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Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Business Combination, Recognized Asset Acquired and Liability Assumed | The following table represents the preliminary allocation of the total purchase price of the FME Interests to the identifiable assets acquired and liabilities assumed based on the fair values as of the closing date of the acquisition:
(In millions, except shares and share price) | Preliminary Purchase Price Allocation
Consideration: |
Coterra common stock issued in exchange for FME equity interests | 28,190,682 |
Coterra common stock closing price on January 27, 2025 | $ | 27.83 |
Total value of Coterra common stock issued | $ | 785 |
Cash consideration (1) (2) | 1,733 |
Total consideration | $ | 2,518 |
Assets acquired: |
Current assets | $ | 178 |
Proved oil and gas properties | 1,833 |
Unproved oil and gas properties | 590 |
Gathering and pipeline systems | 172 |
Other assets | 6 |
Total assets acquired | $ | 2,779 |
Liabilities assumed: |
Current liabilities | $ | 239 |
Asset retirement obligations | 13 |
Other liabilities | 9 |
Total liabilities assumed | $ | 261 |
Net assets acquired | $ | 2,518 |
________________________________________________________ (1)Cash consideration included the release of escrow funds in the amount of $107 million. These funds were included in restricted cash in the Condensed Consolidated Balance Sheet as of December 31, 2024. (2)As of June 30, 2025, cash consideration of $16 million remains in escrow and is included in restricted cash and accounts payable on the Company’s Condensed Consolidated Balance Sheet. The following table represents the preliminary allocation of the total purchase price of the Avant assets to the identifiable assets acquired and liabilities assumed based on the fair values as of the closing date of the acquisition:
(In millions) | Preliminary Purchase Price Allocation
Consideration: |
Cash consideration (1) | $ | 1,518 |
Total consideration | $ | 1,518 |
Assets acquired: |
Current assets | $ | 34 |
Proved oil and gas properties | 640 |
Unproved oil and gas properties | 696 |
Gathering and pipeline systems | 161 |
Other assets | 1 |
Total assets acquired | $ | 1,532 |
Liabilities assumed: |
Current liabilities | $ | 3 |
Asset retirement obligations | 6 |
Other liabilities | 5 |
Total liabilities assumed | $ | 14 |
Net assets acquired | $ | 1,518 |
________________________________________________________ (1)Cash consideration included the release of escrow funds in the amount of $109 million. These funds were included in restricted cash in the Condensed Consolidated Balance Sheet as of December 31, 2024.
Pro forma Financial Information | The FME Interests contributed the following to the Company’s consolidated operating results:
(In millions) | January 28, 2025 through June 30, 2025
Revenue | $ | 384 |
Net income | $ | 145 |
The Avant assets contributed the following to the Company’s consolidated operating results:
(In millions) |  | January 18, 2025 through June 30, 2025
Revenue |  | $ | 118 |
Net income |  | $ | 30 |
The following table represents the pro forma effect on the Company of the FME and Avant acquisitions as if they had occurred on January 1, 2024:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) | 2024 |  | 2025 |  | 2024
Pro forma revenue | $ | 1,595 |  |  | $ | 3,961 |  |  | $ | 3,308 |
Pro forma net income | $ | 307 |  |  | $ | 1,058 |  |  | $ | 738 |

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