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Dec 31, 2025
Coterra Q4 2025 Earnings Report
Coterra reported strong fourth quarter 2025 results with higher production, solid free cash flow, and improved oil volumes year-over-year.
Key Takeaways
Coterra generated 1959000000 in Q4 2025 operating revenue and 368000000 in net income, supported by record total production of 813100 BOE per day and 507000000 in free cash flow.
Total equivalent production increased to 813100 BOE per day from 681500 year-over-year.
Oil production rose to 175800 barrels per day from 113000 year-over-year.
Free cash flow reached 507000000 during the quarter.
Net income increased to 368000000 from 297000000 year-over-year.
Revenue by Segment
Forward Guidance
For full year 2026, Coterra expects total equivalent production between 750000 and 810000 BOE per day with capital expenditures of approximately 2250000000 and projected free cash flow of 2350000000.
Positive Outlook
- 2026 production guidance up to 810000 BOE per day.
- Oil production guidance up to 172000 barrels per day.
- Projected 2026 free cash flow of 2350000000.
- Reinvestment rate expected near 50%.
- Capital discipline with midpoint capex of 2250000000.
Challenges Ahead
- Production guidance midpoint below Q4 2025 exit rate.
- Commodity price assumptions of 64 WTI and 3.86 Henry Hub at high case.
- Effective tax rate guidance up to 25%.
- Unit operating cost guidance up to 10.60 per BOE.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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