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Coterra Energy Inc Ordinary Shares CTRA Stock Quote

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Morningstar‘s Stock Analysis CTRA

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Is it the right time to buy or sell?
Is it the right time to buy or sell?

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Market Balks at Projected Reserve Write-Down for Coterra

Analyst Note

| Dave Meats, CFA |

Our $32 per share fair value estimate is unchanged after a first pass at Coterra's third-quarter results. Shares were crushed on an otherwise great day for commodity prices and energy stocks, slumping more than 6% by midday on the first trading after the firm announced its third-quarter results. The firm's performance in the period was pretty good, with volumes coming in at 641 thousand barrels of oil equivalent per day (1% higher sequentially and 3% above the midpoint of guidance). While the full-year capital spend is now expected to come in at the high end of the prior range of $1.6 billion-$1.7 billion, that's not unreasonable given the inflationary environment. Likewise, the 10%-20% estimate for incremental well cost inflation in 2023 is not out of line with what peers are projecting.

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Key Statistics CTRA

Company Profile CTRA

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).

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 Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 936

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