Houston-based Coterra Energy recently reported second quarter production that was 15,000 boed above high end of guidance, and the company increased fullyear guidance at midpoint by two percent. Coterra said Aug. 7 that its operations in Permian, Anadarko and Marcellus basins lifted 2Q production to 665,000 boed. Guidance for 2023 increased to 630,000 boed to 655,000 boed (14 percent oil) while capex remained flat at $2.0 billion to $2.5 billion. Coterra attributed the outperformance to completion design, spacing and landing zone selection.
Thomas E. Jorden, chairman, CEO and president, told reporters Aug. 8 that a four-well project in Reeves County with three-mile laterals delivered stronger flowback than expected. But he said three-mile laterals will likely remain a rarity for Coterra in Permian Basin; most of its drilling spacing units are sized for two-mile laterals.