- Coterra Energy press release ( NYSE: CTRA ): Q4 Non-GAAP EPS of $1.16 beats by $0.06 .
- Revenue of $2.28B (+2.2% Y/Y) beats by $230M .
- Delivered total equivalent production of 632 MBoepd (thousand barrels equivalent per day).
- Oil production averaged 90.7 MBbls/d (thousand barrels per day), above the high-end of guidance.
- Natural gas production averaged 2,780 Mmcf/d (million cubic feet per day), above the high-end of guidance.
- 2023 Outlook
- Estimated cash flow from operating activities of approximately $4.0 billion, at recent commodity strip prices
- Expected capital investment of $2.0 billion to $2.2 billion
- $1,825 to $2,025 million is allocated to drilling and completion activities.
- Approximately 49 percent of drilling and completion capital will be invested in the Permian Basin, 44 percent in the Marcellus Shale and the balance in the Anadarko Basin.
- Represents approximately 50 percent of projected cash flow from operating activities at recent commodity strip prices.
- Capital increase driven by inflation (10% y/y) and a modest activity increase.
- Expect annual average production of 610 - 650 MBoe/d, in line with 2022.
- Expect annual average oil production of 86-92 MBbls/d, up 2% y/y.
- Expect annual average natural gas production of 2,700 - 2,850 MMcf/d, down modestly y/y as Upper Marcellus delineation increases in 2023 (~40% of 2023 Marcellus activity). The 40% Upper Marcellus weighting is expected to be the high-end over the next few years.
- Expect to turn-in-line 150 to 175 total net wells.
- Estimate free cash flow (non-GAAP) of approximately $1.9 billion, at recent commodity strip prices.
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Coterra Energy Non-GAAP EPS of $1.16 beats by $0.06, revenue of $2.28B beats by $230M