Sector: Energy|Industry: Oil & Gas Exploration & Production|Market Cap: $19.33B|Employees: 894
Coterra Energy Inc. is an independent oil and gas company focused on the development, exploration, and production of oil, natural gas, and NGLs in the continental U.S. The company's assets are concentrated in areas with known hydrocarbon resources, allowing for multi-well, repeatable development programs. Coterra aims to create value for investors through innovation, technology, and data, while maintaining a strong balance sheet and returning capital to stockholders through dividends and share repurchases.
Net income decreased by $325 million, from $677 million in Q1 2023 to $352 million in Q1 2024. This represents a decrease from $0.88 per share to $0.47 per share.
Net cash provided by operating activities decreased by $638 million, from $1.5 billion in Q1 2023 to $856 million in Q1 2024. This is attributed to lower natural gas prices and higher operating costs, partially offset by increased oil revenue.
Equivalent production increased by 5.2 MMBoe, from 57.2 MMBoe in Q1 2023 to 62.4 MMBoe in Q1 2024. This increase is driven by higher natural gas, oil, and NGL production.