CTRA - Coterra Energy: Improved 2024 Oil Production Guidance

2024-06-04 23:32:41 ET

Summary

• Coterra exceeded production expectations for Q1 2024.
• This performance came despite the deferral of 12 Marcellus wells to 2H 2024.
• CTRA increased its full-year oil production guidance by 2% to 3%.
• It is projected to generate $1.232 billion in 2024 free cash flow at current strip.

Coterra Energy ( CTRA ) reported Q1 2024 production that exceeded expectations, despite it deferring 12 of its Marcellus wells until the second half of the year. It expects to meet its original full-year guidance for natural gas production despite those wells coming online later than initially scheduled, and also increased its full-year oil production guidance by 2% to 3%. Coterra has noted that its well performance has been strong, leading to that positive guidance revision....

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