Economy

Coterra Energy posts lower quarterly profit

Published

(Reuters) -U.S. oil and gas producer Coterra Energy (NYSE:CTRA) posted a 22% decline in third-quarter profit on Thursday, hurt by weak prices of natural gas.

Benchmark natural gas prices remained subdued during much of the quarter, hurt by high storage levels and tepid demand.

The company’s average sales price for natural gas fell to $1.30 per thousand cubic feet (mcf) from $1.80 per mcf a year earlier.

The Houston-based company reported net income of $252 million, or 34 cents per share, for the three months ended Sept 30, compared with $323 million, or 43 cents per share, in the year-ago quarter.

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