Coterra

Coterra’s competitive edge is cost focused. In the Permian it controls 346k net acres with owned power, gas gathering and water systems that lower full‑cycle costs; the January 2025 Lea County packages created a new >80k net acre focus area contiguous to legacy blocks.

Marcellus position in Susquehanna County is also among North America’s lowest‑cost dry gas resources. These confer a modest, durable cost advantage and some efficient‑scale characteristics in specific blocks, but there is no structural pricing power, switching cost or network effect in upstream commodities.

Moat component scores and weights: cost advantage 65/100 (weight 55%), efficient scale 45/100 (20%), intangible assets 20/100 (10%), switching costs 10/100 (10%), network effects 0/100 (5%).

Weighted average ≈ 52. Risks to moat: service cost inflation, inventory quality degradation, basis constraints and regulatory limits on development in Appalachia.