Coterra’s assets are primarily located in the Anadarko Basin, where it holds an acreage position of 182,000 net acres and in the Permian core acreage position includes 234,000 net acres.
Coterra Energy ranks #18 in wells drilled in 2022 with 112 wells drilled in the Mid Continent of the US.
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Coterra Energy Wells Drilled 2023
Coterra Energy July 2023 Rig Count
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Coterra Energy, formed in 2021 by the merger of Permian oil driller Cimarex Energy and Marcellus gas driller Cabot Oil & Gas, issued its second quarter 2023 update yesterday. The company made far less profit in 2Q23 than it did one year ago, in line with other big Marcellus/Utica drillers.
Coterra made $209 million in profit for 2Q23, versus $1.2 billion in 2Q22. Why the drop in profit? The crashing price of natural gas over the past eight months or so. Coterra received an average of $5.54/Mcf (before hedges) for its Marcellus gas in 2Q22, and $1.78/Mcf in 2Q23, a drop of 68%. Ouch. During a conference call with analysts, company management floated a potential plan to free up around $200 million from Marcellus operations in 2024 and reallocate it to other plays (the Permian or the Anadarko) by continuing to run just two rigs and one frac crew in the Marcellus.
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