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Kimmeridge Calls for Overhaul at Coterra, Says 2021 Merger a Failure

Business & Policy
November 4, 2025

Activist investor Kimmeridge on Tuesday called on Coterra Energy to overhaul its leadership and strategy, saying the 2021 merger of Cabot Oil & Gas and Cimarex Energy has failed to deliver value and left it trading at a discount to its peers.

In an open letter, the private investment firm urged the board to appoint an independent, non-executive chair and to refocus operations on its oil-rich Delaware Basin assets, saying the company’s current mix of oil and gas properties has created inefficiency and eroded returns.

“Coterra’s history has been tainted by a boardroom unwilling to acknowledge its own missteps,” said Mark Viviano, Managing Partner at Kimmeridge in the letter.

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Kimmeridge said it holds a significant stake in Coterra. Coterra did not immediately respond to a request for comment.

(Reporting by Pooja Menon in Bengaluru; Editing by Arun Koyyur)