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Coterra Energy (CTRA.N) expects a decrease in natural gas production for 2024 following a quarterly profit below Wall Street's expectations. The company anticipates total equivalent production of 635,000 to 675,000 barrels of oil equivalent per day (boepd), down approximately 2% from the previous year. Natural gas producers, including Coterra and Chesapeake Energy (CHK.O), have faced challenges due to low prices, with average natural gas prices declining over 50% in the fourth quarter compared to the previous year, hitting a three-and-a-half-year low in the current month.
To address the oversupply in the market, Coterra plans to operate only one rig and reduce its spot crew in Marcellus, its largest operating area. The company expects to cut its 2024 capital expenditure for Marcellus by nearly 55% and adjust its overall spending to between $1.75 bn and $1.95 bn, a decrease from 2023. Despite lower crude prices, Coterra reported a production increase in the fourth quarter to 697,400 boepd from 632,200 boepd a year earlier.
The US average crude realised price for Coterra fell to $77.10 per barrel in the reported quarter from $82.26 per barrel. Although Coterra's adjusted profit was 52 cents per share for the quarter ended December 31, below analysts' average estimate of 55 cents per share, the company raised its quarterly dividend by 5% to 21 cents per share, leading to a 3% increase in its shares in after-hours trading.
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