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Coterra Energy Inc Ordinary Shares - Stock Quote CTRA

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Morningstar's Coterra Energy Inc Ordinary Shares Stock Analysis

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Stronger-Than-Expected Inflationary Pressure Is a Slight Negative for Our Coterra FVE

Analyst Note

| Dave Meats, CFA |

We are reducing our fair value estimate slightly for Coterra, from $33 to $32, after taking a second look at the firm's first-quarter financial and operating results. Incremental inflation was the main driver of the decrease. While we were already anticipating higher well costs, our previous estimates still look generous, especially in the Marcellus region (where the firm is now guiding to $875-$950 per lateral foot for well costs, which is about 20% higher than what we were previously modeling). Management elected to hold its full-year budget flat at $1.4 billion-$1.5 billion but acknowledged the full-year spend is likely to be in the top half of the range. 

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Coterra Energy Inc Ordinary Shares's Company Profile

Business Description

Coterra is an independent exploration and production company with operations in Appalachia and the Permian Basin. It was formed after the 2021 merger with Cabot and Cimarex. At year-end 2021, Coterra's proved reserves were 2.9 billion barrels of oil equivalent, with net production that year of approximately 431 million barrels of oil equivalent per day (of which 70% was natural gas).

Contact
840 Gessner Road, Suite 1400, Three Memorial City Plaza
Houston, TX, 77024
T +1 281 589-4600
Sector Energy
Industry Oil & Gas E&P
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 936

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