CTRA - Coterra Energy slips after Q2 profit drops with natural gas prices
2023-08-07 19:37:30 ET
Coterra Energy ( NYSE: CTRA ) -1.6% post-market Monday after reporting better than expected Q2 adjusted earnings that fell sharply alongside natural gas prices from the year-earlier quarter.
Q2 net income fell to $209M, or $0.28/share, from $1.23B, or $1.53/share, in the prior-year period, while operating revenues sank 53% Y/Y to $1.185B and free cash flow plunged to $113M from more than $1B in the year-ago quarter.
Coterra ( CTRA ) said its Q2 average realized price for natural gas including hedges fell 71.5% to $1.65/Mcf compared to $5.78/Mcf a year earlier.
Q2 total production rose 5.2% Y/Y to 665K boe/day, aided by strong well performances, comprised of 264.3B cf on natural gas, 8.7M barrels of oil and 7.7M barrels of natural gas liquids, up 4.1%, 8.7% and 6.9% respectively; unit operating cost fell to $8.27/boe from $8.80/boe a year ago.
Coterra ( CTRA ) raised guidance for full-year production volumes to 630K-655K boe/day, 2% higher than the midpoint of its prior forecast, including 2% higher guidance for natural gas production to 2.75M-2.9M cf/day and 3% higher for oil output to 91K-94K bbl/day.
The company said it dropped a rig at the Marcellus basin in Pennsylvania during Q2.
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Coterra Energy slips after Q2 profit drops with natural gas prices