We are currently offering a free two-week trial to Distressed Value Investing . Join our community to receive exclusive research about various companies and other opportunities along with full access to my portfolio of historic research that now includes over 1,000 reports on over 100 companies.Coterra Energy (NYSE: CTRA ) continued to exceed its production expectations, with Q3 2024 production that was above the high-end of its guidance. Faster cycle times have reduced its well costs as well, resulting in ...

Coterra Energy Inc. (CTRA) reported third-quarter 2024 adjusted earnings per share of 30 cents, which missed the Zacks Consensus Estimate of 35 cents. The bottom line also declined from the year-ago quarter’s 47 cents.  The year-over-year underperformance was due to weaker oil and natural gas realizations and a 10.2% increase in operating expenses.Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.This oil and gas exploration and production firm’s operating revenues of $1.4 billion mis ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. Commission file number 1-10447 COTERRA ENERGY INC. (Exact name of registrant as specified in its charter) Delaware 04-3072771 (State or other jurisdiction of incorporation or or ...

Financial Data and Key Metrics Changes - Coterra Energy reported total production averaging 669 MBoepd per day, with oil averaging 112.3 MBo per day and natural gas averaging 2.68 Bcf per day, all slightly above guidance [16][18] - Net income for the quarter was $252 million or $0.34 per share, with adjusted net income of $233 million or $0.32 per share [18] - Total unit costs during the quarter were $8.73 per BOE, near the midpoint of the annual guidance range of $7.45 to $9.55 per BOE [18] - Discretionary cash flow for the quarter was $670 million, and free cash flow was $277 million after cash capital expenditures of $393 million [20] - The company ended the quarter with a net debt to LTM EBITDA ratio of 0.3 times and approximately $2.8 billion of liquidity [20] Business Line Data and Key Metrics Changes - In the Permian, Coterra brought online 24 net wells, including 16 Net Bone Spring wells and 8 net Windham Row wells [17] - In the Anadarko, five net wells were brought online in the liquids-rich area, while seven net wells were brought online in the Marcellus [17] - The company increased its full-year 2024 oil production guidance to between 107 and 108 MBoepd, up approximately 0.5% from previous guidance [23] Market Data and Key Metrics Changes - Coterra remains constructive on natural gas markets, anticipating a tighter supply-demand picture in 2025 due to growing LNG exports and increased electrical generation demand [10][11] - The company has curtailed and shut in volumes in the Marcellus until natural gas prices improve significantly [10][41] Company Strategy and Development Direction - Coterra emphasizes disciplined capital allocation over production goals, focusing on top-tier operational teams and asset quality [12][14] - The company is exploring opportunities to diversify its natural gas marketing portfolio through LNG sales agreements, enhancing price exposure to international markets [11][30] - Coterra plans to maintain flexibility in capital allocation while pursuing organic oil growth [5][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the oil markets and indicated that they are prepared to adjust capital allocation based on market conditions [46][49] - The company is optimistic about the long-term gas markets but is currently cautious due to oversupply [10][43] - Management highlighted the importance of operational efficiency and continuous improvement as key drivers of future performance [66][67] Other Important Information - Coterra repurchased 4.3 million shares for $111 million during the quarter, returning $265 million to shareholders, which is 96% of free cash flow [25][26] - The company announced a base dividend of $0.21 per share for the third quarter, annualizing to $0.84 per share [25] Q&A Session All Questions and Answers Question: Why would Coterra not continue to simul-frac in 2025? - Management indicated that they are monitoring oil markets and want to maintain flexibility for potential recovery in gas markets [46] Question: How does Coterra view capital allocation across its assets? - Management explained that they estimate cash flow based on commodity prices and activity, maintaining a return of capital commitment [49] Question: How do returns from the Harkey Shale compare to the upper Wolfcamp? - Management stated that the Harkey is outstanding but slightly less than the upper Wolfcamp, with strong results from both intervals [55] Question: What are the implications of potential setback rules in New Mexico? - Management believes the concerns are overblown and does not expect significant regulatory changes that would impact operations [58][60] Question: What are the drivers of capital efficiency improvements? - Management noted that two-thirds of the efficiency gains are from operational timing, with the remainder from productivity improvements [65][66] Question: How does Coterra manage curtailments in the Marcellus? - Management stated that curtailments are managed on a field level, considering all gas volumes equally once capital is spent [104]

3Q24 Earnings Presentation October 31, 2024 Disclaimer Cautionary Statement Regarding Forward-Looking Information Investor Contacts This presentation contains certain forward-looking statements within the meaning of federal securities laws. Forward-looking statements are not statements of historical fact and reflect Coterra's current views about future events. Such forward-looking statements include, but are not limited to, statements about returns to shareholders, growth rates, enhanced shareholder value, ...

Coterra Energy (CTRA) came out with quarterly earnings of $0.32 per share, missing the Zacks Consensus Estimate of $0.34 per share. This compares to earnings of $0.50 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -5.88%. A quarter ago, it was expected that this independent oil and gas company would post earnings of $0.40 per share when it actually produced earnings of $0.37, delivering a surprise of -7.50%.Over the last four ...

News Release Coterra Energy Reports Third-Quarter 2024 Results, Announces Quarterly Dividend, and Provides Guidance Update HOUSTON, October 31, 2024 - Coterra Energy Inc. (NYSE: CTRA) ("Coterra" or the "Company") today reported third-quarter 2024 financial and operating results and declared a quarterly dividend of $0.21 per share. Additionally, the Company provided fourth-quarter production and capital guidance and updated full-year 2024 guidance. Tom Jorden, Chairman, CEO and President of Coterra, noted, " ...

Coterra Energy Inc. (CTRA) is set to release third-quarter results on Oct. 31. The Zacks Consensus Estimate for the to-be-reported quarter is a profit of 37 cents per share on revenues of $1.3 billion.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Let’s delve into the factors that might have influenced the oil and gas exploration and production firm’s performance in the September quarter. But it’s worth taking a look at CTRA’s previous-quarter performance first.Highlights of Q2 Earni ...

Coterra Energy (CTRA) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on October 31, 2024, might help the stock move higher if these key numbers are better t ...

The U.S. Energy Department's latest inventory report showed a higher-than-expected increase in natural gas supplies. Following this bearish data, together with hurricane-induced demand disruption, futures ended the week lower. Natural gas is expected to remain in a volatile state depending on the weather outlook, supply/demand balance etc. In this situation, investors should focus on resilient stocks like Coterra Energy (CTRA) and EQT Corporation (EQT) , while it may be wise to avoid higher-risk options lik ...