(Reuters) – Coterra Energy beat Wall Street estimates for fourth-quarter profit on Monday, as the oil and gas company benefited from higher oil and natural gas liquids (NGLs) production.
The U.S. Energy Information Administration reported that oil production in the country rose to a record high in the previous quarter as drilling efficiencies helped producers pump more.
The Houston-based company reported a rise in fourth-quarter production to 681,500 barrels of oil equivalent per day (boepd), exceeding the high end of its outlook of 630,000 to 660,000 boepd, driven by improved cycle times and strong well performance.
While the company’s output mix had more oil and NGLs compared to the year-ago quarter, overall it was less than the 697,400 boepd.
Coterra also announced a 5% dividend increase to 22 cents per share.
The company’s adjusted profit was 49 cents per share for the three months ended December 31, compared with the analysts’ average estimate of 43 cents per share, according to data compiled by LSEG.
(Reporting by Seher Dareen and Pooja Menon in Bengaluru; Editing by Alan Barona)
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