- Coterra Energy press release ( NYSE: CTRA ): Q3 Non-GAAP EPS of $1.42 beats by $0.03 .
- Revenue of $2.52B (+472.2% Y/Y) beats by $130M .
- Generated cash flow from operating activities of $1,771 million.
- Discretionary Cash Flow totaled $1,524 million (non-GAAP), inclusive of $13 million of merger-related/severance costs.
- During the quarter, the Company repurchased 9.3 million shares for $253 million, averaging $27.03 per share.
- As of September 30, 2022, the Company had repurchased 28.0 million shares for a total cost of $740 million, leaving $510 million remaining on the $1.25 billion share repurchase authorization.
- Outlook: Estimate 2022 Discretionary Cash Flow of approximately $5.6 billion at recent strip prices
- Now expect 2022 capital budget of $1.7 billion, the high end of the previously provided guidance range. The capital budget is expected to be approximately 30 percent of 2022 Discretionary Cash Flow, even as inflationary impacts have driven capital costs +25 percent year-over-year
- Estimate 2022 Free Cash Flow of approximately $3.9 billion at current strip prices, and expect to return the vast majority to shareholders.
- Total equivalent production: 625-640 MBoepd, +1 percent at the midpoint from 615-635 MBoepd
- Natural gas production: 2,775-2,850 MMcfpd, +1 percent at the midpoint from 2,750-2,825 MMcfpd
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Coterra Energy Non-GAAP EPS of $1.42 beats by $0.03, revenue of $2.52B beats by $130M