- Coterra Energy press release (NYSE:CTRA): Q2 Non-GAAP EPS of $0.37 misses by $0.02.
- Revenue of $1.27B (+6.7% Y/Y) misses by $40M.
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Guidance Updates:
- Reiterated 2024 incurred capital expenditures (non-GAAP) of $1.75 to $1.95 billion.
- Increased 2024 oil production guidance to 105.5 to 108.5 MBopd, up 2.4% at the mid-point versus prior guidance.
- Maintained 2024 natural gas production guidance at the mid-point, tightened range to 2,675 to 2,775 MMcfpd.
- Increased 2024 BOE production guidance to 645 to 675, up 1% at the mid-point versus prior guidance.
- Announced third-quarter 2024 total equivalent production of 620 to 650 MBoepd, oil production of 107.0 to 111.0 MBopd, natural gas production of 2,500 to 2,630 MMcfpd, and incurred capital expenditures (non-GAAP) of $450 to $530 million.
- Estimate 2024 Discretionary Cash Flow (non-GAAP) of approximately $3.2 billion and 2024 Free Cash Flow (non-GAAP) of approximately $1.3 billion, at $80/bbl WTI and $2.37/mmbtu annual average NYMEX assumptions.
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