Nov 4 (Reuters) - Activist investor Kimmeridge on

Tuesday called for an overhaul of leadership and strategy at

Coterra Energy ( CTRA ), saying the 2021 merger of Cabot Oil &

Gas and Cimarex Energy to form the company has failed to deliver

value and left it trading at a discount to its peer.

In an open letter, the private investment firm urged the

board to appoint an independent, non-executive chair and to

refocus operations on its oil-rich Delaware Basin assets, saying

the company's current mix of oil and gas properties has created

inefficiency and eroded returns.

"Coterra's history has been tainted by a boardroom unwilling

to acknowledge its own missteps," said Mark Viviano, Managing

Partner at Kimmeridge in the letter.

The investment firm wants Coterra to divest its Marcellus

and Anadarko Basin assets to become a pure-play Permian

producer, arguing that a streamlined business would simplify

operations and unlock a valuation re-rating.

Kimmeridge said it holds a "significant stake" in the oil

and gas company without disclosing the exact detail. Coterra did

not immediately respond to a request for comment.

Shares of Coterra fell 1.1% in premarket trading. They have

dropped 4.5% this year compared with 2.8% rise in the broader

S&P 500 energy index.

The $17 billion merger between Cabot Oil & Gas and Cimarex

Energy in 2021 to form Coterra was seen as a "surprise" as it

brought together Cabot's gas-rich Marcellus shale positions in

the U.S. northeast and Cimarex's oil-heavy acres in West Texas.

Coterra missed Wall Street estimates for third-quarter

profit on Monday, as lower oil prices offset a jump in

production.