Coterra Energy Lowered 2024 Capital Expenditures (Non-GAAP) To $1.75B-$1.85B, Down From $1.75B-$1.95B; Increased 2024 Oil Production Guidance To 107 To 108 MBopd, Up 0.5 MBopd At The Mid-Point Versus Prior Guidance; Increased 2024 Natural Gas Production Guidance To 2,735 To 2,775 MMcfpd, Up 1% At The Mid-Point Versus Prior Guidance; Increased 2024 BOE Production Guidance To 660 To 675 MBoepd, Up 1% At The Mid-Point Versus Prior Guidance
Portfolio Pulse from Benzinga Newsdesk
Coterra Energy has adjusted its 2024 financial and production guidance. The company lowered its capital expenditures to $1.75B-$1.85B and increased its oil, natural gas, and BOE production guidance. It also provided estimates for discretionary and free cash flow.
October 31, 2024 | 8:09 pm
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POSITIVE IMPACT
Coterra Energy has revised its 2024 guidance, lowering capital expenditures while increasing production estimates for oil, natural gas, and BOE. This suggests a focus on efficiency and potential revenue growth.
The reduction in capital expenditures suggests cost efficiency, while increased production guidance indicates potential for higher revenues. This combination is likely to positively impact Coterra's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100