Coterra Energy (CTRA) Q1 2026 earnings summary

Executive summary

• Net income for Q1 2026 was $466 million ($0.61 per share), down from $516 million ($0.68 per share) year-over-year.

• Operating cash flow rose 44% to $1.6 billion, driven by higher oil and gas prices and increased oil production.

• A pending all-stock merger with Devon Energy was approved by shareholders and is expected to close in May 2026.

Financial highlights

• Total revenues increased 2% to $1.95 billion compared to Q1 2025.

• Oil revenues rose 18% to $1.04 billion; natural gas revenues up 24% to $1.11 billion; NGL revenues fell 5%.

• Net cash provided by operating activities increased by $502 million year-over-year.

• Capital expenditures for drilling and completion were $655 million, up from $552 million.

• Dividend of $0.22 per share declared; $167 million paid in dividends.

• 1 million shares repurchased for $32 million; $1.0 billion remains under repurchase program.

Outlook and guidance

• Full-year 2026 guidance reiterated, with capital expenditures expected to be weighted to the first half.

• Q1 2026 production volumes exceeded internal expectations despite weather-related curtailments.