Coterra plans 2Q financial release in a month


Coterra Energy plans a release of its second quarter 2024 financial and operating results on Thursday, August 1 as investors wonder if things will be as strong as the previous quarter.

The Houston-headquartered company, with operations in Oklahoma will make the release after the close of markets. Company leaders plan to hold a conference call the next day, August 2 at 8 a.m. central time.

In addition to its operations in the Anadarko Basin, Coterra also has focused drilling projects in the Permian Basin and the Marcellus Shale.

Coterra’s first quarter activities resulted in a quarterly dividend of 21 cents a share based on net income of $352 million and adjusted net income of $383 million. Its operating activities produced cash flow of $856 million.

The first quarter results were strong enough they prompted Tom Jorden, Chairman, CEO and President of Coterra to declare, “Coterra continues to fire on all cylinders, and shifting our near-term capital program to focus on oil and liquids-rich plays remains prudent.”

As a result of the strong first quarter, Coterra continued with 2024 capital expenditures of up to $1.95 billion, increased its 2024 oil production guidance by 2.5% and anticipated second quarter total equialent production of 655 MBoepd.