Houston-based Coterra Energy Inc. is shifting its near-term capital spending in the Lower 48 to focus on oil and liquids-rich plays, but optionality is still in play to take advantage of a “structural change in the natural gas macro” later this year, CEO Tom Jorden said.

During the first quarter conference call, Jorden said caution is the watchword because the market can quickly change “as LNG exports grow and electricity demand increases.”

Coterra works in the Marcellus Shale, as well as the Anadarko and Permian basins. The company earlier this year had indicated it would throttle back activity in the Marcellus. Until the gas macro improves, the oily Permian is likely to draw the most attention.

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