Coterra Energy (CTRA) 10-Q 7 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Nov. 03, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		752,191,690
Entity Central Index Key	0000858470
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 847	$ 673
Restricted cash	9	10
Accounts receivable, net	727	1,221
Income taxes receivable	15	89
Inventories	64	63
Derivative instruments	37	146
Other current assets	14	9
Total current assets	1,713	2,211
Properties and equipment, net (Successful efforts method)	17,928	17,479
Other assets	460	464
Total assets	20,101	20,154
Current liabilities
Accounts payable	643	844
Less: current portion of long-term debt	575	0
Accrued liabilities	316	328
Income taxes payable	91	0
Interest payable	15	21
Total current liabilities	1,640	1,193
Long-term debt	1,592	2,181
Deferred income taxes	3,358	3,339
Asset retirement obligations	278	271
Other liabilities	436	500
Total liabilities	7,304	7,484
Commitments and contingencies (Note 7)
Cimarex redeemable preferred stock	8	11
Stockholders’ equity
Authorized — 1,800 shares of $0.10 par value in 2023 and 2022 issued — 755 shares and 768 shares in 2023 and 2022, respectively	75	77
Additional paid-in capital	7,601	7,933
Retained earnings	5,101	4,636
Accumulated other comprehensive income	12	13
Total stockholders' equity	12,789	12,659
Total liabilities and stockholders' equity	$ 20,101	$ 20,154

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, shares 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)	753,000,000	768,000,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
OPERATING REVENUES
Operating revenues	$ 1,353	$ 2,676	$ 4,189	$ 7,384
Gain (loss) on derivative instruments	3	(156)	129	(613)
Total operating revenues	1,356	2,520	4,318	6,771
OPERATING EXPENSES
Direct operations	137	118	401	334
Transportation, processing and gathering	235	255	729	726
Taxes other than income	62	102	211	276
Exploration	5	10	14	23
Depreciation, depletion and amortization	421	422	1,185	1,196
General and administrative	79	107	213	301
Total operating expenses	939	1,014	2,753	2,856
Gain (loss) on sale of assets	7	0	12	(1)
INCOME FROM OPERATIONS	424	1,506	1,577	3,914
Gain on debt extinguishment	0	26	0	26
Interest expense	17	20	50	63
Interest income	(10)	(3)	(32)	(4)
Income before income taxes	417	1,515	1,559	3,881
Income tax expense	94	319	350	848
NET INCOME	$ 323	$ 1,196	$ 1,209	$ 3,033
Earnings per share
Basic (in dollars per share)	$ 0.43	$ 1.51	$ 1.59	$ 3.78
Diluted (in dollars per share)	$ 0.42	$ 1.50	$ 1.58	$ 3.77
Weighted-average common shares outstanding
Basic (in shares)	753	792	757	801
Diluted (in shares)	758	797	762	805
Natural gas
OPERATING REVENUES
Operating revenues	$ 481	$ 1,644	$ 1,739	$ 4,223
Oil
OPERATING REVENUES
Operating revenues	684	755	1,925	2,330
NGL
OPERATING REVENUES
Operating revenues	170	259	476	784
Other
OPERATING REVENUES
Operating revenues	$ 18	$ 18	$ 49	$ 47

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 1,209	$ 3,033
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation, depletion and amortization	1,185	1,196
Deferred income tax expense	19	128
(Gain) loss on sale of assets	(12)	1
(Gain) loss on derivative instruments	(129)	613
Net cash received (paid) in settlement of derivative instruments	238	(723)
Amortization of debt premium and debt issuance costs	(13)	(35)
Gain on debt extinguishment	0	(26)
Stock-based compensation and other	43	62
Changes in assets and liabilities:
Accounts receivable, net	494	(382)
Income taxes	165	(99)
Inventories	(1)	(26)
Other current assets	(5)	(4)
Accounts payable and accrued liabilities	(292)	194
Interest payable	(6)	(10)
Other assets and liabilities	3	50
Net cash provided by operating activities	2,898	3,972
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures for drilling, completion and other fixed asset additions	(1,621)	(1,199)
Capital expenditures for leasehold and property acquisitions	(8)	(6)
Proceeds from sale of assets	40	22
Net cash used in investing activities	(1,589)	(1,183)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of debt	0	(830)
Repayments of finance leases	(4)	(4)
Common stock repurchases	(385)	(740)
Dividends paid	(739)	(1,459)
Cash received for stock option exercises	1	11
Cash paid for conversion of redeemable preferred stock	(1)	(10)
Tax withholding on vesting of stock awards	(1)	(15)
Capitalized debt issuance costs	(7)	0
Net cash used in financing activities	(1,136)	(3,047)
Net increase (decrease) in cash, cash equivalents and restricted cash	173	(258)
Cash, cash equivalents and restricted cash, beginning of period	683	1,046
Cash, cash equivalents and restricted cash, end of period	$ 856	$ 788

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Treasury Shares	Paid-In Capital	Accumulated Other Comprehensive Income	Retained Earnings
Beginning balance (in shares) at Dec. 31, 2021		893
Beginning balance (in shares) at Dec. 31, 2021			79
Balance at beginning of period at Dec. 31, 2021	$ 11,738	$ 89	$ (1,826)	$ 10,911	$ 1	$ 2,563
Increase (Decrease) in Stockholders' Equity
Net income	608					608
Exercise of stock options	6			6
Stock amortization and vesting	10			10
Common stock repurchases (in shares)			8
Common stock repurchases	(192)		$ (192)
Common stock cash dividends	(455)					(455)
Preferred stock cash dividends	(1)					(1)
Other comprehensive (loss) income	4				4
Ending balance (in shares) at Mar. 31, 2022		893
Ending balance (in shares) at Mar. 31, 2022			87
Balance at end of period at Mar. 31, 2022	11,718	$ 89	$ (2,018)	10,927	5	2,715
Beginning balance (in shares) at Dec. 31, 2021		893
Beginning balance (in shares) at Dec. 31, 2021			79
Balance at beginning of period at Dec. 31, 2021	11,738	$ 89	$ (1,826)	10,911	1	2,563
Increase (Decrease) in Stockholders' Equity
Net income	$ 3,033
Common stock repurchases (in shares)	(28)
Common stock repurchases	$ (740)
Ending balance (in shares) at Sep. 30, 2022		895
Ending balance (in shares) at Sep. 30, 2022			107
Balance at end of period at Sep. 30, 2022	12,659	$ 90	$ (2,566)	10,992	6	4,137
Beginning balance (in shares) at Mar. 31, 2022		893
Beginning balance (in shares) at Mar. 31, 2022			87
Balance at beginning of period at Mar. 31, 2022	11,718	$ 89	$ (2,018)	10,927	5	2,715
Increase (Decrease) in Stockholders' Equity
Net income	1,229					1,229
Exercise of stock options	3			3
Stock amortization and vesting	18			18
Conversion of Cimarex redeemable preferred stock (in shares)		1
Conversion of Cimarex redeemable preferred stock	28			28
Common stock repurchases (in shares)			12
Common stock repurchases	(321)		$ (321)
Common stock cash dividends	(484)					(484)
Ending balance (in shares) at Jun. 30, 2022		894
Ending balance (in shares) at Jun. 30, 2022			99
Balance at end of period at Jun. 30, 2022	12,191	$ 89	$ (2,339)	10,976	5	3,460
Increase (Decrease) in Stockholders' Equity
Net income	1,196					1,196
Exercise of stock options	2			2
Stock amortization and vesting (in shares)		1
Stock amortization and vesting	15	$ 1		14
Common stock repurchases (in shares)			8
Common stock repurchases	(227)		$ (227)
Common stock cash dividends	(519)					(519)
Other comprehensive (loss) income	1				1
Ending balance (in shares) at Sep. 30, 2022		895
Ending balance (in shares) at Sep. 30, 2022			107
Balance at end of period at Sep. 30, 2022	12,659	$ 90	$ (2,566)	10,992	6	4,137
Beginning balance (in shares) at Dec. 31, 2022		768
Beginning balance (in shares) at Dec. 31, 2022			0
Balance at beginning of period at Dec. 31, 2022	12,659	$ 77	$ 0	7,933	13	4,636
Increase (Decrease) in Stockholders' Equity
Net income	677					677
Stock amortization and vesting	13			13
Conversion of Cimarex redeemable preferred stock	3			3
Common stock repurchases (in shares)			11
Common stock repurchases	(271)		$ (271)
Common stock retirements (in shares)		(11)	(11)
Common stock retirements	0	$ (1)	$ 271	(270)
Common stock cash dividends	(438)					(438)
Ending balance (in shares) at Mar. 31, 2023		757
Ending balance (in shares) at Mar. 31, 2023			0
Balance at end of period at Mar. 31, 2023	12,643	$ 76	$ 0	7,679	13	4,875
Beginning balance (in shares) at Dec. 31, 2022		768
Beginning balance (in shares) at Dec. 31, 2022			0
Balance at beginning of period at Dec. 31, 2022	12,659	$ 77	$ 0	7,933	13	4,636
Increase (Decrease) in Stockholders' Equity
Net income	1,209
Ending balance (in shares) at Sep. 30, 2023		753
Ending balance (in shares) at Sep. 30, 2023			0
Balance at end of period at Sep. 30, 2023	12,789	$ 75	$ 0	7,601	12	5,101
Beginning balance (in shares) at Mar. 31, 2023		757
Beginning balance (in shares) at Mar. 31, 2023			0
Balance at beginning of period at Mar. 31, 2023	12,643	$ 76	$ 0	7,679	13	4,875
Increase (Decrease) in Stockholders' Equity
Net income	209					209
Stock amortization and vesting	17			17
Common stock repurchases (in shares)			2
Common stock repurchases	(57)		$ (57)
Common stock retirements (in shares)		(2)	(2)
Common stock retirements	0		$ 57	(57)
Common stock cash dividends	(153)					(153)
Ending balance (in shares) at Jun. 30, 2023		755
Ending balance (in shares) at Jun. 30, 2023			0
Balance at end of period at Jun. 30, 2023	12,659	$ 76	$ 0	7,639	13	4,931
Increase (Decrease) in Stockholders' Equity
Net income	323					323
Stock amortization and vesting	21			21
Common stock repurchases (in shares)			2
Common stock repurchases	(60)		$ (60)
Common stock retirements (in shares)		(2)	(2)
Common stock retirements	0	$ (1)	$ 60	(59)
Common stock cash dividends	(153)					(153)
Other comprehensive (loss) income	(1)				(1)
Ending balance (in shares) at Sep. 30, 2023		753
Ending balance (in shares) at Sep. 30, 2023			0
Balance at end of period at Sep. 30, 2023	$ 12,789	$ 75	$ 0	$ 7,601	$ 12	$ 5,101

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2022 $ / shares
Statement of Stockholders' Equity [Abstract]
Cash dividends, per share (in dollars per share)	$ 0.56
Preferred stock, dividends (in dollars per share)	$ 20.3125

Financial Statement Presentatio

Financial Statement Presentation	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statement Presentation	Financial Statement Presentation During interim periods, Coterra Energy Inc. (the “Company”) follows the same accounting policies disclosed in its Annual Report on Form 10-K for the year ended December 31, 2022 (the “Form 10-K”) filed with the Securities and Exchange Commission (“SEC”), except for any new accounting pronouncements adopted during the period. The interim condensed consolidated financial statements are unaudited and should be read in conjunction with the notes to the consolidated financial statements and information presented in the Form 10-K. In management’s opinion, the accompanying interim condensed consolidated financial statements contain all material adjustments, consisting only of normal recurring adjustments, necessary for a fair statement. The results for any interim period are not necessarily indicative of the results that may be expected for the entire year. From time-to-time, we make certain reclassifications 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.

Properties and Equipment, Net

Properties and Equipment, Net	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Properties and Equipment, Net	Properties and Equipment, Net Properties and equipment, net are comprised of the following: (In millions) September 30, December 31, Proved oil and gas properties $ 19,006 $ 17,085 Unproved oil and gas properties 4,747 5,150 Gathering and pipeline systems 521 450 Land, buildings and other equipment 210 183 Finance lease right-of-use asset 25 24 24,509 22,892 Accumulated depreciation, depletion and amortization (6,581) (5,413) $ 17,928 $ 17,479 Capitalized Exploratory Well Costs As of September 30, 2023, the Company did not have any projects with exploratory well costs capitalized for a period of greater than one year after drilling.

Debt and Credit Agreements

Debt and Credit Agreements	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt and Credit Agreements	Debt and Credit Agreements The Company’s senior notes and credit agreements consisted of the following: (In millions) September 30, December 31, 3.65% weighted-average private placement senior notes $ 825 $ 825 3.90% senior notes due May 15, 2027 750 750 4.375% senior notes due March 15, 2029 500 500 Revolving credit agreement — — Total 2,075 2,075 Unamortized debt premium 96 111 Unamortized debt issuance costs (4) (5) Total debt $ 2,167 $ 2,181 Less: current portion of long-term debt 575 — Long-term debt $ 1,592 $ 2,181 At September 30, 2023, the Company was in compliance with all financial and other covenants for its revolving credit agreement (as defined below), 3.65% weighted-average private placement senior notes (the “private placement senior notes”), and the 3.90% senior notes due May 15, 2027 and 4.375% senior notes due March 15, 2029 (the “senior notes”). Revolving Credit Agreement On March 10, 2023, the Company entered into a revolving credit agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent (“JPMorgan”), and certain lenders and issuing banks party thereto. The aggregate revolving commitments under the Credit Agreement are $1.5 billion, with a discretionary swingline sub-facility of up to $100 million and a letter of credit sub-facility of up to $500 million. The Company may also increase the revolving commitments under the Credit Agreement by up to an additional $500 million subject to certain conditions and the agreement of the lenders providing commitments with respect to such increase. Borrowings under the Credit Agreement bear interest at a rate per annum equal to, at the Company’s option, either a term secured overnight financing rate (“SOFR”) plus a 0.10 percent credit spread adjustment for all tenors or a base rate, plus an interest rate margin which ranges from 0 to 75 basis points for base rate loans and 100 to 175 basis points for term SOFR loans based on the Company’s credit rating. The commitment fee on the unused available credit is calculated at annual rates ranging from 10 basis points to 27.5 basis points. The Credit Agreement matures on March 10, 2028. The maturity date can be extended for additional one-year periods on up to two occasions upon the agreement of the Company and lenders holding at least 50 percent of the commitments under the Credit Agreement. The Credit Agreement contains customary covenants, including the maintenance of a maximum leverage ratio of no more than 3.0 to 1.0 as of the last day of any fiscal quarter until such time as the Company has no other debt in a principal amount in excess of $75 million outstanding that has a financial maintenance covenant based on a leverage ratio, at which time the Credit Agreement requires maintenance of a ratio of total debt to total capitalization of no more than 65 percent (with all calculations based on definitions contained in the Credit Agreement). Concurrently with the Company’s entry into the Credit Agreement, the Company terminated its then-existing Second Amended and Restated Credit Agreement, dated as of April 22, 2019, with the lenders party thereto and JPMorgan, as administrative agent thereunder.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments As of September 30, 2023, the Company had the following outstanding financial commodity derivatives: 2023 2024 Natural Gas Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter NYMEX collars Volume (MMBtu) 29,150,000 18,200,000 20,020,000 20,240,000 6,820,000 Weighted average floor ($/MMBtu) $ 4.03 $ 3.00 $ 2.75 $ 2.75 $ 2.75 Weighted average ceiling ($/MMBtu) $ 6.61 $ 5.56 $ 4.09 $ 4.09 $ 4.09 Waha gas collars Volume (MMBtu) 8,280,000 — — — — Weighted average floor ($/MMBtu) $ 3.03 $ — $ — $ — $ — Weighted average ceiling ($/MMBtu) $ 5.39 $ — $ — $ — $ — 2023 2024 Oil Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter WTI oil collars Volume (MBbl) 2,760 1,820 1,820 920 920 Weighted average floor ($/Bbl) $ 70.00 $ 67.50 $ 67.50 $ 65.00 $ 65.00 Weighted average ceiling ($/Bbl) $ 91.09 $ 91.02 $ 91.02 $ 89.93 $ 89.93 WTI Midland oil basis swaps Volume (MBbl) 2,760 1,820 1,820 920 920 Weighted average differential ($/Bbl) $ 1.11 $ 1.16 $ 1.16 $ 1.16 $ 1.16 In October 2023, the Company entered into the following financial commodity derivatives: 2024 Natural Gas First Quarter Second Quarter Third Quarter Fourth Quarter NYMEX collars Volume (MMBtu) 17,290,000 15,470,000 15,640,000 5,270,000 Weighted average floor ($/MMBtu) $ 3.00 $ 2.75 $ 2.75 $ 2.75 Weighted average ceiling ($/MMBtu) $ 5.19 $ 4.17 $ 4.17 $ 4.17 2024 Oil First Quarter Second Quarter Third Quarter Fourth Quarter WTI oil collars Volume (MBbl) 910 910 920 920 Weighted average floor ($/Bbl) $ 69.00 $ 69.00 $ 65.00 $ 65.00 Weighted average ceiling ($/Bbl) $ 92.09 $ 92.09 $ 90.09 $ 90.09 WTI Midland oil basis swaps Volume (MBbl) 910 910 920 920 Weighted average differential ($/Bbl) $ 1.17 $ 1.17 $ 1.17 $ 1.17 Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet Fair Values of Derivative Instruments Derivative Assets Derivative Liabilities (In millions) Balance Sheet Location September 30, December 31, September 30, December 31, Commodity contracts Derivative instruments (current) $ 37 $ 146 $ — $ — Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet (In millions) September 30, December 31, Derivative assets Gross amounts of recognized assets $ 47 $ 147 Gross amounts offset in the condensed consolidated balance sheet (10) (1) Net amounts of assets presented in the condensed consolidated balance sheet 37 146 Gross amounts of financial instruments not offset in the condensed consolidated balance sheet — 2 Net amount $ 37 $ 148 Derivative liabilities Gross amounts of recognized liabilities $ 10 $ 1 Gross amounts offset in the condensed consolidated balance sheet (10) (1) Net amounts of liabilities presented in the condensed consolidated balance sheet — — Gross amounts of financial instruments not offset in the condensed consolidated balance sheet — 1 Net amount $ — $ 1 Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Cash received (paid) on settlement of derivative instruments Gas contracts $ 55 $ (202) $ 235 $ (405) Oil contracts — (57) 3 (318) Non-cash gain (loss) on derivative instruments Gas contracts (40) 2 (93) (47) Oil contracts (12) 101 (16) 157 $ 3 $ (156) $ 129 $ (613)

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company follows the authoritative guidance for measuring fair value of assets and liabilities in its financial statements. For further information regarding the fair value hierarchy, refer to Note 1 of the Notes to the Consolidated Financial Statements in the Form 10-K. 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 $ 32 $ — $ — $ 32 Derivative instruments — — 47 47 $ 32 $ — $ 47 $ 79 Liabilities Deferred compensation plan $ 32 $ — $ — $ 32 Derivative instruments — — 10 10 $ 32 $ — $ 10 $ 42 (In millions) Quoted Prices in Significant Other Significant Balance at Assets Deferred compensation plan $ 43 $ — $ — $ 43 Derivative instruments — — 147 147 $ 43 $ — $ 147 $ 190 Liabilities Deferred compensation plan $ 55 $ — $ — $ 55 Derivative instruments — — 1 1 $ 55 $ — $ 1 $ 56 The Company’s investments associated with its deferred compensation plans 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. During the second quarter of 2023, all shares of the Company’s common stock held in the deferred compensation plan were sold and invested in other investment options. 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, are compared to multiple quotes obtained from counterparties, or a combination of the foregoing. 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 market credit spreads 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: Nine Months Ended (In millions) 2023 2022 Balance at beginning of period $ 146 $ (152) Total gain (loss) included in earnings 129 (596) Settlement (gain) loss (238) 704 Transfers in and/or out of Level 3 — — Balance at end of period $ 37 $ (44) Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period $ 20 $ (11) 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. As none of the Company’s other non-financial assets and liabilities were measured at fair value as of September 30, 2023, 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 considers 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 Condensed 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 fair value of the Company’s private placement senior notes is based on third-party quotes which are derived from credit spreads for the difference between the issue rate and the period end market rate and other unobservable inputs. The Company’s private placement senior notes are valued using a market approach and are classified as Level 3 in the fair value hierarchy. The carrying amount and estimated fair value of debt is as follows: September 30, 2023 December 31, 2022 (In millions) Carrying Estimated Fair Carrying Estimated Fair Total debt $ 2,167 $ 1,957 $ 2,181 $ 1,955 Current maturities (575) (559) — — Long-term debt, excluding current maturities $ 1,592 $ 1,398 $ 2,181 $ 1,955

Asset Retirement Obligations

Asset Retirement Obligations	9 Months Ended
	Sep. 30, 2023
Asset Retirement Obligation Disclosure [Abstract]
Asset Retirement Obligations	Asset Retirement Obligations Activity related to the Company’s asset retirement obligations is as follows: (In millions) Nine Months Ended Balance at beginning of period $ 277 Liabilities incurred 4 Liabilities divested (4) Accretion expense 8 Balance at end of period 285 Less: current asset retirement obligations (7) Noncurrent asset retirement obligations $ 278

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Contractual Obligations The Company has various contractual obligations in the normal course of its operations. There have been no material changes to the Company’s contractual obligations described under “Transportation, Processing and Gathering Agreements” and “Lease Commitments” as disclosed in Note 8 of the Notes to Consolidated Financial Statements in the Form 10-K. Legal Matters 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 then-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. The class action case is presently in the discovery stage. On September 27, 2023, the U.S. District Court for the Southern District of Texas granted the class action plaintiffs’ motion for class certification. The Company filed a petition on October 11, 2023, for leave to appeal the class certification order. On October 20, 2023, the class action plaintiffs filed a motion for leave to amend the class action complaint to assert additional claims, including claims regarding the Company’s production guidance during the class period. 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. On March 27, 2023, the U.S. District Court for the Southern District of Texas denied the motion to dismiss the derivative case as moot and ordered the Company to file a renewed motion to dismiss addressing certain issues regarding the impact of the class action litigation on the derivative case. The Company filed its renewed motion to dismiss on April 28, 2023, which is now fully briefed and 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 best 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 Condensed 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	9 Months Ended
	Sep. 30, 2023
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: Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Natural gas $ 481 $ 1,644 $ 1,739 $ 4,223 Oil 684 755 1,925 2,330 NGL 170 259 476 784 Other 18 18 49 47 $ 1,353 $ 2,676 $ 4,189 $ 7,384 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 As of September 30, 2023, the Company had $6.8 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 15 years. Contract Balances

Capital Stock

Capital Stock	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Capital Stock	Capital Stock Dividends Common Stock 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. The following table summarizes the Company’s dividends on its common stock for each of the first three quarters in 2023 and 2022: Rate per share Fixed Variable Total Total Dividends 2023 First quarter $ 0.20 $ 0.37 $ 0.57 $ 438 Second quarter 0.20 — 0.20 153 Third quarter 0.20 — 0.20 153 $ 0.60 $ 0.37 $ 0.97 $ 744 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 $ 0.45 $ 1.36 $ 1.81 $ 1,458 Treasury Stock 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.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation 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: Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Restricted stock units - employees and non-employee directors $ 14 $ 10 $ 28 $ 29 Restricted stock awards 3 5 11 15 Performance share awards 4 10 12 20 Deferred performance shares — 1 (7) 6 Total stock-based compensation expense $ 21 $ 26 $ 44 $ 70 Income tax benefit $ — $ 10 $ 2 $ 15 Refer to Note 13 of the Notes to the Consolidated Financial Statements in the Form 10-K for further description of the various types of stock-based compensation awards and the applicable award terms. On May 4, 2023, the Company’s stockholders approved the Coterra Energy Inc. 2023 Equity Incentive Plan (the “2023 Plan”) which replaced the then-existing Cabot Oil & Gas Corporation 2014 Incentive Plan (the “Prior Cabot Plan”) and Cimarex Energy Co. Amended and Restated 2019 Equity Incentive Plan (the “Prior Cimarex Plan). Under the 2023 Plan, permitted awards include, but are not limited to, options, stock appreciation rights, restricted stock, restricted stock units, performance stock units and other cash and stock-based awards. A total of 22.95 million shares of common stock may be issued under the 2023 Plan. The 2023 Plan expires on February 21, 2033. No additional awards may be granted under the Prior Cabot Plan or the Prior Cimarex Plan on or after May 4, 2023. Awards outstanding under any of the Company’s prior plans will remain outstanding and vest in accordance with their original terms and conditions. Restricted Stock Units - Employees During the nine months ended September 30, 2023, the Company granted 2,373,117 restricted stock units to employees of the Company with a weighted average grant date value of $26.12 per unit. The fair value of restricted stock unit grants is based on the closing stock price on the grant date. Restricted stock units generally vest at the end of a three-year service period. The Company used an annual forfeiture rate assumption of zero to five percent for purposes of recognizing stock-based compensation expense for its restricted stock units. The annual forfeiture rate assumption was based on the Company’s actual forfeiture history and expectations for this type of award. Restricted Stock Units - Non-Employees Directors In June 2023, the Company granted 73,593 restricted stock units, with a weighted-average grant date value of $24.46 per unit, to the Company’s non-employee directors. The fair value of these units is measured based on the closing stock price on grant date. These units will vest on the earlier of May 2024 or upon the director’s separation from the Company, and accordingly the Company recognized compensation expense immediately. The Company assumed a zero percent annual forfeiture rate for purposes of recognizing stock-based compensation expense for these awards, based on the Company’s actual forfeiture history and expectations for this type of award. Performance Share Awards Total Shareholder Return (“TSR”) Performance Share Awards . During the nine months ended September 30, 2023, the Company granted 658,202 TSR Performance Share Awards, which 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, which commenced on February 1, 2023 and ends on January 31, 2026. 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. These 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 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. The Company assumed a zero percent annual forfeiture rate for purposes of recognizing stock-based compensation expense for these awards, based on the Company’s actual forfeiture history and expectations for this type of award. The following assumptions were used to determine the grant date fair value of the equity component and the period-end fair value of the liability component of the TSR Performance Share Awards: Grant Date February 21, 2023 July 6, 2023 September 30, 2023 Fair value per performance share award $ 17.18 $ 20.20 $9.02 - $12.09 Assumptions: Stock price volatility 44.8 % 40.6 % 37.1% - 40.4% Risk-free rate of return 4.40 % 4.76 % 4.65% - 5.24%

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings per Share	Earnings per ShareBasic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS is similarly calculated, except that the shares of common stock 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 earnings per share under the two-class method: Three Months Ended Nine Months Ended (In millions, except per share amounts) 2023 2022 2023 2022 Income (Numerator) Net income $ 323 $ 1,196 $ 1,209 $ 3,033 Less: dividends attributable to participating securities (1) (2) (4) (5) Less: Cimarex redeemable preferred stock dividends — — — (1) Net income available to common stockholders $ 322 $ 1,194 $ 1,205 $ 3,027 Shares (Denominator) Weighted average shares - Basic 753 792 757 801 Dilution effect of stock awards at end of period 5 5 5 4 Weighted average shares - Diluted 758 797 762 805 Earnings per share Basic $ 0.43 $ 1.51 $ 1.59 $ 3.78 Diluted $ 0.42 $ 1.50 $ 1.58 $ 3.77 The following is a calculation of weighted-average shares excluded from diluted EPS due to anti-dilutive effect: Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method 1 1 1 1

Restructuring Costs

Restructuring Costs	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring Costs	Restructuring Costs Restructuring costs are primarily related to workforce reductions and associated severance benefits that were triggered by the merger with Cimarex Energy Co. that closed on October 1, 2021. The following table summarizes the Company’s restructuring liabilities: Nine Months Ended (In millions) 2023 2022 Balance at beginning of period $ 77 $ 43 Additions related to merger integration and transition costs 10 44 Payments of merger-related restructuring costs (28) (13) Balance at end of period $ 59 $ 74

Additional Balance Sheet Inform

Additional Balance Sheet Information	9 Months Ended
	Sep. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Additional Balance Sheet Information	Additional Balance Sheet Information Certain balance sheet amounts are comprised of the following: (In millions) September 30, December 31, Accounts receivable, net Trade accounts $ 594 $ 1,067 Joint interest accounts 134 108 Other accounts 1 48 729 1,223 Allowance for credit losses (2) (2) $ 727 $ 1,221 Other assets Deferred compensation plan $ 32 $ 43 Debt issuance costs 8 3 Operating lease right-of-use assets 358 382 Other accounts 62 36 $ 460 $ 464 Accounts payable Trade accounts $ 68 $ 27 Royalty and other owners 266 438 Accrued transportation 55 85 Accrued capital costs 175 148 Taxes other than income 7 73 Accrued lease operating costs 38 32 Other accounts 34 41 $ 643 $ 844 Accrued liabilities Employee benefits $ 53 $ 74 Taxes other than income 55 62 Restructuring liability 40 39 Operating lease liabilities 115 114 Financing lease liabilities 6 6 Other accounts 47 33 $ 316 $ 328 Other liabilities Deferred compensation plan $ 32 $ 55 Postretirement benefits 15 17 Operating lease liabilities 260 287 Financing lease liabilities 7 11 Restructuring liability 19 38 Other accounts 103 92 $ 436 $ 500

Interest Expense

Interest Expense	9 Months Ended
	Sep. 30, 2023
Interest Income (Expense), Net [Abstract]
Interest Expense	Interest Expense Interest expense is comprised of the following: Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Interest Expense Interest expense $ 20 $ 29 $ 61 90 Debt premium amortization (4) (11) (15) (32) Debt financing costs 1 1 3 3 Other — 1 1 2 $ 17 $ 20 $ 50 $ 63

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income	$ 323	$ 209	$ 677	$ 1,196	$ 1,229	$ 608	$ 1,209	$ 3,033

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Financial Statement Presentat_2

Financial Statement Presentation (Policies)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Accounting	During interim periods, Coterra Energy Inc. (the “Company”) follows the same accounting policies disclosed in its Annual Report on Form 10-K for the year ended December 31, 2022 (the “Form 10-K”) filed with the Securities and Exchange Commission (“SEC”), except for any new accounting pronouncements adopted during the period. The interim condensed consolidated financial statements are unaudited and should be read in conjunction with the notes to the consolidated financial statements and information presented in the Form 10-K. In management’s opinion, the accompanying interim condensed consolidated financial statements contain all material adjustments, consisting only of normal recurring adjustments, necessary for a fair statement. The results for any interim period are not necessarily indicative of the results that may be expected for the entire year.
Reclassifications	From time-to-time, we make certain reclassifications 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.

Properties and Equipment, Net (

Properties and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Properties and Equipment, Net	Properties and equipment, net are comprised of the following: (In millions) September 30, December 31, Proved oil and gas properties $ 19,006 $ 17,085 Unproved oil and gas properties 4,747 5,150 Gathering and pipeline systems 521 450 Land, buildings and other equipment 210 183 Finance lease right-of-use asset 25 24 24,509 22,892 Accumulated depreciation, depletion and amortization (6,581) (5,413) $ 17,928 $ 17,479

Debt and Credit Agreements (Tab

Debt and Credit Agreements (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Senior Notes and Credit Agreement Components	The Company’s senior notes and credit agreements consisted of the following: (In millions) September 30, December 31, 3.65% weighted-average private placement senior notes $ 825 $ 825 3.90% senior notes due May 15, 2027 750 750 4.375% senior notes due March 15, 2029 500 500 Revolving credit agreement — — Total 2,075 2,075 Unamortized debt premium 96 111 Unamortized debt issuance costs (4) (5) Total debt $ 2,167 $ 2,181 Less: current portion of long-term debt 575 — Long-term debt $ 1,592 $ 2,181

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Commodity Derivatives	As of September 30, 2023, the Company had the following outstanding financial commodity derivatives: 2023 2024 Natural Gas Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter NYMEX collars Volume (MMBtu) 29,150,000 18,200,000 20,020,000 20,240,000 6,820,000 Weighted average floor ($/MMBtu) $ 4.03 $ 3.00 $ 2.75 $ 2.75 $ 2.75 Weighted average ceiling ($/MMBtu) $ 6.61 $ 5.56 $ 4.09 $ 4.09 $ 4.09 Waha gas collars Volume (MMBtu) 8,280,000 — — — — Weighted average floor ($/MMBtu) $ 3.03 $ — $ — $ — $ — Weighted average ceiling ($/MMBtu) $ 5.39 $ — $ — $ — $ — 2023 2024 Oil Fourth Quarter First Quarter Second Quarter Third Quarter Fourth Quarter WTI oil collars Volume (MBbl) 2,760 1,820 1,820 920 920 Weighted average floor ($/Bbl) $ 70.00 $ 67.50 $ 67.50 $ 65.00 $ 65.00 Weighted average ceiling ($/Bbl) $ 91.09 $ 91.02 $ 91.02 $ 89.93 $ 89.93 WTI Midland oil basis swaps Volume (MBbl) 2,760 1,820 1,820 920 920 Weighted average differential ($/Bbl) $ 1.11 $ 1.16 $ 1.16 $ 1.16 $ 1.16 In October 2023, the Company entered into the following financial commodity derivatives: 2024 Natural Gas First Quarter Second Quarter Third Quarter Fourth Quarter NYMEX collars Volume (MMBtu) 17,290,000 15,470,000 15,640,000 5,270,000 Weighted average floor ($/MMBtu) $ 3.00 $ 2.75 $ 2.75 $ 2.75 Weighted average ceiling ($/MMBtu) $ 5.19 $ 4.17 $ 4.17 $ 4.17 2024 Oil First Quarter Second Quarter Third Quarter Fourth Quarter WTI oil collars Volume (MBbl) 910 910 920 920 Weighted average floor ($/Bbl) $ 69.00 $ 69.00 $ 65.00 $ 65.00 Weighted average ceiling ($/Bbl) $ 92.09 $ 92.09 $ 90.09 $ 90.09 WTI Midland oil basis swaps Volume (MBbl) 910 910 920 920 Weighted average differential ($/Bbl) $ 1.17 $ 1.17 $ 1.17 $ 1.17
Schedule of Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet	Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet Fair Values of Derivative Instruments Derivative Assets Derivative Liabilities (In millions) Balance Sheet Location September 30, December 31, September 30, December 31, Commodity contracts Derivative instruments (current) $ 37 $ 146 $ — $ —
Schedule of Offsetting of Derivative Assets in the Condensed Consolidated Balance Sheet	Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet (In millions) September 30, December 31, Derivative assets Gross amounts of recognized assets $ 47 $ 147 Gross amounts offset in the condensed consolidated balance sheet (10) (1) Net amounts of assets presented in the condensed consolidated balance sheet 37 146 Gross amounts of financial instruments not offset in the condensed consolidated balance sheet — 2 Net amount $ 37 $ 148 Derivative liabilities Gross amounts of recognized liabilities $ 10 $ 1 Gross amounts offset in the condensed consolidated balance sheet (10) (1) Net amounts of liabilities presented in the condensed consolidated balance sheet — — Gross amounts of financial instruments not offset in the condensed consolidated balance sheet — 1 Net amount $ — $ 1
Schedule of Offsetting of Derivative Liabilities in the Condensed Consolidated Balance Sheet	Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet (In millions) September 30, December 31, Derivative assets Gross amounts of recognized assets $ 47 $ 147 Gross amounts offset in the condensed consolidated balance sheet (10) (1) Net amounts of assets presented in the condensed consolidated balance sheet 37 146 Gross amounts of financial instruments not offset in the condensed consolidated balance sheet — 2 Net amount $ 37 $ 148 Derivative liabilities Gross amounts of recognized liabilities $ 10 $ 1 Gross amounts offset in the condensed consolidated balance sheet (10) (1) Net amounts of liabilities presented in the condensed consolidated balance sheet — — Gross amounts of financial instruments not offset in the condensed consolidated balance sheet — 1 Net amount $ — $ 1
Schedule of Effect of Derivatives on the Condensed Consolidated Statement of Operations	Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Cash received (paid) on settlement of derivative instruments Gas contracts $ 55 $ (202) $ 235 $ (405) Oil contracts — (57) 3 (318) Non-cash gain (loss) on derivative instruments Gas contracts (40) 2 (93) (47) Oil contracts (12) 101 (16) 157 $ 3 $ (156) $ 129 $ (613)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
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 $ 32 $ — $ — $ 32 Derivative instruments — — 47 47 $ 32 $ — $ 47 $ 79 Liabilities Deferred compensation plan $ 32 $ — $ — $ 32 Derivative instruments — — 10 10 $ 32 $ — $ 10 $ 42 (In millions) Quoted Prices in Significant Other Significant Balance at Assets Deferred compensation plan $ 43 $ — $ — $ 43 Derivative instruments — — 147 147 $ 43 $ — $ 147 $ 190 Liabilities Deferred compensation plan $ 55 $ — $ — $ 55 Derivative instruments — — 1 1 $ 55 $ — $ 1 $ 56
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: Nine Months Ended (In millions) 2023 2022 Balance at beginning of period $ 146 $ (152) Total gain (loss) included in earnings 129 (596) Settlement (gain) loss (238) 704 Transfers in and/or out of Level 3 — — Balance at end of period $ 37 $ (44) Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period $ 20 $ (11)
Carrying Amounts and Fair Values of Debt	The carrying amount and estimated fair value of debt is as follows: September 30, 2023 December 31, 2022 (In millions) Carrying Estimated Fair Carrying Estimated Fair Total debt $ 2,167 $ 1,957 $ 2,181 $ 1,955 Current maturities (575) (559) — — Long-term debt, excluding current maturities $ 1,592 $ 1,398 $ 2,181 $ 1,955

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	9 Months Ended
	Sep. 30, 2023
Asset Retirement Obligation Disclosure [Abstract]
Activity Related to Asset Retirement Obligations	Activity related to the Company’s asset retirement obligations is as follows: (In millions) Nine Months Ended Balance at beginning of period $ 277 Liabilities incurred 4 Liabilities divested (4) Accretion expense 8 Balance at end of period 285 Less: current asset retirement obligations (7) Noncurrent asset retirement obligations $ 278

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents revenues from contracts with customers disaggregated by product: Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Natural gas $ 481 $ 1,644 $ 1,739 $ 4,223 Oil 684 755 1,925 2,330 NGL 170 259 476 784 Other 18 18 49 47 $ 1,353 $ 2,676 $ 4,189 $ 7,384

Capital Stock (Tables)

Capital Stock (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Stock by Class	The following table summarizes the Company’s dividends on its common stock for each of the first three quarters in 2023 and 2022: Rate per share Fixed Variable Total Total Dividends 2023 First quarter $ 0.20 $ 0.37 $ 0.57 $ 438 Second quarter 0.20 — 0.20 153 Third quarter 0.20 — 0.20 153 $ 0.60 $ 0.37 $ 0.97 $ 744 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 $ 0.45 $ 1.36 $ 1.81 $ 1,458

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
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: Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Restricted stock units - employees and non-employee directors $ 14 $ 10 $ 28 $ 29 Restricted stock awards 3 5 11 15 Performance share awards 4 10 12 20 Deferred performance shares — 1 (7) 6 Total stock-based compensation expense $ 21 $ 26 $ 44 $ 70 Income tax benefit $ — $ 10 $ 2 $ 15
Assumptions to Determine the Grant Date Fair Value of the Equity Component and the Period-end Fair Value of the Liability	The following assumptions were used to determine the grant date fair value of the equity component and the period-end fair value of the liability component of the TSR Performance Share Awards: Grant Date February 21, 2023 July 6, 2023 September 30, 2023 Fair value per performance share award $ 17.18 $ 20.20 $9.02 - $12.09 Assumptions: Stock price volatility 44.8 % 40.6 % 37.1% - 40.4% Risk-free rate of return 4.40 % 4.76 % 4.65% - 5.24%

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Calculation of Basic and Diluted Weighted-Average Shares Outstanding	The following is a calculation of basic and diluted earnings per share under the two-class method: Three Months Ended Nine Months Ended (In millions, except per share amounts) 2023 2022 2023 2022 Income (Numerator) Net income $ 323 $ 1,196 $ 1,209 $ 3,033 Less: dividends attributable to participating securities (1) (2) (4) (5) Less: Cimarex redeemable preferred stock dividends — — — (1) Net income available to common stockholders $ 322 $ 1,194 $ 1,205 $ 3,027 Shares (Denominator) Weighted average shares - Basic 753 792 757 801 Dilution effect of stock awards at end of period 5 5 5 4 Weighted average shares - Diluted 758 797 762 805 Earnings per share Basic $ 0.43 $ 1.51 $ 1.59 $ 3.78 Diluted $ 0.42 $ 1.50 $ 1.58 $ 3.77
Calculation of Weighted-average Shares Excluded from Diluted EPS Due to the Anti-Dilutive Effect	The following is a calculation of weighted-average shares excluded from diluted EPS due to anti-dilutive effect: Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Weighted-average stock awards excluded from diluted EPS due to the anti-dilutive effect calculated using the treasury stock method 1 1 1 1

Restructuring Costs (Tables)

Restructuring Costs (Tables)	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring Costs	The following table summarizes the Company’s restructuring liabilities: Nine Months Ended (In millions) 2023 2022 Balance at beginning of period $ 77 $ 43 Additions related to merger integration and transition costs 10 44 Payments of merger-related restructuring costs (28) (13) Balance at end of period $ 59 $ 74

Additional Balance Sheet Info_2

Additional Balance Sheet Information (Tables)	9 Months Ended
	Sep. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Additional Balance Sheet Information	Certain balance sheet amounts are comprised of the following: (In millions) September 30, December 31, Accounts receivable, net Trade accounts $ 594 $ 1,067 Joint interest accounts 134 108 Other accounts 1 48 729 1,223 Allowance for credit losses (2) (2) $ 727 $ 1,221 Other assets Deferred compensation plan $ 32 $ 43 Debt issuance costs 8 3 Operating lease right-of-use assets 358 382 Other accounts 62 36 $ 460 $ 464 Accounts payable Trade accounts $ 68 $ 27 Royalty and other owners 266 438 Accrued transportation 55 85 Accrued capital costs 175 148 Taxes other than income 7 73 Accrued lease operating costs 38 32 Other accounts 34 41 $ 643 $ 844 Accrued liabilities Employee benefits $ 53 $ 74 Taxes other than income 55 62 Restructuring liability 40 39 Operating lease liabilities 115 114 Financing lease liabilities 6 6 Other accounts 47 33 $ 316 $ 328 Other liabilities Deferred compensation plan $ 32 $ 55 Postretirement benefits 15 17 Operating lease liabilities 260 287 Financing lease liabilities 7 11 Restructuring liability 19 38 Other accounts 103 92 $ 436 $ 500

Interest Expense (Tables)

Interest Expense (Tables)	9 Months Ended
	Sep. 30, 2023
Interest Income (Expense), Net [Abstract]
Interest Expense, Net	Interest expense is comprised of the following: Three Months Ended Nine Months Ended (In millions) 2023 2022 2023 2022 Interest Expense Interest expense $ 20 $ 29 $ 61 90 Debt premium amortization (4) (11) (15) (32) Debt financing costs 1 1 3 3 Other — 1 1 2 $ 17 $ 20 $ 50 $ 63

Properties and Equipment, Net_2

Properties and Equipment, Net (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Finance lease right-of-use asset	$ 25	$ 24
Property, plant and equipment	24,509	22,892
Accumulated depreciation, depletion and amortization	(6,581)	(5,413)
Properties and equipment, net	$ 17,928	17,479
Costs capitalized period	1 year
Proved oil and gas properties
Property, Plant and Equipment [Line Items]
Properties and equipment, gross	$ 19,006	17,085
Unproved oil and gas properties
Property, Plant and Equipment [Line Items]
Properties and equipment, gross	4,747	5,150
Gathering and pipeline systems
Property, Plant and Equipment [Line Items]
Properties and equipment, gross	521	450
Land, buildings and other equipment
Property, Plant and Equipment [Line Items]
Properties and equipment, gross	$ 210	$ 183

Debt and Credit Agreements - Sc

Debt and Credit Agreements - Schedule of Debt (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 2,075,000,000	$ 2,075,000,000
Unamortized debt premium	96,000,000	111,000,000
Unamortized debt issuance costs	(4,000,000)	(5,000,000)
Long-term debt	2,167,000,000	2,181,000,000
Less: current portion of long-term debt	575,000,000	0
Long-term debt	1,592,000,000	2,181,000,000
Carrying Amount
Debt Instrument [Line Items]
Long-term debt	2,167,000,000	2,181,000,000
Less: current portion of long-term debt	575,000,000	0
Long-term debt	$ 1,592,000,000	2,181,000,000
3.90% senior notes due May 15, 2027
Debt Instrument [Line Items]
Stated percentage	3.90%
4.375% senior notes due March 15, 2029
Debt Instrument [Line Items]
Stated percentage	4.375%
Senior Notes | 3.65% weighted-average private placement senior notes
Debt Instrument [Line Items]
Weighted average interest rate	3.65%
Total debt	$ 825,000,000	825,000,000
Senior Notes | 3.90% senior notes due May 15, 2027
Debt Instrument [Line Items]
Total debt	750,000,000	750,000,000
Senior Notes | 4.375% senior notes due March 15, 2029
Debt Instrument [Line Items]
Total debt	500,000,000	500,000,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	$ 0	$ 0

Debt and Credit Agreements - Na

Debt and Credit Agreements - Narrative (Details) - USD ($)	Mar. 10, 2023	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt		$ 2,075,000,000	$ 2,075,000,000
3.90% senior notes due May 15, 2027
Debt Instrument [Line Items]
Stated percentage		3.90%
4.375% senior notes due March 15, 2029
Debt Instrument [Line Items]
Stated percentage		4.375%
Senior Notes | 3.65% weighted-average private placement senior notes
Debt Instrument [Line Items]
Weighted average interest rate		3.65%
Long-term debt		$ 825,000,000	825,000,000
Senior Notes | 3.90% senior notes due May 15, 2027
Debt Instrument [Line Items]
Long-term debt		750,000,000	750,000,000
Senior Notes | 4.375% senior notes due March 15, 2029
Debt Instrument [Line Items]
Long-term debt		500,000,000	500,000,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt		0	$ 0
Remaining borrowing capacity		$ 1,500,000,000
Line of Credit | Revolving Credit Facility | JPMorgan Chase Bank, N.A
Debt Instrument [Line Items]
Borrowing base	$ 1,500,000,000
Additional borrowing base	$ 500,000,000
Agreement extended period	1 year
Lenders holding percent	50%
Minimum required asset coverage ratio	3
Other debt outstanding	$ 75,000,000
Total capitalization	65%
Line of Credit | Revolving Credit Facility | JPMorgan Chase Bank, N.A | Minimum
Debt Instrument [Line Items]
Commitment fee on unused credit	0.10%
Line of Credit | Revolving Credit Facility | JPMorgan Chase Bank, N.A | Maximum
Debt Instrument [Line Items]
Commitment fee on unused credit	0.275%
Line of Credit | Revolving Credit Facility | JPMorgan Chase Bank, N.A | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	10%
Line of Credit | Revolving Credit Facility | JPMorgan Chase Bank, N.A | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1%
Line of Credit | Revolving Credit Facility | JPMorgan Chase Bank, N.A | SOFR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Line of Credit | Revolving Credit Facility | JPMorgan Chase Bank, N.A | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0%
Line of Credit | Revolving Credit Facility | JPMorgan Chase Bank, N.A | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Line of Credit | Letter of Credit | JPMorgan Chase Bank, N.A
Debt Instrument [Line Items]
Borrowing base	$ 500,000,000
Line of Credit | Swingline Sub Facility | Revolving Credit Facility | JPMorgan Chase Bank, N.A
Debt Instrument [Line Items]
Borrowing base	$ 100,000,000

Derivative Instruments - Outsta

Derivative Instruments - Outstanding Commodity Derivatives (Details) - Forecast	3 Months Ended
	Dec. 31, 2024 MBoe MMBTU $ / MBbls $ / MMBTU	Sep. 30, 2024 MBoe MMBTU $ / MMBTU $ / MBbls	Jun. 30, 2024 MMBTU MBoe $ / MMBTU $ / MBbls	Mar. 31, 2024 MBoe MMBTU $ / MBbls $ / MMBTU	Dec. 31, 2023 MMBTU MBoe $ / MMBTU $ / MBbls
NYMEX collars
Derivative [Line Items]
Notional amount, energy | MMBTU	6,820,000	20,240,000	20,020,000	18,200,000	29,150,000
Floor, weighted-average (in dollars per Mmbtu/Bbl) | $ / MMBTU	2.75	2.75	2.75	3	4.03
Ceiling, weighted-average (in dollars per Mmbtu/Bbl) | $ / MMBTU	4.09	4.09	4.09	5.56	6.61
Waha gas collars
Derivative [Line Items]
Notional amount, energy | MMBTU	0	0	0	0	8,280,000
Floor, weighted-average (in dollars per Mmbtu/Bbl) | $ / MMBTU	0	0	0	0	3.03
Ceiling, weighted-average (in dollars per Mmbtu/Bbl) | $ / MMBTU	0	0	0	0	5.39
WTI oil collars
Derivative [Line Items]
Notional amount, energy | MBoe	920	920	1,820	1,820	2,760
Floor, weighted-average (in dollars per Mmbtu/Bbl) | $ / MBbls	65	65	67.50	67.50	70
Ceiling, weighted-average (in dollars per Mmbtu/Bbl) | $ / MBbls	89.93	89.93	91.02	91.02	91.09
WTI Midland oil basis swaps
Derivative [Line Items]
Notional amount, energy | MBoe	920	920	1,820	1,820	2,760
Differential price weighted average (in dollars per Mmbtu/Bbl) | $ / MBbls	1.16	1.16	1.16	1.16	1.11
NYMEX Collars, 2024
Derivative [Line Items]
Notional amount, energy | MMBTU	5,270,000	15,640,000	15,470,000	17,290,000
Floor, weighted-average (in dollars per Mmbtu/Bbl) | $ / MMBTU	2.75	2.75	2.75	3
Ceiling, weighted-average (in dollars per Mmbtu/Bbl) | $ / MMBTU	4.17	4.17	4.17	5.19
WTI Oil Collars, 2024
Derivative [Line Items]
Notional amount, energy | MBoe	920	920	910	910
Floor, weighted-average (in dollars per Mmbtu/Bbl) | $ / MBbls	65	65	69	69
Ceiling, weighted-average (in dollars per Mmbtu/Bbl) | $ / MBbls	90.09	90.09	92.09	92.09
WTI Midland Oil Basis Swaps, 2024
Derivative [Line Items]
Notional amount, energy | MBoe	920	920	910	910
Differential price weighted average (in dollars per Mmbtu/Bbl) | $ / MBbls	1.17	1.17	1.17	1.17

Derivative Instruments - Effect

Derivative Instruments - Effect of Derivative Instruments on the Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Effect of derivative instruments on the Consolidated Balance Sheet
Derivative Assets	$ 37	$ 146
Derivatives Not Designated as Hedges | Commodity Contracts
Effect of derivative instruments on the Consolidated Balance Sheet
Derivative Assets	37	146
Derivative Liabilities	$ 0	$ 0

Derivative Instruments - Offset

Derivative Instruments - Offsetting of Derivative Assets and Liabilities in the Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivative assets
Gross amounts of recognized assets	$ 47	$ 147
Gross amounts offset in the condensed consolidated balance sheet	(10)	(1)
Net amounts of assets presented in the condensed consolidated balance sheet	37	146
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet	0	2
Net amount	37	148
Derivative liabilities
Gross amounts of recognized liabilities	10	1
Gross amounts offset in the condensed consolidated balance sheet	(10)	(1)
Net amounts of liabilities presented in the condensed consolidated balance sheet	0	0
Gross amounts of financial instruments not offset in the condensed consolidated balance sheet	0	1
Net amount	$ 0	$ 1

Derivative Instruments - Effe_2

Derivative Instruments - Effect of Derivative Instruments on the Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Effect of derivative instruments on the Consolidated Balance Sheet
Total	$ 3	$ (156)	$ 129	$ (613)
Gas contracts
Effect of derivative instruments on the Consolidated Balance Sheet
Cash received (paid) on settlement of derivative instruments	55	(202)	235	(405)
Non-cash gain (loss) on derivative instruments	(40)	2	(93)	(47)
Oil contracts
Effect of derivative instruments on the Consolidated Balance Sheet
Cash received (paid) on settlement of derivative instruments	0	(57)	3	(318)
Non-cash gain (loss) on derivative instruments	$ (12)	$ 101	$ (16)	$ 157

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities, Recurring (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Assets
Deferred compensation plan	$ 32	$ 43
Derivative instruments	37	146
Liabilities
Deferred compensation plan	32	55
Recurring basis
Assets
Deferred compensation plan	32	43
Derivative instruments	47	147
Total assets	79	190
Liabilities
Deferred compensation plan	32	55
Derivative instruments	10	1
Total liabilities	42	56
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis
Assets
Deferred compensation plan	32	43
Derivative instruments	0	0
Total assets	32	43
Liabilities
Deferred compensation plan		55
Derivative instruments	0	0
Total liabilities	32	55
Significant Other Observable Inputs (Level 2) | Recurring basis
Assets
Deferred compensation plan	0	0
Derivative instruments	0	0
Total assets	0	0
Liabilities
Deferred compensation plan	0	0
Derivative instruments	0	0
Total liabilities	0	0
Significant Unobservable Inputs (Level 3) | Recurring basis
Assets
Deferred compensation plan	0	0
Derivative instruments	47	147
Total assets	47	147
Liabilities
Deferred compensation plan	0	0
Derivative instruments	10	1
Total liabilities	$ 10	$ 1

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Changes in Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
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	$ 146	$ (152)
Total gain (loss) included in earnings	129	(596)
Settlement (gain) loss	(238)	704
Transfers in and/or out of Level 3	0	0
Balance at end of period	37	(44)
Change in unrealized gains (losses) relating to assets and liabilities still held at the end of the period	$ 20	$ (11)
Fair value recurring basis unobservable input reconciliation net derivative asset liability gain loss statement of income extensible list not disclosed flag	Total gain (loss) included in earnings	Total gain (loss) included in earnings

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details)	9 Months Ended
	Sep. 30, 2023 impaired_asset_and_liability
Fair Value Disclosures [Abstract]
Number of non-financial assets and liabilities impaired	0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Other Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair value disclosures
Long-term debt	$ 2,167	$ 2,181
Long-Term Debt, Current Maturities	575	0
Long-term debt	1,592	2,181
Carrying Amount
Fair value disclosures
Long-term debt	2,167	2,181
Long-Term Debt, Current Maturities	575	0
Long-term debt	1,592	2,181
Estimated Fair Value
Fair value disclosures
Long-term debt	1,957	1,955
Long-Term Debt, Current Maturities	559	0
Long-term debt	$ 1,398	$ 1,955

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Asset Retirement Obligation
Balance at beginning of period	$ 277
Liabilities incurred	4
Liabilities divested	(4)
Accretion expense	8
Balance at end of period	285
Less: current asset retirement obligations	(7)
Noncurrent asset retirement obligations	$ 278	$ 271

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 1,353	$ 2,676	$ 4,189	$ 7,384
Natural gas
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	481	1,644	1,739	4,223
Oil
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	684	755	1,925	2,330
NGL
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	170	259	476	784
Other
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 18	$ 18	$ 49	$ 47

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contracts with customers	$ 594	$ 1,100
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Unsatisfied performance obligations	$ 6,800
Unsatisfied performance obligations, expected period of satisfaction	15 years

Capital Stock - Narrative (Deta

Capital Stock - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended						9 Months Ended		12 Months Ended
	Feb. 28, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Equity [Abstract]
Cash dividends, per share (in dollars per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.57	$ 0.65	$ 0.60	$ 0.56			$ 0.15
Stock repurchase program, authorized amount	$ 2,000,000,000
Share repurchases and retirements (in shares)								15
Share repurchases and retirements								$ 388,000,000
Stock repurchase program		$ 1,600,000,000						$ 1,600,000,000
Stock repurchased during period (in shares)									28
Share repurchases		$ 60,000,000	$ 57,000,000	$ 271,000,000	$ 227,000,000	$ 321,000,000	$ 192,000,000		$ 740,000,000

Capital Stock - Dividends Commo

Capital Stock - Dividends Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Fixed (in dollars per share)	$ 0.20	$ 0.20	$ 0.20	$ 0.15	$ 0.15	$ 0.15	$ 0.60	$ 0.45
Variable (in dollars per share)	0	0	0.37	0.50	0.45	0.41	0.37	1.36
Total (in dollars per share)	$ 0.20	$ 0.20	$ 0.57	$ 0.65	$ 0.60	$ 0.56	$ 0.97	$ 1.81
Total dividends	$ 153	$ 153	$ 438	$ 519	$ 484	$ 455	$ 744	$ 1,458

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 21	$ 26	$ 44	$ 70
Income tax benefit	0	10	2	15
Restricted stock units - employees and non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	14	10	28	29
Restricted stock awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	3	5	11	15
Performance share awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	4	10	12	20
Deferred performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 0	$ 1	$ (7)	$ 6

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - $ / shares			1 Months Ended	9 Months Ended
	Jul. 06, 2023	Feb. 21, 2023	Jun. 30, 2023	Sep. 30, 2023	May 04, 2023
Coterra Energy Inc. 2023 Equity Incentive Plan
Stock-based Compensation arrangements
Shares available for grant (in shares)					22,950,000
Restricted Stock Units | Employee
Stock-based Compensation arrangements
Granted (in shares)				2,373,117
Granted (in dollars per share)				$ 26.12
Service period				3 years
Restricted Stock Units | Employee | Minimum
Stock-based Compensation arrangements
Annual forfeiture rate assumption (as a percent)				0%
Restricted Stock Units | Employee | Maximum
Stock-based Compensation arrangements
Annual forfeiture rate assumption (as a percent)				5%
Restricted Stock Units | Nonemployee
Stock-based Compensation arrangements
Granted (in shares)			73,593
Granted (in dollars per share)			$ 24.46
Annual forfeiture rate				0%
Performance Shares Based on Market Conditions
Stock-based Compensation arrangements
Right to receive shares				100%
Right to receive an additional award in cash				100%
TSR Performance Share Awards
Stock-based Compensation arrangements
Granted (in shares)				658,202
Granted (in dollars per share)	$ 20.20	$ 17.18
Annual forfeiture rate				0%
Performance period				3 years
TSR Performance Share Awards | Minimum
Stock-based Compensation arrangements
Granted (in dollars per share)				$ 9.02
TSR Performance Share Awards | Maximum
Stock-based Compensation arrangements
Granted (in dollars per share)				$ 12.09

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions for TSR Shares (Details) - TSR Performance Share Awards - $ / shares			9 Months Ended
	Jul. 06, 2023	Feb. 21, 2023	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (in dollars per share)	$ 20.20	$ 17.18
Stock price volatility	40.60%	44.80%
Risk-free rate of return	4.76%	4.40%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (in dollars per share)			$ 9.02
Stock price volatility			37.10%
Risk-free rate of return			4.65%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per performance share award (in dollars per share)			$ 12.09
Stock price volatility			40.40%
Risk-free rate of return			5.24%

Earnings per Share - Schedule o

Earnings per Share - Schedule of EPS (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Income (Numerator)
Net income	$ 323	$ 209	$ 677	$ 1,196	$ 1,229	$ 608	$ 1,209	$ 3,033
Less: dividends attributable to participating securities	(1)			(2)			(4)	(5)
Less: Cimarex redeemable preferred stock dividends	0			0			0	(1)
Net income available to common stockholders	$ 322			$ 1,194			$ 1,205	$ 3,027
Shares (Denominator)
Weighted-average shares - basic (in shares)	753			792			757	801
Dilution effect of stock awards at end of period (in shares)	5			5			5	4
Weighted-average shares - diluted (in shares)	758			797			762	805
Earnings per share
Basic (in dollars per share)	$ 0.43			$ 1.51			$ 1.59	$ 3.78
Diluted (in dollars per share)	$ 0.42			$ 1.50			$ 1.58	$ 3.77

Earnings per Share - Calculatio

Earnings per Share - Calculation of Weighted-Average Shares Excluded from Diluted EPS (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Treasury Stock Method
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares (in shares)	1	1	1	1

Restructuring Costs (Details)

Restructuring Costs (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 77	$ 43
Additions related to merger integration and transition costs	10	44
Payments of merger-related restructuring costs	(28)	(13)
Balance at end of period	$ 59	$ 74

Additional Balance Sheet Info_3

Additional Balance Sheet Information (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Accounts receivable, net
Trade accounts	$ 594	$ 1,067
Joint interest accounts	134	108
Other accounts	1	48
Accounts receivable, gross	729	1,223
Allowance for credit losses	(2)	(2)
Accounts receivable, net	727	1,221
Other assets
Deferred compensation plan	32	43
Debt issuance costs	8	3
Operating lease right-of-use assets	358	382
Other accounts	62	36
Other assets	460	464
Accounts payable
Trade accounts	68	27
Royalty and other owners	266	438
Accrued transportation	55	85
Accrued capital costs	175	148
Taxes other than income	7	73
Accrued lease operating costs	38	32
Other accounts	34	41
Accounts payable	643	844
Accrued liabilities
Employee benefits	53	74
Taxes other than income	55	62
Restructuring liability	40	39
Operating lease liabilities	115	114
Financing lease liabilities	6	6
Other accounts	47	33
Accrued liabilities	316	328
Other liabilities
Deferred compensation plan	32	55
Postretirement benefits	15	17
Operating lease liabilities	260	287
Financing lease liabilities	7	11
Restructuring liability	19	38
Other accounts	103	92
Other liabilities	$ 436	$ 500
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
Finance lease, liability, current, statement of financial position [Extensible Enumeration]	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 (Details)

Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Interest Income (Expense), Net [Abstract]
Interest expense	$ 20	$ 29	$ 61	$ 90
Debt premium amortization	(4)	(11)	(15)	(32)
Debt financing costs	1	1	3	3
Other	0	1	1	2
Interest expense	$ 17	$ 20	$ 50	$ 63