Coterra Energy Inc. reported third quarter 2025 production volumes that exceeded the midpoint of both oil and natural gas production guidance by approximately 2.5%, with capital expenditures remaining in line with guidance. The company raised its full-year 2025 guidance for total production volumes, reporting an updated range of 2,925 to 2,965 thousand barrels of oil equivalent per day (mboed), up from the previous guidance of 2,895 mboed. Oil production guidance was tightened to 159.0-161.0 thousand barrels per day (mbod), while natural gas guidance increased to 2,750-2,900 million cubic feet per day (mmcfd). Coterra estimates 2025 free cash flow of around $2.0 billion and expects 2026 capital expenditures to be modestly down year-over-year, with anticipated annual BOE and natural gas growth of 0-5% and oil growth of approximately 5%. The company maintains a pro forma leverage ratio of about 0.8x and has retired $600 million of term loans year-to-date, with the share repurchase program restarted in the fourth quarter of 2025. The Franklin and Avant acquisitions have yielded approximately 5% improvement in lease operating expenses and 10% reduction in well costs versus initial expectations.