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Economic news

Coterra Energy posts lower quarterly profit

10/31/2024

Less than a minute

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.

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10/31/2024

Less than a minute