commitments and Contingencies_3

Commitments and Contingencies - Future Undiscounted Minimum Cash Payment Obligations for Operating Lease Liabilities (Details) $ in Millions	Dec. 31, 2022 USD ($)
Operating Lease Liabilities, Payments Due (Under Topic 842)
2023	$ 126
2024	115
2025	101
2026	38
2027	9
Thereafter	47
Total undiscounted future lease payments	436
Present value adjustment	(35)
Net operating lease liabilities	$ 401

Commitments and Contingencies_4

Commitments and Contingencies - Future Undiscounted Minimum Cash Payment Obligations for Financing Lease Liabilities (Details) $ in Millions	Dec. 31, 2022 USD ($)
Finance Lease, Liability, Payment, Due [Abstract]
2023	$ 7
2024	7
2025	4
Total undiscounted future lease payments	18
Present value adjustment	(1)
Net financing lease liabilities	$ 17

Commitments and Contingencies_5

Commitments and Contingencies - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating cash flows from operating leases	$ 104	$ 23
Financing cash flows from financing leases	$ 6	$ 2	$ 0

Commitments and Contingencies_6

Commitments and Contingencies - Information Regarding Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate for Operating Leases (Details)	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating leases, weighted-average remaining lease term	4 years 7 months 6 days	5 years 8 months 12 days
Financing leases, weighted-average remaining lease term	2 years 8 months 12 days	3 years 8 months 12 days
Operating leases, weighted-average discount rate	3.30%	2.40%
Financing leases, weighted-average discount rate	2.40%	2.10%

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Operating revenues	$ 9,514	$ 3,670	$ 1,405
Natural gas
Disaggregation of Revenue [Line Items]
Operating revenues	5,469	2,798	1,405
Oil
Disaggregation of Revenue [Line Items]
Operating revenues	3,016	616	0
NGL
Disaggregation of Revenue [Line Items]
Operating revenues	964	243	0
Other
Disaggregation of Revenue [Line Items]
Operating revenues	$ 65	$ 13	$ 0

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Unsatisfied performance obligations	$ 7,200
Receivables from contracts with customers	$ 1,100	$ 922
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations, expected period of satisfaction	16 years

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current
Federal	$ 791	$ 207	$ (32)
State	78	11	1
Total	869	218	(31)
Deferred
Federal	217	119	68
State	18	7	4
Total	235	126	72
Income tax expense	$ 1,104	$ 344	$ 41

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of Income Tax Expense (Benefit) Computed by Applying Statutory Federal Income Tax Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Amount
Computed “expected” federal income tax	$ 1,085	$ 315	$ 51
State income tax, net of federal income tax benefit	93	24	5
Deferred tax adjustment related to change in overall state tax rate	(23)	(7)	1
Valuation allowance	(66)	3	(4)
Excess executive compensation	10	15	5
Reserve on uncertain tax positions	6	1	6
Uncertain tax positions	(34)	(6)	(23)
Other, net	33	(1)	0
Income tax expense	$ 1,104	$ 344	$ 41
Rate
Computed “expected” federal income tax	21%	21%	21%
State income tax, net of federal income tax benefit	1.80%	1.59%	1.86%
Deferred tax adjustment related to change in overall state tax rate	(0.45%)	(0.46%)	0.50%
Valuation allowance	(1.28%)	0.22%	(1.58%)
Excess executive compensation	0.20%	1.03%	2.18%
Reserve on uncertain tax positions	0.12%	0.05%	2.47%
Uncertain tax positions	(0.66%)	(0.39%)	(9.63%)
Other, net	0.62%	(0.14%)	0.04%
Income tax expense	21.35%	22.90%	16.84%

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Composition of Net Deferred Tax Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets
Net operating losses	$ 196	$ 388
Incentive compensation	24	23
Deferred compensation	30	22
Post-retirement benefits	4	8
Capital loss carryforward	16	30
Other credit carryforwards	4	10
Leases	13	11
Derivative instruments	0	35
Other	30	18
Less: valuation allowance	(110)	(177)
Total	207	368
Deferred Tax Liabilities
Properties and equipment	3,498	3,459
Equity method investments	1	1
Leases	14	9
Derivative instruments	33	0
Total	3,546	3,469
Net deferred tax liabilities	$ 3,339	$ 3,101

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
State tax effected net operating losses
Other credit carryforwards	$ 4	$ 10
Valuation allowance on operating loss carryforwards	8
Unrecognized tax benefits	13	$ 7	$ 6	$ 1
Liability for accrued interest	1
Capital loss carryforward
State tax effected net operating losses
Other credit carryforwards	71
Tax Credit Carryforward, Amount, Net Of Valuation Allowance	6
Marginal Well Credits
State tax effected net operating losses
Other credit carryforwards	4
Tax credit carryforwards valuation allowance	4
Research and development tax credits
State tax effected net operating losses
Unrecognized tax benefits	1
Federal
State tax effected net operating losses
Net operating loss carryforwards	442
NOL not subject to expiration	64
Valuation allowance on operating loss carryforwards	37
Operating Loss Carryforwards, Subject To Expiration	378
Operating Loss Carryforwards, Net Of Valuation Allowance	405
State
State tax effected net operating losses
Net operating loss carryforwards	2,600
Valuation allowance on operating loss carryforwards	83
Operating Loss Carryforwards, Net Of Valuation Allowance	198
State | Capital loss carryforward
State tax effected net operating losses
Tax credit carryforwards valuation allowance	15
Cimarex | Research and development tax credits
State tax effected net operating losses
Unrecognized tax benefits	$ 5

Income Taxes - Schedule of Re_2

Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of unrecognized tax benefits
Balance at beginning of period	$ 7	$ 6	$ 1
Additions for tax positions of current period	1	1	0
Additions for tax positions of prior periods	5	0	5
Balance at end of period	$ 13	$ 7	$ 6

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details)		3 Months Ended	12 Months Ended
	Oct. 01, 2021 USD ($)	Dec. 31, 2021 USD ($) shares	Dec. 31, 2022 USD ($) Retiree shares	Dec. 31, 2021 USD ($) Retiree shares	Dec. 31, 2020 USD ($)
Restructuring Cost and Reserve [Line Items]
Number of retirees and dependents | Retiree			320	364
Subsidy limit percentage of expected annual fully insured premium over age threshold			60%
Subsidy limit percentage of expected annual fully insured premium under age threshold			$ 648,000
Annual subsidy limit percentage increases for fully insured premium over age threshold			3%
Estimated contributions next year			$ 1,000,000
Deferred compensation plan		$ 56,000,000	$ 55,000,000	$ 56,000,000
Cimarex
Restructuring Cost and Reserve [Line Items]
Distributions paid		27,000,000
Deferred compensation liability	$ 27,000,000
Executive Officer
Restructuring Cost and Reserve [Line Items]
Contributions to deferred compensation plan	$ 19,000,000
Savings Investment Plan
Restructuring Cost and Reserve [Line Items]
Employer matching percent			6%
Maximum contribution, percent of employee salary			10%
401(k) Plan
Restructuring Cost and Reserve [Line Items]
Defined contribution cost recognized			$ 12,000,000	7,000,000	$ 6,000,000
Deferred Compensation Plan
Restructuring Cost and Reserve [Line Items]
Market value of the trust assets, excluding common stock			43,000,000	47,000,000
Deferred compensation plan		$ 56,000,000	$ 55,000,000	$ 56,000,000
Number of common stock deferred into the rabbi trust (in shares) | shares		495,774	495,774	495,774
Common stock held in rabbi trust		$ 5,000,000		$ 5,000,000
Contributions to deferred compensation plan			$ 1,000,000	$ 20,000,000	$ 1,000,000

Employee Benefit Plans - Change

Employee Benefit Plans - Change in Postretirement Benefit Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in Benefit Obligation
Benefit obligation at beginning of period	$ 35	$ 33	$ 34
Service cost	2	2	2
Interest cost	1	1	1
Actuarial (gain) loss	(15)	1	(2)
Benefits paid	(2)	(2)	(2)
Plan amendments	(3)	0	0
Benefit obligation at end of period	18	35	33
Change in Plan Assets
Fair value of plan assets at end of period	0	0	0
Funded status at end of period	(18)	(35)	(33)
Amounts recognized in balance sheet
Current liabilities	1	2	2
Non-current liabilities	17	33	31
Net amount	18	35	33
Amounts recognized in accumulated other comprehensive income (loss)
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax	(15)	0	0
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax	(3)	(2)	(3)
Amount recognized in accumulated other comprehensive income (loss)	$ (18)	$ (2)	$ (3)

Employee Benefit Plans - Compon

Employee Benefit Plans - Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Components of Net Periodic Postretirement Benefit Cost
Service cost	$ 2,000	$ 2,000	$ 2,000
Interest cost	1,000	1,000	1,000
Amortization of prior service credit	(1,000)	(1,000)	(1,000)
Net periodic postretirement cost	2,000	2,000	2,000
Recognized curtailment gain	(1,000)	0	0
Total post retirement cost	1,000	2,000	2,000
Other Changes in Benefit Obligations Recognized in Other Comprehensive Income
Net gain	(15,000)	0	(2,000)
Prior service credit	(1,000)	0	0
Amortization of prior service credit	1,000	1,000	1,000
Total recognized in other comprehensive income	(15,000)	1,000	(1,000)
Total recognized in net periodic benefit cost (income) and other comprehensive income	$ (14,000)	$ 3,000	$ 1,000

Employee Benefit Plans - Assump

Employee Benefit Plans - Assumptions Used to Determine Projected Postretirement Benefit Obligations and Postretirement Costs (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted-average assumptions used to determine projected pension benefit obligations
Discount rate	5.55%	2.85%	2.65%
Health care cost trend rate for medical benefits assumed for next year (pre-65)	8%	6.50%	6.75%
Health care cost trend rate for medical benefits assumed for next year (post-65)	4.50%	4.75%	5%
Ultimate trend rate (pre-65)	4.50%	4.50%	4.50%
Ultimate trend rate (post-65)	4.50%	4.50%	4.50%
Beginning discount rate	2.85%	2.65%	3.50%

Employee Benefit Plans - Schedu

Employee Benefit Plans - Schedule of Estimated Benefit Payments (Details) $ in Millions	Dec. 31, 2022 USD ($)
Estimated future benefit payments
2023	$ 1
2024	1
2025	1
2026	1
2027	1
Years 2028 - 2032	$ 6

Capital Stock - Dividends Commo

Capital Stock - Dividends Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended												12 Months Ended
	Oct. 31, 2021	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Base (in dollars per share)		$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.13	$ 0.11	$ 0.11	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.60	$ 0.45	$ 0.40
Variable (in dollars per share)		0.53	0.50	0.45	0.41	0.67	0	0	0	0	0	0	0	1.89	0.67	0
Total (in dollars per share)	$ 0.50	$ 0.68	$ 0.65	$ 0.60	$ 0.56	$ 0.80	$ 0.11	$ 0.11	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 0.10	$ 2.49	$ 1.12	$ 0.40
Total Dividends Paid (In millions)		$ 533	$ 519	$ 484	$ 455	$ 651	$ 44	$ 44	$ 40	$ 39	$ 40	$ 40	$ 40	$ 1,991	$ 779	$ 159

Capital Stock - Narrative (Deta

Capital Stock - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended	12 Months Ended
	Feb. 27, 2023	May 31, 2022	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Feb. 28, 2022	Oct. 31, 2021	Oct. 01, 2021	Sep. 29, 2021	Sep. 28, 2021
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Common stock, issued (in shares)			768,244,610	768,244,610	892,612,010
Common stock, authorized (in shares)			1,800,000,000	1,800,000,000	1,800,000,000					1,800,000,000	960,000,000
Cash dividends, per share (in dollars per share)			$ 0.15	$ 2.49	$ 1.12	$ 0.40
Preferred stock cash dividends				$ 1,000,000	$ 1,000,000
Preferred stock dividends paid, per share (in dollars per share)				$ 20.3125	$ 20.3125
Repurchase program authorized amount							$ 1,250,000,000
Stock repurchased during period (in shares)				48,000,000	0	0
Share repurchases				$ 1,250,000,000
Shares withheld for taxes (in shares)				320,236	125,067
Value of shares withheld for taxes				$ 9,000,000	$ 3,000,000
Treasury stock (in shares)			0	0	79,082,385
Cimarex redeemable preferred stock									$ 50,000,000
Redeemable preferred stock outstanding (in shares)			6,125	6,125
Cimarex redeemable preferred stock			$ 11,000,000	$ 11,000,000	$ 50,000,000
Common Stock
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Shares issued upon conversion (in shares)		809,846
Redeemable Preferred Stock
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Preferred stock, par value (in dollars per share)								$ 0.01
Conversion of common stock (in shares)		21,900
Conversion stock, cash		$ 10,000,000
Conversion of stock, amount		$ 39,000,000
Subsequent Event
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Cash dividends, per share (in dollars per share)	$ 0.20
Variable dividends (in dollars per share)	0.37
Dividends payable (in dollars per share)	$ 0.57
Repurchase program authorized amount	$ 2,000,000,000
Cimarex Stockholders
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Common stock, issued (in shares)									408,200,000
Cimarex Stockholders | Restricted Stock Awards
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]
Common stock, issued (in shares)									3,400,000

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($)			1 Months Ended		12 Months Ended
	May 01, 2024	Oct. 01, 2021	Jul. 31, 2022	Oct. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	May 01, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional awards granted (in shares)		1,577,554			0
Fair value of award					$ 76	$ 102	$ 25
Options granted (in dollars per shares)					$ 0
Stock options grant date fair value				$ 14,000,000
Deferred Compensation, Share-based Payments
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares held in employee trust earned but not distributed (in shares)					495,774
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in dollars per shares)		$ 8.47
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in dollars per shares)		$ 28.72
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of award					$ 9	$ 11	$ 0
Restricted Stock Units | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					3 years
Granted (in shares)					2,249,405
Granted (in dollars per share)					$ 24.81	$ 20.83	$ 0
Vested (in shares)					316,322
Restricted Stock Units | Employee | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected forfeiture rate					0%
Restricted Stock Units | Employee | Minimum | Graduated or Graded Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					3 years
Restricted Stock Units | Employee | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected forfeiture rate					5%
Restricted Stock Units | Employee | Maximum | Graduated or Graded Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					4 years
Restricted Stock Units | Non-employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)					45,472
Granted (in dollars per share)					$ 35.19	$ 18.51	$ 15.88
Vested (in shares)					0
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		2 years			3 years
Granted (in shares)		3,364,354			0
Granted (in dollars per share)		$ 22.25			$ 0
Fair value of award					$ 22	$ 7	$ 0
Vested (in shares)					813,812
Grant date value		$ 22,000,000
Restricted Stock Awards | Graduated or Graded Vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					3 years
Restricted Stock Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected forfeiture rate					0%
Restricted Stock Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected forfeiture rate					15%
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					3 years
Fair value of award					$ 45	$ 84	$ 25
Internal Metrics Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Rights to share portion of award, maximum percent					100%
Market Based Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Rights to share portion of award, maximum percent					100%
Rights to cash portion of award, maximum percent					100%
Employee Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					3 years
Granted (in shares)					0
Granted (in dollars per share)					$ 0
Fair value of award			$ 22,000,000
Minimum operating cash flow for performance based award					$ 100,000,000
Vested (in shares)					1,775,790
Performance period					3 years
Employee Performance Share Awards | 50% Vesting on Third Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage					100%
Rights to share portion of award, maximum percent						33%	33%
TSR Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)					1,161,599
Issued and fully vested (in shares)					0
Granted (in dollars per share)					$ 17.89
Performance period					3 years
Cash payments for share-based compensation					$ 0	$ 0	$ 14,000,000
2014 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance (in shares)								18,000,000
Number of shares available for issuance (in shares)					9,500,000
2014 Incentive Plan | Stock Options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance (in shares)								10,000,000
2014 Incentive Plan | Scenario Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional awards granted (in shares)	0
2019 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for issuance (in shares)					35,200,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Share-Based Compensation Expense Income Tax Benefit Awards Issued Under Incentive Plans (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense			$ 86	$ 57	$ 43
Income tax benefit			20	24	10
Restricted stock units - employees and non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense			31	6	2
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense			20	6	0
Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense			22	41	40
Share-based payment arrangement, accelerated cost	$ 7	$ 18
Deferred performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense			2	1	(1)
Dividend equivalents
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation expense			$ 11	$ 3	$ 2

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Award Activity (Details) - Restricted Stock Units - Employee - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Shares
Outstanding at beginning of period (in shares)	1,286,471
Granted (in shares)	2,249,405
Vested (in shares)	(316,322)
Forfeited (in shares)	(31,410)
Outstanding at end of period (in shares)	3,188,144	1,286,471
Weighted- Average Grant Date Fair Value per Unit
Outstanding at beginning of period (in dollars per share)	$ 21
Granted (in dollars per share)	24.81	$ 20.83	$ 0
Vested (in dollars per share)	22.75
Forfeited (in dollars per share)	25.25
Outstanding at end of period (in dollars per share)	$ 23.47	$ 21

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - $ / shares		12 Months Ended
	Oct. 01, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restricted Stock Units | Non-employee
Shares
Outstanding at beginning of period (in shares)		245,898
Granted (in shares)		45,472
Vested (in shares)		0
Forfeited (in shares)		0
Outstanding at end of period (in shares)		291,370	245,898
Weighted- Average Grant Date Fair Value per Unit
Outstanding at beginning of period (in dollars per share)		$ 20.41
Granted (in dollars per share)		35.19	$ 18.51	$ 15.88
Vested (in dollars per share)		0
Forfeited (in dollars per share)		0
Outstanding at end of period (in dollars per share)		$ 22.72	$ 20.41
Restricted Stock Awards
Shares
Outstanding at beginning of period (in shares)		3,019,183
Granted (in shares)	3,364,354	0
Vested (in shares)		(813,812)
Forfeited (in shares)		(136,397)
Outstanding at end of period (in shares)		2,068,974	3,019,183
Weighted- Average Grant Date Fair Value per Unit
Outstanding at beginning of period (in dollars per share)		$ 22.25
Granted (in dollars per share)	$ 22.25	0
Vested (in dollars per share)		22.25
Forfeited (in dollars per share)		22.25
Outstanding at end of period (in dollars per share)		$ 22.25	$ 22.25

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Performance Share Awards Activity (Details)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Employee Performance Share Awards
Shares
Outstanding at beginning of period (in shares) | shares	1,858,104
Granted (in shares) | shares	0
Vested (in shares) | shares	(1,775,790)
Forfeited (in shares) | shares	(9,000)
Outstanding at end of period (in shares) | shares	73,314
Weighted- Average Grant Date Fair Value per Share
Outstanding at beginning of period (in dollars per share)	$ 18.93
Granted (in dollars per share)	0
Vested (in dollars per share)	18.88
Forfeited (in dollars per share)	17.20
Outstanding at end of period (in dollars per share)	$ 20.46
TSR Performance Share Awards
Shares
Outstanding at beginning of period (in shares) | shares	0
Granted (in shares) | shares	1,161,599
Issued and fully vested (in dollars per share)	$ 0
Forfeited (in shares) | shares	0
Outstanding at end of period (in shares) | shares	1,161,599
Weighted- Average Grant Date Fair Value per Share
Outstanding at beginning of period (in dollars per share)	$ 0
Granted (in dollars per share)	17.89
Forfeited (in dollars per share)	0
Outstanding at end of period (in dollars per share)	$ 17.89

Stock-Based Compensation - Refl

Stock-Based Compensation - Reflects Certain Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
TSR Performance Share Awards | Liability
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other non-current liabilities	$ 3	$ 0

Stock-Based Compensation - Cash

Stock-Based Compensation - Cash Payments Related to the Vesting (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
TSR Performance Share Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash payments for share-based compensation	$ 0	$ 0	$ 14

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions Used to Determine Grant Date Fair Value of Equity and Liability Component (Details) - TSR Performance Share Awards - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award granted during the period	$ 14.92	$ 0
Stockholders' Equity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award granted during the period	$ 9.01	$ 16.07	$ 13.79
Stock price volatility	42.60%	39.80%	29.50%
Risk free rate of return	4.40%	0.20%	1.40%
Liability
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price volatility	42.60%	0%
Risk free rate of return	4.40%	0%	0.10%
Minimum | Liability
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award granted during the period			$ 10.37
Stock price volatility			42.40%
Maximum | Liability
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award granted during the period			$ 10.81
Stock price volatility			52.40%

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Share-Based Compensation, Aggregative Fair Value of Awards and Units Vested, Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of award	$ 76	$ 102	$ 25
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of award	9	11	0
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of award	22	7	0
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of award	$ 45	$ 84	$ 25

Stock-Based Compensation - Su_5

Stock-Based Compensation - Summary of Share-Based Compensation, Weighted-Average Recognition Period Associated with Unvested Awards and Units , Activity (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation	$ 84
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation	$ 48
Weighted-average remaining contractual term of non-vested shares	2 years 2 months 12 days
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation	$ 21
Weighted-average remaining contractual term of non-vested shares	1 year 4 months 24 days
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation	$ 15
Weighted-average remaining contractual term of non-vested shares	1 year 10 months 24 days

Stock-Based Compensation - Su_6

Stock-Based Compensation - Summary of Stock Option Awards (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Oct. 01, 2021	Dec. 31, 2022
Shares
Outstanding at beginning of period (in shares)		1,355,352
Granted (in shares)	1,577,554	0
Exercised (in shares)		(780,606)
Forfeited or expired (in shares)		(38,137)
Outstanding at end of period ( in shares)		536,609
Weighted- Average Strike Price
Options outstanding at beginning of period (in dollars per shares)		$ 17.35
Options granted (in dollars per shares)		0
Options exercised (in dollars per share)		16.29
Options forfeited or expired (in dollars per shares)		28.67
Options outstanding at end of period (in dollars per shares)		$ 18.08
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options exercisable, Number of options (in shares)		536,609
Options exercisable, Weighted average exercise price per share (in dollars per share)		$ 18.08
Aggregate intrinsic value		$ 4
Exercisable, intrinsic value		$ 4
Weighted-average remaining contractual term of non-vested shares		2 years 7 months 6 days

Earnings per Common Share - Sch

Earnings per Common Share - Schedule of EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income (Numerator)
Net income	$ 4,065	$ 1,158	$ 201
Less: dividends attributable to participating securities	(7)	(2)	0
Less: Cimarex redeemable preferred stock dividends	(1)	(1)	0
Net income available to common stockholders	$ 4,057	$ 1,155	$ 201
Shares (Denominator)
Weighted average shares - basic (in shares)	796	503	399
Dilution effect of stock awards at end of period (in shares)	3	1	2
Weighted average shares - diluted (in shares)	799	504	401
Earnings per share:
Basic (in dollars per share)	$ 5.09	$ 2.30	$ 0.50
Diluted (in dollars per share)	$ 5.08	$ 2.29	$ 0.50

Earnings per Common Share - Cal

Earnings per Common Share - Calculation of Weighted-Average Shares Excluded from Diluted EPS (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Treasury Stock Method
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	1	1	0

Restructuring Costs - Narrative

Restructuring Costs - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 52	$ 44

Restructuring Costs - Restructu

Restructuring Costs - Restructuring Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 43	$ 0
Additions related to merger integration	52	44
Reductions related to merger integration payments	(18)	(1)
Balance at end of period	$ 77	$ 43

Additional Balance Sheet Info_3

Additional Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts receivable, net
Trade accounts	$ 1,067	$ 922
Joint interest accounts	108	83
Other accounts	48	34
Accounts receivable, gross	1,223	1,039
Allowance for doubtful accounts	(2)	(2)
Accounts receivable, net	1,221	1,037
Other assets
Deferred compensation plan	43	47
Debt issuance cost	3	5
Operating lease right-of-use assets	382	317
Other accounts	36	20
Other assets	464	389
Accounts payable
Trade accounts	27	94
Royalty and other owners	438	315
Accrued transportation	85	96
Accrued capital costs	148	88
Accrued lease operating costs	32	29
Taxes other than income	73	60
Other accounts	41	65
Accounts payable	844	747
Accrued liabilities
Employee benefits	74	81
Taxes other than income	62	13
Restructuring liability	39	43
Operating lease liabilities	114	69
Financing lease liabilities	6	14
Other accounts	33	40
Accrued liabilities	328	260
Other liabilities
Deferred compensation plan	55	56
Postretirement benefits	17	33	$ 31
Operating lease liabilities	287	248
Financing lease liabilities	11	7
Restructuring liability	38	0
Other accounts	92	63
Other liabilities	$ 500	$ 407
Operating lease, right-of-use asset, statement of financial position [Extensible List]	Other assets	Other assets
Operating lease, liability, current, statement of financial position [Extensible List]	Accrued liabilities	Accrued liabilities
Operating lease, liability, current, statement of financial position [Extensible List]	Accrued liabilities	Accrued liabilities
Operating lease, liability, noncurrent, statement of financial position [Extensible List]	Other liabilities	Other liabilities
Finance lease, liability, noncurrent, statement of financial position [Extensible Enumeration]	Other liabilities	Other liabilities

Interest Expense, net (Details)

Interest Expense, net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest Income (Expense), Net [Abstract]
Interest expense	$ 110	$ 62	$ 49
Debt premium amortization	(37)	(10)	0
Debt issuance cost amortization	4	3	3
Other	(7)	7	2
Total	$ 70	$ 62	$ 54

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Summary of Cash Paid for Interest and Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash paid for interest and income taxes
Interest	$ 119	$ 81	$ 57
Income taxes	983	184	11
Non-cash activity
Retirement of treasury shares	0	0	0
Equity and replacement stock awards issued as consideration in the Merger	$ 0	$ 9,120	$ 0