Coterra Q1 net income $352M; raises 2024 oil guidance 2.5%; quarterly dividend $0.21

Coterra Energy Inc.

2024-Q1 EPS reported $0.47 revenue$1,433,000,000

Q1 GAAP net income $352M ($0.47/sh); adjusted net income $383M ($0.51/sh).
Total production 686 MBoepd near high end; oil 102.5 MBopd exceeded guidance; raised 2024 oil guidance 2.5%.
Incurred capex $450M below $460-540M guidance; free cash flow $340M; shareholder returns ~90% of FCF.
Declared $0.21/sh quarterly dividend, payable May 30; repurchased $150M shares during quarter.
Issued $500M senior notes at 5.60% due 2034; proceeds to repay $575M notes due Sept 2024.

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 0.95

Coterra Energy Inc. reported first-quarter 2024 results: net income $352 million, or $0.47 per share. Guidance raised.

Period: first-quarter 2024
Net income: $352 million, or $0.47 per share
Guidance: raised
Result: reported results

Exact text from the filing

Net Income (GAAP) totaled $352 million, or $0.47 per share. Adjusted Net Income (non-GAAP) was $383 million, or $0.51 per share.

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Source: SEC EDGAR

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