{"id":713725,"date":"2026-01-22T19:44:07","date_gmt":"2026-01-22T19:44:07","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/713725\/"},"modified":"2026-01-22T19:44:07","modified_gmt":"2026-01-22T19:44:07","slug":"kimmeridge-to-nominate-scott-sheffield-to-coterra-energy-board-source-says","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/713725\/","title":{"rendered":"Kimmeridge to nominate Scott Sheffield to Coterra Energy board, source says"},"content":{"rendered":"

Jan 22 (Reuters) – Investment firm Kimmeridge is planning to nominate former Pioneer Natural Resources CEO Scott Sheffield to Coterra Energy’s (CTRA.N), opens new tab<\/a> board, a source familiar with the matter said.<\/p>\n

One of the best-known activist investors in the oil and gas space, Kimmeridge is set to propose a total of five potential director nominees, including Sheffield, for election at the next Coterra shareholder meeting, the source added.<\/p>\n

Sign up here.<\/a><\/p>\n

The move is the latest effort by Kimmeridge to increase pressure on the U.S. oil and gas producer, having called in November for an overhaul<\/a> of its leadership and strategy to address weak share performance since the 2021 merger of Cabot Oil & Gas and Cimarex Energy that created Coterra.It also comes as Coterra is in early-stage talks about a possible merger<\/a> with peer Devon Energy (DVN.N), opens new tab<\/a>, which could create one of the largest independent U.S. shale operators.<\/p>\n

In a statement, Kimmeridge confirmed it was assembling a slate of director nominees, with the aim of strengthening governance at the company. It argued this was essential, given the potential interest other companies were showing in Coterra and its assets.<\/p>\n

“Given the board’s reluctance to pursue a formal strategic review, as we had recommended, these nominations are intended to ensure all value-maximizing options are fully considered,” the statement added.<\/p>\n

However, Kimmeridge declined to comment on the number and identity of potential board directors. Coterra Energy did not respond to Reuters’ comment request.<\/p>\n

Sheffield founded Pioneer, an energy producer focused on the Permian Basin of Texas, which agreed in 2023 to a roughly $60 billion takeover by Exxon Mobil (XOM.N), opens new tab<\/a>.<\/p>\n

Under the original agreement, Sheffield was due to join Exxon’s board, but the move was challenged by the Federal Trade Commission, which accused Sheffield of colluding with the OPEC cartel on oil prices.<\/p>\n

Ultimately, the regulator blessed the acquisition in May 2024, on condition Sheffield did not join the board. While the FTC reversed<\/a> the ban in July last year, Sheffield has never become an Exxon director.<\/p>\n

The Wall Street Journal earlier reported Kimmeridge’s plan to nominate five directors including Sheffield at Coterra.<\/p>\n

Reporting by Pranav Mathur in Bengaluru and David French in New York; Editing by Devika Syamnath and Anil D’Silva<\/p>\n

Our Standards: The Thomson Reuters Trust Principles., opens new tab<\/a><\/p>\n

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