Updated Aug 22, 2024
8/22/24
Coterra Energy Inc. is planning to curtail about 275 MMcf/d of Marcellus Shale natural gas volumes from August through September because of expected low netbacks, according to management.
Natural gas futures pushed higher for a fourth day on Friday, supported by weaker spot prices and maintenance projects curbing production, reversing its jump to a five-month high in the previous week.
Houston-based Coterra Energy Inc. is shifting its near-term capital spending in the Lower 48 to focus on oil and liquids-rich plays, but optionality is still in play to take advantage of a “structural change in the natural gas macro” later this year, CEO Tom Jorden said.
Coterra Energy Inc. is “throttling back on operations” in the Marcellus Shale to start 2024, but management is “highly optimistic on the 12- to 18-month outlook” for natural gas as LNG facilities come online, CEO Tom Jorden said.
A growing number of analysts have penciled in lower natural gas prices and more gas and oil production cuts for 2024 to remedy supply-demand imbalance, which worsened late in 2023 amid a mild start to winter and record production levels.
Faster cycle times and strong well productivity drove a production beat for multi-basin independent Coterra Energy Inc. during the third quarter, a performance that led the explorer to increase guidance for the year.
Lower 48 independent Coterra Energy Inc. exceeded production guidance during the second quarter across the board – for natural gas, oil and liquids – lifted by outperformance in well results and a 9% jump in Marcellus Shale natural gas volumes.
Lower 48 heavyweights EOG Resources Inc. and Coterra Energy Inc. are reducing activity in their natural gas plays to deal with slipping commodity prices.
In the story, “Cabot Successor Pleads No Contest to Water Contamination Charges in Northeast Pennsylvania,” NGI incorrectly stated that Coterra pleaded no contest to all charges related to alleged environmental crimes in Northeast Pennsylvania. The company pleaded no contest to one misdemeanor count of Prohibition Against Discharge of Industrial Wastes. NGI regrets the error.
Coterra Energy Inc. has agreed to pay more than $16 million to build a new public water supply system in Dimock, PA, to resolve charges that its predecessor, Cabot Oil and Gas Corp., contaminated residents’ well water over a decade ago during unconventional natural gas development in the area.