Coterra Energy posts Q1 earnings beat, raises full-year oil output guidance (NYSE:CTRA) - Seeking Alpha

Coterra Energy posts Q1 earnings beat, raises full-year oil output guidance (NYSE:CTRA) | Seeking Alpha

Coterra Energy posts Q1 earnings beat, raises full-year oil output guidance

Coterra Energy Inc. (CTRA) By:

Carl Surran, SA News Editor
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Coterra Energy (NYSE: CTRA) +3.5% pre-market Friday after reporting better than expected Q1 adjusted earnings and revenues, and raising its full-year production guidance.

Q1 net income improved to $677M, or $0.88/share, from $608M, or $0.75/share, in the year-earlier quarter, and operating revenues rose 5.5% Y/Y to $1.77B.

Q1 production edged up 0.8% from a year ago to 635K boe/day, exceeding Coterra's ( CTRA) guidance of 610K-625K boe/day, driven by strong well performance and improved cycle times.

Q1 oil production averaged 92.2K bbl/day, ahead of guidance of 88.5K-91.5K bbl/day and up from 83.1K bbl/day in the year-earlier quarter, while natural gas production ticked lower to 2.76B cf/day from 2.85B cf/day a year-ago period but ahead of the company's forecast of 2.65B-2.75B cf/day.

For FY 2023, Coterra ( CTRA) raised its oil production guidance to 87K-93K bbl/day from its previous outlook for 86K-92K bbl/day.

Coterra ( CTRA) said it is currently running six rigs and two completion crews in the Permian Basin, two rigs in the Anadarko Basin, and three rigs and two completion crew in the Marcellus, with plans to drop to two rigs and one crew in the Marcellus during Q2.

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