Coterra Expands Permian Acreage and Implements AI for Fracking Automation
Coterra Energy, a company that formed in 2021 through the merger of Cabot Oil & Gas and Cimarex Energy, has been making some interesting moves lately. While they’ve decided to hold off on drilling in the Marcellus region until natural gas prices pick up, they have been focusing on expanding their presence in the Permian Basin.
In November, Coterra announced that they would be acquiring assets from Franklin Mountain Energy and Avant Natural Resources in the Permian Basin for a whopping $4 billion. Now, they’re back at it with another acquisition, this time buying an additional 1,670 net royalty acres from Franklin Mountain Energy in the Permian.
This recent purchase, totaling $43 million, is part of Coterra’s strategy to grow their footprint in the Permian Basin. The company’s innovative approach includes automating fracking operations using artificial intelligence, showcasing their commitment to utilizing cutting-edge technology in their operations.
These developments show that Coterra is gearing up for growth and innovation in the energy sector, and we’re excited to see where their journey takes them next.
