Coterra Energy Q3 net income $323M ($0.43/sh); production beat, full-year guidance raised

Coterra Energy Inc.

2023-Q3 EPS reported $1.58 revenue$4,318,000,000

Q3 production of 670 MBoepd exceeded high end of guidance (655 MBoepd); oil 91.9 MBopd, gas 2,903 MMcfpd.
Net income $323M ($0.43/sh); adjusted net income $373M ($0.50/sh). Free cash flow $250M.
Full-year 2023 production guidance raised +3% to 655-665 MBoepd; capex unchanged at $2.0-2.2B.
Declared quarterly dividend $0.20/share, payable Nov 30 to holders of record Nov 16.
Repurchased 2.2M shares for $60M in Q3; year-to-date shareholder return $839M (91% of free cash flow).

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Coterra Energy Inc. updated its Fourth-quarter 2023 guidance (initiated).

Period: Fourth-quarter 2023
Guidance: initiated
Result: guidance update

Exact text from the filing

Fourth-quarter 2023 production and capital guidance: • Total production of 645-680 MBoepd; mid-point -1% sequentially and +5% year-over-year • Oil production of 98-102 MBopd; mid-point +9% sequentially and +10% year-over-year • Natural gas production of 2,780-2,900 MMcfpd; mid-point -2% sequentially and +2% year-over-year • Expected accrued capital expenditures (non-GAAP) of $460 – $530 million

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Coterra Energy Inc. reported Third-Quarter 2023 results: net income 373, EPS 0.50.

Period: Third-Quarter 2023
Net income: 373
EPS: 0.50
Result: reported results

Exact text from the filing

Net Income (GAAP) totaled $323 million, or $0.43 per share.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Coterra Energy Inc. reported Third-Quarter 2023 results: net income 373, EPS 0.50.

Period: Third-Quarter 2023
Net income: 373
EPS: 0.50
Result: reported results

Exact text from the filing

Adjusted Net Income (non-GAAP) was $373 million, or $0.50 per share.

View on SEC.gov

12 earnings releases filed in the last 30 days. Browse all earnings releases →

Coterra Energy Inc. filing history →

Source: SEC EDGAR

accession 0000858470-23-000053

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