Coterra Energy Company Says Don't Anticipate Bringing Any Projects Online In Marcellus During Q2, Resulting In Lower Gas Volumes Q-o-q Before Flattening In 2H24; Currently Running 1 Rig And 1 Reduced Frac Crew In The Marcellus; Focus In The Marcellus Continues To Be On Decelerating Activity And Reducing Costs As Near-Term Gas Markets Remain Challenging
Portfolio Pulse from Benzinga Newsdesk
Coterra Energy announced during a conference call that they do not plan to bring any projects online in the Marcellus region during Q2, leading to lower gas volumes quarter-over-quarter before stabilizing in the second half of 2024. The company is currently operating with one rig and one reduced frac crew in the Marcellus, focusing on decelerating activity and reducing costs due to challenging near-term gas markets.
May 03, 2024 | 2:07 pm
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NEGATIVE IMPACT
Coterra Energy's announcement of no new projects in Marcellus for Q2 and lower gas volumes could lead to short-term stock price pressure due to anticipated lower production and revenue.
The announcement directly impacts Coterra Energy's operational outlook, indicating a decrease in production which could lead to lower revenues in the short term. This is likely to be viewed negatively by investors, putting downward pressure on the stock price. The focus on cost reduction and the challenging market conditions further emphasize the operational difficulties the company is facing.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100