Coterra Energy closes $3.9 billion deal in Permian basin
Coterra Energy has completed its previously announced acquisitions consisting of certain assets of Franklin Mountain Energy and Avant Natural Resources and its affiliates for aggregate consideration of approximately $3.9 billion, subject to certain post-closing purchase price adjustments.
“Through the hard work of Franklin Mountain Energy, Avant Natural Resources, and the Coterra team, we are pleased to have closed the two previously announced acquisitions on schedule," said Tom Jorden, Chairman, CEO, and President of Coterra. "We expect to immediately hit the ground running and, in coordination with our year-end 2024 earnings release in February, we are excited to share our 2025 formal guidance as well as an updated three-year outlook.”
Related: Coterra to buy Permian shale assets in $4 billion deal
These assets strengthen Coterra's portfolio in Lea County, New Mexico adding approximately 49,000 highly contiguous net acres and 400 to 550 net locations, primarily targeting Bone Spring formations, with additional upside potential.
