XML 75 R31.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Acquisitions (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
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 preliminary 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) |  | Preliminary 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 obligation |  | 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 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 |  | 1,205 |  |  | (2,189) |
Pro forma basic earnings per share |  | $ | 1.49 |  |  | $ | (2.71) |
Pro forma diluted earnings per share |  | $ | 1.48 |  |  | $ | (2.71) |

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration