Coterra Energy Inc. is an American energy company engaged in hydrocarbon exploration based in
Houston, Texas
Houston ( ) is the List of cities in Texas by population, most populous city in the U.S. state of Texas and in the Southern United States. Located in Southeast Texas near Galveston Bay and the Gulf of Mexico, it is the county seat, seat of ...
. The company has operations in the
Permian Basin,
Marcellus Shale
Marcellus may refer to:
People
* Marcellus (name)
* Marcellus of Ancyra, fourth-century Christian bishop and theologian
* Marcus Claudius Marcellus, Roman commander
* Marcellus of Tangier
* Marcellus Empiricus
* Marcellus (nephew of Augustu ...
, and the
Anadarko Basin
The Anadarko Basin is a geologic depositional and structural basin centered in the western part of the state of Oklahoma and the Texas Panhandle, and extending into southwestern Kansas and southeastern Colorado. The basin covers an area of . By t ...
.
[
, the company had of estimated proved reserves, of which 85% was natural gas, 7% was petroleum, and 8% was natural gas liquids.][
]
History
The company was formed as Cabot Oil & Gas Corporation, a subsidiary of Cabot Corporation
Cabot Corporation is an American specialty chemicals and performance materials company headquartered in Boston, Massachusetts. The company operates in over 20 countries with 36 manufacturing plants, eight research and development facilities and ...
. It became a public company
A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...
via an initial public offering
An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...
in February 1990. In March 1991, the company became 100% publicly owned.
In 1994, the company acquired Washington Energy Resources in a $180 million stock transaction.
In May 1995, the company ousted John Lollar, its chairman
The chair, also chairman, chairwoman, or chairperson, is the presiding officer of an organized group such as a board, committee, or deliberative assembly. The person holding the office, who is typically elected or appointed by members of the gro ...
and CEO
A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization.
CEOs find roles in variou ...
, in part due to the ill-timing of the acquisition of Washington Energy Resources.
In 1997, the company sold oil reserves and land in northwest Pennsylvania for $92.5 million.
In 2001, the company acquired Cody Energy for $230 million.
In June 2008, the company was added to the S&P 500
The Standard and Poor's 500, or simply the S&P 500, is a stock market index tracking the stock performance of 500 leading companies listed on stock exchanges in the United States. It is one of the most commonly followed equity indices and in ...
.
In 2013, the company sold its assets in the Marmaton play of Oklahoma
Oklahoma ( ; Choctaw language, Choctaw: , ) is a landlocked U.S. state, state in the South Central United States, South Central region of the United States. It borders Texas to the south and west, Kansas to the north, Missouri to the northea ...
and West Texas
West Texas is a loosely defined region in the U.S. state of Texas, generally encompassing the desert climate, arid and semiarid climate, semiarid lands west of a line drawn between the cities of Wichita Falls, Texas, Wichita Falls, Abilene, Texa ...
for $160 million.
In March 2018, the company sold its assets in the Eagle Ford Group
The Eagle Ford Group (also called the Eagle Ford Shale) is a Sedimentary rock, sedimentary rock formation deposited during the Cenomanian and Turonian ages of the Late Cretaceous over much of the modern-day state of Texas. The Eagle Ford is pr ...
to KKR KKR may refer to:
* KKR & Co., a global investment firm
*Kolkata Knight Riders, an Indian Premier League franchise
* Rheinsberg Nuclear Power Plant (), first nuclear power plant in the former East Germany
* Kalkara, Malta, postal code KKR
*Kir-Bala ...
and Venado Oil & Gas.
In October 2021, the company acquired Cimarex Energy and was renamed Coterra Energy.
Controversies
Environmental damage
In 2009, the company was cited for violations in regard to spills of toxic hydraulic fracturing
Fracking (also known as hydraulic fracturing, fracing, hydrofracturing, or hydrofracking) is a well stimulation technique involving the fracturing of Formation (geology), formations in bedrock by a pressurized liquid. The process involves the ...
fluids in Northeastern Pennsylvania
Northeastern Pennsylvania (NEPA or Nepa) is a region of the U.S. state of Pennsylvania that includes the Pocono Mountains, the Endless Mountains, and the industrial cities of Scranton (the area's largest city), Wilkes-Barre, Pittston, Ha ...
.
In 2012, the company was cited for improper well construction that had resulted in polluted drinking water.
Restraining order on anti-fracking activist
In January 2014, the company sought, and a judge granted, a temporary injunction barring anti-fracking activist Vera Scroggins from entering on any of the 312.5 square miles of land in Pennsylvania owned or leased by the company. The company acknowledged that Scroggins had not violated any laws, but the lawsuit was due to her being a "nuisance" at company sites.
References
External links
*
{{Authority control
1989 establishments in Texas
Companies based in Houston
Companies listed on the New York Stock Exchange
Natural gas companies of the United States
Non-renewable resource companies established in 1989
Companies based in Harris County, Texas
Energy companies established in 1989