Coterra Energy Inc (NYSE:CTRA)
$ 23.3 0.29 (1.26%) Market Cap: 17.23 Bil Enterprise Value: 18.66 Bil PE Ratio: 13.47 PB Ratio: 1.32 GF Score: 89/100
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Q2 2024 Coterra Energy Inc Earnings Call Transcript

Aug 02, 2024 / 01:00PM GMT
Release Date Price: $24.11 (-5.08%)

Key Points

Positve
  • Coterra Energy Inc (CTRA) delivered strong financial results and robust return of capital to shareholders in Q2 2024.
  • Production guidance was exceeded across all three streams: oil, natural gas, and natural gas liquids.
  • The company demonstrated capital efficiency, coming in on the low end of their capital guidance range.
  • Coterra Energy Inc (CTRA) has a balanced revenue stream and geographic and geologic diversity, providing market flexibility.
  • The company has a strong balance sheet with cash and short-term investments standing at $1.32 billion.
Negative
  • Realized natural gas prices dropped by 42% between Q1 and Q2 2024, impacting revenue.
  • The gas market is currently oversupplied, leading to downward pressure on natural gas prices.
  • Coterra Energy Inc (CTRA) has decided to curtail production in the Marcellus region due to low expected in-basin pricing.
  • The company is exploring the option of delaying upcoming Marcellus turn-in lines and curtailing planned drilling and completion activity.
  • Despite strong performance, the company faces challenges in maintaining production levels without making poor investment decisions.
Operator

Hello! Good morning, and welcome to the Coterra Energy 2024 earnings call. At this time, all participants are in a listen-only mode until the question-and-answer session at the end of today's conference.

I will now turn the call over to Dan Guffey, Vice President in Finance, Investor Relations and Treasury.

Dan Guffey
Coterra Energy Inc - Vice President of Finance, Investor Relations, Treasury

Thank you, operator. Good morning, and thank you for joining Coterra Energy's second quarter 2024 earnings conference call. Today's prepared remarks will include an overview from Tom Jorden, Chairman, CEO and President; Shane Young, Executive Vice President and CFO; and Blake Sirgo, Senior Vice President of Operations. Following our prepared remarks, we will take your questions during our Q&A session.

As a reminder, on today's call, we will make forward-looking statements based on our current expectations. Additionally, some of our comments will reference non-GAAP financial measures. Forward-looking statements and other disclaimers, as well as

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