Coterra Energy Inc. is “throttling back on operations” in the Marcellus Shale to start 2024, but management is “highly optimistic on the 12- to 18-month outlook” for natural gas as LNG facilities come online, CEO Tom Jorden said. 

The Houston-based independent plans to decrease capital expenditures (capex) in 2024 by 12% year/year to $1.75-1.95 billion driven by a 55% cut in spending in the Marcellus. The independent is guiding for drilling and completion (D&C) capex in the formation of $375 million at the midpoint, which would be associated with a 6% drop year/year in natural gas production. 

“Through the commodity cycles, we have learned that although downswings typically do not last long, they also do not come pre-labeled with how long they will last,” Jorden said...