Coterra Energy misses quarterly profit, raises 2025 production forecast

Coterra Energy, an oil and gas company, missed Wall Street's expectations for the third quarter profit on Monday as lower oil prices offset an increase in production. However, it raised its production forecast.

In after-market trading, shares of the company fell 3% to $23.66.

U.S. president Donald Trump's policies on trade fueled uncertainty in the energy sector, as trade tensions escalating threatened to slow down global economic growth and weaken demand for energy.

Crude oil prices in the quarter of July-September averaged $68,33, a drop of more than 13% compared to a year ago, as OPEC+ increased output and raised fears about an oversupply.

Houston-based company reported a crude oil price average of $64.10 a barrel, down 13% compared to a year ago. Production was at 166.800 barrels per dya, an increase of 49% compared to last year.

The company has raised its production forecast for the full year to between 772,000 and 782,000 barrels equivalent per day due to the strong demand for natural gas.

The average natural gas price rose 26% to $3.25 for every million British thermal units during the third quarter. This was due to a record-breaking demand for electricity.

U.S. Energy Information Administration predicts that the United States will see record-breaking increases in electricity demand in this year and 2026. This is largely due to data centers' disproportionate energy requirements.

According to data compiled and analyzed by LSEG, the company's adjusted profits were 41 cents for the three-month period ended September 30 compared to the analysts' average estimates of 44 cents. Reporting by Tanay in Bengaluru, and editing by Alan Barona

(source: Reuters)