Increased Production Guidance Despite Decline in Q1 Income

Coterra Energy Inc. has reported a net income of 2 million for the first quarter of 2024, a decrease from the 7 million reported in the same period last year.

In their quarterly financial report, the company announced that their total equivalent production reached 686,000 thousand barrels of oil equivalent per day (boepd), which was at the higher end of their guidance range of 660,000 to 690,000 boepd. Oil production averaged 102,500 barrels per day, surpassing the upper end of the guidance range of 95,000 to 99,000 bpd. Natural gas production also exceeded expectations, averaging 2,960 million cubic feet per day compared to the guidance of 2,850 to 2,950 MMcfpd. Additionally, natural gas liquids production averaged 90,200 boepd.

Chairman, CEO, and President Tom Jordan expressed satisfaction with the company’s performance, highlighting the impact of Coterra’s high-quality assets and skilled operating team. He emphasized the company’s focus on oil and liquids-rich plays while keeping an eye on opportunities in the evolving natural gas market.

Encouraged by the first-quarter results, Coterra has maintained its 2024 capital expenditures guidance between .75 billion and .95 billion. The company has also increased its oil production guidance for the year to 102,000 to 107,000 bpd.

Looking ahead, Coterra anticipates second-quarter 2024 total equivalent production to range from 625,000 to 655,000 boepd, with oil production expected to be between 103,000 and 107,000 bpd. The company forecasts natural gas production of 2,600 to 2,700 MMcfpd and capital expenditures of 0 million to 0 million for the second quarter.

Coterra’s strategic approach and commitment to flexibility have positioned the company for continued growth and success in the energy sector.