Aug 4 (Reuters) - Coterra Energy ( CTRA ) beat Wall
Street estimates for second-quarter profit on Monday, as higher
production volumes and a rebound in U.S. natural gas prices
offset weaker oil prices.
The Houston,Texas-based shale producer benefited increased
output across the Permian and Anadarko basins. Total production
rose to 783,900 barrels of oil equivalent per day (boepd) during
the second quarter, from 669,200 boepd.
While gains from production helped lift results, they
were partially offset by weaker crude prices, with the average
benchmark Brent crude price falling over 20% from a year earlier
amid U.S. tariffs, weak global demand and increased supply from
OPEC+ producers.
Coterra's quarterly results were also cushioned by a
rise in U.S. natural gas prices, which have rebounded
from multi-year lows reached last year, buoyed by record flows
to liquefied natural gas export facilities and rising
electricity consumption.
The company said its average realized price for oil - the
price it received for each barrel produced - was $62.80 per
barrel while average realized price for natural gas was $2.20
per thousand cubic feet (Mcf)
Coterra posted an adjusted profit of 48 cents per share for
the three months ended June 30, compared with analysts'
estimates of 45 cents per share, according to data compiled by
LSEG.