Coterra Q2 net income $220M; production beats guidance; raises FY2024 oil guidance 2.4%

Coterra Energy Inc.

2024-Q2 EPS reported $0.76 revenue$2,704,000,000

Net income $220M ($0.30/sh); adjusted net income $272M ($0.37/sh); FCF $246M.
Total production 669 MBoepd, oil 107.2 MBopd, gas 2,780 MMcfpd — all above guidance high-end.
Increased FY2024 oil prod guidance 2.4% to 105.5-108.5 MBopd; BOE prod guidance +1% to 645-675 MBoepd.
Declared $0.21/sh dividend; repurchased 5.0M shares for $140M; returned 120% of FCF to shareholders.
Balance sheet: $1.07B cash, $575M debt due Sep 2024 to be retired; net debt/EBITDAX 0.4x.

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