Houston-based Coterra Energy said last week it is raising its 2023 oil production guidance to 87,000-to-93,000 barrels per day from 86,000-to-92,000 b/d. Coterra currently is operating six rigs and two completion crews in Permian Basin and announced plans May 4 to drop two rigs and one completion crew from its Marcellus activity. The company also operates in Anadarko Basin.
Production volumes for 2023Q2 are expected to average 620,000-to-650,000 boed (oil estimated at 88,500-to-91,500 b/d). Coterra’s 2023 capital budget remains unchanged at $2.0 billion to $2.2 billion. Cash capital expenditures for drilling, completions and other fixed asset additions for 2023Q1 totaled $483 million (accrued capital expenditures totaled $569 million).
Total production in Q1 was 635,000 boed (92,200 b/d oil ahead of guidance of 88,500-to-91,500 b/d) thanks to strong well performance and improved cycle times (up 0.8 percent from a year ago).