Coterra Energy Inc (CTRA)

Payables turnover

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Cost of revenue (ttm)	US$ in thousands	868,000	855,000	864,000	879,000	892,000	1,351,872	1,213,324	1,049,515	863,671	440,673	398,680	400,078	404,596	181,513	174,626	175,019	173,764	177,164	177,346	173,249
Payables	US$ in thousands	803,000	643,000	626,000	833,000	844,000	1,010,000	1,044,000	874,000	747,000	227,192	166,256	169,101	162,000	151,662	161,657	183,816	189,811	172,732	184,960	204,544
Payables turnover		1.08	1.33	1.38	1.06	1.06	1.34	1.16	1.20	1.16	1.94	2.40	2.37	2.50	1.20	1.08	0.95	0.92	1.03	0.96	0.85

December 31, 2023 calculation

Payables turnover = Cost of revenue (ttm) ÷ Payables
= $868,000K ÷ $803,000K
= 1.08

The payables turnover ratio for Coterra Energy Inc has been relatively low and inconsistent over the past eight quarters. From Q1 2022 to Q3 2022, there was a gradual increase in the payables turnover ratio, indicating that the company was taking longer to pay its suppliers. However, in Q4 2022, there was a significant drop in the ratio, suggesting a potential improvement in payment efficiency.

The ratios for Q1 2023 to Q4 2023 were all reported as 0.00, which may indicate either a change in accounting practices or a lack of payable activity during these quarters. This could be due to various reasons such as renegotiated payment terms with suppliers, changes in the company's operational circumstances, or adjustments in the timing of payables processing.

Overall, the inconsistency and low values of the payables turnover ratio for Coterra Energy Inc suggest the need for further analysis to understand the company's payment practices and relationships with suppliers in more detail.