Coterra Energy reports mixed third-quarter results, exceeding revenue estimates but missing earnings expectations.

From CNBC: 2024-11-01 13:35:09

Coterra Energy reported mixed third-quarter results with revenue flat at $1.36 billion, exceeding estimates, and adjusted diluted earnings per share falling 36% to 32 cents, missing expectations. The company returned $265 million to shareholders in the quarter and plans to return 50% of annual free cash flow to investors. Fourth-quarter production guidance was provided, with total equivalent production expected between 630 to 660 MBoepd. The company cut its discretionary cash flow target to $2.9 billion for the full year, down from $3.2 billion, and reduced its capex forecast to $1.75 to $1.85 billion from $1.75 to $1.95 billion. Free cash flow is now expected to be $1.1 billion. Management is targeting total equivalent production per day of 660 to 675 MBoepd, oil production of 107 to 108 MBopd, and natural gas production of 2,735 to 2,775 MMcfd for the full year. Shares fell after the earnings call, but the company remains a strong operator in the energy sector.



Read more at CNBC:: Coterra Energy posts a mixed quarter, delivers on what matters most