Faster cycle times and strong well productivity drove a production beat for multi-basin independent Coterra Energy Inc. during the third quarter, a performance that led the explorer to increase guidance for the year. 

The Houston-based exploration and production (E&P) giant, which works in the Anadarko and Permian basins, as well as the Marcellus Shale, expects natural gas output to be 1% higher than initial guidance at the midpoint, with oil 3% higher.  

The revised guidance for 2023 includes another 10 net wells, “as completions timing continued to beat expectations,” CEO Tom Jorden said during a quarterly conference call.

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