Coterra Energy reported increased net income in the third quarter of the year.
In an announcement, the Houston company, with operations in Oklahoma recorded net income of $252 million or 34 cents a share and adjusted net income of $233 million and 32 cents a share. The net income was an improvement over the $220 million and 30 cents a share recorded in the second quarter of the year.
Coterra managed $755 million in cash flow from its operating activities. Its capital expenditures for drilling, completion and other fixed asset additions totaled $418 million, below the low-end of the company guidance range of $450 million to $530 million.
“Coterra continues to exceed its 2024 plan and has strong momentum with significant optionality heading into 2025,” Tom Jorden, Chairman, CEO and President of Coterra, noted.
“Our teams continue to deliver strong and improving capital efficiency through operational execution, all of which is guided by our relentless focus on economic returns. The Company’s strong positioning is underpinned by its advantaged balance sheet, operational aptitude, diversified commodity mix and its durable, high-quality inventory.”
During the quarter, Coterra also announced three new LNG agreements to sell a total of 200 MMcfpd feet a day of natural gas. Sales will begin in 2027 and 2028 and will be sourced from the Permian Basin, Anadarko Basin, and Marcellus Shale.
Coterra announced its total barrels of oil equivalent production as well as natural gas production beat high-end of guidance while capital expenditures were below the low-end of guidance.
The full-year 2024 oil guidance mid-point now assumes 12% year over year growth and a 5% increase compared to the initial guidance mid-point provided in February. These upward revisions throughout the year have been driven by faster cycle times and strong well performance across our portfolio.
To date, 36 of the 57 Windham Row wells have come online.
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- Currently, 10 additional wells are expected to come online by the end of the year.
- The final 11 wells are expected to come online in first-quarter 2025.
