Oil and gas firm Coterra Energy missed Wall Street estimates for third-quarter profit on Monday, as lower oil prices offset a jump in production, but raised its annual production forecast.
Shares of the company were down 3 per cent at $23.66 in after-market trading.
US President Donald Trump’s trade policies fueled uncertainty across the energy industry, as escalating trade tensions threatened to slow global economic growth and weaken energy demand.
Crude prices averaged $68.33 per barrel in the July-September quarter, down more than 13 per cent from a year earlier, after OPEC+ accelerated output hikes and raised concerns about oversupply.
The Houston-based company reported an average oil price of $64.10 per barrel, down about 13 per cent from a year earlier, whereas production was at 166,800 barrels per day, up about 49 per cent from last year.
However, the company raised its full-year production forecast to between 772,000 to 782,000 barrels of oil equivalent per day, on the back of strong natural gas demand.
Average natural gas prices rose to $3.25 per million British thermal units in the quarter, up 26 per cent from a year earlier, driven by record power demand.
The United States is poised to see a record surge in power demand this year and in 2026, led by data centers’ outsized energy needs, the US Energy Information Administration estimates.
The company’s adjusted profit was 41 cents per share for the three months ended September 30, compared with the analysts’ average estimate of 44 cents per share, according to data compiled by LSEG.
