(Reuters) -Coterra Energy 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.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Tasim Zahid)
