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Coterra to maintain production shut-ins amid weak natural gas prices
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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Coterra have reduced output and withdrawn rigs.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.

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