Coterra Energy reports Q3 adjusted EPS 41c, consensus 43c

Reports Q3 revenue $1.82B, consensus $1.75B. Tom Jorden, Chairman, CEO and President of Coterra, noted, “We are pleased with our strong operational execution during the quarter and are on track to meet or exceed our annual targets. Our nine rig and three completion crew program in the Permian program continues to be highly capital efficient, cost effective, and is generating strong returns at today’s prevailing prices. We are also pleased with the competitive returns currently being generated in both the Marcellus and Anadarko Basin. The durability of our high-quality asset portfolio shines throughout various price cycles. The stellar returns across our diversified asset base are driven by the quality of the rock, our competitive drilling and completion costs, low cost structure and high margins. We remain focused on delivering a highly capital efficient program and maintaining a conservative reinvestment rate. Our balance sheet strength and limited long-term contracts provide maximum flexibility through commodity cycles. These attributes in the hands of a high performing organization differentiates Coterra.”