UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No.      )
Filed by the Registrant ☒
Filed by a Party other than the Registrant ☐
Check the appropriate box:
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Preliminary Proxy Statement
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☐
Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
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Definitive Proxy Statement
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Definitive Additional Materials
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Soliciting Material under §240.14a-12
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Coterra Energy Inc.
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(Name of Registrant as Specified In Its Charter)
 
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(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
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No fee required.
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Fee paid previously with preliminary materials.
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Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and 0-11
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Notice of Annual
Meeting of Stockholders
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Meeting
Information​
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Date
April 30, 2025
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Place
Two Memorial City Plaza
820 Gessner Road, 1st Floor
Live Oak Training Center,
Suite 107
Houston, TX 77024
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Record Date
Only holders of record of our common stock at the close of business on March 6, 2025 will be entitled to notice of and to vote at this year’s annual meeting.
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Time
8:00 a.m., Central Time
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Record Date
March 6, 2025
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Items of Business
 
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Proposal
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Matter
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Board
recommendation
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Page
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1.
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The election of the 10 director nominees named in the attached proxy statement to our Board of Directors.
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A non-binding advisory vote to approve the compensation of our named executive officers.
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3.
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The ratification of the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for 2025.
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4.
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To transact such other business as may properly come before the meeting or any adjournments or postponements thereof.
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Each of these items is more fully described in the attached proxy statement, which is made a part of this notice.
March 20, 2025
By Order of the Board of Directors,
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Marcus G. Bolinder
Corporate Secretary
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If you plan to attend the annual meeting in person:
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Registered stockholders will be asked to present a valid government-issued photo identification. If your shares are held in the name of your broker, bank or other nominee, you must bring to the meeting a valid government-issued photo identification and an account statement or letter (and a legal proxy if you wish to vote your shares) from the nominee indicating that you beneficially owned the shares on the record date.
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Voting Procedures​
Please vote your shares as promptly as possible by one of the following methods, even if you plan to attend the annual meeting in person.
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Internet​
Use the instructions on the proxy card or voting instruction form received from your broker or bank.
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By Telephone​
Use the instructions on the proxy card or voting instruction form received from your broker or bank (if available).
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By Mail​
Complete and return the enclosed proxy card or voting instruction form in the postage-paid envelope provided (for stockholders receiving paper copies only).
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By Attending in Person​
You may attend the annual meeting and vote in person.
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2025 Proxy Statement
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Message from
the Chairman
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Dear Coterra Energy Inc. Stockholders,
Thank you for your investment in Coterra and your interest in our annual meeting. We hope you will find this document to be informative and easy to read. We understand that disclosure requirements can be complex, so our goal is to provide clear, transparent, and comprehensive information regarding our principles and practices related to corporate governance, risk management, and human resources. We strive to be a values-driven organization measured by our results—a goal reflected in our culture and our boardroom.
This annual letter provides an opportunity to communicate directly with our owners. We don’t want it to become boilerplate and repetitive. We aim to timely address issues of corporate governance, many of which are changing at lightning speed. For a discussion of our corporate governance philosophy and values, please refer to last year’s 2024 Proxy letter; these principles remain unchanged.
The recent U.S. Presidential election has significantly impacted our business. While many changes stem from shifts in federal policy, others reflect broader societal changes: growing energy demand and the role of natural gas in meeting it; improving infrastructure permitting; changing state and federal regulations regarding our industry and emissions; and evolving diversity, equity, and inclusion (DEI) practices. We address these each separately below.
Growing electricity demand, driven largely by the technology sector, will significantly impact Coterra. While there’s optimism regarding nuclear technology as a low-carbon alternative, natural gas remains essential in meeting immediate energy needs. This is true for both domestic electricity generation and global liquefied natural gas (LNG) demand. Our industry will face pressure to increase production, leading to opportunities for Coterra as a major natural gas supplier. This will influence our capital allocation, talent management, and willingness to enter into long-term supply agreements. Our investment-grade rating will be an asset in attracting desirable counterparties to long-term supply contracts.
​
Thomas E. Jorden
Chairman, Chief Executive Officer
and President
We strive to be a values-driven organization measured by our results—a goal reflected in our culture and our boardroom.
Coterra Energy
 
Meeting these growing energy demands requires substantial infrastructure development. The U.S. lags in pipeline and electrical transmission construction, but we see potential benefits from thoughtful infrastructure permitting reform, enabling growth and long-term strategic planning for our natural gas business.
Coterra’s commitment to reduce emissions is a commitment to operational excellence. Our efforts have made us a low-emissions leader in our industry. It has also resulted in broader improvements in our engineering and execution, which has contributed to our industry leading operational performance. We will remain dedicated to emissions reduction, regardless of regulatory changes, while advocating for the elimination of redundant and unproductive regulations.
We’re also witnessing a reevaluation of DEI initiatives among a wide array of U.S. businesses. Our approach is straightforward; we treat each employee as an individual, avoiding unnecessary rules and focusing on individual needs and circumstances. We do not characterize our existing or prospective employees by identity groups or quotas. Coterra is proud of our diversity, and we lift each other up with high expectations of one another. We are proud that Coterra and our industry have opened doors of opportunity for people to obtain challenging and rewarding careers. As citizens of our great democracy, we appreciate that democracy remains healthy and strong if these doors are open to all. The doors of Coterra are open wide to a diverse candidate pool, but the threshold is defined by merit and a shared commitment to excellence.
On behalf of our Board of Directors, we would like to express our deep gratitude to Dan Dinges and Bob Boswell, who are both retiring from our Board. Both Dan and Bob are builders, and they have had extraordinary careers marked by vision, perseverance, and wisdom. Together and separately, their advice and counsel have had tremendous impact on the formation and ongoing success of Coterra. We will miss Dan and Bob in our boardroom. We also draw your attention to our two new director nominees, Jacinto Hernandez and Jeff Shellebarger. Together, Jacinto and Jeff bring a deep understanding of our business, executive experience, investor insight, and strategic vision for a stronger Coterra in the decades ahead. We believe they will help position our Board to face future challenges, both known and unknown.
Sound governance is the bedrock of Coterra. We employ checks and balances in our key processes and risk management. We have a proactive and independent Board of Directors committed to transparency and open communication. To this end, we welcome your questions on any matters that this document does not fully address. On behalf of our Board of Directors and employees, thank you for being an owner of Coterra. We understand our duty to you in being good stewards of your capital and honor your confidence in us.
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Thomas E. Jorden
Chairman, Chief Executive Officer and President
March 20, 2025
Sound governance is the bedrock of Coterra. We employ checks and balances in our key processes and risk management. We have a proactive and independent Board of Directors committed to transparency and open communication.
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2025 Proxy Statement
 
Table of Contents
​ Proxy Summary​ ​ ​ ​ ​ 1 ​ ​
​ One Coterra ​ ​ ​ ​ 1 ​ ​
​ Governance and Board Highlights ​ ​ ​ ​ 1 ​ ​
​ 2024 Operational and Financial Highlights ​ ​ ​ ​ 2 ​ ​
​ Stakeholder Engagement ​ ​ ​ ​ 2 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​
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3
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​ Board Composition ​ ​ ​ ​ 3 ​ ​
​ Director Nominations and Qualifications ​ ​ ​ ​ 3 ​ ​
​ Director Succession ​ ​ ​ ​ 5 ​ ​
​ ​ ​ ​ ​ 6 ​ ​
​ Biographical Information Regarding Our Nominees ​ ​ ​ ​ 8 ​ ​
​ Director Compensation ​ ​ ​ ​ 15 ​ ​
​ Charitable Contributions ​ ​ ​ ​ 16 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ 17 ​ ​
​ ​ ​ ​ ​ 17 ​ ​
​ ​ ​ ​ ​ 17 ​ ​
​ Board of Directors’ Leadership Structure ​ ​ ​ ​ 18 ​ ​
​ Board’s Oversight of Risk Management ​ ​ ​ ​ 19 ​ ​
​ Meetings and Attendance ​ ​ ​ ​ 22 ​ ​
​ Director Orientation and Continuing Education ​ ​ ​ ​ 22 ​ ​
​ Code of Business Conduct and Ethics ​ ​ ​ ​ 22 ​ ​
​ Related Person Transactions ​ ​ ​ ​ 22 ​ ​
​ Stockholder Engagement ​ ​ ​ ​ 23 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​
​ Compensation​ ​ ​ ​ ​ 25 ​ ​
​ PROPOSAL 2: To Approve, By Non-Binding Advisory Vote,
The Compensation of Our Named Executive Officers 		​ ​ ​ ​ 25 ​ ​
​ Compensation Discussion and Analysis ​ ​ ​ ​ 26 ​ ​
​ Business Context ​ ​ ​ ​ 26 ​ ​
​ Our Compensation Philosophy ​ ​ ​ ​ 26 ​ ​
​ Annual Say On Pay Advisory Vote ​ ​ ​ ​ 26 ​ ​
​ Our Compensation Practices and Design ​ ​ ​ ​ 27 ​ ​
​ 2024 Performance-Based Compensation ​ ​ ​ ​ 29 ​ ​
​ 2024 Compensation Decisions ​ ​ ​ ​ 31 ​ ​
​ How We Set Executive Compensation ​ ​ ​ ​ 33 ​ ​
​ Retirement Compensation and Other Benefits ​ ​ ​ ​ 34 ​ ​
​ Compensation Governance ​ ​ ​ ​ 35 ​ ​
​ Compensation Committee Report ​ ​ ​ ​ 36 ​ ​
​ ​ ​ ​ ​ 36 ​ ​
​ Compensation Tables ​ ​ ​ ​ 37 ​ ​
​ Summary Compensation Table ​ ​ ​ ​ 37 ​ ​
​ Grants of Plan-Based Awards ​ ​ ​ ​ 38 ​ ​
​ Outstanding Equity Awards at Fiscal Year-End ​ ​ ​ ​ 39 ​ ​
​ Stock Vested ​ ​ ​ ​ 40 ​ ​
​ Nonqualified Deferred Compensation ​ ​ ​ ​ 41 ​ ​
​ Potential Payments Upon Termination or Change in Control ​ ​ ​ ​ 43 ​ ​
​ ​ ​ ​ ​ 51 ​ ​
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​ Equity Compensation Plan Information ​ ​ ​ ​ 56 ​ ​
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​ Audit Matters​ ​ ​ ​ ​ 57 ​ ​
​ PROPOSAL 3: Appointment of Independent Registered Public Accounting Firm ​ ​ ​ ​ 57 ​ ​
​ Audit Committee Report ​ ​ ​ ​ 58 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​
​ Security Ownership​ ​ ​ ​ ​ 59 ​ ​
​ Principal Stockholders ​ ​ ​ ​ 59 ​ ​
​ Directors and Executive Officers ​ ​ ​ ​ 59 ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​
​ General Information ​ ​ ​ ​ 61 ​ ​
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Coterra Energy
 
This proxy statement includes website addresses and references to additional materials found on those websites, which are provided for convenience only. Content on the websites, including content on our website, is not, and shall not be deemed to be, part of this proxy statement or incorporated herein or into any of our other filings with the Securities and Exchange Commission (the “SEC”).
This proxy statement includes forward-looking statements within the meaning of federal securities laws. All statements, other than statements of historical fact, included in this report are forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding our environmental, social and governance commitments and our future performance outcomes. The words “believe,” “plan,” “anticipate,” “expect” and similar expressions are also intended to identify forward-looking statements. We can provide no assurance that the forward-looking statements contained in this proxy statement will occur, and actual results may differ materially from those included in this report. Forward-looking statements are based on current expectations and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those included in this report. These risks and uncertainties include, but are not limited to, those described in “Risk Factors” in Item 1A of Part I of our Form 10-K for the year ended December 31, 2024 and those contained in our future reports filed with the SEC. Except to the extent required by applicable law, we undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
2025 Proxy Statement
 
Proxy Summary
This summary highlights information described in other parts of this proxy statement and does not contain all the information you should consider in voting. Please read the entire proxy statement before voting. For more complete information regarding our 2024 operational and financial performance, please review our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which accompanies this proxy statement. This proxy statement and our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 will be made available online on or about March 20, 2025, pursuant to the Notice of Internet Availability of Proxy Materials mailed on or about the same date.
One Coterra
Coterra Energy Inc. (“Coterra” or the “Company”) is a premier, diversified energy company with a strong free cash flow profile, well positioned to deliver superior and sustainable returns to stockholders through commodity cycles. Coterra’s common stock trades on the New York Stock Exchange (the “NYSE”) under the ticker symbol “CTRA.”
Governance and Board Highlights
Good corporate governance is rooted in ethics, integrity, accountability, and transparency. We have built our business on sound governance principles and practices. These principles and practices are the foundation of sustainable value creation, building stakeholder trust, and a responsible business culture.
Our Board of Directors (the “Board of Directors” or “Board”) consists of 10 members, each of whom brings a unique background and set of leadership skills that contributes to the diversity of our Board, including broad experience in leadership, finance, energy, exploration and production, climate change, operations and strategy, and cybersecurity matters. By leveraging our Board’s experience and good corporate governance practices, we aim to promote accountability and sound decision making, which ultimately help to enhance our long-term success.
Independent and Effective Board Oversight
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Nine of 10 director nominees are independent
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Four of the five standing committees are fully composed of independent members with independent chairs
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Executive sessions are led by an independent director in all Board and committee meetings
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Annual Board and committee performance evaluations
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Orientation, continuing education and strategy programs for directors
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All current Audit Committee members meet the NYSE listing standards of financial sophistication and are audit committee financial experts under the SEC rules
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Committed to seeking highly qualified individuals as potential Board nominees and succession candidates
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Stock ownership guidelines for all executive officers and directors
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Annual election of directors and majority voting provision
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Board oversight of political contributions and annual disclosures of recipients and amounts contributed
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Separate Board committee devoted entirely to environmental, health and safety matters
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2025 Proxy Statement | 1
2024 Operational and Financial Highlights
​ Production ​ ​ ​
677 Mboed (thousand barrels of oil equivalent per day)
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​ Cash Flow from Operations ​ ​ ​
$2,795 million
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Capital expenditures for drilling, completion and other fixed asset additions
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$1,754 million
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​ Dividends Paid ​ ​ ​
$630 million
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​ Share Repurchases ​ ​ ​
$456 million
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​ Year-End Debt Balance ​ ​ ​
$3,535 million
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​ Market Capitalization(1) ​ ​ ​
$21,029 million
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(1)
Based on 764,151,477 shares of common stock outstanding and a closing per share price of $27.52 as of February 14, 2025.
​
Stakeholder Engagement
We actively engage with key stakeholders across our business, including employees, stockholders, regulators, and communities where we operate. Open dialogue with our stakeholders helps us better understand and respond to emerging issues that may impact our business in the short- or long-term. Keeping our finger on the pulse of issues and topics that are important to our business strengthens our relationship with stakeholders and contributes to our success.
At Coterra, we regularly engage with our employees and encourage open dialogue, which is fundamental to our strategy. Rather than conducting anonymous surveys, we hold small group meetings for employees with senior managers, as well as with the Chief Executive Officer at least annually. Employees are given multiple lines of communication they can utilize if they have any concerns. We focus on providing multiple opportunities for leaders and employees to engage in thoughtful discussion around individual performance, prior year results, development opportunities, and career goals. In addition to these formal opportunities, our employees are encouraged to engage in regular discussions with their leaders regarding expectations and performance. Additionally, retaining our talent is a top priority, and employee turnover is tracked closely and discussed at least annually with our Chief Executive Officer and broader leadership.
Executives and senior management from investor relations, sustainable engineering, and corporate secretary functions routinely engage with stockholders on a variety of topics, including corporate governance, executive compensation, human capital management, climate change and sustainability. When appropriate, our directors also make themselves available to meet with stockholders. During our 2024 engagement, we believe stockholders expressed strong support for Coterra. For more information, see “Stockholder Engagement” on page 23.
We operate in an industry that is heavily regulated, and, therefore, we are deeply affected by the political and legislative process. We strongly believe that Coterra’s long-term value to our stockholders is enhanced by a business environment that protects and supports the oil and gas industry’s ability to responsibly operate and provide important energy resources to consumers. Our trade associations are the primary way that we engage with regulators on policy.
We also engage with the communities where we live and work. In 2023, Coterra launched the Community Action Group (“CAG”) initiative, a unique approach to strengthen our connection with communities. This initiative places emphasis on gathering input from both employees and community stakeholders to determine which organizations and projects we should support. The CAG has become an integral part of our community relations strategy, ensuring that our community engagement efforts remain closely aligned with local needs. We also utilize our associations with groups like the Permian Strategic Partnership and the Marcellus Shale Coalition to help us better understand the needs of the communities where we operate.
2 | Coterra Energy
Board of Directors
Board Composition
The size of our Board of Directors is currently set at 10 members, each of whose term expires at the 2025 annual meeting of stockholders. Accordingly, our Board has nominated 10 individuals to hold office until the 2026 annual meeting of stockholders. Eight of the nominees are currently a director. Our Board and our Governance and Social Responsibility Committee believe that the broad range of attributes, qualifications, viewpoints, skills and experience of the director nominees enable them to effectively oversee our long-term business strategy and contribute to an effective and well-functioning Board.
An overview of the Board demographics, attributes and skills is set forth below. For more detailed information about our director nominees, please see “Biographical Information Regarding Our Nominees” beginning on page 8 where you will find the business experience of each nominee as well as the qualifications that led our Board to select each nominee for election to the Board.
Director Nominations and Qualifications
Nomination Process
Under its charter, the Governance and Social Responsibility Committee is responsible to seek out and evaluate qualified candidates to serve as Board members to fill vacancies or for the additional needs of the Board, including by considering candidates recommended by stockholders and management. The Governance and Social Responsibility Committee identifies candidates through a number of methods, which may include the retention of professional executive search firms, use of publicly available director databases or referral services and recommendations made by incumbent directors.
Stockholders who meet certain requirements specified in our bylaws may also nominate candidates for inclusion in our proxy materials for an annual meeting as described in “General Information” beginning on page 61. Whether the nominee is recommended by a stockholder or by incumbent directors, there are no differences in the manner in which the Governance and Social Responsibility Committee evaluates nominees.
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Any stockholder desiring to propose a candidate to the Board for consideration should submit such proposed candidate, including the proposed candidate’s qualifications, to:
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Coterra Energy Inc.
Attn: Corporate Secretary
840 Gessner Road, Suite 1400
Houston, Texas 77024
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OR
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Email:
corporatesecretary@coterra.com
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2025 Annual Meeting Nominees
As previously disclosed, pursuant to the terms of the agreement governing the merger transaction that formed the Company and as set forth in the Company’s bylaws, until the 2024 annual meeting of stockholders the number of directors that would comprise the full Board was 10, and any vacancy on the Board created by the cessation of service of a director could only be filled in accordance with such documents. Following the 2024 annual meeting of stockholders, the Governance and Social Responsibility Committee began to actively seek and identify qualified candidates to serve as additional Board members or to fill any future vacancies. After receiving and evaluating proposals from reputable executive search firms, in June 2024 the Governance and Social Responsibility Committee engaged Russell Reynolds Associates to assist with director recruitment and director succession planning. The Governance and Social Responsibility Committee believes Russell Reynolds Associates has been valuable in assessing available pools of talent and identifying and recruiting the best possible director candidates for the Company.
Throughout the latter half of 2024 and early 2025, and with the assistance of Russell Reynolds Associates, the Governance and Social Responsibility Committee considered and met with a number of highly qualified potential candidates, including Jacinto J. Hernandez and Jeffrey E. Shellebarger, among others. Mr. Hernandez was recommended by Tom Jorden, our Chairman, Chief Executive Officer and President, and Mr. Shellebarger was recommended by Tom Jorden, our Chairman, Chief Executive Officer and President, as well as a non-management director on our Board of Directors. After such consideration, the Governance and Social Responsibility Committee identified Mr. Hernandez and Mr. Shellebarger as leading potential director candidates. On February 19, 2025, Mr. Boswell and Mr. Dinges notified the Board of Directors of their respective decision to retire from the Board at the end of their current term and to not stand for re-election at the 2025 annual meeting. During the candidate search process described, the full Board had the opportunity to meet with Mr. Hernandez and Mr. Shellebarger. At the recommendation of the Governance and Social Responsibility Committee, the full Board considered and unanimously decided to nominate Mr. Hernandez and Mr. Shellebarger as nominees for directors to be elected by the Company’s stockholders at the 2025 annual meeting. Please
2025 Proxy Statement | 3
refer to the “Director Nominee Skills and Experience Matrix” and “Biographical Information Regarding our Nominees” below for the valuable skills, experience and perspectives each brings to our Board.
Skills and Qualifications
The Governance and Social Responsibility Committee seeks to select candidates who, regardless of how they are nominated, have:
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personal and professional integrity;
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held a position of leadership with a record of achievement in their field, with the interest and intellect to be able to address energy industry challenges and opportunities;
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the ability to think strategically and the insight to assist management in placing the Company in a competitive position within the energy industry; and
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the time to attend Board meetings and to deal with unexpected issues that arise relating to our business.
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The Governance and Social Responsibility Committee seeks the most qualified candidates, while encouraging a diversity of backgrounds, experience and perspectives.
Director Nominee Skills and Experience Matrix
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Ables
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Brock
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Eckley
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Helmerich
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Her­nandez
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Jorden
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Shelle­barger
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Stewart
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Vallejo
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Watts
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Public Company C-Suite
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Exploration and Production Industry
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Capital Allocation /​ Corporate Financing
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Financial Literacy and Accounting Expertise
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Information Services and Technology /​ Cybersecurity / Data Privacy
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Environment, Health and Safety and Climate Policy-Related Risks
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Operating and Strategic Planning
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4 | Coterra Energy
Director Succession
As discussed above, our Governance and Social Responsibility Committee engages, and will continue to engage, in regular director succession planning as part of its duty to oversee the composition and effectiveness of the Board and its committees. Regular succession planning allows the Governance and Social Responsibility Committee to nominate qualified candidates for annual stockholder elections and to fill vacancies created upon the planned or unplanned departure of sitting directors or upon increasing the size of the Board. In its succession planning activities, the Governance and Social Responsibility Committee reviews annual Board and committee performance evaluations, reviews the skills and experience matrix for each director and for the effective functioning of the Board, tracks director tenure and expected director departures and engages in various director recruitment activities. The Governance and Social Responsibility Committee intends to recommend a new lead independent director and committee membership to the Board following the director nominees’ election at the 2025 annual meeting of stockholders.
The Board does not have a mandatory retirement policy.
2025 Proxy Statement | 5
 
Proposal 1
Election of Directors
Upon recommendation of the Governance and Social Responsibility Committee, the Board has nominated the 10 individuals named below to be elected at the 2025 annual meeting of stockholders. Eight of the nominees are currently serving as a director. If elected, a nominee will hold office until the 2026 annual meeting of stockholders.
​
[MISSING IMAGE: ph_dorothyables-4clr.jpg]
​ ​ ​
Dorothy M. Ables​
Former Chief Administrative Officer of
Spectra Energy Corp
​ ​ ​
[MISSING IMAGE: ph_thomasjorden-4clr.jpg]
​ ​ ​
Thomas E. Jorden
Chairman, Chief Executive Officer
and President of Coterra Energy Inc.
​
​
Age 67
​ ​ ​
Years Served 9
​ ​ ​
Age 67
​ ​ ​
Years Served 4
​
​
Other Current Public Company Boards: 1
•
Martin Marietta Materials, Inc.
​
 ​ ​ ​
Other Current Public Company Boards:
•
None
​
 ​
​
[MISSING IMAGE: ph_amandabrock-4clr.jpg]
​ ​ ​
Amanda M. Brock
Chief Executive Officer of Aris Water Solutions, Inc.
​ ​ ​
[MISSING IMAGE: ph_jeffreyshellebarger-4c.jpg]
​ ​ ​
JEFFREY E. SHELLEBARGER*​
Former President, North American
Exploration and Production Operating
Company of Chevron Corporation
​
​
Age 64
​ ​ ​
Years Served 7
​ ​ ​
Age 68
​ ​ ​
Years Served 0*
​
​
Other Current Public Company Boards: 1
•
Aris Water Solutions, Inc.
​
 ​ ​ ​
Other Current Public Company Boards:
•
None
​
 ​
​
[MISSING IMAGE: ph_pauleckley-4clr.jpg]
​ ​ ​
Paul N. Eckley​
Former Senior Vice President — Investments
of State Farm Corporate Headquarters
​ ​ ​
[MISSING IMAGE: ph_lisastewart-4clr.jpg]
​ ​ ​
Lisa A. Stewart​
Chairman of Sheridan Production Partners
​
​
Age 70
​ ​ ​
Years Served 4
​ ​ ​
Age 67
​ ​ ​
Years Served 4
​
​
Other Current Public Company Boards:
•
None
​
 ​ ​ ​
Other Current Public Company Boards: 1
•
Western Midstream Partners, LP
​
 ​
​
[MISSING IMAGE: ph_hanshelmerich-4clr.jpg]
​ ​ ​
Hans Helmerich​
Chairman of the Board of Helmerich & Payne, Inc.
​ ​ ​
[MISSING IMAGE: ph_francesvallejolg-4c.jpg]
​ ​ ​
Frances M. Vallejo​
Former Vice President for Corporate Planning
and Development of ConocoPhillips
​
​
Age 66
​ ​ ​
Years Served 4
​ ​ ​
Age 59
​ ​ ​
Years Served 4
​
​
Other Current Public Company Boards: 1
•
Helmerich & Payne, Inc.
​
 ​ ​ ​
Other Current Public Company Boards: 2
•
Expro Group Holdings N.V.
​
•
South Bow Corporation
​
 ​
​
[MISSING IMAGE: ph_jacintojhernandez-4c.jpg]
​ ​ ​
JACINTO J. HERNANDEZ*​
Principal at Cummings Consulting
​ ​ ​
[MISSING IMAGE: ph_marcuswatts-4clr.jpg]
​ ​ ​
Marcus A. Watts​
President of The Friedkin Group
​
​
Age 46
​ ​ ​
Years Served 0*
​ ​ ​
Age 66
​ ​ ​
Years Served 7
​
​
Other Current Public Company Boards:1
•
Aris Water Solutions, Inc.
​
 ​ ​ ​
Other Current Public Company Boards: 1
•
Service Corporation International
​
 ​
​
*
Nominated for election to the Board for the first time at the Company’s 2025 annual meeting of stockholders
​
6 | Coterra Energy
The persons named in the enclosed form of proxy intend to vote such proxies FOR the election of each of the nominees for a term of one year. If any one of the nominees is not available at the time of the annual meeting to serve, proxies received will be voted for substitute nominees to be designated by the Board or, in the event no such designation is made by the Board, proxies will be voted for a lesser number of nominees. In no event will the proxies be voted for more than the number of nominees set forth above.
Required Vote
The election of each of the 10 director nominees will require that each director nominee receive a majority of the votes cast (i.e., the number of shares voted for a director nominee must exceed the number of shares voted against that director nominee). Abstentions and broker non-votes will not affect the outcome of the voting on this proposal.
​
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​ ​
The Board of Directors unanimously recommends a vote FOR the election of each of the nominees.
 ​
2025 Proxy Statement | 7
BIOGRAPHICAL INFORMATION REGARDING OUR NOMINEES
Below is the biographical information regarding the business experience, qualifications and skills of each nominee selected for election as a director of the Company. Mr. Jorden, our Chairman, Chief Executive Officer and President, is the only employee of the Company nominated to serve on the Board.
The Board and the Governance and Social Responsibility Committee believe that, individually and as a whole, the director nominees possess the qualifications, varied tenure and independence to provide effective oversight of the business and quality advice and counsel to the Company’s management that will lead to optimal economic outcomes.
​
[MISSING IMAGE: ph_dorothyables-4clr.jpg]
DOROTHY M. ABLES​
​ ​ ​
Reason for Nomination​
Ms. Ables brings to the Board a depth of experience in the natural gas transportation and marketing aspects of our industry, as evidenced by her numerous leadership positions at Spectra Energy Corp. and predecessor companies, including Duke Energy Corporation. Her extensive experience in pipeline, processing and midstream businesses relates specifically to our natural gas transportation and oil and natural gas marketing strategies. Ms. Ables’ current directorship at Martin Marietta Materials, Inc. includes serving on the Audit Committee and as Chair on the Ethics, Environment, Safety and Health Committee. Ms. Ables is also very active in community and charitable endeavors, including serving on the Board of Directors of the Houston Methodist Hospital Foundation and the Board of Trustees of United Way of Greater Houston. Ms. Ables’ diverse background, including industry expertise and finance, human resources, information technology and corporate governance experience, as well as her corporate leadership experience, make her a valuable contributor to our Board and the committees on which she serves.
 ​
​
AGE: 67
​ ​ ​
CAREER HIGHLIGHTS​
Spectra Energy Corp.
•
Chief Administrative Officer (2008–2017)
​
•
Vice President, Audit Services and Chief Ethics & Compliance Officer (2007–2008)
​
Duke Energy Corporation
•
Vice President, Audit Services (2004–2006)
​
Duke Energy Gas Transmission
•
Senior Vice President and Chief Financial Officer (1998–2004)
​
 ​ ​ ​
CURRENT PUBLIC COMPANY BOARDS​
Martin Marietta Materials, Inc.
(2018–Current)
​
​
DIRECTOR SINCE: 2015
​ ​
​
Independent
​ ​
​
COMMITTEE MEMBERSHIPS:
•
Audit (Chair)
​
•
Governance and Social Responsibility
​
 ​ ​ ​
PUBLIC COMPANY BOARDS WITHIN THE PAST FIVE YEARS​
None
​
​ ​ ​ ​ ​ ​ ​
8 | Coterra Energy
​
[MISSING IMAGE: ph_amandabrock-4clr.jpg]
AMANDA M. BROCK​
​ ​ ​
Reason for Nomination​
Ms. Brock has a wealth of experience in building and managing global infrastructure businesses in the oil and gas, water and power industries. Her expertise and depth of knowledge in the water management aspects of the oil and gas industry, as well as her global perspective, executive management and financial expertise, aids the Board in better understanding all aspects of our operations. Ms. Brock’s experience is widely recognized and acknowledged in the industry, as evidenced by her numerous professional awards throughout her career (including being named one of the 25 Most Influential Women in Energy by Hart Energy’s Oil and Gas Investor Magazine in 2020 and being inducted into the 2017 Greater Houston Women’s Hall of Fame). Ms. Brock currently serves as Chair of the Texas Business Hall of Fame. She was appointed as Chair of the Compensation Committee in May 2024. After completing her undergraduate studies in South Africa, Ms. Brock obtained her law degree from Louisiana State University, where she was a member of the Law Review.
 ​
​
AGE: 64
​ ​ ​
CAREER HIGHLIGHTS​
Aris Water Solutions, Inc.
•
Chief Executive Officer (2021–Current)
​
•
President and Chief Operating Officer (2020–2021)
​
•
Chief Operating Officer (2018–2020)
​
•
Chief Commercial Officer (2018–2020)
​
Water Standard
•
Chief Executive Officer (2009–2017)
​
 ​ ​ ​
CURRENT PUBLIC COMPANY BOARDS​
Aris Water Solutions, Inc.
(2021–Current)
​
​
DIRECTOR SINCE: 2017
​ ​
​
Independent
​ ​
​
COMMITTEE MEMBERSHIPS:
•
Compensation (Chair)
​
•
Environment, Health & Safety
​
 ​ ​ ​
PUBLIC COMPANY BOARDS WITHIN THE PAST FIVE YEARS
Macquarie Infrastructure Corporation
(2018–2022)
​
​ ​ ​ ​
​
[MISSING IMAGE: ph_pauleckley-4clr.jpg]
PAUL N. ECKLEY​
​ ​ ​
Reason for Nomination​
Mr. Eckley was appointed in October 2021 in connection with the merger transaction that formed the Company. With a career spanning over 45 years, his extensive history of leadership roles and wealth of experience in investments in public and private companies, including companies in the oil and gas industry, are key attributes that make him well suited to serve on our Board. Mr. Eckley also served as Director of the Emerging Markets Growth Fund owned by the Capital Group, which included serving as Chairman of the Board. Mr. Eckley served as Chair of the Compensation Committee from October 2021 to May 2024.
 ​
​
AGE: 70
​ ​ ​
CAREER HIGHLIGHTS​
State Farm
•
Senior Vice President (1998–2020)
​
•
Vice President, Common Stocks (1995–1998)
​
•
Investment Officer (1990–1995)
​
•
Investment Analyst (1977–1990)
​
 ​ ​ ​
CURRENT PUBLIC COMPANY BOARDS
None
 ​
​
DIRECTOR SINCE: 2021
​ ​
​ Independent ​ ​
​
COMMITTEE MEMBERSHIPS:
•
Compensation
​
•
Governance and Social Responsibility
​
 ​ ​ ​
PUBLIC COMPANY BOARDS WITHIN THE PAST FIVE YEARS​
Cimarex Energy Co.
(2019–2021)
 ​
​ ​ ​ ​
2025 Proxy Statement | 9
​
[MISSING IMAGE: ph_hanshelmerich-4clr.jpg]
HANS HELMERICH​
​ ​ ​
Reason for Nomination​
Mr. Helmerich was appointed in October 2021 in connection with the merger transaction that formed the Company. His extensive experience in contract drilling services for oil and gas exploration and production companies, including his previous service at Helmerich & Payne, Inc. as the Chief Executive Officer and President, helps provide the Board with key insight into the Company’s operations, and his more than 25 years of executive experience provides a strong background for his service on the Compensation Committee. Early in his career, he was responsible for Helmerich & Payne, Inc.’s oil and gas division’s exploration and production operations, which was spun-off to become Cimarex Energy Co. (“Cimarex”). In addition, Mr. Helmerich’s current service as a Director and Chairman of the Board of Directors of Helmerich & Payne, Inc., and his former service as a Director of Atwood Oceanics, Inc. and Trustee of The Northwestern Mutual Life Insurance Company, provide him with additional experience and knowledge invaluable to his service on the Board.
 ​
​
AGE: 66
​ ​ ​
CAREER HIGHLIGHTS​
Helmerich & Payne, Inc.
•
Chief Executive Officer (1989–2014)
​
•
President (1987–2012)
​
 ​ ​ ​
CURRENT PUBLIC COMPANY BOARDS​
Helmerich & Payne, Inc.
(1987–Current)
 ​
​
DIRECTOR SINCE: 2021
​ ​
​
Independent
​ ​
​
COMMITTEE MEMBERSHIPS:
•
Compensation
​
•
Environment, Health and Safety
​
 ​ ​ ​
OTHER PUBLIC COMPANY BOARDS WITHIN THE PAST FIVE YEARS​
Cimarex Energy Co.
(2002–2021)
 ​
​ ​ ​ ​
​
[MISSING IMAGE: ph_jacintojhernandez-4c.jpg]
JACINTO J. HERNANDEZ​
​ ​ ​
Reason for Nomination​
Mr. Hernandez is a first-term nominee to the Coterra Board. If elected, he will commence his service on the Board following the 2025 annual meeting of stockholders. Mr. Hernandez has over 22 years of investment and research experience gained from working for one of the world’s oldest and largest investment management organizations and will bring this financial expertise to our Board. His areas of expertise include oil and natural gas, oilfield services, engineering and construction, tobacco, and human capital management. During his investment career, he has owned interests in a number of successful shale exploration and production companies, and has also engaged with, and advised, management teams and boards on issues of governance and strategy. In his current role, he provides strategic advisory services to venture funds and public and private companies. Mr. Hernandez is active in his community and has served on the non-profit boards of the Los Angeles LGBT Center and the Children’s Community School in Van Nuys, California. Mr. Hernandez holds a B.A. degree in Economics with a minor in Political Science from Stanford University, and has also completed the Directors’ Consortium Program offered by Stanford University’s Graduate School of Business.
 ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
AGE: 46
​ ​ ​
CAREER HIGHLIGHTS​
Cumming Consulting & Management
•
Principal (2022–Current)
​
Capital Group
•
Partner (2000–2022)
​
 ​ ​ ​
CURRENT PUBLIC COMPANY BOARDS​
Aris Water Solutions, Inc.
(2023–Current)
​
​ DIRECTOR SINCE: First-time Nominee ​ ​
​
Independent
​ ​ ​
​
COMMITTEE MEMBERSHIPS:
•
To be determined following the 2025 annual meeting of stockholders
​
 ​ ​ ​
PUBLIC COMPANY BOARDS WITHIN THE PAST FIVE YEARS
Altria Group, Inc.
(2022–2024)
Pioneer Natural Resources Company
(2022–2023)
​
​ ​ ​ ​
10 | Coterra Energy
​
[MISSING IMAGE: ph_thomasjorden-4clr.jpg]
THOMAS E. JORDEN​
​ ​ ​
Reason for Nomination​
Following his tenure at Cimarex as the Chief Executive Officer, President and Chairman of the Board of Directors, Mr. Jorden was appointed Chief Executive Officer and President of Coterra in October 2021 in connection with the merger transaction that formed the Company. At Cimarex, he began serving as Vice President of Exploration when the company was formed in 2002 and subsequently was elevated in 2003 to Executive Vice President of Exploration, in 2011 to Chief Executive Officer and President and then Chairman of the Board in 2012. Prior to the formation of Cimarex, Mr. Jorden held multiple leadership roles at Key Production Company, Inc., Cimarex’s predecessor, which he joined in 1993 as Chief Geophysicist. Mr. Jorden brings to the Board nearly 40 years of experience in the oil and gas exploration and production industry, as well as a deep understanding of our business, operations, long-term strategy and goals. As Chairman of the Board since 2023, his service as a director continues to create an important link between management and the Board.
 ​
​
AGE: 67
​ ​ ​
CAREER HIGHLIGHTS​
Coterra Energy Inc.
•
Chairman (2023–Current)
​
•
Chief Executive Officer and President (2021–Current)
​
Cimarex Energy Co.
•
Chairman (2012–2021)
​
•
Chief Executive Officer and President (2011–2021)
​
•
Executive Vice President—Exploration (2003–2011)
​
•
Vice President—Exploration (2002–2003)
​
 ​ ​ ​
CURRENT PUBLIC COMPANY BOARDS​
None
​
​
DIRECTOR SINCE: 2021
​ ​
​
COMMITTEE MEMBERSHIPS:
•
Executive
​
 ​ ​ ​
PUBLIC COMPANY BOARDS WITHIN THE PAST FIVE YEARS​
Cimarex Energy Co.
(2011–2021)
​
​ ​ ​ ​
​ ​ ​ ​ ​
​
[MISSING IMAGE: ph_jeffreyshellebarger-4c.jpg]
JEFFREY E. SHELLEBARGER​
​ ​ ​
Reason for Nomination​
Mr. Shellebarger is a first-term nominee to the Coterra Board. If elected, he will commence his service on the Board following the 2025 annual meeting of stockholders. Mr. Shellebarger brings to the Board over 40 years of U.S. and global oil and gas industry experience across the exploration and production value chain, with significant experience, expertise, and perspectives on leadership, business performance, investment strategy, regulatory policy, stakeholder engagement, and governance. Prior to his retirement in 2019, he spent over 38 years at Chevron Corporation, where he served in a number of roles, including President of Chevron’s North American E&P Operating Company (2013-2019) that included six business units across the U.S. and Canada. Mr. Shellebarger currently serves on the board of Texans for Lawsuit Reform and the Greater Houston Partnership, where he also serves on the Executive Committee. He previously served on the board of the American Petroleum Institute-Upstream Committee, including as Chair in 2018. Mr. Shellebarger holds M.S. and B.S. degrees in Geology from the University of Georgia.
 ​
​
AGE: 68
​ ​ ​
CAREER HIGHLIGHTS​
Chevron Corporation
•
President, North American Exploration and Production Operating Company (2013–2019)
​
•
President and Managing Director, IndoAsia Business Unit (2010–2012)
​
•
Executive Director, Chevron Pacific Indonesia (2007–2011)
​
•
General Manager, Asset Development, Southern Africa SBU (2003–2006)
​
•
General Manager, San Joaquin SBU (2003–2006)
​
 ​ ​ ​
CURRENT PUBLIC COMPANY BOARDS
None
 ​
​
DIRECTOR SINCE: First-time Nominee
 ​ ​
​
Independent
 ​ ​
​
COMMITTEE MEMBERSHIPS:
•
To be determined following the 2025 annual meeting of stockholders
​
 ​ ​ ​
PUBLIC COMPANY BOARDS WITHIN THE PAST FIVE YEARS​
None
 ​
​ ​ ​ ​
2025 Proxy Statement | 11
​
[MISSING IMAGE: ph_lisastewart-4clr.jpg]
LISA A. STEWART, NACD.DC​
​ ​ ​
Reason for Nomination​
Ms. Stewart was appointed in October 2021 in connection with the merger transaction that formed the Company and has more than 40 years of experience in the oil and gas industry. Her executive experience includes roles at Sheridan Production Partners, El Paso Corporation and El Paso E&P, and Apache Corporation, spanning reservoir engineering, business development, land and environmental, health and safety, as well as extensive leadership roles. Ms. Stewart currently serves on the Board of Directors and the Compensation Committee of the general partner of Western Midstream Partners, LP, a publicly traded master limited partnership formed to acquire, own, develop and operate midstream energy assets. Previously, Ms. Stewart served as a director of Jadestone Energy PLC, a publicly traded upstream oil and gas company in the Asia Pacific region that focuses on production and near-term development assets. In 2021, Ms. Stewart received the National Association of Corporate Directors Director Certification (NADC.DC), which is the premier director designation available in the U.S., and in 2025, she earned the Certificate in Cybersecurity Oversight issued by the CERT Division of the Software Engineering Institute at Carnegie Mellon University. Ms. Stewart’s deep knowledge of the exploration and production and midstream segments of the oil and gas industry provides instrumental knowledge to our Board and makes Ms. Stewart a valuable contributor and member of the committees on which she serves.
 ​
​
AGE: 67
​ ​ ​
CAREER HIGHLIGHTS​
Sheridan Production Partners
•
Executive Chairman (2006–Current)
​
•
President and Chief Executive Officer (2016–2020)
​
•
Chief Investment Officer (2006–2020)
​
El Paso Corporation
•
Executive Vice President (2004–2006)
​
El Paso E&P
•
President (2004–2006)
​
Apache Corporation
•
Executive Vice President and other various capacities (1984–2004)
​
 ​ ​ ​
CURRENT PUBLIC COMPANY BOARDS​
Western Midstream Partners, LP
(2020–Current)
​
​
DIRECTOR SINCE: 2021
​ ​
​
Independent
​ ​
​
COMMITTEE MEMBERSHIPS:
•
Audit
​
•
Environment, Health & Safety (Chair)
​
•
Executive
​
 ​ ​ ​
PUBLIC COMPANY BOARDS WITHIN THE PAST FIVE YEARS​
Jadestone Energy PLC
(2019–2024)
Cimarex Energy Co.
(2015–2021)
 ​
​ ​ ​ ​
12 | Coterra Energy
​
[MISSING IMAGE: ph_francesvallejolg-4c.jpg]
FRANCES M. VALLEJO, NACD.DC​
​ ​ ​
Reason for Nomination​
Ms. Vallejo was appointed in October 2021 in connection with the merger transaction that formed the Company and has over 35 years of experience in the oil and gas industry. With her extensive history of leadership roles in corporate planning, budgeting, and treasury at ConocoPhillips, Ms. Vallejo is well qualified to serve our Board. Ms. Vallejo currently serves as a director, as a member of the Governance & Risk Committee and oversees director compensation of South Bow Corporation, a publicly traded energy infrastructure company with liquids pipelines connecting Alberta crude oil supplies to U.S. refining markets in Illinois, Oklahoma, and the U.S. Gulf Coast. She also currently serves as a director of Expro Group Holdings N.V., a publicly traded provider of energy services company providing well construction, well flow management, subsea well access, and well intervention and integrity solutions. She previously served as a director of the general partner of Crestwood Equity Partners LP, a publicly traded master limited partnership that owned and operated oil and gas midstream assets located primarily in the Bakken Shale, Delaware Basin and Powder River Basin. She also currently serves on the Executive Committee of the Colorado School of Mines Foundation and, until 2016, served as a member of the Board of Trustees of Colorado School of Mines. Her vast array of leadership roles and duties in the exploration and production and midstream segments of the oil and gas industry offers considerable value to the Board and the committees on which she serves. Ms. Vallejo earned the Certificate in Cybersecurity Oversight issued by the CERT Division of the Software Engineering Institute at Carnegie Mellon University in 2023, and received the NACD.DC, the premier director designation in the U.S., in 2021. Ms. Vallejo holds a B.S. degree in Mineral Engineering Mathematics from Colorado School of Mines and a M.B.A. from Rice University, where she was named a Jones Scholar.
 ​
​
AGE: 59
​ ​ ​
CAREER HIGHLIGHTS​
ConocoPhillips
•
Vice President Corporate Planning and Development (2015–2016)
​
•
Vice President and Treasurer (2008–2015)
​
•
General Manager-Corporate Planning and Budgets, and other various positions (1987–2008)
​
 ​ ​ ​
CURRENT PUBLIC COMPANY BOARDS​
Expro Group Holdings N.V.
(2023–Current)
South Bow Corporation
(2024–Current)
​
​
DIRECTOR SINCE: 2021
​ ​
​ Independent ​ ​
​
COMMITTEE MEMBERSHIPS:
•
Audit
​
•
Governance and Social Responsibility (Co-Chair)
​
 ​ ​ ​
PUBLIC COMPANY BOARDS WITHIN THE PAST FIVE YEARS​
Crestwood Equity Partners LP
(2021–2023)
Cimarex Energy Co.
(2017–2021)
​
​ ​ ​ ​
2025 Proxy Statement | 13
​
[MISSING IMAGE: ph_marcuswatts-4clr.jpg]
MARCUS A. WATTS​
​ ​ ​
Reason for Nomination​
Mr. Watts adds a wealth of legal, transactional, regulatory and management expertise from both the oil and gas industry and other industries to our Board. His diverse experience includes his service as a director of Complete Production Services until its merger with Superior Energy Services in 2012, as well as his previous experience at the law firm Locke Lord LLP (nka Troutman Pepper Locke LLP) as a lawyer advising companies on corporate, securities and governance issues, where he served as the Managing Partner of the Houston office and Vice Chairman of the firmwide Executive Committee. In addition, his experience includes service as the President of The Friedkin Group since 2011 and as a director of Service Corporation International since 2012. He has also been serving on the board of the Greater Houston Partnership since 2012 and is a former chairman of such organization. He served on the board of the Federal Reserve Bank of Dallas-Houston Branch from 2014 to 2019, including as Chairman from 2017 to 2019. Mr. Watts’ unique combination of legal and management expertise offers a fresh perspective to our Board, which is buttressed by his decades of experience both inside and outside of the oil and gas industry. This industry and management experience, as well as his legal and regulatory background, are particularly valuable to the Governance and Social Responsibility Committee he currently co-chairs. Mr. Watts holds a law degree from Harvard Law School and a B.S. degree in Mechanical Engineering from Texas A&M University.
 ​
​
AGE: 66
​ ​ ​
CAREER HIGHLIGHTS​
The Friedkin Group
•
President (2011–Current)
​
Locke Lord LLP
•
Managing Partner, Houston, Vice-Chairman (Executive Committee) (1984–2010)
​
 
 ​ ​ ​
CURRENT PUBLIC COMPANY BOARDS​
Service Corporation International
(2012–Current)
 ​
​
DIRECTOR SINCE: 2017
​ ​
​
Independent
​ ​
​
COMMITTEE MEMBERSHIPS:
•
Compensation
​
•
Governance and Social Responsibility (Co-Chair)
​
 ​ ​ ​
PUBLIC COMPANY BOARDS WITHIN THE PAST FIVE YEARS​
None
​
​ ​ ​ ​
14 | Coterra Energy
 
DIRECTOR COMPENSATION
The Compensation Committee is responsible for reviewing and making recommendations to the Board regarding all matters pertaining to director compensation. When deemed necessary, the Compensation Committee recommends to the Board modifications to the compensation of the non-employee directors. Directors who are employees of the Company receive no additional compensation for their duties as directors.
The Compensation Committee periodically reviews the compensation of the non-employee directors taking into account, among other things, the compensation of directors at other comparable companies. The Compensation Committee engages an independent compensation consultant to annually review non-employee director compensation. In November 2023, after considering our independent consultant’s review of non-employee director compensation and the factors described above, the Compensation Committee determined to keep the non-employee director compensation for the 2024–2025 director term the same as it was for the 2023–2024 director term:
2024–2025 Annual Director Compensation
​ Annual cash retainer ​ ​ ​ ​ $ 105,000 ​ ​
​ Annual equity retainer ​ ​ ​ ​ $ 200,000 ​ ​
​ Lead Independent Director ​ ​ ​ ​ $ 40,000 ​ ​
​ Committee Chair(1) ​ ​ ​ ​ $ 20,000 ​ ​
​
(1)
The Governance and Social Responsibility Committee co-chairs split the annual committee chair retainer.
​
Directors who serve on committees (other than as chair) do not receive additional compensation for committee service. Directors do not receive compensation for attending Board or committee meetings.
The annual equity retainer was issued as an award of restricted stock units under the Coterra Energy Inc. 2023 Equity Incentive Plan (the “2023 Plan”), the restrictions on which lapse on April 30, 2025 or the earlier date the non-employee director leaves the Board other than by removal. Such restricted stock units accrue cash dividend equivalents in the amount of the cash dividend paid on our outstanding common stock from the date of grant through the date the restrictions lapse. In 2024, each non-employee director received 7,123 restricted stock units.
​
In addition, non-employee directors are reimbursed for reasonable expenses incurred in connection with Board and committee related activities.
Under the Coterra Energy Inc. Non-employee Director Deferred Compensation Plan, non-employee directors have the option of deferring all or a portion of their annual cash retainer, annual equity retainer, or a combination of both. If deferred, the annual cash retainer is issued as restricted stock units, the terms of which are substantially the same as those issued for the annual equity retainer, except the ultimate distribution of common stock is deferred until the non-employee director leaves the Board.
In June 2024, the Compensation Committee engaged Zayla Partners as its independent compensation consultant to review non-employee director compensation. In November 2024, the Compensation Committee determined to increase the annual equity retainer from $200,000 to $210,000 beginning with the 2025–2026 term, with no change to the other components of our non-employee director compensation.
2025 Proxy Statement | 15
2024 Director Compensation Table
​
Name
​ ​ ​
Fees
Earned
or Paid in
Cash
($)
 ​ ​ ​
Stock
Awards
($)(1)
 ​ ​ ​
Option
Awards
($)
 ​ ​ ​
Non-Equity
Incentive Plan
Compensation
($)
 ​ ​ ​
Change in
Pension Value
and Nonqualified
Deferred
Compensation
Earnings
($)
 ​ ​ ​
All Other
Compensation
($)(2)
 ​ ​ ​
Total
($)
 ​
​
Dorothy M. Ables
​ ​ ​ ​ $ 125,000 ​ ​ ​ ​ ​ $ 200,013 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 5,000 ​ ​ ​ ​ ​ $ 330,013 ​ ​
​
Robert S. Boswell
​ ​ ​ ​ $ 145,000 ​ ​ ​ ​ ​ $ 200,013 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 345,013 ​ ​
​
Amanda M. Brock
​ ​ ​ ​ $ 125,000 ​ ​ ​ ​ ​ $ 200,013 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 325,013 ​ ​
​
Dan O. Dinges
​ ​ ​ ​ $ 105,000 ​ ​ ​ ​ ​ $ 200,013 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 5,000 ​ ​ ​ ​ ​ $ 310,013 ​ ​
​
Paul N. Eckley
​ ​ ​ ​ $ 105,000 ​ ​ ​ ​ ​ $ 200,013 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 5,000 ​ ​ ​ ​ ​ $ 310,013 ​ ​
​
Hans Helmerich
​ ​ ​ ​ $ 105,000 ​ ​ ​ ​ ​ $ 200,013 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 305,013 ​ ​
​
Lisa A. Stewart
​ ​ ​ ​ $ 125,000 ​ ​ ​ ​ ​ $ 200,013 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 325,013 ​ ​
​
Frances M. Vallejo
​ ​ ​ ​ $ 115,000 ​ ​ ​ ​ ​ $ 200,013 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 5,000 ​ ​ ​ ​ ​ $ 320,013 ​ ​
​
Marcus A. Watts
​ ​ ​ ​ $ 115,000 ​ ​ ​ ​ ​ $ 200,013 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 315,013 ​ ​
​
(1)
The amounts in this column reflect the grant date fair value with respect to restricted stock units granted to each non-employee director on May 7, 2024 that are payable by the Company in shares of common stock and vest upon the earlier of April 30, 2025 or the date the non-employee director ceases to be a director of the Company other than by removal, calculated in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codifications (“ASC”) Topic 718 for the fiscal year ended December 31, 2024. Assumptions used in the calculation of these amounts are included in Note 13 of the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The aggregate number of restricted stock units held by each non-employee director on December 31, 2024, including those issued on May 7, 2024, those that have vested but are not payable until the date such non-employee director ceases to be a director the Company, and those issued in lieu of annual cash or equity retainers are as follows:
​
​
Name
​ ​ ​
Total RSUs
 ​
​
Dorothy M. Ables
​ ​ ​
86,032
 ​
​
Robert S. Boswell
​ ​ ​
83,601
 ​
​
Amanda M. Brock
​ ​ ​
56,467
 ​
​
Dan O. Dinges
​ ​ ​
7,123
 ​
​
Paul N. Eckley
​ ​ ​
7,123
 ​
​
Hans Helmerich
​ ​ ​
7,123
 ​
​
Lisa A. Stewart
​ ​ ​
7,123
 ​
​
Frances M. Vallejo
​ ​ ​
7,123
 ​
​
Marcus A. Watts
​ ​ ​
64,644
 ​
​
(2)
Amounts shown are payments by Coterra pursuant to its matching gift programs. Our matching gift programs are described in “Charitable Contributions” below.
​
CHARITABLE CONTRIBUTIONS
We maintain a matching gift program under which we match certain gifts by directors, officers and employees to eligible organizations that are tax exempt under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended. In addition, under the Coterra Energy Inc. Political Action Committee (the “PAC”) matching gift program we also match contributions to the PAC by directors, officers and employees with contributions to tax-exempt organizations selected by the contributor. Each matching gift program will match up to $5,000 per calendar year.
16 | Coterra Energy
BOARD AND COMMITTEE GOVERNANCE
CORPORATE GOVERNANCE GUIDELINES
Our Board has adopted Corporate Governance Guidelines to assist the Board and its committees in performing their duties to oversee the governance of the Company. Our Corporate Governance Guidelines outline the functions and responsibilities of the Board, director qualifications, and various processes and procedures designed to promote effective and responsive governance. The guidelines are reviewed annually and periodically revised to reflect changing regulatory requirements and best practices. All of our key corporate governance documents, including the Corporate Governance Guidelines, the charters of our Board committees, our Code of Business Conduct and Ethics and our 2024 Sustainability Report, can be found on the Company’s website at www.coterra.com.
DIRECTOR INDEPENDENCE
Independence Standards
Our Corporate Governance Guidelines require that at least a majority of our directors be independent under the NYSE listing standards and all other applicable legal requirements. Additionally, all members of the Audit Committee and the Compensation Committee are required to be independent by rules and regulations of the SEC, and all members of the Governance and Social Responsibility Committee are required to be independent pursuant to the NYSE listing standards. The NYSE listing standards include objective tests that can disqualify a director from being treated as independent, as well as a subjective element, under which the Board must affirmatively determine that each independent director has no material relationship with the Company or management.
Independence Determinations
Our Board, through its Governance and Social Responsibility Committee, annually reviews and discusses information provided by the directors and the Company with regard to each director’s business and personal activities as they may relate to the Company and the Company’s management. For 2024, such review included all known material relationships with each director and all transactions since the start of 2022 between the Company and each director nominee, members of their immediate families and entities associated with them. Each of such relationships and transactions was considered in the context of the NYSE’s objective listing standards, including the amount of business done by us and the other entities and the gross revenue for each of the other entities, and the additional standards established for members of audit committees, and the SEC, U.S. Internal Revenue Service and NYSE standards for compensation committee members.
Under the standards described above and with input from the Governance and Social Responsibility Committee, the Board has determined that each director nominee and each current director, with the exception of Mr. Jorden, our Chairman, Chief Executive Officer and President, and Mr. Dinges, our former Executive Chairman, is independent. Further, the Board has determined that all members of the Audit, Compensation and Governance and Social Responsibility Committees are independent.
Matters Considered
In making its recommendations to the Board, the Governance and Social Responsibility Committee specifically considered relationships that involved transactions between the Company and a company with which a director is affiliated, whether by virtue of serving as a director or an officer. Included in such review were transactions with entities at which of Mr. Boswell, Mr. Helmerich, Mr. Hernandez, Ms. Stewart and Ms. Vallejo serve or have served on boards of directors and with which we have done business in the last three fiscal years. In each instance, the Board, with the recommendation of the Governance and Social Responsibility Committee, determined that, because of the nature of the transactions, the applicable director’s service on the board of directors of the other entity, and the amount involved, no relationships exist that, in the opinion of the Board, would impair such director’s independence.
The Governance and Social Responsibility Committee also considered the following relationships where a director served as an officer of an entity with which we have done business in the last three years:
Mr. Boswell is the Chairman of the Board and Chief Executive Officer of Laramie Energy, LLC (“Laramie”). On January 11, 2022, Coterra Energy Operating Co., a subsidiary of the Company formerly known as Cimarex Energy Co., entered into a sub-lease of a portion of its office space in Denver, Colorado with Laramie. The Company no longer needs this office space. The sublease is for a term from March 1, 2022 through August 31, 2026, with rental payments to the Company of approximately $405,000 per year increasing to approximately $450,000 per year,
2025 Proxy Statement | 17
payable monthly on a pro-rata basis. The Board reviewed this transaction with Laramie and concluded: (i) the transaction is proper and not material when compared to our and Laramie’s respective consolidated gross revenues and anticipated revenues for the relevant periods; (ii) the transaction occurred in the ordinary course of business, at market rates and on arms’ length terms; and (iii) Mr. Boswell’s relationship with Laramie does not interfere with his independent judgment as a director of Coterra.
Ms. Brock is the Chief Executive Officer of Aris Water Solutions, Inc. (“Aris Water”), a publicly traded growth-oriented environmental infrastructure and solutions company that owns, operates and designs crucial water midstream assets across key unconventional U.S. basins, including the Permian Basin. In each of the last three fiscal years, we paid a subsidiary of Aris Water for produced water disposal in the Permian Basin in the ordinary course of business. In 2024, we also entered into a joint design and development agreement with a subsidiary of Aris Water and three other exploration and production companies to form a consortium operated by Aris Water to study alternatives to conventional wastewater disposal in the Permian Basin. Our 2024 payments to Aris Water for services provided by Aris Water or its subsidiaries represented less than two percent of Aris Water’s consolidated gross revenues for 2024. The Board reviewed these transactions and concluded: (i) the transactions are proper and not material when compared to both our total costs and Aris Water’s gross revenues; (ii) the transactions occurred in the ordinary course of business and at arms’ length; and (iii) Ms. Brock’s relationship with Aris Water does not interfere with her independent judgment as a director of Coterra.
BOARD OF DIRECTORS’ LEADERSHIP STRUCTURE
​
Chairman of the Board:
Duties and Responsibilities​
​ ​ ​
Lead Independent Director:
Duties and Responsibilities​
​
​
•
Presides over Board meetings
​
•
Approves agenda for Board meetings with input from the Lead Independent Director
​
•
Facilitates and participates in formal and informal communications with and among directors
​
•
Calls special meetings of the Board
​
•
Presides over stockholder meetings
​
 ​ ​ ​
•
Presides over all Board meetings at which the Chairman is not present
​
•
Solicits agenda items from non-management directors, reviews Board meeting agenda, and provides input to the Chairman on agenda and Board materials
​
•
Calls meetings of non-management directors and, as appropriate, sets the agenda
​
•
Presides over meetings and executive sessions of non-management directors
​
•
Acts as liaison between the Chairman and the directors and facilitates communication among the full Board
​
•
Reviews stockholder communications directed to the Board and takes appropriate action
​
•
Retains outside advisors and consultants, who report directly to the Board on Board-wide issues
​
 ​
Chairman of the Board
The Board believes having a combined Chairman/Chief Executive Officer and a Lead Independent Director, who have the duties described above, best serve the interests of our stockholders because this structure provides an appropriate balance between strategy development and independent oversight of management.
Mr. Jorden began serving as Chief Executive Officer and President of the Company effective October 1, 2021. The Board appointed Mr. Jorden as Chairman of the Board effective January 1, 2023.
Our Corporate Governance Guidelines contain strong checks and balances regarding the roles, or combined roles, of Chief Executive Officer and Chairman. Those provisions include the requirement that only non-employee directors serve on committees of the Board (other than the Executive Committee), and the requirement that a majority of the directors be independent, as discussed above under “Director Independence.” All our directors, other than Mr. Dinges and Mr. Jorden, are independent.
Lead Independent Director
The Chairman is joined in the leadership of the Board by our Lead Independent Director, who is nominated by the Governance and Social Responsibility Committee and elected by the non-employee directors. Pursuant to the agreement governing the transaction that formed the
18 | Coterra Energy
Company, the Company agreed that, until the Company’s 2024 annual meeting of stockholders, the Board would have a lead independent director who would be (i) a continuing Cimarex director at any time when the Chairman of the Board is a continuing Cabot Oil and Gas Corporation (“Cabot”) director and (ii) a continuing Cabot director at times when the Chairman of the Board is a continuing Cimarex director. Pursuant to this arrangement, the Board appointed Mr. Boswell, a continuing Cabot director, as Lead Independent Director effective January 1, 2023 concurrent with Mr. Jorden’s appointment as Chairman. The Board re‑appointed Mr. Boswell as Lead Independent Director effective May 1, 2024, following the Company’s 2024 annual meeting of stockholders.
The Company believes that the Board’s leadership structure supports the risk oversight function of the Board, with the Chairman and Chief Executive Officer uniquely positioned to identify emerging risks, while the Lead Independent Director and Chairs of the Board’s Audit, Compensation, Governance and Social Responsibility, and Environment, Health & Safety Committees provide independent oversight of the Company’s risk management programs.
BOARD’S OVERSIGHT OF RISK MANAGEMENT
The Board has oversight responsibility for our enterprise risk management framework, which is designed to identify, assess, prioritize, address, manage, monitor and communicate risks across our operations, and foster a corporate culture of integrity and risk awareness. Our Board implements its risk oversight function both as a whole body and through delegation to Board committees, which meet regularly and report back to the Board. Consistent with this approach, one of the Board’s and Board committees’ primary responsibilities is overseeing and interacting with senior management with respect to key aspects of the Company’s business, including risk assessment and risk mitigation of the Company’s top risks.
While the Board and its committees implement risk oversight, management is responsible for monitoring and addressing risk. Throughout the year, the Board and the relevant Board committees receive updates from members of management responsible for various enterprise risk management issues and dedicate a portion of their meetings to reviewing and discussing specific risk topics in greater detail, including risks related to litigation, regulation, cybersecurity, safety, sustainability, human capital management, and commodity prices. The Board receives updates through presentations, memos and other written materials, teleconferences, and other appropriate means of communication, with numerous opportunities for discussion and feedback, and continuously evaluates its approach in addressing top risks as circumstances evolve.
The Board also receives periodic updates from external experts and advisers on trends and conditions that may impact our strategy and financial performance, including political issues, labor or oil and gas market trends, and digitalization. For example, the Audit Committee assessed the benefits of outsourcing our internal audit function and selected KPMG LLP (“KPMG”) to provide these services. KPMG conducts an annual process of assessing major risks, including management interviews, and presents and discusses its conclusions with the Audit Committee and management to help identify areas of concern and to develop the internal audit plan. The Audit Committee also reviews with management and our internal auditors our major financial exposures and steps management has taken to monitor and address such exposures.
In evaluating top risks, the Board and management consider short-, medium-, and long-term potential impacts on our business, financial condition, and results of operations, and considers the risk horizon when prioritizing our risk mitigation efforts. The Board recognizes that it is neither possible nor prudent to eliminate all risk. Therefore, our risk oversight processes and disclosure controls and procedures are designed to appropriately escalate key risks to the Board or the appropriate Board committee for their consideration.
The Board has tasked designated committees of the Board with oversight of certain categories of risk management, and the committees report to the Board regularly on these matters. Information on each of the Board’s standing committees as of the date hereof is discussed below.
2025 Proxy Statement | 19
Information on Standing Committees of the Board
The charters of Board committees can be found on our website at www.coterra.com. The following is a summary of the composition of each of the standing committees during 2024 and through the date of this proxy statement:
​
Committees
​ ​ ​
Independent?
​ ​ ​ 2024
Meetings 		​ ​ ​
Ables
​ ​ ​
Boswell*
​ ​ ​
Brock
​ ​ ​
Dinges*
​ ​ ​
Eckley
​ ​ ​
Helmerich
​ ​ ​
Jorden
​ ​ ​
Stewart
​ ​ ​
Vallejo
​ ​ ​
Watts
​
​
Audit
​ ​ ​
Yes
​ ​ ​
4
​ ​ ​
[MISSING IMAGE: ic_boardcomchair-pn.gif]
​ ​ ​
[MISSING IMAGE: ic_proposaltick-pn.gif]
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
[MISSING IMAGE: ic_proposaltick-pn.gif]
​ ​ ​
[MISSING IMAGE: ic_proposaltick-pn.gif]
​ ​ ​ ​ ​
​
Compensation
​ ​ ​
Yes
​ ​ ​
5
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
[MISSING IMAGE: ic_boardcomchair-pn.gif]
​ ​ ​ ​ ​ ​ ​
[MISSING IMAGE: ic_proposaltick-pn.gif]
​ ​ ​
[MISSING IMAGE: ic_proposaltick-pn.gif]
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
[MISSING IMAGE: ic_proposaltick-pn.gif]
​
​
Environment, Health & Safety
​ ​ ​
Yes
​ ​ ​
4
​ ​ ​ ​ ​ ​ ​
[MISSING IMAGE: ic_proposaltick-pn.gif]
​ ​ ​
[MISSING IMAGE: ic_proposaltick-pn.gif]
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
[MISSING IMAGE: ic_proposaltick-pn.gif]
​ ​ ​ ​ ​ ​ ​
[MISSING IMAGE: ic_boardcomchair-pn.gif]
​ ​ ​ ​ ​ ​ ​ ​ ​
​
Governance & Social Responsibility
​ ​ ​
Yes
​ ​ ​
5
​ ​ ​
[MISSING IMAGE: ic_proposaltick-pn.gif]
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
[MISSING IMAGE: ic_proposaltick-pn.gif]
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
[MISSING IMAGE: ic_boardcomchair-pn.gif]
​ ​ ​
[MISSING IMAGE: ic_boardcomchair-pn.gif]
​
​
Executive
​ ​ ​
No
​ ​ ​
0
​ ​ ​ ​ ​ ​ ​
[MISSING IMAGE: ic_proposaltick-pn.gif]
​ ​ ​ ​ ​ ​ ​
[MISSING IMAGE: ic_boardcomchair-pn.gif]
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
[MISSING IMAGE: ic_proposaltick-pn.gif]
​ ​ ​
[MISSING IMAGE: ic_proposaltick-pn.gif]
​ ​ ​ ​ ​ ​ ​
​
[MISSING IMAGE: ic_boardcomchair-pn.jpg]
​ ​
COMMITTEE CHAIR OR CO-CHAIR
​ ​
[MISSING IMAGE: ic_proposaltick-pn.jpg]
​ ​
MEMBER OF COMMITTEE
 ​
​
*
Will continue to serve on the Board until the 2025 annual meeting of stockholders.
​
Audit Committee
The primary purposes of the Audit Committee are to assist the Board in overseeing:
•
The integrity of our financial statements;
​
•
Our compliance with legal and regulatory requirements;
​
•
The independence, qualifications and performance of our independent auditors, including the compensation, retention and oversight of the work of the independent auditor; and
​
•
The performance of our internal audit function.
​
The Audit Committee’s duties and responsibilities include reviewing our annual process of estimating and reporting quantities of oil and gas reserves with management and our independent petroleum engineering consulting firm. Additionally, the Audit Committee is responsible for reviewing and discussing with management and our internal auditor our cybersecurity and information security risks, including the nature of threats, defense and detection capabilities, incident response plans and employee training activities, among others, as applicable.
The Audit Committee Charter provides that the Audit Committee shall pre-approve all audit, review or attest engagements and permissible non-audit services, including the fees and terms thereof, to be performed by the independent auditors in compliance with the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the applicable rules and regulations of the SEC. In accordance with its charter, the Audit Committee has delegated to its Chair, and in the absence or unavailability of the Chair to each other member of the Audit Committee, the authority to grant pre-approvals of audit and permissible non-audit services to be performed by the independent auditors. Decisions of a member to pre-approve audit and permissible non-audit services must be reported to the full Audit Committee at its next scheduled meeting.
Each member of the Audit Committee satisfies the financial literacy and independence requirements of the NYSE listing standards. The Board has also determined that each member of the Audit Committee meets the requirements of an “audit committee financial expert” as defined by the SEC.
Compensation Committee
The primary purposes of the Compensation Committee are to:
•
Review and approve corporate goals and objectives relevant to the Chief Executive Officer’s compensation, evaluate the Chief Executive Officer’s performance in light of those goals and objectives, and determine and approve, subject to ratification by the Board, the Chief Executive Officer’s compensation level based on this evaluation;
​
•
Review, determine and approve the other executive officers’ compensation;
​
•
Make recommendations to the Board with respect to incentive-based compensation and equity-based plans that are subject to approval by the Board; and
​
20 | Coterra Energy
•
Prepare certain disclosures under the Exchange Act.
​
The Compensation Committee also reviews and makes recommendations to the Board with respect to succession planning and development of executive officers, as appropriate, as well as the compensation of non-employee directors.
Environment, Health & Safety Committee
The primary purposes of the Environment, Health & Safety Committee are to assist the Board in providing oversight and support of our policies, programs and initiatives on the environment, health and safety. Among other things, the Environment, Health & Safety Committee:
•
Oversees our climate change and sustainability policies and programs, including reporting and public disclosure;
​
•
Monitors environmental matters and trends in such matters that affect our activities and performance;
​
•
Reviews our compliance with environmental, health and safety laws and regulations, including:
​
•
management of and responses to environmental investigations, releases or remediations;
​
•
our safety performance, including reports of incidents, statistics and legal actions or investigations, as well our responses to the same;
​
•
our management of and responses to pending legislative and regulatory efforts likely to significantly affect our business;
​
•
our projects and operations and initiatives and training designed to improve environmental, health and safety performance; and
​
•
our efforts to gather data and communicate externally regarding our environmental, health and safety and sustainability initiatives and outcomes.
​
•
Consults with the Board and internal and external advisors regarding the management of our environmental, health and safety programs, including trends in environmental compliance and the economic effect thereof; and
​
•
Oversees and reviews all other external disclosures regarding our environmental, health and safety and sustainability data and programs and outcomes.
​
The Environment, Health & Safety Committee also reviews comparisons of our safety performance with established benchmarks, such as the Bureau of Labor Statistics, American Exploration and Production Council and the Independent Producers EHS Managers Forum. This allows the Board to assess safety performance on a regular basis and provides a governance structure to oversee that our programs are effective and provide a safe working environment for our employees.
Governance and Social Responsibility Committee
The primary purposes of the Governance and Social Responsibility Committee are to:
•
Oversee and assist the Board with our efforts for socially responsible operations, programs and initiatives not otherwise delegated to another committee of the Board and the reporting or public disclosure of such efforts;
​
•
Identify qualified individuals to become Board members (consistent with the criteria approved by the Board) and assist the Board in determining the composition of the Board and its committees, including by recommending to the Board director nominees for the next annual meeting of stockholders;
​
•
Oversee the annual evaluation of the performance and effectiveness of the Board and its committees;
​
•
Develop and recommend to the Board our Corporate Governance Guidelines; and
​
•
Take a leadership role in shaping our corporate governance.
​
In accordance with its charter, the Governance and Social Responsibility Committee has adopted minimum criteria for Board membership, which are discussed in more detail at “Director Nominations and Qualifications” above.
Executive Committee
The Executive Committee exercises the power and authority of the Board of Directors in the event action is needed between regularly scheduled Board meetings and a meeting of the full Board is deemed unnecessary, except as limited by our bylaws or applicable law. The Executive Committee did not meet during 2024.
2025 Proxy Statement | 21
MEETINGS AND ATTENDANCE
The Board of Directors met nine times during 2024. All directors attended at least 75 percent of the meetings of the Board of Directors and of the committees on which they served that were held during the period that the directors served.
We expect all our directors to attend the Company’s annual meeting of stockholders. In 2024, all our directors attended the annual meeting.
DIRECTOR ORIENTATION AND CONTINUING EDUCATION
Each new director undergoes an orientation program upon joining the Board. The program adopted by the Company includes in-person meetings with the Chief Executive Officer and other key officers to discuss our business and strategy, review of a comprehensive director handbook that encompasses all Board policies and procedures and corporate documents, access to the Board’s portal containing all past Board meeting materials and a briefing by the Corporate Secretary as to the legal requirements and obligations of Board membership. New directors are invited to attend Board committee meetings for committees on which they do not serve for a period of time to familiarize themselves with the areas of responsibility of each committee.
Directors are encouraged to pursue continuing education opportunities for directors of public companies, generally, and the Company will reimburse directors for reasonable expenses incurred in connection with one such continuing education program each year. Ms. Stewart, Chair of the Environmental, Health & Safety Committee, and Ms. Vallejo, Co-Chair of the Governance and Social Responsibility Committee, received the National Association of Corporate Directors Director Certification, or NACD.DC, in 2021. NACD.DC is the premier director designation available in the U.S. and consists of three components: study and education, an exam and ongoing professional development in the field of corporate governance. Ms. Vallejo and Ms. Stewart also earned the Certificate in Cyber-Risk Oversight issued by the CERT Division of the Software Engineering Institute at Carnegie-Mellon University in 2023 and 2025, respectively.
CODE OF BUSINESS CONDUCT AND ETHICS
Every director, officer and employee of the Company and its subsidiaries is required to comply with our Code of Business Conduct and Ethics, or Code of Conduct. The Code of Conduct is a guideline that helps to promote honest and ethical conduct and compliance with the law. We provide Code of Conduct training at time of hire and on an annual basis thereafter, which training may include anti-harassment, anti-discrimination, inclusion, and workforce management training. Any suspected violations of applicable laws, rules or regulations, or the Code of Conduct, or any unethical business practices may be reported through use of our confidential hotline at (877) 813-9101 or online at www.coterra.ethicspoint.com. The full text of the Code of Conduct can be found on the Company’s website at www.coterra.com.
Any waiver of the Code of Conduct for non-executive officers or employees may be granted by the Company’s Chief Executive Officer, General Counsel, Chief Financial Officer, or Chief Human Resources Officer. Any waiver of the Code of Conduct for directors or executive officers may be granted only by the Board of Directors or by the Governance and Social Responsibility Committee, subject to the disclosure and other provisions of the Exchange Act, the rules promulgated thereunder and the applicable rules of the NYSE. If a waiver is granted to a director or executive officer, the notice of the waiver shall be posted on the Company’s website, www.coterra.com, within four business days of the vote by the Board of Directors or shall be otherwise disclosed as required by applicable law or NYSE rules. Notices of waivers posted on the website shall remain there for a period of 12 months and shall be retained in our files as required by law.
RELATED PERSON TRANSACTIONS
Policy on Related Person Transactions
Our Governance and Social Responsibility Committee reviews our disclosure of related-party transactions in connection with its annual review of director independence. Our legal department is primarily responsible for developing and implementing processes and controls to obtain information regarding our directors, executive officers, and significant stockholders with respect to related party transactions. Annually, each director and executive officer completes a detailed questionnaire specifying any business relationship that may give rise to a conflict of interest. In addition, our directors and executive officers are required to notify us of any potential related party transactions, including any such transactions involving their immediate family members. On a periodic basis, the legal department reviews all transactions involving payments between the Company and any company that has a Coterra executive officer or director as an officer or director. Annually, the legal department prepares a report summarizing any potentially reportable transactions for review by the Governance and Social Responsibility Committee. Based on the facts and circumstances of such transactions, the legal department advises whether we or a related party has a direct or indirect
22 | Coterra Energy
interest in these transactions. These procedures are documented through meeting agendas and minutes of our Governance and Social Responsibility Committee, in each case with the assistance of our legal department.
Related Person Transactions
Mr. Boswell is Chief Executive Officer and a director of Laramie. For the fiscal year ended December 31, 2024, we received in excess of $120,000(1) for lease payments from Laramie. See “Board and Committee Governance—Director Independence” above for additional information.
The Company has an employee who is the brother of Blake A. Sirgo, Senior Vice President—Operations. The employee does not report to Mr. Sirgo, and he does not control or contribute to the employee’s compensation. The employee’s aggregate compensation for the fiscal year ended December 31, 2024 exceeded $120,000(2) and is commensurate with other employees of the Company with his level of experience and position.
Ms. Brock is Chief Executive Officer and a director of Aris Water. For the fiscal year ended December 31, 2024, we incurred fees in excess of $120,000(3) for services provided by Aris Water. See “Board and Committee Governance—Director Independence” above for additional information.
Since January 1, 2024, there have been no other transactions known to the Company that are required to be reported as related party transactions pursuant to the applicable disclosure rules of the SEC in which (i) the Company or any of its subsidiaries was a participant, (ii) the amount involved exceeded or will exceed $120,000, and (iii) any director, director nominee, executive officer, a greater than 5% beneficial owner of the Company at the time of the applicable transaction, or any of their immediate family members, had a direct or indirect material interest.
Stockholder Engagement
We engage with our stockholders regularly throughout the year. The Governance and Social Responsibility Committee oversees our stockholder engagement program and is kept apprised of stockholder engagement and stockholder feedback. Our engagement program is designed to address questions and concerns, provide perspective on Company policies and practices, seek stockholder input and incorporate feedback, as appropriate. Our primary stockholder engagement opportunities in 2024 are listed below, and we had executive officer level participation at all such investor conferences and non-deal roadshows.
​
(1)
Aggregate lease payments received for the fiscal year ended December 31, 2024 were approximately $425,000.
​
(2)
Aggregate compensation paid for the fiscal year ended December 31, 2024, including base salary, annual cash incentive, annual long-term incentive, perquisites and personal benefits, was approximately $1.0 million.
​
(3)
Aggregate fees incurred for services provided for the fiscal year ended December 31, 2024 were approximately $5.6 million.
​
2025 Proxy Statement | 23
2024 Communication and Engagement Highlights
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24 | Coterra Energy
 
Compensation
PROPOSAL 2
TO APPROVE, BY NON-BINDING ADVISORY VOTE, THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS
In accordance with Section 14A of the Exchange Act and the related rules of the SEC, the stockholders of the Company are entitled to cast an advisory vote at the annual meeting to approve the compensation of the Company’s named executive officers. The vote on this Proposal 2 is not intended to address any specific element of compensation; rather, the vote relates to the compensation of our named executive officers as described in this proxy statement. At the 2023 annual meeting, our stockholders approved our proposal to provide you this opportunity on an annual basis.
As described more fully in the “Compensation Discussion and Analysis” section of this proxy statement, the Company’s executive compensation program is designed to attract, retain, and engage highly qualified executives and to capture value for stockholders, and the primary objectives of our compensation program are to:
•
Align executive compensation with our business strategy;
​
•
Encourage management to create sustained value for the stockholders while managing inherent business risks; and
​
•
Support a long-term performance-based culture throughout the Company.
​
We urge you to read the “Compensation Discussion and Analysis” and “Compensation Tables” sections on pages 26 to 50 so that you have an understanding of our executive compensation philosophy, policies and practices.
The stockholder vote on executive compensation is an advisory vote only, and it is not binding on the Company or the Board of Directors. Although the vote is non-binding, the Compensation Committee and the Board value the opinions of the stockholders and will consider the outcome of the vote when making future compensation decisions. The next say-on-pay vote will occur at the 2026 annual meeting of stockholders.
Required Vote
The advisory vote regarding the compensation of the named executive officers described in this Proposal 2 will be approved if holders of a majority of the voting power of the common stock present in person or represented by proxy at the annual meeting and entitled to vote on the proposal vote in favor of the proposal. Abstentions will have the same effect as votes against the proposal, but broker non-votes will not affect the outcome of the voting on the proposal.
​
[MISSING IMAGE: ic_requiredvotetick-ko.gif]
​ ​
THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE FOR THE APPROVAL OF THE COMPENSATION PAID TO OUR NAMED EXECUTIVE OFFICERS.
 ​
2025 Proxy Statement | 25
COMPENSATION DISCUSSION AND ANALYSIS
This Compensation Discussion and Analysis describes our compensation philosophy, objectives, policies and practices in place during 2024 with respect to the compensation of our named executive officers. Our named executive officers included the following executive officers serving at the end of 2024:
​ Thomas E. Jorden ​ ​ ​
Chief Executive Officer and President
​
​ Shannon E. Young III ​ ​ ​
Executive Vice President and Chief Financial Officer
​
​ Stephen P. Bell ​ ​ ​
Executive Vice President—Business Development
​
​ Andrea M. Alexander ​ ​ ​
Senior Vice President and Chief Human Resource Officer
​
​ Michael D. DeShazer ​ ​ ​
Senior Vice President—Business Units
 ​
BUSINESS CONTEXT
Coterra is a premier exploration and production company based in the U.S. Our goal is to create value for our investors and the communities where we operate and do so, not only by embracing innovation, technology and data, but also by attracting, retaining and engaging highly qualified executives.
Coterra’s executive team embraces a unique level of collaboration and thoughtful debate in both day-to-day conversations and strategic decisions. The compensation structure reflects competitive market practices, ensuring that executives are aligned and motivated towards common goals.
OUR COMPENSATION PHILOSOPHY
Our Pay is Aligned with Our Performance
Our executive compensation program is designed to attract, retain, and engage highly qualified executives and to capture value for stockholders. The primary objectives of our compensation program are:
•
To align executive compensation with our business strategy;
​
•
To encourage management to create sustained value for the stockholders while managing inherent business risks; and
​
•
To support a long-term performance-based culture throughout the Company.
​
ANNUAL SAY on PAY ADVISORY VOTE
We Value Stockholders’ Perspective on Executive Pay Programs
At the 2024 annual meeting of stockholders, approximately 95 percent of the votes cast were in favor of our 2023 executive compensation programs. The Compensation Committee recognized the support received from our stockholders and viewed the results as a confirmation of our executive compensation programs and policies. The Compensation Committee will maintain the practice of assessing stockholder votes and feedback when developing our executive compensation programs.
26 | Coterra Energy
OUR COMPENSATION PRACTICES AND DESIGN
Our Executive Compensation Program Follows Best Practices
​
What we do:
​ ​ ​
What we don’t do:
​
​
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​ ​ ​
Include emissions reduction target metrics within the short-term incentive program
​ ​ ​
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​ ​ ​
No vesting periods of less than three years for equity awards issued in 2024
​
​
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​ ​ ​
Grant at least half of the value of annual LTI in the form of performance-based awards
​ ​ ​
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​ ​ ​
No payout above target on LTI performance shares if TSR is negative during performance period
​
​
[MISSING IMAGE: ic_membercomm-pn.jpg]
​ ​ ​
Require above median relative TSR performance for target payout and cap payout at target if TSR is negative over the performance period
​ ​ ​
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​ ​ ​
No hedging or pledging of company stock by executive officers or directors
​
​
[MISSING IMAGE: ic_membercomm-pn.jpg]
​ ​ ​
Short-term incentive compensation based on disclosed performance metrics (with payout caps) including operational, financial and returns metrics
​ ​ ​
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​ ​ ​
No tax gross-ups
​
​
[MISSING IMAGE: ic_membercomm-pn.jpg]
​ ​ ​
Provide for “double trigger” cash payouts in change-in-control agreements
​ ​ ​
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​ ​ ​
No re-pricing or discounting of options or stock appreciation rights
​
​
[MISSING IMAGE: ic_membercomm-pn.jpg]
​ ​ ​
Maintain substantial stock ownership and retention requirements for executive officers and directors
​ ​ ​
[MISSING IMAGE: ic_dontdo-pn.jpg]
​ ​ ​
No performance metrics that would encourage excessive risk-taking
​
​
[MISSING IMAGE: ic_membercomm-pn.jpg]
​ ​ ​
Maintain a clawback policy
​ ​ ​ ​ ​ ​ ​ ​ ​
​
[MISSING IMAGE: ic_membercomm-pn.jpg]
​ ​ ​
Hold an annual advisory “say-on-pay” vote
​ ​ ​ ​ ​ ​ ​ ​ ​
​
[MISSING IMAGE: ic_membercomm-pn.jpg]
​ ​ ​
Have only independent directors on Compensation Committee
 ​ ​ ​ ​ ​ ​ ​ ​ ​
​
[MISSING IMAGE: ic_membercomm-pn.jpg]
​ ​ ​
Utilize an independent compensation consultant
 ​ ​ ​ ​ ​ ​ ​ ​ ​
Our Compensation Program is Designed to Support our Compensation Philosophy
​
Chief Executive Officer
​ ​ ​
Other Named Executive Officers
​
​
[MISSING IMAGE: pc_chiefexecu-pn.jpg]
​ ​ ​
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​
2025 Proxy Statement | 27
​
Element
​ ​ ​
Form and Timing
​ ​ ​
Purpose
​ ​ ​
Determination Considerations
​
​
Base Salary
​ ​ ​ Paid in cash throughout the year ​ ​ ​ Compensate competitively for position, experience, and expertise ​ ​ ​ In aggregate, determined using the compensation peer group median for reference, taking into account the competitive environment, as well as the experience and scope of each executive. ​
​ Annual
Cash
Incentive
Awards 		​ ​ ​ Paid in cash after the year has ended and performance has been measured ​ ​ ​ Motivate and reward achievement of results against a set of business goals and individual contribution ​ ​ ​ Opportunities are established as a percentage of base salary and are targeted to approximate average industry cash incentive percentage levels for comparable executive positions as well as executive team alignment. Annual payout is determined by comparing actual performance during prior year to established performance metrics and goals. The Compensation Committee retains authority to exercise discretion in determining the total cash incentive pool. ​
​ Long-Term
Incentive
Awards 		​ ​ ​
50 percent relative TSR performance shares payable in stock (and cash for achievement over target)
Granted in Q1 to align with business plan and performance period. Cliff vest three years from the grant date
​ ​ ​ Promote alignment of executive decisions with stockholder interests through performance awards based on the Company’s stock performance relative to a peer group over a three-year performance period ​ ​ ​ The value of performance-based equity awards is based on individual and Company circumstances including executives performing multiple roles and a smaller executive team than peers. Payout for TSR performance awards up to 200 percent for top performance, with a payout cap at target in the event TSR is negative. ​
​ ​ ​ ​ ​
50 percent time-based restricted share units payable in stock
Granted in Q1. Cliff vest three years from the grant date
​ ​ ​ Aligns interests of executives and stockholders while promoting retention ​ ​ ​ The value of time-based equity awards granted to executive officers, in aggregate, is generally targeted at competitive pay levels using the median of the peer group for reference, although individual and Company circumstances may influence the award amounts. ​
28 | Coterra Energy
2024 PERFORMANCE-BASED COMPENSATION
Our Incentive Compensation Programs Align Corporate Strategy Through Thoughtful Performance Metric Selection
​ Annual Cash Incentive Bonus
Program 		​ ​ ​
Why the Metric is Important
​
​ 60% Economic Performance (PVI-10) ​ ​ ​ Including the economic performance of our annual drilling program reflects our commitment to stockholder value creation. By consistently monitoring and improving the PVI of our drilling program we ensure that our capital investments are optimized. ​
​ 10% Annual Production Guidance ​ ​ ​ Consistently meeting or exceeding annual production guidance demonstrates credibility, operational excellence, and the quality of our assets. It provides confidence to investors that we can execute projects and effectively mitigate risk. ​
​ 10% Annual Budget Guidance ​ ​ ​ Including our capital budget reflects our commitment to financial discipline, operational efficiency, and responsible stewardship of stockholder capital. It reinforces our commitment to delivering on our promises. ​
​ 5% Green House Gas (“GHG”)
Intensity
5% Methane Intensity
5% Flare Intensity
5% Tank/Flare Findings 		​ ​ ​ Including reductions to GHG intensity, methane intensity, flare intensity, and monitoring tank/​flare findings reflects our commitment to the responsible development of oil and natural gas. ​
​
Long-Term Incentive Program
​ ​ ​
Why the Metric is Important
​
​ 50% Relative TSR (3-year performance period) ​ ​ ​ Relative comparison of TSR versus peers over a three-year period provides alignment between executive pay and stockholder experience. ​
​ 50% Time-Based RSUs (3-year cliff vesting) ​ ​ ​ Providing full vesting on the third anniversary of grant provides greater alignment with long-term stockholders. ​
Our Incentive Program Payouts are Aligned with Performance Outcomes
The following table provides details of the level of achievement of the 2024 annual cash incentive performance metrics reviewed and approved by the Compensation Committee on February 18, 2025.
2025 Proxy Statement | 29
​ ​ ​ ​ ​
Goals
​ ​ ​
2024 Results
​ ​ ​ ​ ​ ​ ​ ​ ​
​
Metrics
​ ​ ​
Weight
​ ​ ​
Threshold
(50%)
​ ​ ​
Target
(100%)
​ ​ ​
Stretch
(200%)
​ ​ ​
Financial/​
Operational
Results
​ ​ ​
Comments
​ ​ ​
Funding
​ ​ ​
Weighted
Funding
​
​
Economic Performance (PVI-10)(1)
​ ​ ​
[MISSING IMAGE: bc_roic-pn.jpg]
​ ​ ​
The PVI-10 of our 2024 drilling program was 1.81, exceeding our target goal of 1.50 (fully burdened for drilling, completion, facilities, infrastructure, land, and overhead costs). This result was primarily driven by strong economic returns in the Permian Basin.
​ ​ ​
162%
 ​ ​ ​
97%
 ​
​
Annual Production Guidance (MBOE/day)
​ ​ ​
[MISSING IMAGE: bc_mobeday-pn.jpg]
​ ​ ​
The 2024 annual production exceeded our target goal of 655 MBOE/Day. This result was due to a combination of stronger well performance and faster cycle times driven by operational efficiency gains.
​ ​ ​
183%
 ​ ​ ​
18%
 ​
​
Annual Budget Guidance (MM$)
​ ​ ​
[MISSING IMAGE: bc_cashflow-pn.jpg]
​ ​ ​
The 2024 annual budget beat our target goal of  $1,850 MM. This was a result of improved efficiencies in drilling and completion operations, reduced infrastructure spend, and cost deflation.
​ ​ ​
188%
 ​ ​ ​
19%
 ​
​
Green House Gas Intensity (Metric Tons [MT] CO2e/MBOE)
​ ​ ​
[MISSING IMAGE: bc_greenhouse-pn.jpg]
​ ​ ​
The 2024 GHG intensity exceeded our stretch goal. This improvement was due to better company flare performance and lower drilling and completions activity in the Marcellus.
​ ​ ​
200%
 ​ ​ ​
10%
 ​
​
Methane Intensity (MT CH4/MT CH4) (%)
​ ​ ​
[MISSING IMAGE: bc_methane-pn.jpg]
​ ​ ​
The 2024 methane intensity exceeded our stretch goal. This result was due to instrument air installations and better than expected liquid unloading performance.
​ ​ ​
200%
 ​ ​ ​
10%
 ​
​
Flare Intensity (MMCF/​
MMCF) (%)
​ ​ ​
[MISSING IMAGE: bc_flare-pn.jpg]
​ ​ ​
The 2024 flare intensity exceeded our stretch goal. This result was due to improved gas capture from improved midstream and vapor recovery unit runtime as well as better shut-in management practices during downstream curtailment events.
​ ​ ​
200%
 ​ ​ ​
10%
 ​
​
Tank/Flare Findings (sites per month)
​ ​ ​
[MISSING IMAGE: bc_tankflare-pn.jpg]
​ ​ ​
The 2024 tank/flare findings per month exceeded our stretch goal. This was largely due to a legacy facility retrofit program that reduced findings.
​ ​ ​
200%
 ​ ​ ​
10%
 ​
​
TOTAL
​ ​ ​
100%
​ ​ ​
TOTAL STI SCORE YTD
​ ​ ​
​
 ​ ​ ​
174%
 ​
30 | Coterra Energy
(1)
For 2024 annual cash incentive performance metric purposes, PVI-10 is not a measure calculated in accordance with generally accepted accounting principles (GAAP) and is not based on any standardized methodology prescribed by GAAP. As a result, it is not necessarily comparable to similarly titled measures presented by other companies. PVI-10 is not calculated from Coterra’s financial statements and should be considered in addition to, and not as a substitute for, other financial measures prepared in accordance with GAAP. It is a present value index discounted at 10%, calculated by dividing the net present value of certain cash flows by the present value of capital investments plus a constant value.
​
Relative TSR Performance Shares
Our outstanding performance-based awards are based on Relative TSR performance and measured over a three-year performance period using the following scale:
​
Payout Level
​ ​ ​
Relative TSR Performance (Percentile Rank v. TSR Peers)
​ ​ ​
Performance Shares Earned
​
​ Maximum ​ ​ ​ Greater than or equal to the 90th percentile ​ ​ ​ ​ ​ 200% ​ ​
​ Target ​ ​ ​ 55th percentile ​ ​ ​ ​ ​ 100% ​ ​
​ Threshold ​ ​ ​ Greater than or equal to the 30th percentile ​ ​ ​ ​ ​ 50% ​ ​
​ Less than Threshold ​ ​ ​ Less than the 30th percentile ​ ​ ​ ​ ​ 0% ​ ​
Negative TSR Payout Cap at Target: If the Company’s TSR for the performance period is negative, then the “Performance Shares Earned,” as calculated in the above table, will not exceed 100 percent, regardless of the Company’s actual percentile ranking.
Relative TSR Peers: Compensation peer companies plus two indices: the SPDR S&P Oil and Gas Exploration and Production ETF Index; and the S&P 500 Industrials Index.
Payout Form to Limit Dilution: To allow for payouts in excess of target without excessive dilution or the need to reserve shares in excess of target, all payouts in excess of 100 percent of target are to be paid in the cash value of the shares.
2024 COMPENSATION DECISIONS
The following summarizes the 2024 compensation decisions and target compensation levels for each named executive officer:
​
Thomas E. Jorden | Chief Executive Officer and President
 ​
Mr. Jorden became our Chief Executive Officer and President in 2021 following the merger transaction that formed the Company and was appointed as Chairman of the Board effective January 1, 2023.
The compensation changes for 2024 included an increase in Mr. Jorden’s base salary and target bonus, effective January 1, 2024 per the Jorden Letter Agreement.
​
($ thousands)
​ ​ ​
2023
 ​ ​ ​
2024
 ​ ​ ​
% Change
 ​
​
Base Salary
​ ​ ​
$1,125
​ ​ ​
$1,200
​ ​ ​
7%
 ​
​
Target Bonus (% of Salary)
​ ​ ​
130%
​ ​ ​
140%
​ ​ ​
8%
 ​
​
Target LTI Grant Value
​ ​ ​
$10,000
​ ​ ​
$10,000
​ ​ ​
0%
 ​
​ Total Target Compensation ​ ​ ​
$12,588
 ​ ​ ​
$12,880
 ​ ​ ​
2%
 ​
​
​
Shannon E. Young III | Executive Vice President and Chief Financial Officer
 ​
Mr. Young was hired in July 2023 as Executive Vice President and Chief Financial Officer. The Compensation Committee increased his base salary in 2024 by 4 percent.
The decrease in Mr. Young’s Target LTI Grant Value is a result of the normalization of his annual equity awards as, in connection with the start of his employment, Mr. Young received a one-time restricted stock unit grant with a target grant value of  $2,000,000, and a one-time performance stock grant with a target grant value of $2,000,000 in July 2023 as outlined in his hiring contract.
​
($ thousands)
​ ​ ​
2023
 ​ ​ ​
2024
 ​ ​ ​
% Change
 ​
​
Base Salary
​ ​ ​
$620
​ ​ ​
$645
​ ​ ​
4%
 ​
​
Target Bonus (% of Salary)
​ ​ ​
100%
 ​ ​ ​
100%
​ ​ ​
0%
 ​
​
Target LTI Grant Value
​ ​ ​
$4,000
​ ​ ​
$3,750
​ ​ ​
-6%
 ​
​
Total Target Compensation
 ​ ​ ​
$5,240
 ​ ​ ​
$5,040
 ​ ​ ​
-4%
 ​
​
2025 Proxy Statement | 31
​
Stephen P. Bell | Executive Vice President—Business Development
 ​
Mr. Bell became our Executive Vice President—Business Development in 2021 following the merger transaction that formed the Company.
The Compensation Committee increased his base salary in 2024 by 4 percent.
In August 2023, the Company and Mr. Bell entered into a letter agreement that memorialized the terms of Mr. Bell’s 2024 and 2025 Target LTI Grant Value. Additional details about this agreement are provided at the end of this section.
​
($ thousands)
​ ​ ​
2023
 ​ ​ ​
2024
 ​ ​ ​
% Change
 ​
​
Base Salary
​ ​ ​
$582
​ ​ ​
$605
​ ​ ​
4%
 ​
​
Target Bonus (% of Salary)
​ ​ ​
100%
​ ​ ​
100%
​ ​ ​
0%
 ​
​
Target LTI Grant Value
​ ​ ​
$3,000
​ ​ ​
$4,500
​ ​ ​
50%
 ​
​
Total Target Compensation
 ​ ​ ​
$4,164
 ​ ​ ​
$5,710
 ​ ​ ​
37%
 ​
​
​
Andrea M. Alexander | Senior Vice President and Chief Human Resources Officer
 ​
Ms. Alexander was hired in July 2023 as Senior Vice President and Chief Human Resources Officer.
The Compensation Committee increased her base salary in 2024 by 4 percent and increased her LTI grant value by 13 percent based on market competitiveness for her role. No changes were made to Ms. Alexander’s target bonus compensation for 2024.
​
($ thousands)
​ ​ ​
2023
 ​ ​ ​
2024
 ​ ​ ​
% Change
 ​
​
Base Salary
​ ​ ​
$425
​ ​ ​
$440
​ ​ ​
4%
 ​
​
Target Bonus (% of Salary)
​ ​ ​
100%
​ ​ ​
100%
​ ​ ​
0%
 ​
​
Target LTI Grant Value
​ ​ ​
$1,765
​ ​ ​
$2,000
​ ​ ​
13%
 ​
​
Total Target Compensation
 ​ ​ ​
$2,615
 ​ ​ ​
$2,880
 ​ ​ ​
10%
 ​
​
​
Michael D. DeShazer | Senior Vice President—Business Units
 ​
Mr. DeShazer was promoted to Senior Vice President—Business Units in May 2024.
The Compensation Committee increased his base salary in 2024 by 11 percent and increased his LTI grant value by 23 percent based on market competitiveness for his role. No changes were made to Mr. DeShazer’s target bonus compensation for 2024.
​
($ thousands)
​ ​ ​
2023
 ​ ​ ​
2024
 ​ ​ ​
% Change
 ​
​
Base Salary
​ ​ ​
$425
​ ​ ​
$470
​ ​ ​
11%
 ​
​
Target Bonus (% of Salary)
​ ​ ​
100%
​ ​ ​
100%
​ ​ ​
0%
 ​
​
Target LTI Grant Value
​ ​ ​
$1,300
​ ​ ​
$1,600
​ ​ ​
23%
 ​
​
Total Target Compensation
 ​ ​ ​
$2,150
 ​ ​ ​
$2,540
 ​ ​ ​
18%
 ​
​
2024 Annual Cash Incentive Awards
As noted in the table above under “Determination of Annual Cash Incentive Metric Achievement,” the Compensation Committee determined that the level of achievement for annual cash incentive payouts was 174 percent of target. In addition to such outcome, the Compensation Committee considered Mr. Jorden’s recommendations to the Compensation Committee regarding each executive officer, individually and in the aggregate, which recommendations reflected an annual cash incentive award payout for 2024 of 166 percent of the aggregate target for the executive officers as a group. After fulsome discussion with all independent directors in executive session, and notwithstanding the actual cash incentive metric achievement, the Compensation Committee approved the following annual cash incentive awards to our named executive officers for 2024, which reflects an annual cash incentive payout of 161 percent of the aggregate target for such named executive officers:
​ ​ ​ ​ ​
Target
(% of salary)
 ​ ​ ​
Approved
(% of Target)
 ​ ​ ​
Approved
($)
 ​
​
Thomas E. Jorden
​ ​ ​
140%
​ ​ ​
149%
​ ​ ​ ​ $ 2,500,000 ​ ​
​
Shannon E. Young III
​ ​ ​
100%
​ ​ ​
171%
​ ​ ​ ​ $ 1,100,000 ​ ​
​
Stephen P. Bell
​ ​ ​
100%
​ ​ ​
152%
​ ​ ​ ​ $ 920,000 ​ ​
​
Andrea M. Alexander
​ ​ ​
100%
​ ​ ​
164%
​ ​ ​ ​ $ 720,000 ​ ​
​
Michael D. DeShazer
​ ​ ​
100%
​ ​ ​
200%
​ ​ ​ ​ $ 940,000 ​ ​
32 | Coterra Energy
Jorden Letter Agreement
As described in our proxy statement for the 2024 annual meeting of stockholders, in September 2023, the Board of Directors presented Mr. Jorden with an extended employment letter agreement (as extended, the “Jorden Letter Agreement”) pursuant to which Mr. Jorden will remain as Chief Executive Officer through October of 2026.
Pursuant to the terms of the Jorden Letter Agreement, Mr. Jorden’s base salary increased to $1,200,000 effective as of January 1, 2024; beginning in 2024, Mr. Jorden’s target annual cash incentive increased to 140 percent of his base salary; and Mr. Jorden will continue to receive annual long-term incentive awards with a target grant date value equal to $10 million. The severance provisions of the Jorden Employment Agreement remained unchanged and are discussed separately in “Potential Payments upon Termination or Change in Control” beginning on page 43 below.
Letter Agreement with Mr. Bell
As described in our proxy statement for the 2024 annual meeting of stockholders, in August 2023, the Company and Mr. Bell entered into a letter agreement memorializing the terms of Mr. Bell’s annual long-term incentive awards for each of calendar years 2024 and 2025. In exchange for Mr. Bell’s waiver of the right to assert good reason under his legacy Cimarex severance compensation agreement, the letter agreement with Mr. Bell provides that he will receive annual long-term incentive awards with a target grant date value equal to $4.5 million during each of calendar years 2024 and 2025, subject to his continued employment with the Company through the applicable grant date, except as discussed in “Potential Payments upon Termination or Change in Control” beginning on page 44 below. The awards are to be granted in the ordinary course and on the same terms as the annual long-term incentive awards granted to similarly situated executive officers at the applicable grant date. The Company entered into the letter agreement with Mr. Bell because it values the continuity of Mr. Bell’s continued leadership, especially during a time of several other executive successions.
Change in Control and Severance Agreements and Other Termination Payments
The Compensation Committee generally views the potential payments and benefits under the Jorden Letter Agreement and change in control and severance agreements as a separate compensation element because such payments and benefits are not expected to be paid in a particular year and serve a different purpose for the executive other than elements of compensation. Accordingly, those payments and benefits do not significantly affect decisions regarding other elements of compensation. The terms of the Company’s severance and compensation agreements are discussed separately in “Potential Payments upon Termination or Change in Control” beginning on page 43 below.
HOW WE SET EXECUTIVE COMPENSATION
Role of the Independent Compensation Consultant
The Compensation Committee engages an independent executive compensation consultant to provide information and objective advice regarding executive and non-employee director compensation. For the first half of 2024, the Compensation Committee continued its engagement of F.W. Cook as its independent executive compensation consultant. In June 2024, the Compensation Committee engaged Zayla Partners as its independent executive compensation consultant. The Compensation Committee reviewed the consultants’ independence in accordance with the six factors established by the NYSE and found it to be independent and without conflicts of interest in providing services to the Compensation Committee. F.W. Cook and Zayla Partners were engaged by the Compensation Committee and performed no services directly for management. Management does not retain the services of a compensation consultant.
Role of Executives in Establishing Compensation
Our Chief Executive Officer proposes changes to compensation for his direct reports, which the Compensation Committee considers when making decisions. The officer team proposes goals for incentive programs and offers performance data to aid the Compensation Committee in administering incentive compensation programs. The Compensation Committee has the ultimate say on all components of executive officer compensation. Our Chief Executive Officer does not recommend or participate in deliberations related to his own compensation.
Role of Market Data
The Compensation Committee’s consultant annually prepares a review of our executive officers’ compensation compared to similarly situated executive officers at peer companies, which is approved by the Compensation Committee. The number of publicly traded exploration and production companies has contracted because of merger and acquisition activity. As a result, the peer group includes 10 publicly traded exploration and production companies, with our market capitalization positioned at the 48th percentile at the time of approval.
2025 Proxy Statement | 33
The peer group used by the Compensation Committee in evaluating the competitiveness of executive compensation and making 2024 compensation decisions consisted of the following companies:
​ Antero Resources Corporation ​ ​ ​ EOG Resources, Inc. ​
​ APA Corporation ​ ​ ​ EQT Corporation ​
​ Expand Energy Corporation ​ ​ ​ Marathon Oil Corporation ​
​ Devon Energy Corporation ​ ​ ​ Occidental Petroleum Corporation ​
​ Diamondback Energy, Inc. ​ ​ ​ Ovintiv Inc. ​
RETIREMENT COMPENSATION AND OTHER BENEFITS
Coterra Retirement Savings Plan
The Coterra Energy Inc. Retirement Savings Plan, is a tax-qualified retirement savings plan, or 401(k) plan, in which all employees, including the named executive officers, may participate. It allows participants to contribute up to 100 percent of their annual salary, or the limit prescribed by the Internal Revenue Service, on a pre-tax basis. We match 100 percent of the first six percent of a participant’s eligible pre-tax contribution. In addition, during 2024, the Company contributed 10 percent of salary and bonus of all eligible employees, including all named executive officers, into the Coterra 401(k) Plan (or into the nonqualified deferred compensation plan to the extent in excess of the qualified plan limits). Participants are 100 percent vested in the Company’s contributions after three years of service, vesting 33 percent in the first year, 66 percent in the second year and 100 percent in the third year. The Company’s contributions are approved annually by the Board of Directors.
Coterra Deferred Compensation Plan
The Coterra Energy Inc. Deferred Compensation Plan, provides supplemental retirement income benefits for our named executive officers, other officers and other key employees, through voluntary deferrals of salary and bonus. It also allows for the Company to provide the full 10 percent non-elective contribution when contributions of the matching amount cannot be made to the Coterra 401(k) Plan due to federal income tax limitations. The plan allows the officers to defer the receipt and taxation of income until retirement from the Company. We make no additional contributions to, nor do we pay in excess of market interest rates on, the deferred compensation plan. Amounts deferred by an officer under the deferred compensation plan are held and invested by the Company in various mutual funds and other investment options selected by the officer at the time of deferral. For additional information about the deferred compensation plan, including the investment options and the manner of distributions, see “Nonqualified Deferred Compensation” on page 41 below.
Personal Benefits and Perquisites
The Compensation Committee periodically reviews the level of perquisites and other personal benefits provided to the named executive officers. In 2024, we provided the named executive officers with limited perquisites and other personal benefits that the Company and the Compensation Committee believe are reasonable, consistent with the overall compensation program, promote a healthy and productive workforce and provide protection to the organization. In 2024, the named executive officers were provided a Company-paid medical examination for the named executive officer, financial, tax and estate planning, supplemental life insurance to bridge certain coverage limitations under our standard policies (consistent for all employees of two times annual earnings up to $1.5 million), and spouse travel to certain business meetings. Our corporate aircraft is not available for personal use by any employee. However, with the authorization of our Chief Executive Officer the corporate aircraft may be used by an employee or a member of his or her family for medical purposes. The aggregate cost to the Company of the perquisites and personal benefits described above for the named executive officers for 2024 are included under “All Other Compensation” in the Summary Compensation Table below. There was no personal use of our aircraft in 2024.
Other Compensation Policies
We offer all employees, including the named executive officers, industry competitive benefits including medical, dental and vision benefits, salary continuation for short-term leave of absences and long-term disability plans, basic life and accident insurance and an employee assistance program. We offer a retirement program consisting of both qualified and nonqualified defined contribution savings plans and have a retirement policy pursuant to which certain equity awards may remain outstanding and eligible to vest following a qualifying retirement.
34 | Coterra Energy
COMPENSATION GOVERNANCE
Minimum Stock Ownership Guidelines
The Governance and Social Responsibility Committee and the Board of Directors have adopted the following stock ownership guidelines for our executive officers and directors.
​
Role
​ ​ ​
Stock Ownership Guideline
​
​ Chief Executive Officer ​ ​ ​ 6× annual base salary ​
​ Other Executive Officers ​ ​ ​ 3× annual base salary ​
​ Non-Employee Directors ​ ​ ​ 5× annual cash retainer ​
Non-employee directors have five years from their initial election, and executive officers have three years from their initial appointment to their position, to comply with these guidelines. Unvested restricted stock and unvested restricted stock units may be counted in calculating ownership, but options and unvested performance-based awards may not be counted toward the ownership minimum. No sales will be approved if such sale would cause the executive officer’s holdings to go below the minimum required shares except where necessary to pay income taxes related to equity awards.
Clawback Policy
The Company has adopted a “clawback” policy that describes circumstances in which the Company will determine and recover erroneously awarded compensation received by current and former executive officers in connection with certain accounting restatements, regardless of fault or misconduct. Both cash and all types of equity compensation that are granted, earned or vested based wholly or in part upon the attainment of  “financial reporting measures” that are determined and presented in accordance with the accounting principles used in preparing the Company’s financial statements, and any measures that are derived wholly or in part from such measures, are covered by the clawback policy. The Compensation Committee believes that this clawback policy furthers the interests of the Company and stockholders in preventing an executive from being unjustly enriched through a financial restatement. The 2023 Plan, the Cabot Oil & Gas Corporation 2014 Incentive Plan, or Prior Cabot Plan, and the legacy Cimarex incentive plans provide that any award made pursuant to such plan be subject to any applicable clawback policy, so by accepting any award under those plans, each executive has agreed to be bound by the clawback policy.
Insider Trading Policies and Procedures
We have adopted an insider trading policy governing the purchase, sale or other disposition of our securities by our directors, officers and employees. The policy prohibits, among other actions, directors, officers and certain designated employees (“Insiders”) from speculative trading in securities issued by the Company. Prohibited speculative trading by Insiders includes any transaction designed to have the effect of hedging or otherwise offsetting any decrease in the market value of any security issued by the Company, short sales of the Company’s securities and any trading of derivative securities related to the Company’s securities. Insiders are also required to pre-clear with the Company’s Corporate Secretary or General Counsel any trading in our securities. To our knowledge, all Insiders are in compliance with such pre-clearance and speculative trading restrictions.
In addition, in order to promote compliance with insider trading laws, rules and regulations, and any listing standards applicable to Coterra, it is the Company’s policy not to engage in transactions in its securities in violation of such laws, rules and regulations.
In our view, the policy is reasonably designed to promote compliance with insider trading laws, rules and regulations, and any NYSE listing standards applicable to us. A copy of our insider trading policy was filed as Exhibit 19 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
Executive Compensation Business Risk Review
The ownership stake in the Company provided by our equity-based compensation, the extended vesting periods of these awards and our stock ownership guidelines are designed to align the interests of our named executive officers with our stockholders, maximize performance and promote executive retention. Management reviews all incentive and equity programs. At the same time, the Compensation Committee believes, with the concurrence of our independent consultant, that our executive compensation program does not encourage management to take unreasonable risks related to the Company’s business. The factors that support this conclusion are our focus on long-term incentive compensation, balanced long-term incentives, metric diversification, capped opportunities in our annual bonus plan and long-term incentives, and our stock ownership guidelines.
Tax Deductibility of Executive Compensation
Section 162(m) of the Internal Revenue Code of 1986, as amended, places a limit of  $1.0 million on the amount of compensation that we may deduct in any one year with respect to compensation paid to each covered employee. While the Compensation Committee considers the
2025 Proxy Statement | 35
deductibility of compensation in its decision making, the Compensation Committee implements compensation programs that it believes are competitive and attract and retain talented management, which the Compensation Committee believes is in the best interests of the Company and its stockholders.
COMPENSATION COMMITTEE REPORT
The Compensation Committee has reviewed and discussed with management the preceding Compensation Discussion and Analysis. Based on such review and discussions, the Compensation Committee recommended to the Board that the Compensation Discussion and Analysis be included in this proxy statement and incorporated by reference in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
The Compensation Committee
Amanda M. Brock (Chair)
Paul N. Eckley
Hans Helmerich
Marcus A. Watts
Compensation Committee Interlocks and Insider Participation
During the year ended December 31, 2024, the Compensation Committee was composed of the four independent directors listed above, none of whom is an employee or a current or former officer of the Company. Except as disclosed in “Board and Committee Governance—​Director Independence” and “—Related Person Transactions” above, no member of the Compensation Committee has had any relationship with the Company requiring disclosure under Item 404 of Regulation S-K under the Exchange Act. In addition, none of our executive officers served on the board of directors or compensation committee of any entity that had one or more of its executive officers serving on the Board or our Compensation Committee.
36 | Coterra Energy
COMPENSATION TABLES
SUMMARY COMPENSATION TABLE
The table below summarizes the total compensation paid to or earned by each of our named executive officers for the year ended December 31, 2024.
​ Name and
Principal Position 		​ ​ ​
Year
​ ​ ​
Salary
($)
​ ​ ​
Bonus
($)
​ ​ ​
Stock
Awards
($)(1)
​ ​ ​
Option
Awards
($)
​ ​ ​
Non-Equity
Incentive Plan
Compensation
($)(2)
​ ​ ​
Change in
Pension
Value and
Nonqualified
Deferred
Compensation
Earnings
($)
​ ​ ​
All Other
Compensation
($)(3)
​ ​ ​
Total
($)
​
​
Thomas E. Jorden
Chief Executive Officer
and President
​ ​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ 1,198,558 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 10,628,850 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 2,500,000 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 421,552 ​ ​ ​ ​ ​ $ 14,748,960 ​ ​
​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ 1,125,000 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 11,071,724 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 2,000,000 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 351,129 ​ ​ ​ ​ ​ ​ 14,547,853 ​ ​
​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ 1,103,366 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 12,554,661 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 1,462,500 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 182,870 ​ ​ ​ ​ ​ ​ 15,303,397 ​ ​
​
Shannon E. Young III
Executive Vice
President and Chief
Financial Officer
​ ​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ 640,193 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 3,985,847 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 1,100,000 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 213,476 ​ ​ ​ ​ ​ ​ 5,939,516 ​ ​
​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ 290,923 ​ ​ ​ ​ ​ ​ 100,000 ​ ​ ​ ​ ​ ​ 4,579,816 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 780,000 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 60,214 ​ ​ ​ ​ ​ ​ 5,810,953 ​ ​
​
Stephen P. Bell
Executive Vice
President—Business
Development
​ ​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ 600,577 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 4,783,017 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 920,000 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 219,378 ​ ​ ​ ​ ​ ​ 6,522,972 ​ ​
​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ 577,692 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 3,321,502 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 840,000 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 200,636 ​ ​ ​ ​ ​ ​ 4,939,830 ​ ​
​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ 543,346 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 3,459,843 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 690,000 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 80,250 ​ ​ ​ ​ ​ ​ 4,773,439 ​ ​
​
Andrea M. Alexander(4)
Senior Vice President and
Chief Human Resources
Officer
​ ​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ 437,116 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 2,125,803 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 720,000 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 117,042 ​ ​ ​ ​ ​ ​ 3,399,961 ​ ​
​
Michael D. DeShazer(4)
Senior Vice President—
Business Units
​ ​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ 458,421 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 1,700,665 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 940,000 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 185,601 ​ ​ ​ ​ ​ ​ 3,284,687 ​ ​
​
(1)
The amounts in this column reflect the grant date fair value with respect to restricted stock units and performance share awards for the relevant fiscal year in accordance with FASB ASC Topic 718. For performance-based awards, the grant date fair value, including the liability component for cash payments over 100 percent of target, was valued using a Monte Carlo model and was based on probable performance at the time of grant. Assumptions used in the Monte Carlo model for the performance-based awards, as well as additional information regarding accounting for performance-based awards, are included in Note 13 of the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The Monte Carlo model values are used solely for financial reporting purposes and are not used by the Compensation Committee when determining the number of shares underlying each award. When determining the number of shares underlying each performance-based award at target performance, the Compensation Committee divided the approved grant date value of the awards by the closing stock price on the date of grant. The grant date value of the 2024 performance-based awards, assuming maximum performance would have been as follows: Mr. Jorden $10,000,000; Mr. Young $3,750,000; Mr. Bell $4,500,000; Ms. Alexander $2,000,000; and Mr. DeShazer $1,600,000.
​
(2)
The amounts in this column reflect cash incentive awards to the named executive officers. The 2024 cash incentive awards are discussed in detail above under “Compensation Discussion and Analysis.”
​
(3)
For all named executive officers, the amounts also include some or all of the following:
​
•
Company contributions to retirement savings and deferred compensation plans as described in the “Nonqualified Deferred Compensation” table below;
​
•
Premiums paid on executive term disability and life insurance;
​
•
Company matching gifts to qualified non-profit charitable and educational organizations and other charitable contributions;
​
•
Executive physical examination for the named executive officers; and
​
•
Financial tax, and estate planning expenses.
​
Amounts in this column do not include dividends paid on unvested restricted stock awards granted under the legacy Cimarex stock award agreement. The amount of dividends paid on unvested restricted stock awards in 2024 are: Mr. Jorden $410,558; Mr. Bell $166,374; and Mr. DeShazer $41,056.
(4)
Ms. Alexander and Mr. DeShazer became named executive officers for the first time in 2024. In accordance with SEC guidance, compensation prior to the applicable year in which they became named executive officers is not included in the table.
​
2025 Proxy Statement | 37
GRANTS OF PLAN-BASED AWARDS
The table below reports all grants of plan-based awards made to our named executive officers during 2024.
​
Name
 ​ ​ ​
Grant Date
​ ​ ​
Estimated Possible
Payouts Under Non-Equity
Incentive Plan Awards(1)
​ ​ ​
Estimated Future
Payouts Under Equity
Incentive Plan Awards(2)
​ ​ ​
All Other
Stock
Awards:
Number of
Shares of
Stock or
Units
(#)(3)
​ ​ ​
All Other
Option
Awards:
Number of
Securities
Underlying
Options
(#)
​ ​ ​
Exercise
or Base
Price Of
Option
Awards
($/Sh)
​ ​ ​
Grant Date
Fair Value
of Stock
and Option
Awards
($)(4)
​
​
Threshold
($)
​ ​ ​
Target
($)
​ ​ ​
Maximum
($)
​ ​ ​
Threshold
(#)
​ ​ ​
Target
(#)
​ ​ ​
Maximum
(#)
​ ​
​
Thomas E. Jorden
 ​ ​ ​ ​ ​ 02/21/2024 ​ ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ ​ 1,680,000 ​ ​ ​ ​ ​ ​ 3,360,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 02/21/2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ ​ 191,132 ​ ​ ​ ​ ​ ​ 382,264 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,628,837 ​ ​
​ ​ ​ 02/21/2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 191,132 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,000,013 ​ ​
​
Shannon E. Young III​
​ ​ ​ ​ ​ 02/21/2024 ​ ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ ​ 645,000 ​ ​ ​ ​ ​ ​ 1,290,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 02/21/2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ ​ 71,675 ​ ​ ​ ​ ​ ​ 143,350 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,110,829 ​ ​
​ ​ ​ 02/21/2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 71,675 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,875,018 ​ ​
​
Stephen P. Bell​
​ ​ ​ ​ ​ 02/21/2024 ​ ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ ​ 605,000 ​ ​ ​ ​ ​ ​ 1,210,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 02/21/2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ ​ 86,010 ​ ​ ​ ​ ​ ​ 172,020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,532,995 ​ ​
​ ​ ​ 02/21/2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 86,010 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2,250,022 ​ ​
​
Andrea M. Alexander
 ​ ​ ​ ​ ​ 02/21/2024 ​ ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ ​ 440,000 ​ ​ ​ ​ ​ ​ 880,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 02/21/2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ ​ 38,227 ​ ​ ​ ​ ​ ​ 76,454 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,125,785 ​ ​
​ ​ ​ 02/21/2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 38,227 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,000,018 ​ ​
​
Michael D. DeShazer
 ​ ​ ​ ​ ​ 02/21/2024 ​ ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ ​ 470,000 ​ ​ ​ ​ ​ ​ 940,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 02/21/2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 0 ​ ​ ​ ​ ​ ​ 30,582 ​ ​ ​ ​ ​ ​ 61,164 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 900,640 ​ ​
​ ​ ​ 02/21/2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 30,582 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 800,025 ​ ​
​
(1)
Amounts shown represent the target and maximum annual cash incentive bonus possible payouts on the date indicated. The maximum amount is 200 percent of the target amount.
​
(2)
Amounts shown represent the target and maximum number of performance shares granted on the date indicated payable, if at all, on the basis of our TSR relative to our industry peer group over a three-year performance period. The maximum amount is 200 percent of the target amount and amounts earned in excess of 100 percent are to be paid in cash, rather than shares, based on the closing trading prices of a share of common stock on the last day of the performance period.
​
(3)
Amounts shown represent time-based restricted stock units that vest January 31, 2027.
​
(4)
Amounts shown reflect the aggregate grant date fair value of the TSR performance shares and time-based restricted stock units, as applicable, granted on the date indicated, as computed in accordance with ASC Topic 718. The TSR performance share awards were valued using a Monte Carlo model and the grant date fair value per share used for financial reporting purposes was $29.45 for shares granted on February 21, 2024. The grant date fair value per share of the time-based restricted stock units is based on the closing price of our common stock on the date of grant, or $26.16 for awards granted on February 21, 2024. Additional assumptions used in the Monte Carlo model for TSR performance shares and other assumptions used in the calculation of these amounts are included in Note 13 of the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
​
Option Grant Practices
Stock options have not been a part of our executive compensation program (though in connection with the merger transaction that formed the Company, we assumed outstanding legacy Cimarex options). We therefore (i) do not grant, and have not granted, stock options in anticipation of the release of material nonpublic information, (ii) do not time, and have not timed, the release of material nonpublic information based on stock option grant dates or for the purpose of affecting the value of executive compensation and (iii) do not take, and have not taken, material nonpublic information into account when determining the timing and terms of stock options. As stock options are not an element of employee compensation, we do not have a formal policy with respect to the timing of stock option grants, and we did not grant stock options or stock appreciation rights in 2024.
38 | Coterra Energy
OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END
The table below reports for each named executive officer outstanding equity awards at December 31, 2024.
​
Name
​ ​ ​
Stock Awards
​
​
Number
of Shares
or Units of
Stock That
Have Not
Vested
(#)(1)
 ​ ​ ​
Market
Value of
Shares or
Units of
Stock That
Have Not
Vested
($)(2)
 ​ ​ ​
Equity
Incentive
Plan Awards:
Number of
Unearned
Shares,
Units or
Other Rights
That Have
Not Vested
(#)(3)
 ​ ​ ​
Equity
Incentive
Plan Awards:
Market or
Payout Value
of Unearned
Shares,
Units or
Other Rights
That Have
Not Vested
($)(2)
 ​
​
Thomas E. Jorden
 ​ ​ ​ ​ ​ 408,523 ​ ​ ​ ​ ​ $ 10,433,677 ​ ​ ​ ​ ​ ​ 1,674,312 ​ ​ ​ ​ ​ $ 42,761,928 ​ ​
​
Shannon E. Young III
 ​ ​ ​ ​ ​ 152,705 ​ ​ ​ ​ ​ $ 3,900,086 ​ ​ ​ ​ ​ ​ 305,410 ​ ​ ​ ​ ​ $ 7,800,171 ​ ​
​
Stephen P. Bell
 ​ ​ ​ ​ ​ 202,663 ​ ​ ​ ​ ​ $ 5,176,013 ​ ​ ​ ​ ​ ​ 456,762 ​ ​ ​ ​ ​ $ 11,665,701 ​ ​
​
Andrea M. Alexander
 ​ ​ ​ ​ ​ 107,411 ​ ​ ​ ​ ​ $ 2,743,277 ​ ​ ​ ​ ​ ​ 76,454 ​ ​ ​ ​ ​ $ 1,952,635 ​ ​
​
Michael D. DeShazer
 ​ ​ ​ ​ ​ 75,988 ​ ​ ​ ​ ​ $ 1,940,734 ​ ​ ​ ​ ​ ​ 169,122 ​ ​ ​ ​ ​ $ 4,319,376 ​ ​
​
(1)
The amounts in this column reflect shares of restricted stock units as follows:
​
•
as to which restrictions lapsed on January 31, 2025: Mr. Bell 51,436; and Mr. DeShazer 17,145;
​
•
as to which restrictions lapse on January 31, 2026: Mr. Jorden 217,391; Mr. Young 81,030; Mr. Bell 65,217; Ms. Alexander 69,184; and Mr. DeShazer 28,261; and
​
•
as to which restrictions lapse on January 31, 2027: Mr, Jorden 191,132, Mr. Young 71,675, Mr. Bell 86,010; Ms. Alexander 38,227; and Mr. DeShazer 30,582.
​
(2)
Market value is based on the closing price of our common stock on December 31, 2024 of  $25.54 per share.
​
(3)
The amounts in this column reflect performance share and performance stock unit awards, as applicable, assuming the maximum level of performance (200 percent of the target amount) is achieved, as follows:
​
•
as to which the performance period ended January 31, 2025: Mr. Jorden 857,266; Mr. Bell 154,308; and Mr. DeShazer 51,436;
​
•
as to which the performance period ends January 31, 2026: Mr. Jorden 434,782; Mr. Young 162,060; Mr. Bell 130,434; and Mr. DeShazer 56,522; and
​
•
as to which the performance period ends January 31, 2027: Mr. Jorden 382,264; Mr. Young 143,350, Mr. Bell 172,020; Ms. Alexander 76,454; and Mr. DeShazer 61,164.
​
For awards granted in 2024, see “Compensation Discussion and Analysis—2024 Performance-Based Compensation” and the “Grants of Plan-Based Awards” table above for more information. The actual amount of these awards that will vest after the end of the applicable performance period will be based on the determination of the Company’s achievement of the performance criteria by the Compensation Committee.
2025 Proxy Statement | 39
STOCK VESTED
The table below reports restricted stock units that vested during 2024.
​
Name
 ​ ​ ​
Stock Awards
​
​
Number of Shares
Acquired on Vesting
(#)
 ​ ​ ​
Value Realized on
Vesting
($)(1)
 ​
​
Thomas E. Jorden
 ​ ​ ​ ​ ​ 488,759 ​ ​ ​ ​ ​ ​ 13,059,640 ​ ​
​
Shannon E. Young III
 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​
​
Stephen P. Bell
 ​ ​ ​ ​ ​ 146,628 ​ ​ ​ ​ ​ ​ 3,917,900 ​ ​
​
Andrea M. Alexander
 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​
​
Michael D. DeShazer
 ​ ​ ​ ​ ​ 48,876 ​ ​ ​ ​ ​ ​ 1,305,967 ​ ​
​
(1)
These values were determined by multiplying the number of shares that vested by our common stock closing price on November 29, 2024 of $26.72 and do not indicate that there was a sale of these shares by the named executive officer.
​
40 | Coterra Energy
NONQUALIFIED DEFERRED COMPENSATION
The table below reports executive contributions, Company contributions, earnings, withdrawals/distributions and aggregate balances in the Coterra Energy Inc. Deferred Compensation Plan for 2024.
​
Name
​ ​ ​
Executive
Contributions
in Last FY
($)(1)
 ​ ​ ​
Registrant
Contributions
in Last FY
($)(2)
 ​ ​ ​
Aggregate
Earnings
in Last FY
($)(3)
 ​ ​ ​
Aggregate
Withdrawals/​
Distributions
($)
 ​ ​ ​
Aggregate
Balance
at Last FYE
($)(4)
 ​
​
Thomas E. Jorden
 ​ ​ ​ ​ ​ 319,856 ​ ​ ​ ​ ​ ​ 262,570 ​ ​ ​ ​ ​ ​ 144,991 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 1,306,767 ​ ​
​
Shannon E. Young III
 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 116,719 ​ ​ ​ ​ ​ ​ 5,910 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 128,815 ​ ​
​
Stephen P. Bell
 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 118,758 ​ ​ ​ ​ ​ ​ 11,579 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 259,147 ​ ​
​
Andrea M. Alexander
 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 73,412 ​ ​ ​ ​ ​ ​ 3,823 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 77,234 ​ ​
​
Michael D. DeShazer
 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 84,542 ​ ​ ​ ​ ​ ​ 39,677 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 372,273 ​ ​
​
(1)
Amounts reported in this column are included in the Summary Compensation Table as salary and non-equity incentive plan compensation, as applicable.
​
(2)
Amounts reported in this column are included in the Summary Compensation Table as all other compensation.
​
(3)
Amounts reported in this column are not included in the Summary Compensation Table.
​
(4)
Reflects contributions by our named executive officers, contributions by Coterra, and earnings on balances prior to January 1, 2024; plus, contributions by our named executive officers, contributions by Coterra, and earnings for the year ended December 31, 2024, less any distributions (shown in the appropriate columns of this table, with amounts that are included in the Summary Compensation Table for 2024 shown in notes 1 and 2 above).
​
The table below reports, earnings, withdrawals/distributions and aggregate balances in the legacy Cimarex Energy Co. Supplemental Savings Plan for 2024.
​
Name
​ ​ ​
Executive
Contributions
in Last FY
($)
 ​ ​ ​
Registrant
Contributions
in Last FY
($)
 ​ ​ ​
Aggregate
Earnings
in Last FY
($)(1)
 ​ ​ ​
Aggregate
Withdrawals/​
Distributions
($)
 ​ ​ ​
Aggregate
Balance
at Last FYE
($)(2)
 ​
​
Thomas E. Jorden
 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 3,467 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 33,101 ​ ​
​
Shannon E. Young III
 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​
​
Stephen P. Bell
 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 597 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 12,104 ​ ​
​
Andrea M. Alexander
 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​
​
Michael D. DeShazer
 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 16,208 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ 78,928 ​ ​
​
(1)
Amounts reported in this column are not included in the Summary Compensation Table.
​
(2)
Reflects contributions by our named executive officers, contributions by Coterra, and earnings on balances prior to January 1, 2024; plus earnings for the year ended December 31, 2024, less any distributions (shown in the appropriate columns of this table).
​
Under the Coterra Energy Inc. Deferred Compensation Plan, up to 100 percent of salary and annual cash incentive bonus are permitted to be deferred into the deferred compensation plan, subject to payment of social security, Medicare, income taxes (on compensation not deferred) and employee benefit plan withholding requirements. The Company also makes contributions to make up for certain matching and profit-sharing contributions which, due to U.S. Internal Revenue Service limitations, cannot be contributed to the Coterra 401(k) Plan. Earnings on the deferred balances are determined by the executive’s investment selections at the time of deferral. The Company holds deferred amounts and earnings thereon as corporate assets, which are invested as elected by the executive. Distributions from the Coterra Energy Inc. Deferred Compensation Plan are based on the executive’s election at the time of deferral. Distribution elections may be modified, provided that the modification is made at least one year prior to the original time elected and the new election is moved out at least five years past the original time-based distribution election. Distribution elections can only be delayed not accelerated. Investment options under the Coterra Energy Inc. Deferred Compensation Plan include a selection of mutual funds, index funds, and exchange-traded funds, which in 2024 earned between a 1.34 percent and 26.56 percent rate of return.
Under the legacy Cimarex Energy Co. Supplemental Savings Plan, up to 50 percent of salary and 100 percent of annual cash incentive bonus (subject to certain limitations) were permitted to be deferred into the supplemental savings plan, subject to payment of social security, Medicare, income taxes (on compensation not deferred) and employee benefit plan withholding requirements. In connection with the merger transaction that formed the Company, on October 26, 2021, the account balances as of September 30, 2021, were liquidated. The legacy
2025 Proxy Statement | 41
Cimarex Energy Co. Supplemental Savings Plan was not terminated and remained effective for the deferral elections that had previously been made through the end of 2021 and therefore, some participants, including Messrs. Jorden and Bell, made contributions to this plan after October 1, 2021. However, no new deferral elections to the Cimarex Energy Co. Supplemental Plan were permitted after the merger transaction that formed the Company. Beginning with fiscal year 2022, certain legacy Cimarex employees designated by the Compensation Committee, including Messrs. Jorden and Bell, were eligible to participate in the Coterra Energy Inc. Deferred Compensation Plan. Distributions from the Cimarex Supplemental Savings Plan are based on the executive’s election at the time of deferral. Investment options under the legacy Cimarex Energy Co. Supplemental Savings Plan include a selection of mutual funds, index funds, and exchange-traded funds identical to those under the Coterra Energy Inc. Deferred Compensation Plan, which in 2024 earned between a 1.34 percent and 26.56 percent rate of return.
42 | Coterra Energy
POTENTIAL PAYMENTS UPON TERMINATION OR CHANGE IN CONTROL
Jorden Letter Agreement
The Jorden Letter Agreement, together with Mr. Jorden’s legacy Cimarex severance compensation agreement, sets forth the terms of the severance payments and benefits to which Mr. Jorden may become entitled upon a termination of his employment in certain circumstances. The Jorden Letter Agreement provides that Mr. Jorden’s legacy Cimarex severance compensation agreement, as amended from time to time, including by the Jorden Letter Agreement, will remain in full force and effect through October 1, 2026. Pursuant to the Jorden Letter Agreement and Mr. Jorden’s legacy Cimarex severance compensation agreement, upon a termination of Mr. Jorden’s employment other than for “cause” or resignation for “good reason,” subject to Mr. Jorden’s execution of a release of claims and compliance with one-year post-termination non-competition and non-solicitation (of employees and customers or clients), Mr. Jorden will become entitled to:
•
a lump sum cash payment equal to the product of  (1) the average annual bonus paid to Mr. Jorden for the two fiscal years prior to termination and (2) a fraction, the numerator of which is the number of days in the calendar year through the date of termination and the denominator of which is 365;
​
•
thirty-six monthly cash payments equal, in the aggregate, to three times the sum of:
​
•
Mr. Jorden’s annual base salary received during the 24 months prior to the date of termination, divided by two; and
​
•
the amount of cash incentive awards received by Mr. Jorden during the 24 months prior to the date of termination, divided by two;
​
•
continued medical, dental, vision, disability and life insurance benefits for the individual and his or her dependents for 36 months following his termination.
​
Except as otherwise provided in an award agreement, upon a termination without cause or for good reason, or upon Mr. Jorden’s death or disability, all of his equity awards, including any legacy Cimarex equity awards that were converted into equity awards of the Company pursuant to the terms of the agreement governing the merger transaction that formed the Company, will vest in full pursuant to the Jorden Letter Agreement.
The Jorden Letter Agreement provides that, for purposes of Mr. Jorden’s legacy severance compensation agreement, “cause” means Mr. Jorden’s (1) willful and continued failure to perform substantially the executive’s duties, after a written demand for substantial performance is delivered; (2) willful engagement in misconduct materially and demonstrably injurious to the Company or an affiliate; or (3) business crime or felony involving moral turpitude of which the executive officer is convicted or pleads guilty; and “good reason” means (a) a diminution in Mr. Jorden’s duties, responsibilities, authorities powers and functions; (b) the failure to renominate Mr. Jorden to the Board; (c) a reduction in Mr. Jorden’s base salary, subject to limited exceptions; (d) a material reduction in Mr. Jorden’s target annual incentive opportunity or target long-term incentive opportunity; (e) a relocation of Mr. Jorden’s principal place of business to a place other than Houston, Texas; or (f) the Company’s breach of the Jorden Letter Agreement.
Mr. Jorden’s legacy Cimarex severance compensation agreement contains a Section 280G “best-net” cutback provision, which provides that, if the total payments to Mr. Jorden that he would receive pursuant to his legacy Cimarex severance and compensation agreement, or that he otherwise would receive, exceed the applicable threshold under Section 280G of the Code, then those payments will be reduced to the extent necessary to avoid the imposition of the excise taxes under Section 4999 of the Code in the event such reduction would result in a better after-tax result for the executive officer.
Upon the expiration of the Jorden employment period, if Mr. Jorden’s employment with Coterra is continuing, then he and Coterra will enter into a change in control agreement that is consistent with, and no less favorable than, the change in control agreements then applicable to other executive officers of Coterra.
For a description of the other terms of the Jorden Letter Agreement, see “Compensation Discussion and Analysis—Compensation Arrangements with Thomas E. Jorden” above.
Coterra Severance Compensation Agreements
Each of Ms. Alexander and Messrs. Young and DeShazer is party to a severance compensation agreement (“Coterra severance compensation agreement”) that provides for certain severance benefits upon a termination of employment by Coterra other than for “cause” or a termination by the executive officer for “good reason” ​(either, a “qualifying termination”), with such severance benefits being enhanced if the qualifying termination occurs within 18 months following a change in control (a “CIC termination”).
2025 Proxy Statement | 43
The severance compensation agreement provides for the following benefits upon a qualifying termination, subject to the executive officer’s execution and non-revocation of a release of claims:
•
a pro-rated annual bonus for the number of days in the calendar year of termination through the date of termination based on the executive officer’s target annual bonus in effect for the year of termination, paid in a lump sum at the same time that bonuses are paid to active employees;
​
•
cash payments equal, in the aggregate, to 1.5 times (in the event the qualifying termination is not a CIC termination) or two times (in the event of a CIC termination) the sum of:
​
•
the executive officer’s highest annualized base salary in effect during the 24 months prior to his or her date of termination; and
​
•
the higher of  (a) the average cash incentive award received by the executive officer and (b) the executive officer’s highest target annual bonus in effect, in the case of each of  (a) and (b), during the 24 months prior to the executive officer’s date of termination, paid in equal monthly installments for 18 months (in the event the qualifying termination is not a CIC termination) or 24 months (in the event of a CIC termination);
​
•
continued medical, dental, vision, disability and life insurance benefits for the executive officer and the executive officer’s dependents for up to 18 months (in the event the qualifying termination is not a CIC termination) or 24 months (in the event of a CIC termination) following the date of termination as though the executive officer’s employment had not been terminated; and
​
•
except as otherwise provided in an award agreement, if the qualifying termination is not a CIC termination, a pro-rated portion (based on the period of the executive officer’s continuous service during the original vesting period) of the executive officer’s equity awards will (a) in the case of time-vested equity awards, be accelerated and (b) in the case of performance-vested equity awards, remain outstanding and eligible to vest to the extent the applicable performance measures are achieved at the end of the performance period.
​
In the event of a CIC termination, the executive officer’s equity awards will be treated as set forth in the applicable equity incentive plan and award agreement.
As in Mr. Jorden’s legacy Cimarex severance compensation agreement, the Coterra severance compensation agreements provide that the executive officer will be subject to one-year post-termination non-competition and non-solicitation (of both employees and clients or customers) restrictions and include Section 280G “best-net” cutback provisions.
In the severance compensation agreements, a “change in control” is generally defined to include:
•
acquisition of 30 percent or more of the shares of the Company’s common stock or the combined voting power of voting securities of the Company;
​
•
specified changes in a majority of the members of the Board;
​
•
a reorganization, share exchange or merger unless, following the transaction:
​
•
the stockholders of the Company prior to the transaction continue to own more than 60 percent of the outstanding common stock and combined voting power of the resulting entity, and
​
•
at least a majority of the members of the Board of the entity resulting from the transaction were members of the Company’s Board at the time of executing the agreement to reorganize or merge;
​
•
a liquidation or dissolution of the Company; or
​
•
a sale of all or substantially all of its assets, other than to a corporation of which either (i) more than 60 percent of the outstanding common stock and combined voting power is owned by stockholders of the Company or (ii) at least a majority of the members of the Board of Directors were members of the Company’s Board.
​
In the severance compensation agreements, “cause” has the same meaning set forth in Mr. Jorden’s legacy Cimarex severance compensation agreement and “good reason” means (1) a reduction in the executive officer’s base salary; (2) a material reduction in the executive officer’s annual incentive compensation; (3) a required relocation of the executive officer’s principal place of business by more than 50 miles, other than a relocation to Houston, Texas; or (4) a material diminution in the scope of the executive officer’s duties or responsibilities.
Stephen Bell Severance Compensation Arrangement
Mr. Bell is party to a legacy Cimarex severance compensation agreement that provides for certain severance benefits upon a qualifying termination, with such severance benefits being enhanced upon a CIC termination (which, for Mr. Bell, is a qualifying termination within two years following a change in control). Mr. Bell’s legacy Cimarex severance compensation agreement provides for the same cash payments and insurance continuation as Mr. Jorden’s legacy Cimarex severance compensation agreement, except that the multiple of Mr. Bell’s payments
44 | Coterra Energy
and duration of benefits continuation will be 1.5 times and 18 months, as applicable, in the event of the qualifying termination is not a CIC termination and 2 times and 24 months, as applicable, in the event of a CIC termination.
Mr. Bell’s legacy Cimarex severance compensation agreement provides for the same treatment of his outstanding equity awards as is provided for in the Coterra severance compensation agreements and also includes a Section 280G “best-net” cutback provision.
In Mr. Bell’s severance compensation agreement, “cause” has the same meaning set forth in Mr. Jorden’s legacy Cimarex severance compensation agreement and the Coterra severance compensation agreements, and “good reason” means (1) a material diminution in Mr. Bell’s duties or responsibilities, authorities, powers or functions; (2) a reduction of Mr. Bell’s base salary; (3) a material reduction in Mr. Bell’s annual incentive compensation opportunity or long-term incentive compensation opportunity; or (4) a required relocation of Mr. Bell’s principal place of business by more than 50 miles. Mr. Bell’s severance compensation agreement also utilizes the same definition of a “change in control” as the Coterra severance compensation agreements, except that the 60 percent threshold is 40 percent in Mr. Bell’ legacy Cimarex severance compensation agreement.
Equity Award Agreements
The award agreements for the named executive officer’s equity awards include provisions for the immediate vesting of all unvested awards upon a change in control or upon the termination of the named executive officer’s employment due to death or disability. Mr. Young’s award agreements entered into in connection with the commencement of his employment also provide for immediate vesting of all unvested awards upon his termination without cause or resignation for good reason. Additionally, the named executive officer’s February 2024 equity awards are eligible for retirement vesting pursuant to the Company’s retirement policy, which policy provides that, among other requirements and as determined by the Compensation Committee in accordance with such policy, where an employee (a) is at least 55 years old and (b) has at least five years of service, between 50 percent and 100 percent of each award may remain outstanding and eligible to vest pursuant to its regular vesting schedule. Mr. Bell’s equity award agreements further provide for prorated vesting of his February 2022 long-term equity incentive awards upon his termination.
Potential Payments to Named Executive Officers
The tables below reflect the compensation payable to each named executive officer upon a voluntary resignation, retirement, involuntary not-for-cause termination, for cause termination, termination following a change in control, and in the event of disability or death of the executive. The tables reflect the amounts that would have been paid to each named executive officer assuming the event occurred on December 31, 2024. The actual amounts of any compensation to be paid out can only be determined at the time of such executive’s separation from the Company.
2025 Proxy Statement | 45
Thomas E. Jorden, Chief Executive Officer and President
​ Executive Benefit and
Payments Upon
Separation 		​ ​ ​
Voluntary
Resignation
 ​ ​ ​
Retirement
 ​ ​ ​
Involuntary Not For
Cause Termination
or “Good Reason”
Resignation(1)
 ​ ​ ​
For Cause
Termination
 ​ ​ ​
Change In
Control(1)
 ​ ​ ​
Disability
 ​ ​ ​
Death
 ​
​
Compensation
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Multiple of Salary
(1.5x or 2x)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 3,487,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 3,487,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Multiple of Bonus
(1.5x or 2x)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,750,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 6,750,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Pro Rata Bonus
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 2,250,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 2,250,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Long-Term Compensation(2)​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Restricted Stock Vesting
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,433,677 ​ ​ ​ ​ ​ $ 4,881,511 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 10,433,677 ​ ​ ​ ​ ​ $ 10,433,677 ​ ​ ​ ​ ​ $ 10,433,677 ​ ​
​
Performance Share Vesting
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 42,761,928 ​ ​ ​ ​ ​ $ 9,763,023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 42,761,928 ​ ​ ​ ​ ​ $ 42,761,928 ​ ​ ​ ​ ​ $ 42,761,928 ​ ​
​
Benefits & Perquisites
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Payout of Deferred Compensation(3)
​ ​ ​ ​ $ 1,306,767 ​ ​ ​ ​ ​ $ 1,306,767 ​ ​ ​ ​ ​ $ 1,306,767 ​ ​ ​ ​ ​ $ 1,306,767 ​ ​ ​ ​ ​ $ 1,306,767 ​ ​ ​ ​ ​ $ 1,306,767 ​ ​ ​ ​ ​ $ 1,306,767 ​ ​
​
Health, Life, and Welfare Continuation
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 342,061 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 342,061 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Earned Vacation
​ ​ ​ ​ $ 12,717 ​ ​ ​ ​ ​ $ 12,717 ​ ​ ​ ​ ​ $ 12,717 ​ ​ ​ ​ ​ $ 12,717 ​ ​ ​ ​ ​ $ 12,717 ​ ​ ​ ​ ​ $ 12,717 ​ ​ ​ ​ ​ $ 12,717 ​ ​
​
Total
 ​ ​ ​ ​ $ 1,319,484 ​ ​ ​ ​ ​ $ 54,515,090 ​ ​ ​ ​ ​ $ 28,793,579 ​ ​ ​ ​ ​ $ 1,319,484 ​ ​ ​ ​ ​ $ 67,344,651 ​ ​ ​ ​ ​ $ 54,515,090 ​ ​ ​ ​ ​ $ 54,515,090 ​ ​
​
(1)
Pursuant to the Jorden Letter Agreement, if Mr. Jorden is terminated without cause or for good reason, including in connection with a change of control, Mr. Jorden is entitled to (a) monthly installment payments over 36 months that, in the aggregate, equal three times the sum of  (i) his annual base salary received during the 24 months prior to the date of termination, divided by two and (ii) the amount of cash incentive awards received by Mr. Jorden during the 24 months prior to the date of termination, divided by two; (b) a lump sum cash payment equal to the product of the average annual bonus paid to Mr. Jorden for the two fiscal years prior to termination and (ii) a fraction, the numerator of which is the number of days in the calendar year through the date of termination and the denominator of which is 365; and (c) 36 months of continued medical, dental, vision disability and life insurance benefits.
​
(2)
Upon a change in control, or if Mr. Jorden’s employment is terminated due to Mr. Jorden’s death or disability, his outstanding equity awards will vest in full. If Mr. Jorden is terminated without cause or for good reason, the equity awards granted to Mr. Jorden in February 2024 will vest, with Mr. Jorden’s performance-vested equity awards vesting based on actual performance as of the date of Mr. Jorden’s termination. Assuming that (a) Mr. Jorden had given timely notice of his intent to retire from the Company on December 31, 2024 and (b) such notice was acknowledged and accepted in writing by the Chair of the Compensation Committee or its respective designee, 100 percent of the equity awards granted to Mr. Jorden in February 2023 and 2024 would have remained outstanding until the regularly scheduled vesting date in accordance with the Company’s retirement policy. The values of the long-term incentive awards reported in this table were computed using the closing price of the Company’s common stock on December 31, 2024 (the last trading day of the year) of  $25.54 and the values of performance-based long-term incentive awards assume the maximum level of achievement of performance goals. However, the value actually realized would depend upon the value of the Company’s common stock at the time such awards became vested and, if applicable, the level at which the applicable performance goals were achieved.
​
(3)
Amounts in this row represent earned compensation voluntarily deferred by Mr. Jorden under the terms of the deferred compensation plan. For more information, see “Nonqualified Deferred Compensation” above. For termination of employment due to retirement, payment of the deferred compensation is based upon Mr. Jorden’s election at the time of deferral. For all other terminations of employment, payment of the deferred compensation is in a lump sum six months from the date of termination.
​
46 | Coterra Energy
Shannon E. Young III, Executive Vice President and Chief Financial Officer
​ Executive Benefit and
Payments Upon
Separation 		​ ​ ​
Voluntary
Resignation
 ​ ​ ​
Retirement
 ​ ​ ​
Involuntary Not For
Cause Termination
or “Good Reason”
Resignation(1)
 ​ ​ ​
For Cause
Termination
 ​ ​ ​
Change In
Control(2)
 ​ ​ ​
Disability
 ​ ​ ​
Death
 ​
​
Compensation
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Multiple of Salary
(1.5x or 2x)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 967,500 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,290,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Multiple of Bonus
(1.5x or 2x)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,650,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 2,200,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Pro Rata Bonus
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 645,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 645,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Long-Term Compensation(3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Restricted Stock Vesting
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 2,627,887 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 3,900,086 ​ ​ ​ ​ ​ $ 3,900,086 ​ ​ ​ ​ ​ $ 3,900,086 ​ ​
​
Performance Share Vesting
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,255,774 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 7,800,171 ​ ​ ​ ​ ​ $ 7,800,171 ​ ​ ​ ​ ​ $ 7,800,171 ​ ​
​
Benefits & Perquisites
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Payout of Deferred Compensation(4)
​ ​ ​ ​ $ 128,615 ​ ​ ​ ​ ​ $ 128,615 ​ ​ ​ ​ ​ $ 128,815 ​ ​ ​ ​ ​ $ 128,615 ​ ​ ​ ​ ​ $ 128,615 ​ ​ ​ ​ ​ $ 128,615 ​ ​ ​ ​ ​ $ 128,615 ​ ​
​
Health, Life, and Welfare
Continuation
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 55,396 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 73,862 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Earned Vacation
​ ​ ​ ​ $ 52,435 ​ ​ ​ ​ ​ $ 52,435 ​ ​ ​ ​ ​ $ 52,435 ​ ​ ​ ​ ​ $ 52,435 ​ ​ ​ ​ ​ $ 52,435 ​ ​ ​ ​ ​ $ 52,435 ​ ​ ​ ​ ​ $ 52,435 ​ ​
​
Total
 ​ ​ ​ ​ $ 181,249 ​ ​ ​ ​ ​ $ 181,249 ​ ​ ​ ​ ​ $ 11,382,807 ​ ​ ​ ​ ​ $ 181,249 ​ ​ ​ ​ ​ $ 16,090,169 ​ ​ ​ ​ ​ $ 11,881,307 ​ ​ ​ ​ ​ $ 11,881,307 ​ ​
​
(1)
Pursuant to Mr. Young’s Coterra severance compensation agreement, if Mr. Young is terminated without cause or for good reason not in connection with a change in control, Mr. Young is entitled to (a) monthly installment payments over 18 months that, in the aggregate, equal one-and-a-half times the sum of (i) his highest annualized base salary in effect during the 24 months prior to his termination and (ii) the higher of  (1) the average of his cash incentive awards received during the 24 months prior to his termination or (2) his highest target annual incentive compensation in effect during the 24 months prior to his termination; (b) a pro-rated target bonus for the calendar year of termination; and (3) 18 months of continued medical, dental, vision disability and life insurance benefits.
​
(2)
Pursuant to Mr. Young’s Coterra severance compensation agreement, if Mr. Young is terminated without cause or for good reason within 18 months following a change in control, Mr. Young is entitled to (a) monthly installment payments over 24 months that, in the aggregate, equal two times the sum of (i) his highest annualized base salary in effect during the 24 months prior to his termination and (ii) the higher of  (1) the average of his cash incentive awards received during the 24 months prior to his termination or (2) his highest target annual incentive compensation in effect during the 24 months prior to his termination; (b) a pro-rated target bonus for the calendar year of termination; and (c) 24 months of continued medical, dental, vision disability and life insurance benefits.
​
(3)
For the equity awards granted to Mr. Young in July 2023, receipt of the full payout will occur at the original vesting date set forth in the award agreement only if Mr. Young remains continuously employed through such date, except that, pursuant to the terms of the award agreements, the awards will fully vest upon a change in control of the Company or a termination of Mr. Young’s employment without cause or for good reason or due to his death or disability. If Mr. Young is terminated without cause or for good reason prior to a change in control, a pro-rata portion of the time-vested equity awards granted to Mr. Young in February 2024 will vest and a pro-rata portion of the performance-vested equity awards granted to Mr. Young in February 2024 will remain outstanding and eligible to vest. The values of the long-term incentive awards reported in this table were computed using the closing price of the Company’s common stock on December 31, 2024 (the last trading day of the year) of  $25.54 and the values of performance-based long-term incentive awards assume the maximum level of achievement of performance goals. However, the value actually realized would depend upon the value of the Company’s common stock at the time such awards became vested and, if applicable, the level at which the applicable performance goals were achieved.
​
(4)
Amount in this row represent earned compensation voluntarily deferred by Mr. Young under the terms of the deferred compensation plan. For more information, see “Nonqualified Deferred Compensation” above. For termination of employment due to retirement, payment of the deferred compensation is based upon Mr. Young’s election at the time of deferral. For all other terminations of employment, payment of the deferred compensation is in a lump sum six months from the date of termination.
​
2025 Proxy Statement | 47
Stephen P. Bell, Executive Vice President—Business Development
​ Executive Benefit and
Payments
Upon Separation 		​ ​ ​
Voluntary
Resignation
 ​ ​ ​
Retirement
 ​ ​ ​
Involuntary Not For Cause
Termination
or “Good Reason”
Resignation(1)
 ​ ​ ​
For Cause
Termination
 ​ ​ ​
Change In
Control(2)
 ​ ​ ​
Disability
 ​ ​ ​
Death
 ​
​
Compensation
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Multiple of Salary
(1.5x or 2x)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 890,250 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,187,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Multiple of Bonus
(1.5x or 2x)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,320,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,760,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Bonus Payment
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 880,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 880,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Long-Term Incentive Compensation(3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Restricted Stock Vesting
​ ​ ​ ​ $ 1,276,489 ​ ​ ​ ​ ​ $ 5,138,827 ​ ​ ​ ​ ​ $ 1,946,531 ​ ​ ​ ​ ​ $ 1,276,489 ​ ​ ​ ​ ​ $ 5,176,013 ​ ​ ​ ​ ​ $ 5,176,013 ​ ​ ​ ​ ​ $ 5,176,013 ​ ​
​
Performance Share Vesting
​ ​ ​ ​ $ 3,829,468 ​ ​ ​ ​ ​ $ 11,554,143 ​ ​ ​ ​ ​ $ 5,169,551 ​ ​ ​ ​ ​ $ 3,829,468 ​ ​ ​ ​ ​ $ 11,665,701 ​ ​ ​ ​ ​ $ 11,665,701 ​ ​ ​ ​ ​ $ 11,665,701 ​ ​
​
Benefits & Perquisites
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Payout of Deferred Compensation(4)
​ ​ ​ ​ $ 259,147 ​ ​ ​ ​ ​ $ 259,147 ​ ​ ​ ​ ​ $ 259,147 ​ ​ ​ ​ ​ $ 259,147 ​ ​ ​ ​ ​ $ 259,147 ​ ​ ​ ​ ​ $ 259,147 ​ ​ ​ ​ ​ $ 259,147 ​ ​
​
Health, Life, and Welfare
Benefits Continuation
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 74,416 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 99,221 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Earned Vacation
​ ​ ​ ​ $ 59,728 ​ ​ ​ ​ ​ $ 59,728 ​ ​ ​ ​ ​ $ 59,728 ​ ​ ​ ​ ​ $ 59,728 ​ ​ ​ ​ ​ $ 59,728 ​ ​ ​ ​ ​ $ 59,728 ​ ​ ​ ​ ​ $ 59,728 ​ ​
​
Total
 ​ ​ ​ ​ $ 5,424,832 ​ ​ ​ ​ ​ $ 17,011,845 ​ ​ ​ ​ ​ $ 10,599,623 ​ ​ ​ ​ ​ $ 5,424,832 ​ ​ ​ ​ ​ $ 21,086,811 ​ ​ ​ ​ ​ $ 17,160,590 ​ ​ ​ ​ ​ $ 17,160,590 ​ ​
​
(1)
Pursuant to Mr. Bell’s legacy Cimarex severance compensation agreement, if Mr. Bell is terminated without cause or for good reason not in connection with a change in control, Mr. Bell is entitled to (a) monthly installment payments over 18 months that, in the aggregate, equal one-and-a-half times the sum of  (i) annual base salary received during the 24 months prior to the date of termination, divided by two and (ii) the amount of cash incentive awards received by Mr. Bell during the 24 months prior to the date of termination, divided by two; (b) a lump sum cash payment equal to the product of  (i) the average annual bonus paid to Mr. Bell for the two fiscal years prior to termination and (ii) a fraction, the numerator of which is the number of days in the calendar year through the date of termination and the denominator of which is 365; and (c) 18 months of continued medical, dental, vision disability and life insurance benefits.
​
(2)
Pursuant to Mr. Bell’s legacy Cimarex severance compensation agreement, if Mr. Bell is terminated without cause or for good reason within 24 months following a change in control, Mr. Bell is entitled to (a) monthly installment payments over 24 months that, in the aggregate, equal two times the sum of (i) annual base salary received during the 24 months prior to the date of termination, divided by two and (ii) the amount of cash incentive awards received by Mr. Bell during the 24 months prior to the date of termination, divided by two; (b) a lump sum cash payment equal to the product of  (i) the average annual bonus paid to Mr. Bell for the two fiscal years prior to termination and (ii) a fraction, the numerator of which is the number of days in the calendar year through the date of termination and the denominator of which is 365; and (c) 24 months of continued medical, dental, vision disability and life insurance benefits.
​
(3)
For the equity awards granted to Mr. Bell in February 2022, 2023 and 2024, receipt of the full payout will occur at the original vesting date set forth in the award agreement only if Mr. Bell remains continuously employed through such date, except that (a) with respect to the time-based award granted to Mr. Bell in February 2022, in the event of Mr. Bell’s termination, the award will vest pro-rata based on the number of days that elapsed between February 28, 2022 and the date of his termination, over the full vesting period, (b) with respect to the performance-based awards granted to Mr. Bell in February 2022, in the event of Mr. Bell’s termination, a pro-rata portion (based on the number of days that elapsed between February 2022 and the date of his termination over the performance period) will remain outstanding and eligible to vest, (c) all awards will fully vest upon a change in control of the Company or a termination of Mr. Bell’s employment due to his death or disability and (d) if Mr. Bell is terminated without cause or for good reason prior to a change in control, a pro-rata portion of the time-vested equity awards granted to Mr. Bell in February 2024 will vest and a pro-rata portion of the performance-vested equity awards granted to Mr. Bell in February 2024 will remain outstanding and eligible to vest. Additionally, assuming that (x) Mr. Bell had given timely notice of his intent to retire from the Company on December 31, 2024 and (y) such notice was acknowledged and accepted in writing by the Chief Executive Officer or the Chair of the Compensation Committee or his respective designee, 100 percent of the equity awards granted to Mr. Bell in February 2023 and 2024 would have remained outstanding until the regularly scheduled vesting date in accordance with the Company’s retirement policy. The values of the long-term incentive awards reported in this table were computed using the closing price of the Company’s common stock on December 31, 2024 (the last trading day of the year) of  $25.54 and the values of performance-based long-term incentive awards assume the maximum level of achievement of performance goals. However, the value actually realized would depend upon the value of the Company’s common stock at the time such awards became vested and, if applicable, the level at which the applicable performance goals were achieved.
​
(4)
Amounts in this row represent earned compensation voluntarily deferred by Mr. Bell under the terms of the deferred compensation plan. For more information, see “Nonqualified Deferred Compensation” above. For termination of employment due to retirement, payment of the deferred compensation is based upon Mr. Bell’s election at the time of deferral. For all other terminations of employment, payment of the deferred compensation is in a lump sum six months from the date of termination.
​
48 | Coterra Energy
Andrea M. Alexander, Senior Vice President and Chief Human Resources Officer
​ Executive Benefit and
Payments Upon Separation 		​ ​ ​
Voluntary
Resignation
 ​ ​ ​
Retirement
 ​ ​ ​
Involuntary Not For
Cause Termination
or “Good Reason”
Resignation(1)
 ​ ​ ​
For Cause
Termination
 ​ ​ ​
Change In
Control(2)
 ​ ​ ​
Disability
 ​ ​ ​
Death
 ​
​
Compensation
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Multiple of Salary (1.5x or 2x)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 660,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 880,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Multiple of Bonus (1.5x or 2x)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,080,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,440,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Bonus Payment
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 440,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 440,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Long-Term Incentive Compensation(3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Restricted Stock Vesting
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 297,796 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 2,743,277 ​ ​ ​ ​ ​ $ 2,743,277 ​ ​ ​ ​ ​ $ 2,743,277 ​ ​
​
Performance Share Vesting
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 595,593 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,952,635 ​ ​ ​ ​ ​ $ 1,952,635 ​ ​ ​ ​ ​ $ 1,952,635 ​ ​
​
Benefits & Perquisites
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Payout of Deferred Compensation(4)
​ ​ ​ ​ $ 77,234 ​ ​ ​ ​ ​ $ 77,234 ​ ​ ​ ​ ​ $ 77,234 ​ ​ ​ ​ ​ $ 77,234 ​ ​ ​ ​ ​ $ 77,234 ​ ​ ​ ​ ​ $ 77,234 ​ ​ ​ ​ ​ $ 77,234 ​ ​
​
Health, Life, and Welfare Benefits Continuation
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 37,302 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 49,736 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Earned Vacation
​ ​ ​ ​ $ 39,991 ​ ​ ​ ​ ​ $ 39,991 ​ ​ ​ ​ ​ $ 39,991 ​ ​ ​ ​ ​ $ 39,991 ​ ​ ​ ​ ​ $ 39,991 ​ ​ ​ ​ ​ $ 39,991 ​ ​ ​ ​ ​ $ 39,991 ​ ​
​
Total
 ​ ​ ​ ​
$
117,225
 ​ ​ ​ ​ ​
$
117,225
 ​ ​ ​ ​ ​
$
3,227,916
 ​ ​ ​ ​ ​
$
117,225
 ​ ​ ​ ​ ​
$
7,622,873
 ​ ​ ​ ​ ​
$
4,813,137
 ​ ​ ​ ​ ​
$
4,813,137
 ​ ​
​
(1)
Pursuant to Ms. Alexander’s Coterra severance compensation agreement, if Ms. Alexander is terminated without cause or for good reason not in connection with a change in control, Ms. Alexander is entitled to (a) monthly installment payments for 18 months that, in the aggregate, equal one-and-a-half times the sum of  (i) her highest annualized base salary in effect during the 24 months prior to her termination and (ii) the higher of  (1) the average of her cash incentive awards received during the 24 months prior to her termination or (2) her highest target annual incentive compensation in effect during the 24 months prior to her termination; (b) a pro-rated target bonus for the calendar year of termination; and (c) 18 months of continued medical, dental, vision disability and life insurance benefits.
​
(2)
Pursuant to Ms. Alexander’s Coterra severance compensation agreement, if Ms. Alexander is terminated without cause or for good reason within 18 months following a change in control, Ms. Alexander is entitled to (a) monthly installment payments over 24 months that, in the aggregate, equal two times the sum of  (i) her highest annualized base salary in effect during the 24 months prior to her termination and (ii) the higher of  (1) the average of her cash incentive awards received during the 24 months prior to her termination or (2) her highest target annual incentive compensation in effect during the 24 months prior to her termination; (b) a pro-rated target bonus for the calendar year of termination; and (c) 24 months of continued medical, dental, vision disability and life insurance benefits.
​
(3)
For the equity awards granted to Ms. Alexander in July 2023 and February 2024, receipt of the full payout will occur at the original vesting date set forth in the award agreement only if Ms. Alexander remains continuously employed through such date, except that all awards will fully vest upon a change in control of the Company or a termination of Ms. Alexander’s employment due to her death or disability. If Ms. Alexander is terminated without cause or for good reason prior to a change in control, a pro-rata portion of the time-vested equity awards granted to Ms. Alexander in February 2024 will vest and a pro-rata portion of the performance-vested equity awards granted to Ms. Alexander in February 2024 will remain outstanding and eligible to vest. The values of the long-term incentive awards reported in this table were computed using the closing price of the Company’s common stock on December 31, 2024 (the last trading day of the year) of  $25.54 and the values of performance-based long-term incentive awards assume the maximum level of achievement of performance goals. However, the value actually realized would depend upon the value of the Company’s common stock at the time such awards became vested and, if applicable, the level at which the applicable performance goals were achieved.
​
(4)
Amounts in this row represent earned compensation voluntarily deferred by Ms. Alexander under the terms of the deferred compensation plan. For more information, see “Nonqualified Deferred Compensation” above. For termination of employment due to retirement, payment of the deferred compensation is based upon Ms. Alexander’s election at the time of deferral. For all other terminations of employment, payment of the deferred compensation is in a lump sum six months from the date of termination.
​
2025 Proxy Statement | 49
Michael D. DeShazer, Senior Vice President—Business Units
​ Executive Benefit and
Payments Upon
Separation 		​ ​ ​
Voluntary
Resignation
 ​ ​ ​
Retirement
 ​ ​ ​
Involuntary Not For
Cause Termination
or “Good Reason”
Resignation(1)
 ​ ​ ​
For Cause
Termination
 ​ ​ ​
Change In
Control(2)
 ​ ​ ​
Disability
 ​ ​ ​
Death
 ​
​
Compensation
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Multiple of Salary
(1.5x or 2x)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 705,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 940,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Multiple of Bonus
(1.5x or 2x)
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,410,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,880,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Bonus Payment
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 470,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 470,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ Long-Term Incentive Compensation(3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Restricted Stock Vesting
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 663,734 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,940,734 ​ ​ ​ ​ ​ $ 1,940,734 ​ ​ ​ ​ ​ $ 1,940,734 ​ ​
​
Performance Share Vesting
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 476,474 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,319,376 ​ ​ ​ ​ ​ $ 4,319,376 ​ ​ ​ ​ ​ $ 4,319,376 ​ ​
​
Benefits & Perquisites
 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Payout of Deferred Compensation(4)
​ ​ ​ ​ $ 372,273 ​ ​ ​ ​ ​ $ 372,273 ​ ​ ​ ​ ​ $ 372,273 ​ ​ ​ ​ ​ $ 372,273 ​ ​ ​ ​ ​ $ 372,273 ​ ​ ​ ​ ​ $ 372,273 ​ ​ ​ ​ ​ $ 372,273 ​ ​
​
Health, Life, and Welfare Benefits Continuation
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 59,189 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 78,919 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Earned Vacation
​ ​ ​ ​ $ 30,428 ​ ​ ​ ​ ​ $ 30,428 ​ ​ ​ ​ ​ $ 30,428 ​ ​ ​ ​ ​ $ 30,428 ​ ​ ​ ​ ​ $ 30,428 ​ ​ ​ ​ ​ $ 30,428 ​ ​ ​ ​ ​ $ 30,428 ​ ​
​
Total
 ​ ​ ​ ​ $ 402,701 ​ ​ ​ ​ ​ $ 402,701 ​ ​ ​ ​ ​ $ 4,187,098 ​ ​ ​ ​ ​ $ 402,701 ​ ​ ​ ​ ​ $ 10,031,729 ​ ​ ​ ​ ​ $ 6,662,810 ​ ​ ​ ​ ​ $ 6,662,810 ​ ​
​
(1)
Pursuant to Mr. DeShazer’s Coterra severance compensation agreement, if Mr. DeShazer is terminated without cause or for good reason not in connection with a change in control, Mr. DeShazer is entitled to (a) monthly installment payments for 18 months that, in the aggregate, equal one-and-a-half times the sum of  (i) his highest annualized base salary in effect during the 24 months prior to his termination and (ii) the higher of  (1) the average of his cash incentive awards received during the 24 months prior to his termination or (2) his highest target annual incentive compensation in effect during the 24 months prior to his termination; (b) a pro-rated target bonus for the calendar year of termination; and (c) 18 months of continued medical, dental, vision disability and life insurance benefits.
​
(2)
Pursuant to Mr. DeShazer’s Coterra severance compensation agreement, if Mr. DeShazer is terminated without cause or for good reason within 18 months following a change in control, Mr. DeShazer is entitled to (a) monthly installment payments over 24 months that, in the aggregate, equal two times the sum of  (i) his highest annualized base salary in effect during the 24 months prior to his termination and (ii) the higher of  (1) the average of his cash incentive awards received during the 24 months prior to his termination or (2) his highest target annual incentive compensation in effect during the 24 months prior to his termination; (b) a pro-rated target bonus for the calendar year of termination; and (c) 24 months of continued medical, dental, vision disability and life insurance benefits.
​
(3)
For the equity awards granted to Mr. DeShazer in February 2023 and 2024 receipt of the full payout will occur at the original vesting date set forth in the award agreement only if Mr. DeShazer remains continuously employed through such date, except that all awards will fully vest upon a change in control of the Company or a termination of Mr. DeShazer’s employment due to his death or disability. If Mr. DeShazer is terminated without cause or for good reason prior to a change in control, a pro-rata portion of the time-vested equity awards granted to Mr. DeShazer in February 2022 and February 2024 will vest and a pro-rata portion of the performance-vested equity awards granted to Mr. DeShazer in February 2024 will remain outstanding and eligible to vest. The values of the long-term incentive awards reported in this table were computed using the closing price of the Company’s common stock on December 31, 2024 (the last trading day of the year) of  $25.54 and the values of performance-based long-term incentive awards assume the maximum level of achievement of performance goals. However, the value actually realized would depend upon the value of the Company’s common stock at the time such awards became vested and, if applicable, the level at which the applicable performance goals were achieved.
​
(4)
Amounts in this row represent earned compensation voluntarily deferred by Mr. DeShazer under the terms of the deferred compensation plan. For more information, see “Nonqualified Deferred Compensation” above. For termination of employment due to retirement, payment of the deferred compensation is based upon Mr. DeShazer’s election at the time of deferral. For all other terminations of employment, payment of the deferred compensation is in a lump sum six months from the date of termination.
​
50 | Coterra Energy
PAY RATIO DISCLOSURE
The following table sets forth comparative information regarding:
•
the annual total compensation of our Chief Executive Officer, Mr. Jorden, for the year ended December 31, 2024, determined using the methodology described below;
​
•
the annual total compensation of our median employee for the year ended December 31, 2024, determined on the basis described below; and
​
•
a ratio comparison of those two amounts, each as determined in accordance with rules prescribed by the SEC.
​
​
CEO Pay Ratio
​ ​ ​ ​ ​ ​ ​ ​
​
CEO annual total compensation (A)
​ ​ ​ ​ $ 14,748,960(1) ​ ​
​
Median employee annual total compensation (B)
​ ​ ​ ​ $ 169,804 ​ ​
​
Ratio of  (A) to (B)
​ ​ ​ ​ ​ 87:1 ​ ​
​
(1)
Determined based on the total compensation paid to Mr. Jorden as reported in the Summary Compensation Table.
​
Median Employee
As permitted by SEC rules, we are using the same median employee identified in the “Pay Ratio Disclosure” section of our proxy statement for the 2024 annual meeting of stockholders. We believe that there has been no change in our employee population or employee compensation arrangements that we reasonably believe would significantly impact our pay ratio disclosure. For purposes of identifying our median employee, as permitted by the SEC rules, we examined our employee population, excluding our Chief Executive Officer, as of December 31, 2022, as described in the “Pay Ratio Disclosure” section of our proxy statement for the 2024 annual meeting of stockholders. In making that determination, and in using the same median employee for this proxy statement we:
•
identified the median employee on December 31, 2022;
​
•
used total base salary earnings as determined from Coterra’s payroll records for the period from January 1, 2022 through December 31, 2022 as our consistently applied compensation measure;
​
•
did not include bonus-based incentive amounts, because those amounts are not distributed to all of our employees and have an impact on the determination of the median employee;
​
•
did not include equity-based incentive compensation awards because those awards are not widely distributed to our employees and have an impact on the determination of the median employee;
​
•
included all employees of Coterra and its consolidated subsidiaries as of December 31, 2022 employed on a full-time basis;
​
•
did not make any assumptions, adjustments, or estimates with respect to total base salary earnings;
​
•
did not annualize the compensation for any full-time employees that were not employed by us for all of 2022; and
​
•
did not use statistical sampling or include any cost of living adjustments.
​
After identifying the median employee based on the process described above we calculated annual total compensation for that employee using the same methodology we used for determining total compensation for 2024 for our named executive officers as set forth in the Summary Compensation Table.
We believe that the CEO pay ratio above is a reasonable estimate calculated in a manner consistent with rules prescribed by the SEC.
2025 Proxy Statement | 51
 
Pay Versus Performance Disclosure
The table below sets forth comparative information of the relationship between the “compensation actually paid” to our Chief Executive Officer and other named executive officers (computed in the manner required by SEC rules as described below), and certain financial performance measures over the last five fiscal years.
​ ​ ​ ​ ​
Summary Compensation
Table Total for CEO(1)
​ ​ ​
Compensation
Actually Paid to
CEO(2)
​ ​ ​
Average
Summary
Compensation
Table Total
for Non-CEO
NEOs(3)
 ​ ​ ​
Average
Compensation
Actually Paid to
Non-CEO NEOs(3)(4)
 ​ ​ ​
Value of Initial Fixed $100
Investment Based on:
​ ​ ​
Net Income
(in millions)
 ​
​
Year
​ ​ ​
Post-
Merger CEO
 ​ ​ ​
Pre-
Merger CEO
 ​ ​ ​
Post-
Merger CEO
 ​ ​ ​
Pre-
Merger CEO
 ​ ​ ​
Total
Stockholder
Return
 ​ ​ ​
Peer
Group Total
Stockholder
Return(5)
 ​ ​
​ 2024 ​ ​ ​ ​ $ 14,748,960 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 11,685,791 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 4,786,783 ​ ​ ​ ​ ​ $ 4,483,302 ​ ​ ​ ​ ​ $ 187.80 ​ ​ ​ ​ ​ $ 185.30 ​ ​ ​ ​ ​ $ 1,121 ​ ​
​ 2023 ​ ​ ​ ​ $ 14,547,853 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 20,356,332 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 4,721,849 ​ ​ ​ ​ ​ $ 4,203,696 ​ ​ ​ ​ ​ $ 181.70 ​ ​ ​ ​ ​ $ 188.13 ​ ​ ​ ​ ​ $ 1,625 ​ ​
​ 2022 ​ ​ ​ ​ $ 15,303,397 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 32,092,019 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 10,068,380 ​ ​ ​ ​ ​ $ 10,308,634 ​ ​ ​ ​ ​ $ 166.86 ​ ​ ​ ​ ​ $ 194.48 ​ ​ ​ ​ ​ $ 4,065 ​ ​
​ 2021 ​ ​ ​ ​ $ 11,061,939 ​ ​ ​ ​ ​ $ 14,554,728 ​ ​ ​ ​ ​ $ 6,097,986 ​ ​ ​ ​ ​ $ 14,225,161 ​ ​ ​ ​ ​ $ 6,826,596 ​ ​ ​ ​ ​ $ 6,780,037 ​ ​ ​ ​ ​ $ 118.13 ​ ​ ​ ​ ​ $ 119.07 ​ ​ ​ ​ ​ $ 1,158 ​ ​
​ 2020 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 14,194,706 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 17,805,568 ​ ​ ​ ​ ​ $ 3,503,938 ​ ​ ​ ​ ​ $ 4,256,657 ​ ​ ​ ​ ​ $ 95.66 ​ ​ ​ ​ ​ $ 62.86 ​ ​ ​ ​ ​ $ 201 ​ ​
​
(1)
Reflects the summary compensation table total compensation of  (a) our current Chief Executive Officer, Thomas E. Jorden, from his appointment on October 1, 2021 to present (in the Post-Merger CEO column) and (b) Cabot’s Chief Executive Officer, Dan O. Dinges, for prior periods (in the Pre-Merger CEO column).
​
(2)
The dollar amounts reported in this column represent the amount of  “compensation actually paid” to Mr. Jorden (in the Post-Merger CEO column) and Mr. Dinges (in the Pre-Merger CEO column), respectively, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Jorden or Mr. Dinges, respectively, during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Jorden’s and Mr. Dinges’s respective total compensation for each year to determine the compensation actually paid:
​
​
Adjustment to Determine
Compensation Actually Paid for CEO
​ ​ ​
2024
 ​ ​ ​
2023
 ​ ​ ​
2022
 ​ ​ ​
2021
​ ​ ​
2020
 ​
​
Post-Merger CEO
 ​ ​ ​
Pre-Merger CEO
 ​ ​
​ Total reported in Summary Compensation
Table (SCT) 		​ ​ ​ ​ $ 14,748,960 ​ ​ ​ ​ ​ $ 14,547,853 ​ ​ ​ ​ ​ $ 15,303,397 ​ ​ ​ ​ ​ $ 11,061,939 ​ ​ ​ ​ ​ $ 14,554,728 ​ ​ ​ ​ ​ $ 14,194,706 ​ ​
​ Minus: Value of Stock & Option Awards Reported in SCT ​ ​ ​ ​ $ (10,628,850) ​ ​ ​ ​ ​ $ (11,071,724) ​ ​ ​ ​ ​ $ (12,554,661) ​ ​ ​ ​ ​ $ (10,000,000) ​ ​ ​ ​ ​ $ (10,649,843) ​ ​ ​ ​ ​ $ (11,267,676) ​ ​
​ Plus: Year-End Value of Awards Granted in Fiscal Year that are Unvested and Outstanding ​ ​ ​ ​ $ 10,101,326 ​ ​ ​ ​ ​ $ 12,289,113 ​ ​ ​ ​ ​ $ 10,257,188 ​ ​ ​ ​ ​ $ 9,286,421 ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ 12,760,574 ​ ​
​ Plus/Minus: Change in FMV of Prior Year
Awards that are Outstanding and
Unvested 		​ ​ ​ ​ $ (3,532,714) ​ ​ ​ ​ ​ $ 1,703,070 ​ ​ ​ ​ ​ $ 7,430,809 ​ ​ ​ ​ ​ $ (5,392,173) ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ 1,161,681 ​ ​
​ Plus: FMV of Awards Granted this Year and that Vested this Year ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ 10,901,242 ​ ​ ​ ​ ​ $ — ​ ​
​ Plus/Minus: Change in FMV (from Prior Year-End) of Prior Year Awards that Vested this Year ​ ​ ​ ​ $ 586,511 ​ ​ ​ ​ ​ $ 1,327,149 ​ ​ ​ ​ ​ $ 6,860,435 ​ ​ ​ ​ ​ $ (846,226) ​ ​ ​ ​ ​ $ (580,966) ​ ​ ​ ​ ​ $ 956,283 ​ ​
​ Plus: Value of Dividends Paid on Stock Awards not Otherwise Reflected in Fair Value or Total Compensation ​ ​ ​ ​ $ 410,558 ​ ​ ​ ​ ​ $ 1,560,870 ​ ​ ​ ​ ​ $ 4,794,851 ​ ​ ​ ​ ​ $ 1,988,025 ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​
​ Minus: Prior Year FMV of Prior Year Awards that Failed to Vest this Year ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​
​
Total Adjustments
​ ​ ​ ​ $ (3,063,169) ​ ​ ​ ​ ​ $ 5,808,479 ​ ​ ​ ​ ​ $ 16,788,622 ​ ​ ​ ​ ​ $ (4,963,953) ​ ​ ​ ​ ​ $ (329,567) ​ ​ ​ ​ ​ $ 3,610,862 ​ ​
​
“Compensation Actually Paid”
​ ​ ​ ​ $ 11,685,791 ​ ​ ​ ​ ​ $ 20,356,332 ​ ​ ​ ​ ​ $ 32,092,019 ​ ​ ​ ​ ​ $ 6,097,986 ​ ​ ​ ​ ​ $ 14,225,161 ​ ​ ​ ​ ​ $ 17,805,568 ​ ​
52 | Coterra Energy
(3)
The non-CEO named executive officers included in this column are:
​
​
Year
​ ​ ​
Non-CEO NEOs
​
​ 2024 ​ ​ ​ Shannon E. Young III, Stephen P. Bell, Andrea M. Alexander, Michael D. DeShazer ​
​ 2023 ​ ​ ​ Shannon E. Young III, Stephen P. Bell, Blake A. Sirgo, Kevin W. Smith, Scott C. Schroeder, and Christopher H. Clason ​
​ 2022 ​ ​ ​ Scott C. Schroeder, Dan O. Dinges, Stephen P. Bell, and Christopher H. Clason ​
​ 2021 ​ ​ ​ Scott C. Schroeder, Stephen P. Bell, Steven W. Lindeman, Phillip L. Stalnaker and Jeffrey W. Hutton ​
​ 2020 ​ ​ ​ Scott C. Schroeder, Steven W. Lindeman, Phillip L. Stalnaker and Jeffrey W. Hutton ​
​
(4)
The dollar amounts reported in this column represent the amount of  “compensation actually paid” to the Company’s named executive officers as a group (excluding Mr. Jorden and Mr. Dinges, where applicable) as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to such named executive officers as a group during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to the average total compensation for named executive officers as a group (excluding Mr. Jorden and Mr. Dinges, where applicable):
​
​
Adjustment to Determine Compensation Actually Paid for NEOs
​ ​ ​
2024
 ​ ​ ​
2023
 ​ ​ ​
2022
 ​ ​ ​
2021
 ​ ​ ​
2020
 ​
​
Total reported in Summary Compensation Table (SCT)
​ ​ ​ ​ $ 4,786,783 ​ ​ ​ ​ ​ $ 4,721,849 ​ ​ ​ ​ ​ $ 10,068,380 ​ ​ ​ ​ ​ $ 6,826,596 ​ ​ ​ ​ ​ $ 3,503,938 ​ ​
​
Minus: Value of Stock & Option Awards Reported in SCT
​ ​ ​ ​ $ (3,148,833) ​ ​ ​ ​ ​ $ (3,609,845) ​ ​ ​ ​ ​ $ (3,935,574) ​ ​ ​ ​ ​ $ (2,759,065) ​ ​ ​ ​ ​ $ (2,413,381) ​ ​
​ Plus: Year-End Value of Awards Granted in Fiscal Year that are Unvested and Outstanding ​ ​ ​ ​ $ 2,992,552 ​ ​ ​ ​ ​ $ 2,757,427 ​ ​ ​ ​ ​ $ 3,630,038 ​ ​ ​ ​ ​ $ 847,510 ​ ​ ​ ​ ​ $ 2,728,760 ​ ​
​ Plus/Minus: Change in FMV of Prior Year Awards that are Outstanding and Unvested ​ ​ ​ ​ $ (257,709) ​ ​ ​ ​ ​ $ 233,773 ​ ​ ​ ​ ​ $ 340,299 ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ 240,708 ​ ​
​
Plus: FMV of Awards Granted this Year and that Vested this Year
​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ 1,913,978 ​ ​ ​ ​ ​ $ — ​ ​
​ Plus/Minus: Change in FMV (from Prior Year-End) of Prior Year Awards that Vested this Year ​ ​ ​ ​ $ 58,651 ​ ​ ​ ​ ​ $ 32,382 ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ (72,443) ​ ​ ​ ​ ​ $ 196,632 ​ ​
​ Plus: Value of Dividends Paid on Stock Awards not Otherwise Reflected in
Fair Value or Total Compensation 		​ ​ ​ ​ $ 51,858 ​ ​ ​ ​ ​ $ 68,111 ​ ​ ​ ​ ​ $ 205,491 ​ ​ ​ ​ ​ $ 23,461 ​ ​ ​ ​ ​ $ — ​ ​
​
Minus: Prior Year FMV of Prior Year Awards that Failed to Vest this Year
​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​
​
Total Adjustments
​ ​ ​ ​ $ (303,481) ​ ​ ​ ​ ​ $ (518,153) ​ ​ ​ ​ ​ $ 240,254 ​ ​ ​ ​ ​ $ (46,559) ​ ​ ​ ​ ​ $ 752,719 ​ ​
​
“Compensation Actually Paid”
​ ​ ​ ​ $ 4,483,302 ​ ​ ​ ​ ​ $ 4,203,696 ​ ​ ​ ​ ​ $ 10,308,634 ​ ​ ​ ​ ​ $ 6,780,037 ​ ​ ​ ​ ​ $ 4,256,657 ​ ​
​
(5)
For 2024, the amounts reported in this column represent the value of an initial $100 investment in the Company’s 2024 compensation peer group, and for all prior years, in the Company’s 2023 compensation peer group. See the “Company TSR vs Peer TSR & Alignment of CAP with Company TSR” graph and related footnotes under “Relationship Between Compensation Actually Paid and Performance Measures” below for more information.
​
Relationship Between Compensation Actually Paid and Performance Measures
As described in more detail in the Compensation Discussion and Analysis section, the Company’s Annual Cash Incentive Bonus Program is based on the achievement of performance measures intended to align executive compensation with Company performance; however, none of these performance measures would be considered a “financial performance measure” as defined in Item 402(v) of Regulation S-K. Additionally, while 50% of the Company’s Long-Term Incentive Program is based on relative TSR, performance is measured over a three-year period and, pursuant to SEC guidance, the Company-Selected Measure cannot be measured over a multi-year period. As a result, we do not have a Company-Selected Measure to reflect in the table above or graphs below.
As noted above, “compensation actually paid” for purposes of the tabular disclosure and the following graphs was calculated in accordance with SEC rules and does not fully represent the actual final amount of compensation earned by or actually paid to our named executive officers during the applicable years.
2025 Proxy Statement | 53
This graph illustrates the relationship between the “compensation actually paid” for purposes of the tabular disclosure, the Company’s total stockholder return, and the total stockholder return of the 2024 compensation peer group by year.
Company TSR vs Peer TSR & Alignment of CAP with
Company TSR
[MISSING IMAGE: lc_capneoceo-pn.jpg]
(1)
The 2024 compensation peer group was composed of the following companies: Antero Resources Corporation, APA Corporation, Expand Energy Corporation, Devon Energy Corporation, Diamondback Energy, Inc., EOG Resources, Inc., EQT Corporation, Hess Corporation, Occidental Petroleum Corporation, and Ovintiv Inc.. As of March 6, 2025, Continental Resources, Inc., Marathon Oil Corporation and Pioneer Natural Resources Company were no longer publicly traded and were therefore excluded from the data shown. After the removal of companies that are no longer publicly traded, the 2022 compensation peer group, 2023 compensation peer group and 2024 compensation peer group are made up of the same companies.
​
This graph illustrates the relationship between the “compensation actually paid” for purposes of the tabular disclosure and Net Income by year.
Alignment of CAP with Net Income $ millions
[MISSING IMAGE: lc_capvsnetincome-pn.jpg]
Performance Measures
The table below sets forth our most important performance measures used to link “compensation actually paid” for our named executive officers to company performance, over the fiscal year ending December 31, 2024. Please see “Compensation Discussion and Analysis—​2024 Performance-Based Compensation—Our Incentive Compensation Programs Align Corporate Strategy Through Thoughtful Performance Metric Selection” and “—Our Incentive Program Payouts are Aligned with Performance Outcomes” for further information regarding these performance measures and their function in our executive compensation program. The performance measures included in this table are not ranked by relative importance.
54 | Coterra Energy
​
2024 Most Important Performance Measures (unranked)
​ ​ ​ ​ ​
​
PVI-10
​ ​ ​
      ​
 ​
​
Relative TSR
​ ​ ​
​
 ​
​
Annual Production
​ ​ ​ ​ ​
2025 Proxy Statement | 55
Equity Compensation Plan Information
The following table provides information regarding the number of shares of common stock that may be issued under the Company’s equity compensation plans as of December 31, 2024:
​
Plan Category
​ ​ ​
(a)
​ ​ ​
(b)
​ ​ ​
(c)
​
​
Number of Securities
to be Issued
Upon Exercise
of Outstanding Options,
Warrants and Rights(1)
 ​ ​ ​
Weighted-Average
Exercise Price of
Outstanding Options,
Warrants and Rights(2)
 ​ ​ ​
Number of Securities
Remaining Available
for Future Issuance
Under Equity
Compensation
Plans (Excluding
Securities Reflected
in Column (a))(3)
 ​
​
Equity compensation plans approved by security holders
​ ​ ​ ​ ​ 8,888,407 ​ ​ ​ ​ ​ $ 12.59 ​ ​ ​ ​ ​ ​ 22,803,834 ​ ​
​
Equity compensation plans not approved by security holders
​ ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ ​ n/a ​ ​ ​ ​ ​ ​ n/a ​ ​
​
Total
​ ​ ​ ​ ​ 8,888,407 ​ ​ ​ ​ ​ $ 12.59 ​ ​ ​ ​ ​ ​ 22,803,834 ​ ​
​
(1)
This amount includes 6,165,974 shares covered by restricted stock units that have not vested, 245,898 director restricted stock units that have vested but have not yet settled into shares of common stock, 80,461 director restricted stock units as to which restrictions lapse upon the earlier of April 30, 2025 or the date the holder ceases to be a director of the Company, 193,580 shares subject to non-qualified stock options, and 2,202,494 shares representing the maximum number of shares subject to PSUs assuming the maximum payout is achieved.
​
(2)
This is the weighted average exercise price of 193,580 non-qualified stock options outstanding under the legacy Cimarex incentive plans. As of December 31, 2024, such stock options had a weighted average life of 1.8 years.
​
(3)
Includes 18,404,094 shares that are available under the 2023 Plan, 2,619,190 shares that are currently outstanding under the Prior Cabot Plan, and1,780,550 shares that are currently outstanding under the legacy Cimarex incentive plans.
​
56 | Coterra Energy
 
AUDIT MATTERS
PROPOSAL 3
Appointment of Independent Registered Public Accounting Firm
The Audit Committee has approved and recommended the appointment of PricewaterhouseCoopers LLP (“PricewaterhouseCoopers”) as the independent registered public accounting firm to examine the Company’s financial statements for 2025. The persons named in the accompanying proxy will vote in accordance with the choice specified thereon, or, if no choice is properly indicated, in favor of the ratification of PricewaterhouseCoopers as the independent registered public accounting firm for the Company. Representatives of PricewaterhouseCoopers are expected to be in attendance at the annual meeting, will have an opportunity to make a statement if they desire to do so, and will be available to respond to appropriate stockholder questions.
See “Audit Committee Report” below for further information.
Required Vote
The ratification of the appointment of PricewaterhouseCoopers as our independent registered public accounting firm for 2025 will be approved if holders of a majority of the voting power of the common stock present in person or represented by proxy at the annual meeting and entitled to vote on the proposal vote in favor of the proposal. Abstentions will have the same effect as votes against the proposal. No broker non-votes are expected with respect to Proposal 3.
​
[MISSING IMAGE: ic_requiredvotetick-ko.gif]
​ ​
The Board of Directors unanimously recommends that you vote FOR ratification of the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the company for its 2025 fiscal year.
 ​
Fees Billed by Independent Registered Public Accounting Firm for Services in 2024 and 2023
​
Fee Type*
​ ​ ​
2024
 ​ ​ ​
2023
 ​
​
Audit Fees(1)
​ ​ ​ ​ $ 2,448,000 ​ ​ ​ ​ ​ $ 2,400,000 ​ ​
​
Audit Related Fees(2)
​ ​ ​ ​ $ 360,000 ​ ​ ​ ​ ​ $ 100,000 ​ ​
​
Tax Fees(3)
​ ​ ​ ​ $ 1,092,846 ​ ​ ​ ​ ​ $ 2,232,326 ​ ​
​
All Other Fees(4)
​ ​ ​ ​ $ 2,132 ​ ​ ​ ​ ​ $ 1,000 ​ ​
​
*
All of the fees paid to PricewaterhouseCoopers for services rendered during 2024 and 2023 under the categories of Audit Fees, Audit Related Fees, Tax Fees, and All Other Fees, as applicable, were pre-approved by the Audit Committee. No pre-approved requirements were waived under the de minimis exception.
​
(1)
Consists of fees associated with the audits of our consolidated financial statements and reviews of our quarterly condensed consolidated financial statements within such years.
​
(2)
For 2023, consists of fees associated with services related to a gap assessment relative to the SEC’s proposed climate rules. For 2024, consists of fees associated with an updated gap assessment relative to the SEC’s final climate rules and registration statements filed with the SEC or issued in connection with securities offerings, including related consents and comfort letters.
​
(3)
Consists of federal and state tax compliance and tax planning advice.
​
(4)
Consists of fees associated with a software license for a financial reporting disclosure checklist.
​
2025 Proxy Statement | 57
 
AUDIT COMMITTEE REPORT
The Audit Committee is currently composed of four independent, non-employee directors. The Board has made a determination that each of the members of the Audit Committee satisfies the requirements of the NYSE listing standards as to independence, financial literacy and experience. The Board also determined that each of the members of the Audit Committee is an “audit committee financial expert” as defined by rules of the SEC. The responsibilities of the Audit Committee are set forth in the Audit Committee Charter, as amended from time to time by the Board and included on the Company’s website, www.coterra.com. The Audit Committee reviews its charter annually.
The function of the Audit Committee is to review and report to the Board with respect to various auditing and accounting matters, including overseeing the integrity of the financial statements of the Company, the compliance by the Company with legal and regulatory requirements, the selection, independence, qualifications, performance and compensation of the Company’s independent registered public accounting firm and the performance of the Company’s internal audit function. This is a report on the Audit Committee’s activities relating to 2024.
Review of Audited Financial Statements with Management
The Audit Committee reviewed and discussed the audited financial statements and management’s discussion and analysis of the Company’s financial condition and results of operations with the management of the Company.
Review of Financial Statements and Other Matters with Independent Registered Public Accounting Firm
The Audit Committee discussed with PricewaterhouseCoopers the matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board (“PCAOB”) and the SEC. The Audit Committee has received and reviewed the written disclosures and the letter from PricewaterhouseCoopers required by applicable PCAOB requirements regarding such firm’s communications with the Audit Committee concerning independence and has discussed with PricewaterhouseCoopers such firm’s independence. These discussions included a review of all audit and non-audit services (including tax services) provided by PricewaterhouseCoopers to the Company.
Recommendation that Financial Statements be Included in the Annual Report
Based on the reviews and discussions referred to above, the Audit Committee recommended to the Board that the audited financial statements be included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and filed with the SEC.
Audit Committee
Dorothy M. Ables, Chair
Robert S. Boswell
Lisa A. Stewart
Frances M. Vallejo
58 | Coterra Energy
 
SECURITY OWNERSHIP
PRINCIPAL STOCKHOLDERS
The following table reports, as of March 6, 2025, beneficial ownership of the Company’s common stock by holders of more than five percent of the Company’s common stock as of the dates reported by such holders. Unless otherwise noted, all ownership information is based upon filings made by such persons with the SEC.
​
Name and Address of Beneficial Owner
​ ​ ​
Number of Shares
of Common Stock
Owned
 ​ ​ ​
Percent of
Class(5)
 ​
​
The Vanguard Group
​ ​ ​ ​ ​ 87,926,567(1) ​ ​ ​ ​ ​ ​ 11.5% ​ ​
​
Wellington Management Group LLP
​ ​ ​ ​ ​ 81,616,193(2) ​ ​ ​ ​ ​ ​ 9.4% ​ ​
​
BlackRock, Inc.
​ ​ ​ ​ ​ 60,876,106(3) ​ ​ ​ ​ ​ ​ 8.0% ​ ​
​
State Street Corporation
​ ​ ​ ​ ​ 48,945,657(4) ​ ​ ​ ​ ​ ​ 6.4% ​ ​
​
(1)
Based solely on a Schedule 13 G/A filed February 13, 2024 with the SEC by The Vanguard Group (100 Vanguard Blvd., Malvern, PA 19355), it has shared voting power over 959,073 of these shares, sole dispositive power over 84,704,216 of these shares and shared dispositive power over 3,222,351 of these shares.
​
(2)
Based solely on a Schedule 13 G/A filed February 6, 2025 with the SEC by Wellington Management Group LLP (280 Congress Street, Boston, MA 02210), it has shared voting power over 79,165,268 shares and shared dispositive power over all 81,616,193 shares.
​
(3)
Based solely on a Schedule 13 G/A filed January 25, 2024, with the SEC by BlackRock, Inc. (50 Hudson Yards, New York, NY 10001), it has sole voting power over 57,347,488 of these shares and sole dispositive power over all 60,876,106 shares.
​
(4)
Based solely on a Schedule 13 G/A filed January 29, 2024 with the SEC by State Street Corporation (State Street Financial Center, One Congress Street, Suite 1, Boston, MA 02114-2016), it has shared voting power over 37,781,281 and shared dispositive power over 48,918,239 of these shares.
​
(5)
There were 764,096,129 shares of common stock outstanding on March 6, 2025.
​
DIRECTORS AND EXECUTIVE OFFICERS
The following table reports, as of March 6, 2025, beneficial ownership of common stock by each director and nominee for director, by each named executive officer listed in the “Summary Compensation Table” below and by all directors, nominees and executive officers as a group. Unless otherwise indicated and pursuant to applicable community property laws, the persons below have sole voting and investment power with respect to the shares of common stock shown as beneficially owned by them.
​
Name of Beneficial Owner
​ ​ ​
Number of Shares
of Common Stock
Owned(1)
 ​ ​ ​
Percent of
Class(2)
 ​
​
Dorothy M. Ables
​ ​ ​ ​ ​ 96,716(3) ​ ​ ​ ​ ​ ​ ​* ​ ​
​
Robert S. Boswell
​ ​ ​ ​ ​ 102,462 ​ ​ ​ ​ ​ ​ ​* ​ ​
​
Amanda M. Brock
​ ​ ​ ​ ​ 70,328 ​ ​ ​ ​ ​ ​ ​* ​ ​
​
Dan O. Dinges
​ ​ ​ ​ ​ 4,490,706(4) ​ ​ ​ ​ ​ ​ ​* ​ ​
​
Paul N. Eckley
​ ​ ​ ​ ​ 76,068 ​ ​ ​ ​ ​ ​ ​* ​ ​
​
Hans Helmerich
​ ​ ​ ​ ​ 1,856,351(5) ​ ​ ​ ​ ​ ​ ​* ​ ​
​
Jacinto J. Hernandez
​ ​ ​ ​ ​ 424 ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Jeffrey E. Shellebarger
​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​
​
Lisa A. Stewart
​ ​ ​ ​ ​ 108,719(6) ​ ​ ​ ​ ​ ​ ​* ​ ​
​
Frances M. Vallejo
​ ​ ​ ​ ​ 76,068(7) ​ ​ ​ ​ ​ ​ ​* ​ ​
​
Marcus A. Watts
​ ​ ​ ​ ​ 70,328 ​ ​ ​ ​ ​ ​ ​* ​ ​
​
Thomas E. Jorden
​ ​ ​ ​ ​ 3,094,666(8) ​ ​ ​ ​ ​ ​ ​* ​ ​
​
Shannon E. Young III
​ ​ ​ ​ ​ 222,416 ​ ​ ​ ​ ​ ​ ​* ​ ​
​
Stephen P. Bell
​ ​ ​ ​ ​ 524,610 ​ ​ ​ ​ ​ ​ ​* ​ ​
​
Andrea M. Alexander
​ ​ ​ ​ ​ 142,267(9) ​ ​ ​ ​ ​ ​ ​* ​ ​
​
Michael D. DeShazer
​ ​ ​ ​ ​ 162,147 ​ ​ ​ ​ ​ ​ ​* ​ ​
​
All directors and executive officers as a group (20 individuals)
​ ​ ​ ​ ​ 11,631,309(3)(4)(5)(6)(7)(8)(9) ​ ​ ​ ​ ​
​
1.5%
 ​ ​
2025 Proxy Statement | 59
(1)
Amounts shown include restricted stock units issued under the Company’s incentive plans as follows:
​
•
as to which restrictions lapse upon the holders’ retirement from the Board of Directors: Ms. Ables, 78,909; Mr. Boswell, 76,478; Ms. Brock, 49,344; and Mr. Watts, 57,521; and “All directors and executive officers as a group,” 262,252
​
•
as to which restrictions lapse upon the earlier of April 30, 2025 or the date the non-employee director ceases to be a director of the Company: for each of Ms. Ables, Mr. Boswell, Ms. Brock, Mr. Dinges, Mr. Eckley, Mr. Helmerich, Ms. Stewart, Ms. Vallejo, and Mr. Watts 7,123; and for “All directors and executive officers as a group,” 64,107
​
•
as to which restrictions lapse upon January 31, 2028: Mr. Jorden, 191,705; Mr. Bell, 78,425; Mr. Young, 69,711; Ms. Alexander, 34,856; and Mr. DeShazer, 47,927; and for “All directors and executive officers as a group,” 581,219
​
•
as to which restrictions lapse upon January 31, 2027: Mr. Jorden, 191,132; Mr. Bell, 86,010; Mr. Young, 71, 675; Ms. Alexander, 38,227; and Mr. DeShazer, 30,582; and for “All directors and executive officers as a group,” 538,042
​
•
as to which restrictions lapse upon January 31, 2026: Mr. Jorden, 217,391; Mr. Bell, 65,217; Mr. Young, 81,030; and Mr. DeShazer, 28,261; and for “All directors and executive officers as a group,” 507,117
​
(2)
There were 764,096,129 shares of common stock outstanding on March 6, 2025.
​
(3)
Includes 5,000 shares held by an immediate family member, with respect to which Ms. Ables has shared voting and investment power.
​
(4)
Includes 1,261,330 shares held in trust for the benefit of an immediate family member, with respect to which Mr. Dinges has shared voting and investment power.
​
(5)
Includes 45,967 shares owned by Mr. Helmerich’s wife; Mr. Helmerich disclaims beneficial ownership of the shares held by his wife. Also, includes 229,774 shares owned by 1993 Hans Helmerich Trust, of which Mr. Helmerich is the trustee; 44,409 shares owned by Helmerich Grandchildren LLC, of which Mr. Helmerich is the co-manager; 31,573 shares owned by Family Trust, of which Mr. Helmerich is the trustee; 91,145 shares owned by The Helmerich Trust, of which Mr. Helmerich is the co-trustee; 1,304,895 shares held by the Peggy Helmerich QTIP Trust, of which Mr. Helmerich is the trustee; and 40,146 shares held by Saddleridge, LLC, of which Mr. Helmerich owns 99 percent and his wife owns 1 percent.
​
(6)
Includes 5,700 shares held in an individual retirement account.
​
(7)
Includes 60,768 shares to which Ms. Vallejo has shared voting and investment power.
​
(8)
Includes 2,494,438 shares of common stock held in trust for the benefit of an immediate family member, with respect to which Mr. Jorden has shared voting and investment power.
​
(9)
Includes 69,184 restricted stock units as to which restrictions lapse upon July 10, 2026.
​
60 | Coterra Energy
 
GENERAL INFORMATION
Why did I receive these proxy materials?
This proxy statement is furnished in connection with the solicitation by the Board of Directors of Coterra Energy Inc. of proxies for use at its 2025 annual meeting of stockholders, to be held at Two Memorial Plaza, 820 Gessner Road, 1st Floor, Live Oak Training Room, Suite 107, Houston, Texas 77024 on Wednesday, April 30, 2025, at 8:00 a.m. Central Time, or any adjournment or postponement thereof. The purposes of the meeting are set forth in the accompanying Notice of Annual Meeting of Stockholders and information about the Company’s governance and executive compensation is set forth elsewhere in this proxy statement. Please review these materials carefully before casting your vote. We are asking that you vote on four proposals.
Who is entitled to vote?
Only holders of record of the Company’s common stock as of the close of business on March 6, 2025, are entitled to vote at the annual meeting. As of that date, the Company had outstanding 764,096,129 shares of common stock. Each share of common stock is entitled to one vote per share. There is no provision for cumulative voting. We will maintain for a period of ten days ending on the day before the annual meeting date at our principal executive office a complete list of stockholders entitled to vote at the annual meeting, which list shall be open to the examination by any stockholder for any purpose germane to the annual meeting during ordinary business hours.
What am I being asked to vote on, and what are the recommendations of the Board?
At the annual meeting, stockholders will be asked to consider and act upon the following matters discussed in this proxy statement. Proxies delivered by record stockholders without voting instructions marked will be voted in accordance with the recommendations of the Board. Proxies will be voted in the best judgment of the proxy holders on any other matters that may properly come before the meeting.
​
PROPOSAL
​ ​ ​ ​ ​ ​ ​
BOARD
RECOMMENDATION
​
​
PROPOSAL 1
 ​ ​ ​
The election of the 10 director nominees named herein.
​ ​ ​
FOR
 ​
​ PROPOSAL 2 ​ ​ ​
The approval, on an advisory basis, of executive compensation.
​ ​ ​
FOR
 ​
​ PROPOSAL 3 ​ ​ ​
The ratification of the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for 2025.
​ ​ ​
FOR
 ​
How do I vote?
On or about March 20, 2025, we mailed to our stockholders (other than those who have elected to receive paper copies) a notice advising them that our materials for this meeting are available on the internet. Certain other stockholders who elected to receive paper copies have received these materials by U.S. mail. In either case, you may vote your shares:
•
In person: you may vote in person at the annual meeting;
​
•
By internet: use the instructions on the proxy card or voting instruction form received from your broker or bank up to 11:59 p.m. Eastern Time on April 29, 2025;
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•
By telephone: use the instructions on the proxy card or voting instruction form received from your broker or bank (if available) up to 11:59 p.m. Eastern Time on April 29, 2025; or
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By mail: by completing and returning the enclosed proxy card or voting instruction form in the postage-paid envelope provided (for those receiving paper copies only).
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How do I attend the annual meeting in person?
Registered stockholders will be asked to present a valid government-issued photo identification. If your shares are held in the name of your broker, bank or other nominee, you must bring to the meeting a valid government-issued photo identification and an account statement or letter (and a legal proxy if you wish to vote your shares) from the nominee indicating that you beneficially owned the shares on the record date for voting.
2025 Proxy Statement | 61
What is the difference between holding shares as a stockholder of record and as a beneficial owner?
If your shares are registered directly in your name with Coterra’s registrar and transfer agent, Equiniti Trust Company, you are a stockholder of record with respect to these shares. If your shares are held in a brokerage account or by your bank, broker or other third party, you are the beneficial owner of these shares. Because a beneficial owner is not the stockholder of record, you may not vote these shares in person at the annual meeting unless you obtain a proxy from the broker, trustee or nominee that holds your shares giving you the right to vote the shares at the annual meeting. Your broker, trustee or nominee has enclosed or provided voting instructions for you to use in directing the broker, trustee or nominee how to vote your shares.
What if I hold my shares through a broker and do not give voting instructions to my broker?
Brokers holding shares must vote according to specific instructions they receive from the beneficial owners of those shares. If brokers do not receive specific instructions, brokers may in some cases vote such shares in their discretion if they so choose. However, the NYSE precludes brokers from exercising voting discretion on proposals it considers “non-routine” without specific instructions from the beneficial owner. At our annual meeting, under NYSE rules brokers will have discretion to vote absent an instruction from the beneficial owner only on routine matters (specifically Proposal 3, ratification of appointment of auditor), and cannot vote absent an instruction from the beneficial owner on any of the “non-routine” proposals to be presented at our annual meeting (specifically, Proposals 1 and 2) without instructions from the beneficial owner. As a result, if you do not instruct your broker how to vote on Proposals 1 and 2, your broker cannot vote for you on such proposals. Failure of a beneficial owner to provide voting instructions with regard to Proposals 1 and 2 will result in a “broker non-vote” for such shares. Broker non-votes will have no impact on Proposals 1 or 2. No broker non-votes are expected with respect to Proposal 3.
What constitutes a quorum of stockholders?
We must have a quorum to conduct the meeting. A quorum is the presence at the annual meeting, in person or represented by proxy, of the holders of a majority of the capital stock issued and outstanding and entitled to vote thereat as of the record date. Because there were 764,096,129 shares of common stock outstanding on March 6, 2025, the record date, the quorum for the annual meeting requires the presence at the meeting in person or by proxy of the holders of at least 382,048,065 shares. Broker non-votes, abstentions and withhold-authority votes count for purposes of determining a quorum.
What are my voting options and what is the voting requirement for each of the proposals?
For each matter to be presented at the annual meeting, you may choose to vote “FOR,” “AGAINST” or “ABSTAIN.” For Proposals 2 and 3, abstentions will have the effect of a vote against the proposal, while for Proposal 1 abstentions will have no effect. Although failure of a beneficial owner to provide voting instructions will automatically result in a broker non-vote with regard to the non-routine proposals (Proposals 1 and 2), broker non-votes will have no impact on such proposals. No broker non-votes are expected with respect to Proposal 3.
​
PROPOSAL
​ ​ ​
YOUR BOARD’S
RECOMMENDATION
​ ​ ​
VOTE REQUIRED
​
​
No. 1—The election of the 10 director nominees named herein.
 ​ ​ ​
FOR
 ​ ​ ​ Each director nominee who receives a majority of the votes cast (i.e., the number of shares voted FOR a director nominee must exceed the number of shares voted AGAINST that director nominee) will be elected. ​
​
No. 2—The approval, on an advisory basis, of executive compensation.
 ​ ​ ​
FOR
 ​ ​ ​
Proposals 2 and 3 shall be decided by the affirmative vote of holders of a majority of the voting power of the common stock present in person or represented by proxy at the annual meeting and entitled to vote on such proposal.
​
​ No. 3—The ratification of the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for 2025. ​ ​ ​
FOR
 ​ ​
How will my shares be voted on other matters raised at the meeting?
We do not know of any matters to be presented at the annual meeting other than those listed above. However, if any other matters properly come before the annual meeting, the proxies will be voted in the discretion of the proxy holder. The persons named on the Company’s form of proxy are members of Coterra’s management.
What can I do if I change my mind after I vote my shares?
Stockholders attending the annual meeting in person or virtually may vote their shares even though they have already executed a proxy. Properly executed proxies not revoked will be voted in accordance with the specifications thereon at the annual meeting and at any adjournment
62 | Coterra Energy
or postponement thereof. You may revoke your proxy at any time prior to the annual meeting by a written communication to the Corporate Secretary of the Company, or by a duly executed proxy bearing a later date.
When will Coterra announce the voting results?
We will announce the preliminary voting results at the annual meeting. We will report the final results in a Current Report on Form 8-K filed with the SEC within four business days of the meeting.
How are proxies solicited, and what is the cost?
The accompanying proxy is being solicited by our Board. The cost of soliciting proxies in the enclosed form will be borne by the Company. In addition to solicitation by mail, officers, employees or agents of the Company may solicit proxies personally. Alliance Advisors LLC will assist with the solicitation of proxies for a fee of $18,000 plus out-of-pocket expenses. The Company may request banks and brokers or other similar agents or fiduciaries to transmit the proxy material to the beneficial owners for their voting instructions and will reimburse them for their expenses in so doing.
What is householding?
As permitted by the SEC rules, only one copy of this proxy statement is being delivered to stockholders residing at the same address, unless the stockholders have notified the Company of their desires to receive multiple copies of the proxy statement. This is known as “householding.” This procedure reduces the environmental impact of our annual meetings and reduces the Company’s printing and mailing costs. Upon oral or written request, we will promptly deliver a separate copy of the proxy statement to any stockholder residing at an address to which only one copy was mailed. You may direct requests for additional copies for the current year or future years to our Corporate Secretary or our Investor Relations team at the following physical address, phone number or email address:
Coterra Energy Inc.
Attn: Corporate Secretary or Investor Relations
840 Gessner Road, Suite 1400
Houston, Texas 77024
OR
Phone: (281) 589-4600
OR
Email (Corporate Secretary): corporatesecretary@coterra.com
Email (Investor Relations): IR@coterra.com
You may direct requests for additional copies of the proxy statement for the current year or future years to our Corporate Secretary or our Investor Relations team.
Stockholders of record residing at the same address and currently receiving multiple copies of the proxy statement may contact our registrar and transfer agent, Equiniti Trust Company, at the following physical address or phone number to request a single copy be mailed in the future:
EQ Shareowner Services
P.O. Box 64874
St. Paul, Minnesota 55164-0874
OR
Phone: 1-800-401-1957
Beneficial owners should contact their broker or bank.
How can I communicate with Coterra’s Board of Directors or individual directors?
You can address communications to the Board of Directors, a specified committee of the Board, an individual director (including the Lead Independent Director) or the “Non-management directors” in care of:
Coterra Energy Inc.
Attn: Corporate Secretary
840 Gessner Road, Suite 1400
Houston, Texas 77024
2025 Proxy Statement | 63
OR
Phone: (281) 589-4600
OR
Email: corporatesecretary@coterra.com
All communications received as described above will be relayed to the appropriate directors.
How do I submit a stockholder proposal for action at the 2026 annual meeting of stockholders?
You may send any stockholder proposal intended for inclusion in the proxy statement for the 2026 annual meeting of stockholders of the Company and otherwise eligible to: Coterra Energy Inc., Corporate Secretary, 840 Gessner Road, Suite 1400, Houston, Texas 77024. A notice of stockholder proposal to be presented at the 2026 annual meeting of stockholders must be received by November 20, 2025.
How do I nominate a director or present other items for action at the 2026 annual meeting of stockholders?
The bylaws of the Company require timely advance written notice of stockholder nominations of director candidates (other than proxy access nominations, which are discussed below) and of any other business to be presented by a stockholder at an annual meeting of stockholders. To be timely, the bylaws require advance written notice be delivered to the Company’s Secretary at the principal executive offices of the Company not later than the close of business on the 90th day, nor earlier than the close of business on the 120th day, prior to the anniversary of the preceding year’s annual meeting (with certain exceptions if the date of the annual meeting is different by more than specified amounts from the anniversary date). For the 2026 annual meeting, such advance written notice must be submitted in compliance with our bylaws no later than January 30, 2026 and no earlier than December 31, 2025. To be valid, a notice must set forth certain information specified in the bylaws. You also must attend the meeting and present the nomination or other item of business.
How do I nominate a director for inclusion in the Company’s proxy statement for the 2026 annual meeting of stockholders using a proxy access nomination?
The bylaws of the Company currently permit any stockholder or group of not more than 20 stockholders that have continuously held at least three percent of our outstanding common stock for at least three years to nominate candidates for up to 20 percent of the available Board seats and have such candidates included in the proxy statement for the 2026 annual meeting of stockholders of the Company. To be timely, the bylaws require advance written notice to be delivered to the Company’s Corporate Secretary at the principal executive offices of the Company not later than the close of business on the 120th day, nor earlier than the close of business on the 150th day, prior to the anniversary of the date on which the Company first mailed proxy materials for the preceding year’s annual meeting. For the 2026 annual meeting, such advance written notice must be submitted in compliance with our bylaws no later than November 20, 2025 and no earlier than October 21, 2025. To be valid, a notice must set forth certain information specified in the bylaws and the stockholder or group of stockholders providing such a notice must comply with the eligibility and other requirements specified in the bylaws.
In addition to satisfying the foregoing requirements under our bylaws, to comply with the universal proxy rules, stockholders who intend to solicit proxies in support of director nominees other than the Company’s nominees for the 2026 annual meeting of stockholders must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than March 1, 2026.
By Order of the Board of Directors,​
[MISSING IMAGE: sg_marcusgbolinder-bw.jpg]
MARCUS G. BOLINDER
Corporate Secretary
March 20, 2025​
64 | Coterra Energy
[MISSING IMAGE: px_24coterraproxy01pg01-bw.jpg]
PLEASE DETACH ALONG PERFORATED LINE AND MAIL IN THE ENVELOPE PROVIDED. (Continued and to be marked, dated, and signed on the other side)PROXYCOTERRA ENERGY INC.ANNUAL MEETING OF STOCKHOLDERSTO BE HELD ON APRIL 30, 2025THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORSThe undersigned hereby makes, constitutes, and appoints Shannon E. Young III, Adam M. Vela and Marcus G. Bolinder,and each of them (with the power of substitution), proxies for the undersigned to represent and to vote, as designated below,all shares of Common Stock of Coterra Energy Inc. held of record by the undersigned on March 6, 2025 at the 2025 annualmeeting of stockholders to be held on April 30, 2025 at 8:00 a.m. Central Time at Two Memorial City Plaza, 820 GessnerRoad, 1st Floor, Live Oak Training Center, Suite 107, Houston, TX 77024 or any adjournment or postponement thereof.This proxy, when properly executed, will be voted as directed herein. If no direction is made, this proxy will bevoted “FOR” each director nominee in Proposal 1, and “FOR” Proposals 2 and 3. The proxies named above alsowill vote in their discretion upon such other business as may properly come before the annual meeting or anyadjournment thereof, including procedural matters and matters relating to the conduct of the annual meeting.You are encouraged to specify your choices by marking the appropriate boxes on the reverse side. The proxiescannot vote your shares unless you sign and return this card or vote by telephone or Internet as described belowbefore the annual meeting.Voting by telephone or Internet eliminates the need to return this proxy card. Your vote authorizes the proxiesnamed above to vote your shares to the same extent as if you had marked, signed, dated, and returned the proxycard. Before voting, read the proxy statement and proxy voting instructions.Thank you for voting.Important Notice Regarding the Availability of Proxy Materials for theAnnual Meeting of Stockholders to be held April 30, 2025:The Proxy Statement, 2024 Form 10-K, and 2024 Annual Report are available at:https://web.viewproxy.com/CoterraEnergy/2025
[MISSING IMAGE: px_24coterraproxy01pg02-bw.jpg]
PLEASE DETACH ALONG PERFORATED LINE AND MAIL IN THE ENVELOPE PROVIDED. DO NOT PRINT IN THIS AREA(Stockholder Name & Address Data)The Board of Directors recommends a vote “FOR” each director nominee in Proposal 1, and “FOR” Proposals 2 and 3.Proposal 1. The election of the 10 director nominees named in the attachedproxy statement to our Board of Directors.Please indicate if you plan to attend this meeting ☐Address Change/Comments: (If you noted any Address Changesand/or Comments above, please mark box.) ☐CONTROL NUMBERProposal 2. A non-binding advisory vote to approve the compensation of ournamed executive officers.FOR ☐ AGAINST ☐ ABSTAIN ☐Proposal 3. The ratification of the appointment of PricewaterhouseCoopers LLPas our independent registered public accounting firm for 2025.FOR ☐ AGAINST ☐ ABSTAIN ☐Note: To transact such other business as may properly come before the meeting orany adjournments or postponements thereof.In their discretion, the proxies are authorized to vote upon such other businessas may properly come before the annual meeting or any adjournment thereof,including procedural matters and matters relating to the conduct of the annualmeeting.Date Note: Please sign exactly as yourname or names appear on this card.Joint owners should each signpersonally. If signing as a fiduciary orattorney, please give your exact title.SignatureSignature ( Joint Owners )CONTROL NUMBERPROXY VOTING INSTRUCTIONSPlease have your 11-digit control number ready when voting by Internet or Telephone.INTERNET TELEPHONE MAILVote Your Proxy on the Internet:Go to www.aalvote.com/CTRAVote Your Proxy by Phone:Call 1-(866)-804-9616Vote Your Proxy by Mail:Have your proxy card availablewhen you access the abovewebsite. Follow the prompts tovote your shares.Use any touch-tone telephone tovote your proxy. Have your proxycard available when you call.Follow the voting instructions tovote your shares.Mark, sign, and date your proxycard, then detach it, and return it inthe postage-paid envelopeprovided.NOMINEES: FOR AGAINST ABSTAIN(1) Dorothy M. Ables ☐ ☐ ☐(2) Amanda M. Brock ☐ ☐ ☐(3) Paul N. Eckley ☐ ☐ ☐(4) Hans Helmerich ☐ ☐ ☐(5) Jacinto J. Hernandez ☐ ☐ ☐(6) Thomas E. Jorden ☐ ☐ ☐(7) Jeffrey E. Shellebarger ☐ ☐ ☐(8) Lisa A. Stewart ☐ ☐ ☐(9) Frances M. Vallejo ☐ ☐ ☐(10) Marcus A. Watts ☐ ☐ ☐Please mark your votes like this ☒
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v3.25.1
Cover
 12 Months Ended
Dec. 31, 2024
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name Coterra Energy Inc.
Entity Central Index Key 0000858470
v3.25.1
Pay vs Performance Disclosure
pure in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
​ ​ ​ ​ ​
Summary Compensation
Table Total for CEO(1)
​ ​ ​
Compensation
Actually Paid to
CEO(2)
​ ​ ​
Average
Summary
Compensation
Table Total
for Non-CEO
NEOs(3)
 ​ ​ ​
Average
Compensation
Actually Paid to
Non-CEO NEOs(3)(4)
 ​ ​ ​
Value of Initial Fixed $100
Investment Based on:
​ ​ ​
Net Income
(in millions)
 ​
​
Year
​ ​ ​
Post-
Merger CEO
 ​ ​ ​
Pre-
Merger CEO
 ​ ​ ​
Post-
Merger CEO
 ​ ​ ​
Pre-
Merger CEO
 ​ ​ ​
Total
Stockholder
Return
 ​ ​ ​
Peer
Group Total
Stockholder
Return(5)
 ​ ​
​ 2024 ​ ​ ​ ​ $ 14,748,960 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 11,685,791 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 4,786,783 ​ ​ ​ ​ ​ $ 4,483,302 ​ ​ ​ ​ ​ $ 187.80 ​ ​ ​ ​ ​ $ 185.30 ​ ​ ​ ​ ​ $ 1,121 ​ ​
​ 2023 ​ ​ ​ ​ $ 14,547,853 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 20,356,332 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 4,721,849 ​ ​ ​ ​ ​ $ 4,203,696 ​ ​ ​ ​ ​ $ 181.70 ​ ​ ​ ​ ​ $ 188.13 ​ ​ ​ ​ ​ $ 1,625 ​ ​
​ 2022 ​ ​ ​ ​ $ 15,303,397 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 32,092,019 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 10,068,380 ​ ​ ​ ​ ​ $ 10,308,634 ​ ​ ​ ​ ​ $ 166.86 ​ ​ ​ ​ ​ $ 194.48 ​ ​ ​ ​ ​ $ 4,065 ​ ​
​ 2021 ​ ​ ​ ​ $ 11,061,939 ​ ​ ​ ​ ​ $ 14,554,728 ​ ​ ​ ​ ​ $ 6,097,986 ​ ​ ​ ​ ​ $ 14,225,161 ​ ​ ​ ​ ​ $ 6,826,596 ​ ​ ​ ​ ​ $ 6,780,037 ​ ​ ​ ​ ​ $ 118.13 ​ ​ ​ ​ ​ $ 119.07 ​ ​ ​ ​ ​ $ 1,158 ​ ​
​ 2020 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 14,194,706 ​ ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ $ 17,805,568 ​ ​ ​ ​ ​ $ 3,503,938 ​ ​ ​ ​ ​ $ 4,256,657 ​ ​ ​ ​ ​ $ 95.66 ​ ​ ​ ​ ​ $ 62.86 ​ ​ ​ ​ ​ $ 201 ​ ​
​
(1)
Reflects the summary compensation table total compensation of  (a) our current Chief Executive Officer, Thomas E. Jorden, from his appointment on October 1, 2021 to present (in the Post-Merger CEO column) and (b) Cabot’s Chief Executive Officer, Dan O. Dinges, for prior periods (in the Pre-Merger CEO column).
​
(2)
The dollar amounts reported in this column represent the amount of  “compensation actually paid” to Mr. Jorden (in the Post-Merger CEO column) and Mr. Dinges (in the Pre-Merger CEO column), respectively, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Jorden or Mr. Dinges, respectively, during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Jorden’s and Mr. Dinges’s respective total compensation for each year to determine the compensation actually paid:
​
​
Adjustment to Determine
Compensation Actually Paid for CEO
​ ​ ​
2024
 ​ ​ ​
2023
 ​ ​ ​
2022
 ​ ​ ​
2021
​ ​ ​
2020
 ​
​
Post-Merger CEO
 ​ ​ ​
Pre-Merger CEO
 ​ ​
​ Total reported in Summary Compensation
Table (SCT) 		​ ​ ​ ​ $ 14,748,960 ​ ​ ​ ​ ​ $ 14,547,853 ​ ​ ​ ​ ​ $ 15,303,397 ​ ​ ​ ​ ​ $ 11,061,939 ​ ​ ​ ​ ​ $ 14,554,728 ​ ​ ​ ​ ​ $ 14,194,706 ​ ​
​ Minus: Value of Stock & Option Awards Reported in SCT ​ ​ ​ ​ $ (10,628,850) ​ ​ ​ ​ ​ $ (11,071,724) ​ ​ ​ ​ ​ $ (12,554,661) ​ ​ ​ ​ ​ $ (10,000,000) ​ ​ ​ ​ ​ $ (10,649,843) ​ ​ ​ ​ ​ $ (11,267,676) ​ ​
​ Plus: Year-End Value of Awards Granted in Fiscal Year that are Unvested and Outstanding ​ ​ ​ ​ $ 10,101,326 ​ ​ ​ ​ ​ $ 12,289,113 ​ ​ ​ ​ ​ $ 10,257,188 ​ ​ ​ ​ ​ $ 9,286,421 ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ 12,760,574 ​ ​
​ Plus/Minus: Change in FMV of Prior Year
Awards that are Outstanding and
Unvested 		​ ​ ​ ​ $ (3,532,714) ​ ​ ​ ​ ​ $ 1,703,070 ​ ​ ​ ​ ​ $ 7,430,809 ​ ​ ​ ​ ​ $ (5,392,173) ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ 1,161,681 ​ ​
​ Plus: FMV of Awards Granted this Year and that Vested this Year ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ 10,901,242 ​ ​ ​ ​ ​ $ — ​ ​
​ Plus/Minus: Change in FMV (from Prior Year-End) of Prior Year Awards that Vested this Year ​ ​ ​ ​ $ 586,511 ​ ​ ​ ​ ​ $ 1,327,149 ​ ​ ​ ​ ​ $ 6,860,435 ​ ​ ​ ​ ​ $ (846,226) ​ ​ ​ ​ ​ $ (580,966) ​ ​ ​ ​ ​ $ 956,283 ​ ​
​ Plus: Value of Dividends Paid on Stock Awards not Otherwise Reflected in Fair Value or Total Compensation ​ ​ ​ ​ $ 410,558 ​ ​ ​ ​ ​ $ 1,560,870 ​ ​ ​ ​ ​ $ 4,794,851 ​ ​ ​ ​ ​ $ 1,988,025 ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​
​ Minus: Prior Year FMV of Prior Year Awards that Failed to Vest this Year ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​
​
Total Adjustments
​ ​ ​ ​ $ (3,063,169) ​ ​ ​ ​ ​ $ 5,808,479 ​ ​ ​ ​ ​ $ 16,788,622 ​ ​ ​ ​ ​ $ (4,963,953) ​ ​ ​ ​ ​ $ (329,567) ​ ​ ​ ​ ​ $ 3,610,862 ​ ​
​
“Compensation Actually Paid”
​ ​ ​ ​ $ 11,685,791 ​ ​ ​ ​ ​ $ 20,356,332 ​ ​ ​ ​ ​ $ 32,092,019 ​ ​ ​ ​ ​ $ 6,097,986 ​ ​ ​ ​ ​ $ 14,225,161 ​ ​ ​ ​ ​ $ 17,805,568 ​ ​
(3)
The non-CEO named executive officers included in this column are:
​
​
Year
​ ​ ​
Non-CEO NEOs
​
​ 2024 ​ ​ ​ Shannon E. Young III, Stephen P. Bell, Andrea M. Alexander, Michael D. DeShazer ​
​ 2023 ​ ​ ​ Shannon E. Young III, Stephen P. Bell, Blake A. Sirgo, Kevin W. Smith, Scott C. Schroeder, and Christopher H. Clason ​
​ 2022 ​ ​ ​ Scott C. Schroeder, Dan O. Dinges, Stephen P. Bell, and Christopher H. Clason ​
​ 2021 ​ ​ ​ Scott C. Schroeder, Stephen P. Bell, Steven W. Lindeman, Phillip L. Stalnaker and Jeffrey W. Hutton ​
​ 2020 ​ ​ ​ Scott C. Schroeder, Steven W. Lindeman, Phillip L. Stalnaker and Jeffrey W. Hutton ​
​
(4)
The dollar amounts reported in this column represent the amount of  “compensation actually paid” to the Company’s named executive officers as a group (excluding Mr. Jorden and Mr. Dinges, where applicable) as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to such named executive officers as a group during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to the average total compensation for named executive officers as a group (excluding Mr. Jorden and Mr. Dinges, where applicable):
​
​
Adjustment to Determine Compensation Actually Paid for NEOs
​ ​ ​
2024
 ​ ​ ​
2023
 ​ ​ ​
2022
 ​ ​ ​
2021
 ​ ​ ​
2020
 ​
​
Total reported in Summary Compensation Table (SCT)
​ ​ ​ ​ $ 4,786,783 ​ ​ ​ ​ ​ $ 4,721,849 ​ ​ ​ ​ ​ $ 10,068,380 ​ ​ ​ ​ ​ $ 6,826,596 ​ ​ ​ ​ ​ $ 3,503,938 ​ ​
​
Minus: Value of Stock & Option Awards Reported in SCT
​ ​ ​ ​ $ (3,148,833) ​ ​ ​ ​ ​ $ (3,609,845) ​ ​ ​ ​ ​ $ (3,935,574) ​ ​ ​ ​ ​ $ (2,759,065) ​ ​ ​ ​ ​ $ (2,413,381) ​ ​
​ Plus: Year-End Value of Awards Granted in Fiscal Year that are Unvested and Outstanding ​ ​ ​ ​ $ 2,992,552 ​ ​ ​ ​ ​ $ 2,757,427 ​ ​ ​ ​ ​ $ 3,630,038 ​ ​ ​ ​ ​ $ 847,510 ​ ​ ​ ​ ​ $ 2,728,760 ​ ​
​ Plus/Minus: Change in FMV of Prior Year Awards that are Outstanding and Unvested ​ ​ ​ ​ $ (257,709) ​ ​ ​ ​ ​ $ 233,773 ​ ​ ​ ​ ​ $ 340,299 ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ 240,708 ​ ​
​
Plus: FMV of Awards Granted this Year and that Vested this Year
​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ 1,913,978 ​ ​ ​ ​ ​ $ — ​ ​
​ Plus/Minus: Change in FMV (from Prior Year-End) of Prior Year Awards that Vested this Year ​ ​ ​ ​ $ 58,651 ​ ​ ​ ​ ​ $ 32,382 ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ (72,443) ​ ​ ​ ​ ​ $ 196,632 ​ ​
​ Plus: Value of Dividends Paid on Stock Awards not Otherwise Reflected in
Fair Value or Total Compensation 		​ ​ ​ ​ $ 51,858 ​ ​ ​ ​ ​ $ 68,111 ​ ​ ​ ​ ​ $ 205,491 ​ ​ ​ ​ ​ $ 23,461 ​ ​ ​ ​ ​ $ — ​ ​
​
Minus: Prior Year FMV of Prior Year Awards that Failed to Vest this Year
​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​
​
Total Adjustments
​ ​ ​ ​ $ (303,481) ​ ​ ​ ​ ​ $ (518,153) ​ ​ ​ ​ ​ $ 240,254 ​ ​ ​ ​ ​ $ (46,559) ​ ​ ​ ​ ​ $ 752,719 ​ ​
​
“Compensation Actually Paid”
​ ​ ​ ​ $ 4,483,302 ​ ​ ​ ​ ​ $ 4,203,696 ​ ​ ​ ​ ​ $ 10,308,634 ​ ​ ​ ​ ​ $ 6,780,037 ​ ​ ​ ​ ​ $ 4,256,657 ​ ​
​
(5)
For 2024, the amounts reported in this column represent the value of an initial $100 investment in the Company’s 2024 compensation peer group, and for all prior years, in the Company’s 2023 compensation peer group. See the “Company TSR vs Peer TSR & Alignment of CAP with Company TSR” graph and related footnotes under “Relationship Between Compensation Actually Paid and Performance Measures” below for more information.
       
Named Executive Officers, Footnote
(1)
Reflects the summary compensation table total compensation of  (a) our current Chief Executive Officer, Thomas E. Jorden, from his appointment on October 1, 2021 to present (in the Post-Merger CEO column) and (b) Cabot’s Chief Executive Officer, Dan O. Dinges, for prior periods (in the Pre-Merger CEO column).
(3)
The non-CEO named executive officers included in this column are:
​
​
Year
​ ​ ​
Non-CEO NEOs
​
​ 2024 ​ ​ ​ Shannon E. Young III, Stephen P. Bell, Andrea M. Alexander, Michael D. DeShazer ​
​ 2023 ​ ​ ​ Shannon E. Young III, Stephen P. Bell, Blake A. Sirgo, Kevin W. Smith, Scott C. Schroeder, and Christopher H. Clason ​
​ 2022 ​ ​ ​ Scott C. Schroeder, Dan O. Dinges, Stephen P. Bell, and Christopher H. Clason ​
​ 2021 ​ ​ ​ Scott C. Schroeder, Stephen P. Bell, Steven W. Lindeman, Phillip L. Stalnaker and Jeffrey W. Hutton ​
​ 2020 ​ ​ ​ Scott C. Schroeder, Steven W. Lindeman, Phillip L. Stalnaker and Jeffrey W. Hutton ​
       
Peer Group Issuers, Footnote
(5)
For 2024, the amounts reported in this column represent the value of an initial $100 investment in the Company’s 2024 compensation peer group, and for all prior years, in the Company’s 2023 compensation peer group. See the “Company TSR vs Peer TSR & Alignment of CAP with Company TSR” graph and related footnotes under “Relationship Between Compensation Actually Paid and Performance Measures” below for more information.
       
Adjustment To PEO Compensation, Footnote
(2)
The dollar amounts reported in this column represent the amount of  “compensation actually paid” to Mr. Jorden (in the Post-Merger CEO column) and Mr. Dinges (in the Pre-Merger CEO column), respectively, as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Jorden or Mr. Dinges, respectively, during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to Mr. Jorden’s and Mr. Dinges’s respective total compensation for each year to determine the compensation actually paid:
​
​
Adjustment to Determine
Compensation Actually Paid for CEO
​ ​ ​
2024
 ​ ​ ​
2023
 ​ ​ ​
2022
 ​ ​ ​
2021
​ ​ ​
2020
 ​
​
Post-Merger CEO
 ​ ​ ​
Pre-Merger CEO
 ​ ​
​ Total reported in Summary Compensation
Table (SCT) 		​ ​ ​ ​ $ 14,748,960 ​ ​ ​ ​ ​ $ 14,547,853 ​ ​ ​ ​ ​ $ 15,303,397 ​ ​ ​ ​ ​ $ 11,061,939 ​ ​ ​ ​ ​ $ 14,554,728 ​ ​ ​ ​ ​ $ 14,194,706 ​ ​
​ Minus: Value of Stock & Option Awards Reported in SCT ​ ​ ​ ​ $ (10,628,850) ​ ​ ​ ​ ​ $ (11,071,724) ​ ​ ​ ​ ​ $ (12,554,661) ​ ​ ​ ​ ​ $ (10,000,000) ​ ​ ​ ​ ​ $ (10,649,843) ​ ​ ​ ​ ​ $ (11,267,676) ​ ​
​ Plus: Year-End Value of Awards Granted in Fiscal Year that are Unvested and Outstanding ​ ​ ​ ​ $ 10,101,326 ​ ​ ​ ​ ​ $ 12,289,113 ​ ​ ​ ​ ​ $ 10,257,188 ​ ​ ​ ​ ​ $ 9,286,421 ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ 12,760,574 ​ ​
​ Plus/Minus: Change in FMV of Prior Year
Awards that are Outstanding and
Unvested 		​ ​ ​ ​ $ (3,532,714) ​ ​ ​ ​ ​ $ 1,703,070 ​ ​ ​ ​ ​ $ 7,430,809 ​ ​ ​ ​ ​ $ (5,392,173) ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ 1,161,681 ​ ​
​ Plus: FMV of Awards Granted this Year and that Vested this Year ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ 10,901,242 ​ ​ ​ ​ ​ $ — ​ ​
​ Plus/Minus: Change in FMV (from Prior Year-End) of Prior Year Awards that Vested this Year ​ ​ ​ ​ $ 586,511 ​ ​ ​ ​ ​ $ 1,327,149 ​ ​ ​ ​ ​ $ 6,860,435 ​ ​ ​ ​ ​ $ (846,226) ​ ​ ​ ​ ​ $ (580,966) ​ ​ ​ ​ ​ $ 956,283 ​ ​
​ Plus: Value of Dividends Paid on Stock Awards not Otherwise Reflected in Fair Value or Total Compensation ​ ​ ​ ​ $ 410,558 ​ ​ ​ ​ ​ $ 1,560,870 ​ ​ ​ ​ ​ $ 4,794,851 ​ ​ ​ ​ ​ $ 1,988,025 ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​
​ Minus: Prior Year FMV of Prior Year Awards that Failed to Vest this Year ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​
​
Total Adjustments
​ ​ ​ ​ $ (3,063,169) ​ ​ ​ ​ ​ $ 5,808,479 ​ ​ ​ ​ ​ $ 16,788,622 ​ ​ ​ ​ ​ $ (4,963,953) ​ ​ ​ ​ ​ $ (329,567) ​ ​ ​ ​ ​ $ 3,610,862 ​ ​
​
“Compensation Actually Paid”
​ ​ ​ ​ $ 11,685,791 ​ ​ ​ ​ ​ $ 20,356,332 ​ ​ ​ ​ ​ $ 32,092,019 ​ ​ ​ ​ ​ $ 6,097,986 ​ ​ ​ ​ ​ $ 14,225,161 ​ ​ ​ ​ ​ $ 17,805,568 ​ ​
       
Non-PEO NEO Average Total Compensation Amount $ 4,786,783 $ 4,721,849 $ 10,068,380 $ 6,826,596 $ 3,503,938
Non-PEO NEO Average Compensation Actually Paid Amount $ 4,483,302 4,203,696 10,308,634 6,780,037 4,256,657
Adjustment to Non-PEO NEO Compensation Footnote
(4)
The dollar amounts reported in this column represent the amount of  “compensation actually paid” to the Company’s named executive officers as a group (excluding Mr. Jorden and Mr. Dinges, where applicable) as computed in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned by or paid to such named executive officers as a group during the applicable year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to the average total compensation for named executive officers as a group (excluding Mr. Jorden and Mr. Dinges, where applicable):
​
​
Adjustment to Determine Compensation Actually Paid for NEOs
​ ​ ​
2024
 ​ ​ ​
2023
 ​ ​ ​
2022
 ​ ​ ​
2021
 ​ ​ ​
2020
 ​
​
Total reported in Summary Compensation Table (SCT)
​ ​ ​ ​ $ 4,786,783 ​ ​ ​ ​ ​ $ 4,721,849 ​ ​ ​ ​ ​ $ 10,068,380 ​ ​ ​ ​ ​ $ 6,826,596 ​ ​ ​ ​ ​ $ 3,503,938 ​ ​
​
Minus: Value of Stock & Option Awards Reported in SCT
​ ​ ​ ​ $ (3,148,833) ​ ​ ​ ​ ​ $ (3,609,845) ​ ​ ​ ​ ​ $ (3,935,574) ​ ​ ​ ​ ​ $ (2,759,065) ​ ​ ​ ​ ​ $ (2,413,381) ​ ​
​ Plus: Year-End Value of Awards Granted in Fiscal Year that are Unvested and Outstanding ​ ​ ​ ​ $ 2,992,552 ​ ​ ​ ​ ​ $ 2,757,427 ​ ​ ​ ​ ​ $ 3,630,038 ​ ​ ​ ​ ​ $ 847,510 ​ ​ ​ ​ ​ $ 2,728,760 ​ ​
​ Plus/Minus: Change in FMV of Prior Year Awards that are Outstanding and Unvested ​ ​ ​ ​ $ (257,709) ​ ​ ​ ​ ​ $ 233,773 ​ ​ ​ ​ ​ $ 340,299 ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ 240,708 ​ ​
​
Plus: FMV of Awards Granted this Year and that Vested this Year
​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ 1,913,978 ​ ​ ​ ​ ​ $ — ​ ​
​ Plus/Minus: Change in FMV (from Prior Year-End) of Prior Year Awards that Vested this Year ​ ​ ​ ​ $ 58,651 ​ ​ ​ ​ ​ $ 32,382 ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ (72,443) ​ ​ ​ ​ ​ $ 196,632 ​ ​
​ Plus: Value of Dividends Paid on Stock Awards not Otherwise Reflected in
Fair Value or Total Compensation 		​ ​ ​ ​ $ 51,858 ​ ​ ​ ​ ​ $ 68,111 ​ ​ ​ ​ ​ $ 205,491 ​ ​ ​ ​ ​ $ 23,461 ​ ​ ​ ​ ​ $ — ​ ​
​
Minus: Prior Year FMV of Prior Year Awards that Failed to Vest this Year
​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​ ​ ​ ​ $ — ​ ​
​
Total Adjustments
​ ​ ​ ​ $ (303,481) ​ ​ ​ ​ ​ $ (518,153) ​ ​ ​ ​ ​ $ 240,254 ​ ​ ​ ​ ​ $ (46,559) ​ ​ ​ ​ ​ $ 752,719 ​ ​
​
“Compensation Actually Paid”
​ ​ ​ ​ $ 4,483,302 ​ ​ ​ ​ ​ $ 4,203,696 ​ ​ ​ ​ ​ $ 10,308,634 ​ ​ ​ ​ ​ $ 6,780,037 ​ ​ ​ ​ ​ $ 4,256,657 ​ ​
       
Compensation Actually Paid vs. Total Shareholder Return [MISSING IMAGE: lc_capneoceo-pn.jpg]        
Compensation Actually Paid vs. Net Income
Alignment of CAP with Net Income $ millions
[MISSING IMAGE: lc_capvsnetincome-pn.jpg]
       
Total Shareholder Return Vs Peer Group [MISSING IMAGE: lc_capneoceo-pn.jpg]        
Tabular List, Table
Performance Measures
The table below sets forth our most important performance measures used to link “compensation actually paid” for our named executive officers to company performance, over the fiscal year ending December 31, 2024. Please see “Compensation Discussion and Analysis—​2024 Performance-Based Compensation—Our Incentive Compensation Programs Align Corporate Strategy Through Thoughtful Performance Metric Selection” and “—Our Incentive Program Payouts are Aligned with Performance Outcomes” for further information regarding these performance measures and their function in our executive compensation program. The performance measures included in this table are not ranked by relative importance.
​
2024 Most Important Performance Measures (unranked)
​ ​ ​ ​ ​
​
PVI-10
​ ​ ​
      ​
 ​
​
Relative TSR
​ ​ ​
​
 ​
​
Annual Production
​ ​ ​ ​ ​
       
Total Shareholder Return Amount $ 187.8 181.7 166.86 118.13 95.66
Peer Group Total Shareholder Return Amount $ 185.3 $ 188.13 $ 194.48 $ 119.07 $ 62.86
Company Selected Measure Amount 1,121 1,625 4,065 1,158 201
PEO Name Thomas E. Jorden,        
Additional 402(v) Disclosure Dan O. Dinges        
Measure:: 1          
Pay vs Performance Disclosure          
Name PVI-10        
Measure:: 2          
Pay vs Performance Disclosure          
Name Relative TSR        
Measure:: 3          
Pay vs Performance Disclosure          
Name Annual Production        
Thomas E Jorden Member          
Pay vs Performance Disclosure          
PEO Total Compensation Amount $ 14,748,960 $ 14,547,853 $ 15,303,397 $ 11,061,939
PEO Actually Paid Compensation Amount 11,685,791 20,356,332 32,092,019 6,097,986
Dan O. Dinges Member          
Pay vs Performance Disclosure          
PEO Total Compensation Amount 14,554,728 14,194,706
PEO Actually Paid Compensation Amount 14,225,161 17,805,568
PEO | Thomas E Jorden Member | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (3,063,169) 5,808,479 16,788,622 (4,963,953)  
PEO | Thomas E Jorden Member | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (10,628,850) (11,071,724) (12,554,661) (10,000,000)  
PEO | Thomas E Jorden Member | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 10,101,326 12,289,113 10,257,188 9,286,421  
PEO | Thomas E Jorden Member | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (3,532,714) 1,703,070 7,430,809 (5,392,173)  
PEO | Thomas E Jorden Member | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount  
PEO | Thomas E Jorden Member | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 586,511 1,327,149 6,860,435 (846,226)  
PEO | Thomas E Jorden Member | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount  
PEO | Thomas E Jorden Member | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 410,558 1,560,870 4,794,851 1,988,025  
PEO | Dan O. Dinges Member | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount       (329,567) 3,610,862
PEO | Dan O. Dinges Member | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount       (10,649,843) (11,267,676)
PEO | Dan O. Dinges Member | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount       12,760,574
PEO | Dan O. Dinges Member | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount       1,161,681
PEO | Dan O. Dinges Member | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount       10,901,242
PEO | Dan O. Dinges Member | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount       (580,966) 956,283
PEO | Dan O. Dinges Member | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount      
PEO | Dan O. Dinges Member | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount      
Non-PEO NEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (303,481) (518,153) 240,254 (46,559) 752,719
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (3,148,833) (3,609,845) (3,935,574) (2,759,065) (2,413,381)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,992,552 2,757,427 3,630,038 847,510 2,728,760
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (257,709) 233,773 340,299 240,708
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,913,978
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 58,651 32,382 (72,443) 196,632
Non-PEO NEO | Prior Year End Fair Value of Equity Awards Granted in Any Prior Year that Fail to Meet Applicable Vesting Conditions During Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount
Non-PEO NEO | Dividends or Other Earnings Paid on Equity Awards not Otherwise Reflected in Total Compensation for Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ 51,858 $ 68,111 $ 205,491 $ 23,461
v3.25.1
Award Timing Disclosure
 12 Months Ended
Dec. 31, 2024
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure
Stock options have not been a part of our executive compensation program (though in connection with the merger transaction that formed the Company, we assumed outstanding legacy Cimarex options). We therefore (i) do not grant, and have not granted, stock options in anticipation of the release of material nonpublic information, (ii) do not time, and have not timed, the release of material nonpublic information based on stock option grant dates or for the purpose of affecting the value of executive compensation and (iii) do not take, and have not taken, material nonpublic information into account when determining the timing and terms of stock options. As stock options are not an element of employee compensation, we do not have a formal policy with respect to the timing of stock option grants, and we did not grant stock options or stock appreciation rights in 2024.
Award Timing Method We therefore (i) do not grant, and have not granted, stock options in anticipation of the release of material nonpublic information, (ii) do not time, and have not timed, the release of material nonpublic information based on stock option grant dates or for the purpose of affecting the value of executive compensation and (iii) do not take, and have not taken, material nonpublic information into account when determining the timing and terms of stock options. As stock options are not an element of employee compensation, we do not have a formal policy with respect to the timing of stock option grants, and we did not grant stock options or stock appreciation rights in 2024.
Award Timing Predetermined false
Award Timing MNPI Considered false
Award Timing, How MNPI Considered We therefore (i) do not grant, and have not granted, stock options in anticipation of the release of material nonpublic information, (ii) do not time, and have not timed, the release of material nonpublic information based on stock option grant dates or for the purpose of affecting the value of executive compensation and (iii) do not take, and have not taken, material nonpublic information into account when determining the timing and terms of stock options.
MNPI Disclosure Timed for Compensation Value false
v3.25.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
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