By Adam L. Cataldo
Coterra Energy boosted its guidance for production of barrel of oil equivalent, natural gas and oil for 2023, and gave its outlook for production in the third quarter. The company also raised its guidance for oil production in 2023 when it reported first-quarter results earlier this year.
On production for 2023:
Boosts full-year guidance for total production volumes to 630 to 655 MBoepd, up 2% from the midpoint of its previous guidance.
On oil production for 2023:
Boosts full-year guidance to 91.0 to 94.0 MBopd, up 3% from the midpoint of previous guidance.
On natural-gas production for 2023:
Boosts full-year guidance to 2,750 to 2,900 MMcfpd, up 2% from the midpoint of prior guidance.
On total production in the third quarter:
Total production volumes seen at 625 to 655 MBoepd.
On oil production in the third quarter:
Oil production seen at 88.0 to 91.0 MBopd
On natural-gas production in the third quarter:
Natural-gas production seen at 2,775 to 2,875 MMcfpd.
On its current production activities:
“Coterra is currently running six rigs and three completion crews in the Permian Basin, one rig and one completion crew in the Anadarko Basin, and two rigs and one completion crew in the Marcellus,” the company said.
Write to Adam Cataldo at adam.cataldo@wsj.com.
Read the full article here