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To: richardred who wrote (7241)	11/4/2025 4:12:57 PM
From: E_K_S	Respond to of 7260

Re: Coterra Energy Inc (CTRA) 25.85 +1.46 (+5.99%) Great News We have an "Activist" ! (Perplexity summary from your links) Kimmeridge, a private investment firm and significant shareholder of Coterra Energy, issued an open letter to Coterra's Board of Directors urging urgent governance reforms and strategic focus changes to restore shareholder value. Kimmeridge criticizes the 2021 merger between Cabot Oil & Gas and Cimarex Energy as a failure, producing a company with mismatched assets (dry gas in Marcellus and oil in the Permian) that lack coherent strategy and capital allocation, resulting in inefficiency and valuation compression. Key points from Kimmeridge's letter include: The need for new leadership and appointment of an independent, non-executive Chair separate from the CEO/President role to restore accountability and credibility. Concern over governance failures, including Coterra's consolidation of CEO, President, and Chairman roles which concentrates power and diminishes oversight. Highlighting a major reserve write-down in Marcellus proved reserves by 32% shortly after the merger as a case of flawed capital allocation and risk management. Advocating divestment of lower-value assets in Marcellus and Anadarko to focus on the Delaware Basin’s high-quality oil assets, which Kimmeridge sees as key for operational efficiency and valuation improvement. Calling for a board that acts in shareholders' interests rather than protecting management. Kimmeridge stresses the importance of decisive boardroom accountability and strategic simplification to unlock value and improve Coterra's market valuation, which currently trades at a discount relative to peers in the energy sector. They are ready to engage constructively but demand prompt action from the Board. This letter reflects Kimmeridge's firm stance on governance overhaul and strategic refocus as essential steps for Coterra's turnaround and shareholder value restoration