CTRA - Coterra Should Generate $1.3 Billion In 2024 FCF Despite Weak Natural Gas Prices
2024-03-15 12:20:46 ET
Summary
- Coterra Energy Inc. exceed Q4 2023 production expectations and ended up with $1.332 billion in 2023 free cash flow.
- I was expecting closer to $1.2 billion in 2023 free cash flow, and Coterra also benefited from lower than expected capex.
- For 2024, Coterra is projected to generate $1.326 billion in free cash flow at current strip.
- At longer-term prices of $75 WTI oil and $3.75 Henry Hub gas, Coterra may be able to generate $2+ billion in free cash flow along with modest production growth.
Coterra Energy Inc. ( CTRA ) reported Q4 2023 results that exceeded production expectations by a few percent. The strong production and lower than expected capex resulted in its 2023 free cash flow ending up around $132 million higher than I had projected for it when I looked at it in December 2023 ....
Coterra Should Generate $1.3 Billion In 2024 FCF Despite Weak Natural Gas Prices