financetom
Business
financetom
/
Business
/
Coterra to maintain production shut-ins amid weak natural gas prices
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Coterra to maintain production shut-ins amid weak natural gas prices
Sep 6, 2024 12:35 PM

Sept 4 (Reuters) - U.S. oil and gas producer Coterra

Energy ( CTRA ) CEO Tom Jorden said on Wednesday the company

plans to maintain its natural gas production shut-ins until

there is an improvement in prices.

Natural gas prices in the United States have stayed below $2

per million British thermal unit for most of the year due to

oversupply and moderate demand.

In response to falling prices, leading producers such as

Coterra have reduced output and withdrawn rigs.

"We are very constructive in gas but right now we have a

short-term disconnect," Jorden said at a Barclays conference in

New York.

Coterra currently has nearly 300 million cubic feet per day

of natural gas production shut-ins, Jorden said, adding the

company plans to increase production once prices improve.

The company said it will now focus on growth of its oil

production and natural gas liquids, and allocate more capital

towards the Permian and Anadarko basins.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
China welcomes Nvidia's continued presence, pledges better environment for foreign firms
China welcomes Nvidia's continued presence, pledges better environment for foreign firms
Nov 25, 2024
BEIJING, Nov 25 (Reuters) - China welcomes the presence of Nvidia ( NVDA ) and aims to build a better business environment for foreign firms, its vice commerce minister told an executive of the U.S. chip maker at a meeting in Beijing on Monday. Wang Shouwen's meeting with Nvidia's ( NVDA ) Jay Puri comes as the Biden administration is...
Market Chatter: Goldman Sachs to Take $900 Million Hit on Northvolt Investment
Market Chatter: Goldman Sachs to Take $900 Million Hit on Northvolt Investment
Nov 25, 2024
07:24 AM EST, 11/25/2024 (MT Newswires) -- Goldman Sachs ( GS ) will reportedly write off nearly $900 million in its investment in Swedish battery maker Northvolt, following the company's bankruptcy filing this week, the Financial Times reported Saturday. Northvolt, which raised $15 billion from investors and governments, filed for Chapter 11 bankruptcy last week. Goldman is the second-largest shareholder...
Market Chatter: Lattice Semiconductor Mulling Offer for Intel's Altera Unit
Market Chatter: Lattice Semiconductor Mulling Offer for Intel's Altera Unit
Nov 25, 2024
07:24 AM EST, 11/25/2024 (MT Newswires) -- Lattice Semiconductor ( LSCC ) is mulling an offer to purchase Intel's ( INTC ) Altera unit and is working with advisers as it seeks a private equity backer, Bloomberg News reported Saturday, citing unnamed sources familiar with the matter. Bloomberg said Intel ( INTC ) is only looking to sell a minority...
RBC Previews This Week's GDP Data in Canada
RBC Previews This Week's GDP Data in Canada
Nov 25, 2024
07:22 AM EST, 11/25/2024 (MT Newswires) -- RBC looks for gross domestic product growth in Canada to have picked up slightly to 0.2% in September on Friday after holding steady in August. That should leave the Q3 reading in line with the bank's projection for a 1% annualized increase-slightly below the Bank of Canada's 1.5% forecast and less than half...
Copyright 2023-2026 - www.financetom.com All Rights Reserved