CTRA - Coterra Energy Inc. (CTRA) Q1 2024 Earnings Call Transcript
2024-05-03 13:29:06 ET
Coterra Energy, Inc. (CTRA)
Q1 2024 Earnings Conference Call
May 3, 2024 09:00 AM ET
Company Participants
Daniel Guffey - Vice President of Finance, IR & Treasury
Thomas Jorden - Chairman, Chief Executive Officer & President
Shane Young - Executive Vice President & Chief Financial Officer
Blake Sirgo - Senior Vice President, Operations
Conference Call Participants
Nitin Kumar - Mizuho
Arun Jayaram - JPMorgan
Neil Mehta - Goldman Sachs
Betty Jiang - Barclays
David Deckelbaum - TD Cowen
Scott Gruber - Citigroup
Neal Dingmann - Truist Securities
Derrick Whitfield - Stifel
Leo Mariani - ROTH MKM
Charles Meade - Johnson Rice
Presentation
Operator
Good morning. My name is Audra, and I will be your conference operator today. At this time, I would like to welcome everyone to the Caterra Energy, Inc.'s First Quarter 2024 Earnings Conference Call. Today's conference is being recorded. All lines have been placed on mute to prevent any background noise. After the speakers' remarks there will be a question-and-answer session. [Operator Instructions].
At this time, I would like to turn the conference over to Dan Guffey, Vice President of Finance, Investor Relations and Treasurer. Please go ahead.
Daniel Guffey
Thank you, Audra. Good morning, and thank you for joining Coterra Energy's first quarter 2024 earnings conference call. Today's prepared remarks will include an overview from Tom Jorden, Chairman, CEO and President; Shane Young, Executive Vice President and CFO; and Blake Sirgo, Senior Vice President of Operations.
Following our prepared remarks, we will take your questions during our Q&A session. As a reminder, on today's call, we will make forward-looking statements based on our current expectations. Additionally, some of our comments will reference non-GAAP financial measures, forward-looking statements and other disclaimers, as well as reconciliations to the most directly comparable GAAP financial measures were provided in our earnings release and updated investor presentation, both of which can be found on our website.
With that, I'll turn the call over to Tom.
A - Thomas Jorden
Thank you, Dan, and welcome to all of you who are joining us on the call this morning. We're pleased to report that Coterra had an excellent first quarter. Our total equivalent production for the quarter was 686,000 barrels of oil equivalent per day, which was near the high end of our guidance. Oil production averaged 102.5 thousand barrels of oil per day, which was 3,500 barrels of oil per day above the high end of our guidance. This beat in oil production was driven by a combination of well performance that exceeded expectations, production optimization and timing.
Natural gas production averaged 2.96 billion cubic feet a day, which was slightly above the high end of our guidance. Capital expenditures came in at $450 million, which was below the guidance range. This was a combination of timing and cost reductions and completions. Blake will provide further detail on this. We have raised our full-year oil guidance, while leaving our natural gas guidance unchanged. Shane will provide commentary here....
Coterra Energy, Inc. (CTRA) Q1 2024 Earnings Call Transcript