CTRA · CIK 858470
What Coterra Energy Inc. told the SEC could break it.
Coterra Energy's results turn on commodity prices it doesn't set. As an oil, gas and NGL producer, its revenue and growth track those prices directly — a roughly 15% drop in oil prices ($10.82 a barrel) cut its 2025 oil revenue by $631 million. Its sales are also somewhat concentrated, with two purchasers accounting for about 22% and 14% of total sales (though it says alternative buyers are readily available), and it faces a Clean Air Act enforcement matter the EPA has referred to the DOJ over alleged violations at its Texas and New Mexico facilities, with likely fines and corrective actions.
3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- oil, natural gas, and NGL pricesmedium
Revenues, profitability, and production growth are highly dependent on oil, natural gas, and NGL prices; a $10.82/bbl (15%) oil-price decline reduced oil revenue by $631 million in 2025.
“Increases or decreases in our revenues, profitability and future production growth are highly dependent on the commodity prices we receive, which, as discussed above, fluctuate due to a variety of factors (including supply and demand, the availability of transportation, seasonality and geopolitical, economic and other factors).”
Customer concentration
- two unnamed purchasers (22% and 14% of sales)medium
Two customers accounted for ~22% and ~14% of total sales in 2025 (21%/19% in 2024); company believes alternative purchasers are readily available.
“During the year ended December 31, 2025, two customers accounted for approximately 22 percent and 14 percent of our total sales. During the year ended December 31, 2024, two customers accounted for approximately 21 percent and 19 percent of our total sales.”
SEC filing →As of 2026
Litigation
- EPA/DOJ Clean Air Act enforcement (TX/NM facilities)medium
EPA issued two NOVOCs alleging Clean Air Act and state SIP violations at TX/NM facilities; the matter has been referred to the DOJ for civil enforcement, with likely fines/penalties and corrective actions.
“Separately, in July 2023, we received a letter from the U.S. Department of Justice that the EPA has referred this NOVOC for civil enforcement proceedings. In August 2023, we received a second NOVOC from the EPA alleging violations of the Clean Air Act, the NMSIP, and certain other state and federal regulations pertaining to Company facilities in New Mexico.”
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