Coterra Energy posts six-fold rise in profit for legacy Cabot assets
Nov 3 (Reuters) - U.S oil and gas producer Coterra Energy on Wednesday reported a near six-fold rise in adjusted quarterly profit for its legacy Cabot operation, helped by higher gas prices.
The results are the first under the new name, Coterra, after completion of the merger of Cabot Oil & Gas and Cimarex Energy. However, the third quarter results represented legacy Cabot and excluded amounts related to legacy Cimarex, the company said.
Average sales price of natural gas, including hedges, rose 69% to were $2.65 per thousand cubic feet (Mcf).
U.S. natural gas prices soared more than 60% in the third quarter as surging global rates keep demand for U.S. liquefied natural gas exports elevated, with more spikes expected heading into the winter.
Coterra said its daily equivalent production from legacy Cabot assets stood at 2.36 billion cubic feet equivalent (bcfe) per day, down 1.7% from a year earlier.
The company's adjusted net income rose to $207 million, or 52 cents per share, in the three months ended Sept. 30, from $37.3 million, or 9 cents per share last year. (Reporting by Rithika Krishna in Bengaluru; editing by Arpan Varghese)
