Coterra Energy (CTRA) Misses Q2 EPS by 2c; offers guidance

Coterra Energy (NYSE: CTRA) reported Q2 EPS of $0.37, $0.02 worse than the analyst estimate of $0.39. Revenue for the quarter came in at $1.27 billion versus the consensus estimate of $1.33 billion.

GUIDANCE

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.

For earnings history and earnings-related data on Coterra Energy (CTRA) click here.

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