Houston-based Coterra Energy said last week it is acquiring an additional 1,650 net royalty acres in Permian Basin from Sandia Minerals. Purchase price is $43 million to the Denver-based company. Coterra’s newest purchase complements its earlier $3.95 billion deal with Franklin Mountain Energy and Avant Natural Resources.
Investing.com said Dec. 28, “The agreement underscores Coterra’s strategy to expand its operations and asset base, which is crucial in the highly competitive energy industry. The acquisition of the royalty acres from Sandia Minerals represents a strategic addition to Coterra’s existing holdings.”
Third quarter production for Coterra was 669,000 boed to surpass guidance.