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Coterra Energy misses profit estimates on weak natural gas prices

U.S. oil and gas manufacturer Coterra Energy missed out on analysts' estimates for secondquarter earnings on Thursday, injured by subdued natural gas rates.

U.S. natural gas costs have tumbled this year amid lukewarm need due to a hotter-than-expected winter season and a build-up in storage.

The business's typical list prices for gas fell to $ 1.26 per thousand cubic feet (mcf) compared with $1.65 per mcf a year earlier, with prices at the Permian Basin dropping below no.

Total production increased to 669,200 barrels of oil equivalent per day (boepd) from 664,900 boepd. However, natural gas production declined.

It sees oil production for the year rising to 105,500 barrels daily (bpd) to 108,500 bpd, from the 102,000 bpd to 107,000 bpd projection earlier.

Coterra's 7.3% greater operating earnings were partially offset by a 7.4% rise in operating expenses.

The business reported an adjusted earnings of 37 cents per share for the 3 months ended June 30, compared to analysts' typical quote of 39 cents, according to LSEG data.

Shares of the company were marginally down in extended trading.

(source: Reuters)