Economic news
Coterra Energy posts lower quarterly profit
2024.10.31 16:42
(Reuters) -U.S. oil and gas producer Coterra Energy (NYSE:) posted a 22% decline in third-quarter profit on Thursday, hurt by weak prices of .
Benchmark natural gas prices remained subdued during much of the quarter, hurt by high storage levels and tepid demand.
The company’s average sales price for natural gas fell to $1.30 per thousand cubic feet (mcf) from $1.80 per mcf a year earlier.
The Houston-based company reported net income of $252 million, or 34 cents per share, for the three months ended Sept 30, compared with $323 million, or 43 cents per share, in the year-ago quarter.
