Coterra Energy (NYSE: CTRA) reported Q1 EPS of $0.87, $0.17 better than the analyst estimate of $0.70. Revenue for the quarter came in at $1.78 billion versus the consensus estimate of $1.61 billion.

Guidance Update and Activity Outlook:

2023 cash flow guidance updates include:

Estimate full-year 2023 Discretionary Cash Flow of approximately $3.6 billion, at recent strip prices
2023 capital budget remains unchanged at $2.0-2.2 billion (accrued); see potential for 2H23 deflation
Estimate 2023 Free Cash Flow of approximately $1.6 billion at recent strip prices
2023 oil production range increasing by 1.0 MBopd, to 87.0-93.0 MBopd

2023 cash unit cost mid-point remains unchanged at $7.35-$9.55/Boe, with a few updates listed below:

LOE updated to $1.75-$2.25/Boe, with the high-end of the range up by $0.25/Boe, driven primarily by a reclassification of expenses from G&A to LOE
Production tax expense updated to $1.20-$1.50/Boe, with both ends of the range shifting downward by $0.10/Boe
Exploration expense updated to $0.05-$0.15/Boe, with the low-end of the range down by $0.05/Boe

Second-quarter 2023 production and capital guidance:

Production volumes are expected to average between 620 and 650 MBoepd, with oil estimated between 88.5 and 91.5 MBopd and natural gas volumes estimated between 2,750 and 2,850 MMcfpd.
Expect capital expenditures (accrued) during 2Q23 between $510 – $570 million.

For earnings history and earnings-related data on Coterra Energy (CTRA) click here.