ニュースリリース
Coterraエネルギーは2024年第3四半期の業績を報告し、四半期配当を発表し、ガイダンスの更新を提供します
2024年10月31日、コテラ・エナジー・インク (nyse: CTRA)（以下、「コテラ」とも、「当社」とも言います）は 今日、2024年第三四半期の財務および運営の結果を報告し、シェアごとに$0.21の四半期配当を宣言しました。さらに、同社は2024年第四四半期の生産および資本のガイダンスを提供し、2024年のガイダンスを更新しました。
コテラの会長であるTom Jordenは、『コテラは2024年の計画を上回り続け、2025年に向けて重要な選択肢を持つ強力な勢いを持っています。 当社のチームは、経済的リターンに対する執念のフォーカスによって誘導され、高い運用実行を通じて強力かつ改善されたキャピタル効率を提供し続けています。 会社の強固なポジショニングは、有利な財務状態、運用能力、多様化されたベンチマークミックス、および持続的で高品質な在庫によって支えられています。 '
私たちはまた、新たに3つのLNG契約を発表できることを喜んでお知らせします。米国は豊富で低コストな天然ガス資源を持っており、世界中でエネルギーの信頼性と手ごろな価格をサポートできます。主要エネルギー輸出国としてのアメリカの役割は、世界的な舞台での国の地位を強化しています。 Coterraの持続的な戦略の一環として、これらの契約はヨーロッパとアジアの市場に国際LNG価格への露出を追加し、天然ガスのマーケティングポートフォリオをさらに多様化させます。
キー・テイクアウェイとアップデート
•2024年第3四半期において、原油換算（BOE）生産量、天然ガス生産量、および石油生産量はすべて指針の上限を上回り、キャピタル支出（非GAAP）は指針の下限を下回りました。
•BOE、天然ガス、および石油の2024年通年生産見通しの中間値を引き上げます。2024年通年の石油見通しの中間値は、今や前年比12%の成長と、2月に提供された初期の見通しの中間値に比べて5%の増加を想定しています。今年を通じてのこれらの上方修正は、ポートフォリオ全体でのサイクルタイムの短縮とウェルの強力なパフォーマンスによって推進されています。
•2024年の年間投資（非GAAP）ガイダンスを、中間点で5,000万ドル減額し、17.5-18.5億ドルに調整。これは、中流、補水処分、インフラ関連のキャピタルが低下したこと、さらにマーセラスの活動が低下したためです。
•四半期中、会社は新たに天然ガスを売る3つのLNG契約に署名し、国際価格基準に連動する合計200 MMcfpd（1日当たり百万立方フィート）の売上を計画しています。売りは2027年と2028年に開始され、供給源はPermian Basin、Anadarko Basin、Marcellus Shaleからです。
•2024年第3四半期の株主還元は、フリーキャッシュフロー（非GAAP）の合計の96%を占め、四半期中に宣言された基本配当および四半期中の株式の111百万ドルの取り消しが含まれており（現金ベース、1%の消費税を除く）、会社は年間フリーキャッシュフロー（非GAAP）の50%以上を株主に還元することを確約しており、今年度は還元率100%を実現しており、追加で7500万ドルの債務を償還し、新しい発行収益を差し引いた金額が支払われています。
•現在、57基のウィンダムローポンプ井戸のうち36基がオンラインになりました。
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・年末までにさらに10基の新しい井戸が稼働する予定です。
・最終的に11基の井戸が2025年第1四半期にオンライン化される予定です。
2024年第3四半期のハイライト
•当期純利益（GAAP）は25200万ドル、株当たり0.34ドルでした。調整後当期純利益（非GAAP）は23300万ドル、株当たり0.32ドルでした。
•運営活動によるキャッシュ・フロー（米国会計基準）は75500万ドルでした。自由キャッシュ・フロー（非米国会計基準）は67000万ドルでした。フリーキャッシュフロー（非米国会計基準）は27700万ドルでした。
•ガイド範囲の下限である4.5億ドルから5.3億ドルまでの範囲を下回る、ボーリング、完了およびその他の固定資産増設に支払われたキャピタル支出（GAAP）は3億9300万ドルでした。ボーリング、完了およびその他の固定資産増設からのキャピタル支出（非GAAP）は4億1800万ドルでした。
•単位運転コスト（直接運用コスト、輸送、生産税および一般管理費を反映）は、1BOEあたり8.73ドルで、私たちの年間ガイダンスの範囲である1BOEあたり7.45ドルから9.55ドルです。
•669MBoepd（1日当たりの千バレル当たりの石油換算量）の総換算生産量は、ガイダンスの最高値（620〜650MBoepd）の上限を3％上回り、全セクターでのタイミングと強力なウェルパフォーマンスによって推進されました。
・石油生産量は、1日当たり11.2万バレルで、ガイダンスの上限（1日当たり10.7〜11.1万バレル）をわずかに上回りました。
・天然ガスの生産量は、2,682 MMcfpdとなり、ガイダンスの上限値（2,500から2,630 MMcfpd）を2%上回りました。これは主にPermian地域の成長によるものです。
・NGLの生産は平均109.7MBopdでした。
•平均価格：
・原油は、ベンチマークデリバティブの影響を除いて、1バレルあたり74.04ドルであり、ベンチマークデリバティブの影響を含めると1バレルあたり74.18ドルです。
・天然ガスは、ベンチマークデリバティブの影響を除くと、1.30ドルの千立方フィートあたりであり、ベンチマークデリバティブの影響を含めると、1.41ドルの千立方フィートあたりです。
・NGLは1バレルあたり18.42ドルでした。
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株主リターンのハイライト
•一般配当2024年10月31日、Coterraの取締役会（以下「取締役会」）は、1株当たり$0.21の四半期ベース配当を承認しました。これは、2024年10月30日の会社の$24.13の終値シェア価格に基づき、年率3.5％に相当します。配当金は、2024年11月27日に支払われ、2024年11月14日に記録保有者に支払われます。
•シェア・リパーチェス四半期中、会社は株価の加重平均価格が約$25.15の430万株を、1億1100万ドルで買い戻し、2024年9月30日時点で20億ドルの株式買い戻し権限のうち残り12億ドルを残しました。今年度、会社は1億5000万株を4億1000万ドルで買い戻しました。
•株主リターン: 四半期中、株主リターンは$26500万に達し、$15400万は配当、$111百万は株買い取りに充てられました。
•株主リターン戦略を再確認する： Coterraは、年間フリーキャッシュフロー（非GAAP）の50％以上を株主に配当金と株の買い戻しを通じて提供することを確約しています。年初来、Coterraはフリーキャッシュフロー（非GAAP）全体の100％を株主に還元しています。
指針の更新
•2024年の資本支出（非GAAP）を17.5億〜18.5億ドルに引き下げ、先行きが17.5億ドルから19.5億ドルへ下方修正されました。
•2024年のOil生産見通しを107から108 MBopdに引き上げ、前回の見通しより中間地点で0.5 MBopd増加。
•2024年のNatural Gas生産見通しを2,735から2,775 MMcfpdに引き上げ、前回の見通しより中間地点で1%増加。
•2024年のBOE生産見通しを660から675 MBoepdに引き上げ、前回の見通しより中間地点で1%増加。
•2024年第四四半期の総等価生産量は630から660MBoepd、石油生産量は106から110MBopd、天然ガス生産量は2,530から2,660MMcfpd、そして資本支出（非計算基準会計基準）は4.1億〜5億ドルと発表されました。
•2024年の自由キャッシュフロー（非GAAP）は約29億ドル、2024年のフリーキャッシュフロー（非GAAP）は約11億ドルで、WTIが1バレルあたり75.58ドル、NYMEXの年間平均前提で1mmBtuあたり2.22ドル。
•For more details on annual and fourth quarter 2024 guidance, see 2024 Guidance Section in the tables below.
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Strong Financial Position
As of September 30, 2024, Coterra had total debt outstanding of $2.066 billion. During the quarter, Coterra repaid $575 million of its 3.65% weighted-average private placement senior notes that matured in September 2024. During the quarter, the Company expanded its credit facility to $2.0 billion, up from $1.5 billion. The Company exited the quarter with cash and cash equivalents of $843 million, and no debt outstanding under its $2.0 billion revolving credit facility, resulting in total liquidity of approximately $2.843 billion. Coterra's net debt to trailing twelve-month EBITDAX ratio (non-GAAP) at September 30, 2024 was 0.3x.
See “Supplemental non-GAAP Financial Measures” below for descriptions of the above non-GAAP measures as well as reconciliations of these measures to the associated GAAP measures.
Committed to Sustainability and ESG Leadership
Coterra is committed to environmental stewardship, sustainable practices, and strong corporate governance. The Company's sustainability report can be found under "ESG" on www.coterra.com. Coterra published its 2024 Sustainability report on August 1, 2024.
Third-Quarter 2024 Conference Call
Coterra will host a conference call tomorrow, Friday, November 1, 2024, at 8:00 AM CT (9:00 AM ET), to discuss third-quarter 2024 financial and operating results.
Conference Call Information
Date: November 1, 2024
Time: 8:00 AM CT / 9:00 AM ET
Dial-in (for callers in the U.S. and Canada): (800) 715-9871
International dial-in: +1 (646) 307-1963
Conference ID: 7309925
The live audio webcast and related earnings presentation can be accessed on the "Events & Presentations" page under the "Investors" section of the Company's website at www.coterra.com. The webcast will be archived and available at the same location after the conclusion of the live event.
About Coterra Energy
Coterra is a premier exploration and production company based in Houston, Texas with operations focused in the Permian Basin, Marcellus Shale, and Anadarko Basin. We strive to be a leading energy producer, delivering sustainable returns through the efficient and responsible development of our diversified asset base. Learn more about us at www.coterra.com.
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Cautionary Statement Regarding Forward-Looking Information
This press release contains certain forward-looking statements within the meaning of federal securities laws. Forward-looking statements are not statements of historical fact and reflect Coterra's current views about future events. Such forward-looking statements include, but are not limited to, statements about returns to shareholders, enhanced shareholder value, reserves estimates, future financial and operating performance, and goals and commitment to sustainability and ESG leadership, strategic pursuits and goals, and other statements that are not historical facts contained in this press release. The words "expect," "project," "estimate," "believe," "anticipate," "intend," "budget," "plan," "predict," "potential," "possible," "may," "should," "could," "would," "will," "strategy," "outlook", "guide" and similar expressions are also intended to identify forward-looking statements. We can provide no assurance that the forward-looking statements contained in this press release will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the volatility in commodity prices for crude oil and natural gas; cost increases; the effect of future regulatory or legislative actions; actions by, or disputes among or between, the Organization of Petroleum Exporting Countries and other producer countries; market factors; market prices (including geographic basis differentials) of oil and natural gas; impacts of inflation; labor shortages and economic disruption, (geopolitical disruptions such as the war in Ukraine or conflict in the Middle East or further escalation thereof); determination of reserves estimates, adjustments or revisions, including factors impacting such determination such as commodity prices, well performance, operating expenses and completion of Coterra’s annual PUD reserves process, as well as the impact on our financial statements resulting therefrom; the presence or recoverability of estimated reserves; the ability to replace reserves; environmental risks; drilling and operating risks; exploration and development risks; competition; the ability of management to execute its plans to meet its goals; the impact of public health crises, including pandemics and epidemics and any related company or governmental policies or actions, financial condition and results of operations; and other risks inherent in Coterra's businesses. In addition, the declaration and payment of any future dividends, whether regular base quarterly dividends, variable dividends or special dividends, will depend on Coterra's financial results, cash requirements, future prospects and other factors deemed relevant by Coterra's Board. While the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to Coterra's annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and other filings with the SEC, which are available on Coterra's website at www.coterra.com.
Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Except to the extent required by applicable law, Coterra does not undertake any obligation to publicly update or
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revise any forward-looking statement, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
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Operational Data
The tables below provide a summary of production volumes, price realizations and operational activity by region and units costs for the Company for the periods indicated:
| Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| PRODUCTION VOLUMES | |||||||||||||||||||||||
| Marcellus Shale | |||||||||||||||||||||||
| Natural gas (Mmcf/day) | 1,928.5 | 2,286.4 | 2,117.2 | 2,248.5 | |||||||||||||||||||
| Daily equivalent production (MBoepd) | 321.4 | 381.1 | 352.9 | 374.7 | |||||||||||||||||||
| Permian Basin | |||||||||||||||||||||||
| Natural gas (Mmcf/day) | 531.2 | 446.4 | 500.9 | 426.9 | |||||||||||||||||||
| Oil (MBbl/day) | 102.7 | 86.6 | 99.8 | 86.9 | |||||||||||||||||||
| NGL (MBbl/day) | 82.7 | 75.4 | 77.0 | 68.3 | |||||||||||||||||||
| Daily equivalent production (MBoepd) | 273.9 | 236.3 | 260.2 | 226.3 | |||||||||||||||||||
| Anadarko Basin | |||||||||||||||||||||||
| Natural gas (Mmcf/day) | 218.8 | 168.3 | 186.6 | 178.8 | |||||||||||||||||||
| Oil (MBbl/day) | 9.5 | 5.2 | 7.5 | 6.4 | |||||||||||||||||||
| NGL (MBbl/day) | 26.9 | 19.1 | 22.6 | 19.3 | |||||||||||||||||||
| Daily equivalent production (MBoepd) | 72.9 | 52.3 | 61.1 | 55.5 | |||||||||||||||||||
| Total Company | |||||||||||||||||||||||
| Natural gas (Mmcf/day) | 2,682.0 | 2,903.2 | 2,806.8 | 2,855.3 | |||||||||||||||||||
| Oil (MBbl/day) | 112.3 | 91.9 | 107.4 | 93.3 | |||||||||||||||||||
| NGL (MBbl/day) | 109.7 | 94.5 | 99.6 | 87.7 | |||||||||||||||||||
| Daily equivalent production (MBoepd) | 669.1 | 670.3 | 674.8 | 656.9 | |||||||||||||||||||
| AVERAGE SALES PRICE (excluding hedges) | |||||||||||||||||||||||
| Marcellus Shale | |||||||||||||||||||||||
| Natural gas ($/Mcf) | $ | 1.78 | $ | 1.80 | $ | 1.89 | $ | 2.39 | |||||||||||||||
| Permian Basin | |||||||||||||||||||||||
| Natural gas ($/Mcf) | $ | (0.63) | $ | 1.58 | $ | (0.06) | $ | 1.31 | |||||||||||||||
| Oil ($/Bbl) | $ | 73.96 | $ | 80.84 | $ | 76.14 | $ | 75.50 | |||||||||||||||
| NGL ($/Bbl) | $ | 17.30 | $ | 18.56 | $ | 18.83 | $ | 18.75 | |||||||||||||||
| Anadarko Basin | |||||||||||||||||||||||
| Natural gas ($/Mcf) | $ | 1.66 | $ | 2.37 | $ | 1.68 | $ | 2.39 | |||||||||||||||
| Oil ($/Bbl) | $ | 74.83 | $ | 80.35 | $ | 76.34 | $ | 76.15 | |||||||||||||||
| NGL ($/Bbl) | $ | 21.90 | $ | 23.30 | $ | 22.20 | $ | 23.95 | |||||||||||||||
| Total Company | |||||||||||||||||||||||
| Natural gas ($/Mcf) | $ | 1.30 | $ | 1.80 | $ | 1.53 | $ | 2.23 | |||||||||||||||
| Oil ($/Bbl) | $ | 74.04 | $ | 80.80 | $ | 76.16 | $ | 75.54 | |||||||||||||||
| NGL ($/Bbl) | $ | 18.42 | $ | 19.52 | $ | 19.59 | $ | 19.90 | |||||||||||||||
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| Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| AVERAGE SALES PRICE (including hedges) | |||||||||||||||||||||||
| Total Company | |||||||||||||||||||||||
| Natural gas ($/Mcf) | $ | 1.41 | $ | 2.01 | $ | 1.65 | $ | 2.53 | |||||||||||||||
| Oil ($/Bbl) | $ | 74.18 | $ | 80.74 | $ | 76.17 | $ | 75.64 | |||||||||||||||
| NGL ($/Bbl) | $ | 18.42 | $ | 19.52 | $ | 19.59 | $ | 19.90 | |||||||||||||||
| Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
WELLS DRILLED(1) | |||||||||||||||||||||||
| Gross wells | |||||||||||||||||||||||
| Marcellus Shale | 4 | 17 | 26 | 53 | |||||||||||||||||||
| Permian Basin | 63 | 43 | 174 | 115 | |||||||||||||||||||
| Anadarko Basin | 20 | 13 | 39 | 30 | |||||||||||||||||||
| 87 | 73 | 239 | 198 | ||||||||||||||||||||
| Net wells | |||||||||||||||||||||||
| Marcellus Shale | 4.0 | 17.0 | 25.0 | 53.0 | |||||||||||||||||||
| Permian Basin | 25.9 | 25.6 | 75.9 | 63.5 | |||||||||||||||||||
| Anadarko Basin | 6.3 | 7.9 | 20.0 | 16.3 | |||||||||||||||||||
| 36.2 | 50.5 | 120.9 | 132.8 | ||||||||||||||||||||
| TURN IN LINES | |||||||||||||||||||||||
| Gross wells | |||||||||||||||||||||||
| Marcellus Shale | 7 | 14 | 30 | 59 | |||||||||||||||||||
| Permian Basin | 61 | 43 | 159 | 122 | |||||||||||||||||||
| Anadarko Basin | 10 | 9 | 41 | 16 | |||||||||||||||||||
| 78 | 66 | 230 | 197 | ||||||||||||||||||||
| Net wells | |||||||||||||||||||||||
| Marcellus Shale | 7.0 | 14.0 | 30.0 | 59.0 | |||||||||||||||||||
| Permian Basin | 23.9 | 24.7 | 68.4 | 66.9 | |||||||||||||||||||
| Anadarko Basin | 4.6 | 7.0 | 19.9 | 7.1 | |||||||||||||||||||
| 35.5 | 45.7 | 118.3 | 133.0 | ||||||||||||||||||||
| AVERAGE RIG COUNTS | |||||||||||||||||||||||
| Marcellus Shale | 0.6 | 2.3 | 1.3 | 2.8 | |||||||||||||||||||
| Permian Basin | 8.0 | 7.0 | 8.0 | 6.3 | |||||||||||||||||||
| Anadarko Basin | 1.0 | 1.0 | 1.4 | 1.3 | |||||||||||||||||||
(1)Wells drilled represents wells drilled to total depth during the period.
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| Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
AVERAGE UNIT COSTS ($/Boe) (1) | |||||||||||||||||||||||
| Direct operations | $ | 2.69 | $ | 2.22 | $ | 2.60 | $ | 2.24 | |||||||||||||||
| Gathering, processing and transportation | 3.97 | 3.81 | 3.98 | 4.07 | |||||||||||||||||||
| Taxes other than income | 1.08 | 1.00 | 1.05 | 1.18 | |||||||||||||||||||
| General and administrative (excluding stock-based compensation and severance expense) | 0.99 | 0.96 | 0.91 | 0.89 | |||||||||||||||||||
| Unit Operating Cost | $ | 8.73 | $ | 7.99 | $ | 8.54 | $ | 8.38 | |||||||||||||||
| Depreciation, depletion and amortization | 7.73 | 6.82 | 7.32 | 6.61 | |||||||||||||||||||
| Exploration | 0.15 | 0.08 | 0.10 | 0.08 | |||||||||||||||||||
| Stock-based compensation | 0.23 | 0.35 | 0.23 | 0.25 | |||||||||||||||||||
| Severance expense | — | (0.02) | 0.03 | 0.06 | |||||||||||||||||||
| Interest expense, net | 0.12 | 0.12 | 0.14 | 0.10 | |||||||||||||||||||
| $ | 16.96 | $ | 15.32 | $ | 16.36 | $ | 15.46 | ||||||||||||||||
_______________________________________________________________________________
(1)Total unit costs may differ from the sum of the individual costs due to rounding.
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Derivatives Information
As of September 30, 2024, the Company had the following outstanding financial commodity derivatives:
| 2024 | ||||||||
| Oil | Fourth Quarter | |||||||
| WTI oil collars | ||||||||
| Volume (MBbl) | 3,680 | |||||||
| Weighted average floor ($/Bbl) | $ | 65.00 | ||||||
| Weighted average ceiling ($/Bbl) | $ | 86.20 | ||||||
| WTI Midland oil basis swaps | ||||||||
| Volume (MBbl) | 4,600 | |||||||
| Weighted average differential ($/Bbl) | $ | 1.13 | ||||||
| 2025 | ||||||||||||||||||||||||||
| Oil | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||||
| WTI oil collars | ||||||||||||||||||||||||||
| Volume (MBbl) | 3,330 | 3,367 | 2,024 | 2,024 | ||||||||||||||||||||||
| Weighted average floor ($/Bbl) | $ | 61.89 | $ | 61.89 | $ | 62.05 | $ | 62.05 | ||||||||||||||||||
| Weighted average ceiling ($/Bbl) | $ | 81.40 | $ | 81.40 | $ | 81.15 | $ | 81.15 | ||||||||||||||||||
| WTI Midland oil basis swaps | ||||||||||||||||||||||||||
| Volume (MBbl) | 3,150 | 3,185 | 1,840 | 1,840 | ||||||||||||||||||||||
| Weighted average differential ($/Bbl) | $ | 1.18 | $ | 1.18 | $ | 1.11 | $ | 1.11 | ||||||||||||||||||
| 2024 | ||||||||
| Natural Gas | Fourth Quarter | |||||||
NYMEX collars | ||||||||
| Volume (MMBtu) | 34,990,000 | |||||||
| Weighted average floor ($/MMBtu) | $ | 2.75 | ||||||
| Weighted average ceiling ($/MMBtu) | $ | 4.46 | ||||||
| 2025 | ||||||||||||||||||||||||||
| Natural Gas | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||||||
NYMEX collars | ||||||||||||||||||||||||||
| Volume (MMBtu) | 36,000,000 | 36,400,000 | 36,800,000 | 36,800,000 | ||||||||||||||||||||||
| Weighted average floor ($/MMBtu) | $ | 2.88 | $ | 2.88 | $ | 2.88 | $ | 2.88 | ||||||||||||||||||
| Weighted average ceiling ($/MMBtu) | $ | 4.70 | $ | 4.15 | $ | 4.15 | $ | 6.00 | ||||||||||||||||||
10
| 2026 | ||||||||
| Natural Gas | First Quarter | |||||||
| NYMEX collars | ||||||||
| Volume (MMBtu) | 27,000,000 | |||||||
| Weighted average floor ($/MMBtu) | $ | 2.75 | ||||||
| Weighted average ceiling ($/MMBtu) | $ | 7.66 | ||||||
In October 2024, the Company entered into the following financial commodity derivatives:
| 2024 | 2025 | |||||||||||||||||||||||||||||||
| Oil | Fourth Quarter | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||||||||||||||||
| WTI oil collars | ||||||||||||||||||||||||||||||||
| Volume (MBbl) | 305 | 810 | 819 | 1,288 | 1,288 | |||||||||||||||||||||||||||
| Weighted average floor ($/Bbl) | $ | 60.00 | $ | 57.78 | $ | 57.78 | $ | 58.57 | $ | 58.57 | ||||||||||||||||||||||
| Weighted average ceiling ($/Bbl) | $ | 92.57 | $ | 80.18 | $ | 80.18 | $ | 80.09 | $ | 80.09 | ||||||||||||||||||||||
| WTI Midland oil basis swaps | ||||||||||||||||||||||||||||||||
| Volume (MBbl) | — | 540 | 546 | 1,012 | 1,012 | |||||||||||||||||||||||||||
| Weighted average differential ($/Bbl) | $ | — | $ | 1.00 | $ | 1.00 | $ | 1.02 | $ | 1.02 | ||||||||||||||||||||||
11
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
| Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (In millions, except per share amounts) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| OPERATING REVENUES | |||||||||||||||||||||||
| Oil | $ | 765 | $ | 684 | $ | 2,240 | $ | 1,925 | |||||||||||||||
| Natural gas | 320 | 481 | 1,177 | 1,739 | |||||||||||||||||||
| NGL | 186 | 170 | 535 | 476 | |||||||||||||||||||
| Gain (loss) on derivative instruments | 64 | 3 | 48 | 129 | |||||||||||||||||||
| Other | 24 | 18 | 63 | 49 | |||||||||||||||||||
| 1,359 | 1,356 | 4,063 | 4,318 | ||||||||||||||||||||
| OPERATING EXPENSES | |||||||||||||||||||||||
| Direct operations | 165 | 137 | 481 | 401 | |||||||||||||||||||
| Gathering, processing and transportation | 245 | 235 | 737 | 729 | |||||||||||||||||||
| Taxes other than income | 66 | 62 | 194 | 211 | |||||||||||||||||||
| Exploration | 9 | 5 | 19 | 14 | |||||||||||||||||||
| Depreciation, depletion and amortization | 475 | 421 | 1,354 | 1,185 | |||||||||||||||||||
| General and administrative (excluding stock-based compensation and severance expense) | 61 | 59 | 175 | 159 | |||||||||||||||||||
| Stock-based compensation | 14 | 21 | 43 | 44 | |||||||||||||||||||
| Severance expense | — | (1) | — | 10 | |||||||||||||||||||
| 1,035 | 939 | 3,003 | 2,753 | ||||||||||||||||||||
| Gain on sale of assets | 3 | 7 | 3 | 12 | |||||||||||||||||||
| INCOME FROM OPERATIONS | 327 | 424 | 1,063 | 1,577 | |||||||||||||||||||
| Interest expense | 24 | 17 | 77 | 50 | |||||||||||||||||||
| Interest income | (16) | (10) | (51) | (32) | |||||||||||||||||||
| Income before income taxes | 319 | 417 | 1,037 | 1,559 | |||||||||||||||||||
| Income tax provision (benefit) | |||||||||||||||||||||||
| Current | 104 | 102 | 273 | 331 | |||||||||||||||||||
| Deferred | (37) | (8) | (60) | 19 | |||||||||||||||||||
| Total income tax provision | 67 | 94 | 213 | 350 | |||||||||||||||||||
| NET INCOME | $ | 252 | $ | 323 | $ | 824 | $ | 1,209 | |||||||||||||||
| Earnings per share - Basic | $ | 0.34 | $ | 0.43 | $ | 1.11 | $ | 1.59 | |||||||||||||||
| Weighted-average common shares outstanding | 738 | 753 | 743 | 757 | |||||||||||||||||||
12
CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)
| (In millions) | September 30, 2024 | December 31, 2023 | |||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | 843 | $ | 956 | |||||||
| Other current assets | 892 | 1,059 | |||||||||
| Properties and equipment, net (successful efforts method) | 17,941 | 17,933 | |||||||||
| Other assets | 450 | 467 | |||||||||
| $ | 20,126 | $ | 20,415 | ||||||||
| LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY | |||||||||||
| Current liabilities | $ | 1,080 | $ | 1,085 | |||||||
| Current portion of long-term debt | — | 575 | |||||||||
| Long-term debt, net (excluding current maturities) | 2,066 | 1,586 | |||||||||
| Deferred income taxes | 3,359 | 3,413 | |||||||||
| Other long term liabilities | 579 | 709 | |||||||||
| Cimarex redeemable preferred stock | 8 | 8 | |||||||||
| Stockholders’ equity | 13,034 | 13,039 | |||||||||
| $ | 20,126 | $ | 20,415 | ||||||||
13
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
| Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (In millions) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||||||||
| Net income | $ | 252 | $ | 323 | $ | 824 | $ | 1,209 | |||||||||||||||
| Depreciation, depletion and amortization | 475 | 421 | 1,354 | 1,185 | |||||||||||||||||||
| Deferred income tax (benefit) expense | (37) | (8) | (60) | 19 | |||||||||||||||||||
| (Gain) / loss on sale of assets | (3) | (7) | (3) | (12) | |||||||||||||||||||
| Exploratory dry hole cost | 5 | — | 5 | — | |||||||||||||||||||
| (Gain) / loss on derivative instruments | (64) | (3) | (48) | (129) | |||||||||||||||||||
| Net cash received in settlement of derivative instruments | 28 | 55 | 90 | 238 | |||||||||||||||||||
| Stock-based compensation and other | 18 | 18 | 43 | 43 | |||||||||||||||||||
| Income charges not requiring cash | (4) | (3) | (13) | (13) | |||||||||||||||||||
| Changes in assets and liabilities | 85 | (38) | (23) | 358 | |||||||||||||||||||
| Net cash provided by operating activities | 755 | 758 | 2,169 | 2,898 | |||||||||||||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||||||||
| Capital expenditures for drilling, completion and other fixed asset additions | (393) | (546) | (1,329) | (1,621) | |||||||||||||||||||
| Capital expenditures for leasehold and property acquisitions | (3) | (2) | (6) | (8) | |||||||||||||||||||
| Purchases of short-term investments | — | — | (250) | — | |||||||||||||||||||
| Proceeds from sale of short-term investments | 250 | — | 250 | — | |||||||||||||||||||
| Proceeds from sale of assets | 7 | 7 | 8 | 40 | |||||||||||||||||||
| Net cash used in investing activities | (139) | (541) | (1,327) | (1,589) | |||||||||||||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||||||||
| Proceeds from issuance of debt | — | — | 499 | — | |||||||||||||||||||
| Repayments of debt | (575) | — | (575) | — | |||||||||||||||||||
| Common stock repurchases | (111) | (60) | (401) | (385) | |||||||||||||||||||
| Dividends paid | (156) | (151) | (470) | (739) | |||||||||||||||||||
| Other | (5) | — | (12) | (12) | |||||||||||||||||||
| Net cash used in financing activities | (847) | (211) | (959) | (1,136) | |||||||||||||||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | $ | (231) | $ | 6 | $ | (117) | $ | 173 | |||||||||||||||
Reconciliation of Capital Expenditures
Capital expenditures is defined as cash paid for capital expenditures for drilling, completion and other fixed asset additions less changes in accrued capital costs.
| Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| (In millions) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||
| Cash paid for capital expenditures for drilling, completion and other fixed asset additions (GAAP) | $ | 393 | $ | 546 | $ | 1,329 | $ | 1,621 | ||||||||||||||||||
| Change in accrued capital costs | 20 | (4) | 11 | 26 | ||||||||||||||||||||||
| Exploratory dry-hole cost | 5 | — | 5 | — | ||||||||||||||||||||||
| Capital expenditures for drilling, completion and other fixed asset additions (non-GAAP) | $ | 418 | $ | 542 | $ | 1,345 | $ | 1,647 | ||||||||||||||||||
14
Supplemental Non-GAAP Financial Measures (Unaudited)
We report our financial results in accordance with accounting principles generally accepted in the United States (GAAP). However, we believe certain non-GAAP performance measures may provide financial statement users with additional meaningful comparisons between current results and results of prior periods. In addition, we believe these measures are used by analysts and others in the valuation, rating and investment recommendations of companies within the oil and natural gas exploration and production industry. See the reconciliations below that compare GAAP financial measures to non-GAAP financial measures for the periods indicated.
We have also included herein certain forward-looking non-GAAP financial measures. Due to the forward-looking nature of these non-GAAP financial measures, we cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as changes in assets and liabilities (including future impairments) and cash paid for certain capital expenditures. Accordingly, we are unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures. Reconciling items in future periods could be significant.
Reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings Per Share
Adjusted Net Income and Adjusted Earnings per Share are presented based on our management's belief that these non-GAAP measures enable a user of financial information to understand the impact of identified adjustments on reported results. Adjusted Net Income is defined as net income plus gain and loss on sale of assets, non-cash gain and loss on derivative instruments, stock-based compensation expense, severance expense, and tax effect on selected items. Adjusted Earnings per Share is defined as Adjusted Net Income divided by weighted-average common shares outstanding. Additionally, we believe these measures provide beneficial comparisons to similarly adjusted measurements of prior periods and use these measures for that purpose. Adjusted Net Income and Adjusted Earnings per Share are not measures of financial performance under GAAP and should not be considered as alternatives to net income and earnings per share, as defined by GAAP.
| Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (In millions, except per share amounts) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| As reported - net income | $ | 252 | $ | 323 | $ | 824 | $ | 1,209 | |||||||||||||||
| Reversal of selected items: | |||||||||||||||||||||||
| Gain on sale of assets | (3) | (7) | (3) | (12) | |||||||||||||||||||
(Gain) loss on derivative instruments(1) | (36) | 52 | 42 | 109 | |||||||||||||||||||
| Stock-based compensation expense | 14 | 21 | 43 | 44 | |||||||||||||||||||
| Severance expense | — | (1) | — | 10 | |||||||||||||||||||
| Tax effect on selected items | 6 | (15) | (19) | (34) | |||||||||||||||||||
| Adjusted net income | $ | 233 | $ | 373 | $ | 887 | $ | 1,326 | |||||||||||||||
| As reported - earnings per share | $ | 0.34 | $ | 0.43 | $ | 1.11 | $ | 1.59 | |||||||||||||||
| Per share impact of selected items | (0.02) | 0.07 | 0.08 | 0.16 | |||||||||||||||||||
| Adjusted earnings per share | $ | 0.32 | $ | 0.50 | $ | 1.19 | $ | 1.75 | |||||||||||||||
| Weighted-average common shares outstanding | 738 | 753 | 743 | 757 | |||||||||||||||||||
_______________________________________________________________________________
(1)This amount represents the non-cash mark-to-market changes of our commodity derivative instruments recorded in Gain (loss) on derivative instruments in the Condensed Consolidated Statement of Operations.
15
Reconciliation of Discretionary Cash Flow and Free Cash Flow
Discretionary Cash Flow is defined as cash flow from operating activities excluding changes in assets and liabilities. Discretionary Cash Flow is widely accepted as a financial indicator of an oil and gas company’s ability to generate available cash to internally fund exploration and development activities, return capital to shareholders through dividends and share repurchases, and service debt and is used by our management for that purpose. Discretionary Cash Flow is presented based on our management’s belief that this non-GAAP measure is useful information to investors when comparing our cash flows with the cash flows of other companies that use the full cost method of accounting for oil and gas producing activities or have different financing and capital structures or tax rates. Discretionary Cash Flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating activities or net income, as defined by GAAP, or as a measure of liquidity.
Free Cash Flow is defined as Discretionary Cash Flow less cash paid for capital expenditures. Free Cash Flow is an indicator of a company’s ability to generate cash flow after spending the money required to maintain or expand its asset base, and is used by our management for that purpose. Free Cash Flow is presented based on our management’s belief that this non-GAAP measure is useful information to investors when comparing our cash flows with the cash flows of other companies. Free Cash Flow is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating activities or net income, as defined by GAAP, or as a measure of liquidity.
| Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (In millions) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| Cash flow from operating activities | $ | 755 | $ | 758 | $ | 2,169 | $ | 2,898 | |||||||||||||||
| Changes in assets and liabilities | (85) | 38 | 23 | (358) | |||||||||||||||||||
| Discretionary cash flow | 670 | 796 | 2,192 | 2,540 | |||||||||||||||||||
| Cash paid for capital expenditures for drilling, completion and other fixed asset additions | (393) | (546) | (1,329) | (1,621) | |||||||||||||||||||
| Free Cash Flow | $ | 277 | $ | 250 | $ | 863 | $ | 919 | |||||||||||||||
16
Reconciliation of Adjusted EBITDAX
Adjusted EBITDAX is defined as net income plus interest expense, interest income, income tax expense, depreciation, depletion, and amortization (including impairments), exploration expense, gain and loss on sale of assets, non-cash gain and loss on derivative instruments, stock-based compensation expense, and severance expense. Adjusted EBITDAX is presented on our management’s belief that this non-GAAP measure is useful information to investors when evaluating our ability to internally fund exploration and development activities and to service or incur debt without regard to financial or capital structure. Our management uses Adjusted EBITDAX for that purpose. Adjusted EBITDAX is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operating activities or net income, as defined by GAAP, or as a measure of liquidity.
| Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| (In millions) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| Net income | $ | 252 | $ | 323 | $ | 824 | $ | 1,209 | |||||||||||||||
| Plus (less): | |||||||||||||||||||||||
| Interest expense | 24 | 17 | 77 | 50 | |||||||||||||||||||
| Interest income | (16) | (10) | (51) | (32) | |||||||||||||||||||
| Income tax expense | 67 | 94 | 213 | 350 | |||||||||||||||||||
| Depreciation, depletion and amortization | 475 | 421 | 1,354 | 1,185 | |||||||||||||||||||
| Exploration | 9 | 5 | 19 | 14 | |||||||||||||||||||
| Gain on sale of assets | (3) | (7) | (3) | (12) | |||||||||||||||||||
| Non-cash loss on derivative instruments | (36) | 52 | 42 | 109 | |||||||||||||||||||
| Severance expense | — | (1) | — | 10 | |||||||||||||||||||
| Stock-based compensation | 14 | 21 | 43 | 44 | |||||||||||||||||||
| Adjusted EBITDAX | $ | 786 | $ | 915 | $ | 2,518 | $ | 2,927 | |||||||||||||||
| Trailing Twelve Months Ended | |||||||||||
| (In millions) | September 30, 2024 | December 31, 2023 | |||||||||
| Net income | $ | 1,240 | $ | 1,625 | |||||||
| Plus (less): | |||||||||||
| Interest expense | 100 | 73 | |||||||||
| Interest income | (66) | (47) | |||||||||
| Income tax expense | 366 | 503 | |||||||||
| Depreciation, depletion and amortization | 1,810 | 1,641 | |||||||||
| Exploration | 25 | 20 | |||||||||
| Gain on sale of assets | (3) | (12) | |||||||||
| Non-cash loss on derivative instruments | (13) | 54 | |||||||||
| Severance expense | 2 | 12 | |||||||||
| Stock-based compensation | 58 | 59 | |||||||||
| Adjusted EBITDAX (trailing twelve months) | $ | 3,519 | $ | 3,928 | |||||||
17
Reconciliation of Net Debt
The total debt to total capitalization ratio is calculated by dividing total debt by the sum of total debt and total stockholders’ equity. This ratio is a measurement which is presented in our annual and interim filings and our management believes this ratio is useful to investors in assessing our leverage. Net Debt is calculated by subtracting cash and cash equivalents and short-term investments from total debt. The Net Debt to Adjusted Capitalization ratio is calculated by dividing Net Debt by the sum of Net Debt and total stockholders’ equity. Net Debt and the Net Debt to Adjusted Capitalization ratio are non-GAAP measures which our management believes are also useful to investors when assessing our leverage since we have the ability to and may decide to use a portion of our cash and cash equivalents and short-term investments to retire debt. Our management uses these measures for that purpose. Additionally, as our planned expenditures are not expected to result in additional debt, our management believes it is appropriate to apply cash and cash equivalents and short-term investments to reduce debt in calculating the Net Debt to Adjusted Capitalization ratio.
| (In millions) | September 30, 2024 | December 31, 2023 | |||||||||
| Current portion of long-term debt | $ | — | $ | 575 | |||||||
| Long-term debt, net | 2,066 | 1,586 | |||||||||
| Total debt | 2,066 | 2,161 | |||||||||
| Stockholders’ equity | 13,034 | 13,039 | |||||||||
| Total capitalization | $ | 15,100 | $ | 15,200 | |||||||
| Total debt | $ | 2,066 | $ | 2,161 | |||||||
| Less: Cash and cash equivalents | (843) | (956) | |||||||||
| Net debt | $ | 1,223 | $ | 1,205 | |||||||
| Net debt | $ | 1,223 | $ | 1,205 | |||||||
| Stockholders’ equity | 13,034 | 13,039 | |||||||||
| Total adjusted capitalization | $ | 14,257 | $ | 14,244 | |||||||
| Total debt to total capitalization ratio | 13.7 | % | 14.2 | % | |||||||
| Less: Impact of cash and cash equivalents | 5.1 | % | 5.7 | % | |||||||
| Net debt to adjusted capitalization ratio | 8.6 | % | 8.5 | % | |||||||
Reconciliation of Net Debt to Adjusted EBITDAX
Total debt to net income is defined as total debt divided by net income. Net debt to Adjusted EBITDAX is defined as net debt divided by trailing twelve month Adjusted EBITDAX. Net debt to Adjusted EBITDAX is a non-GAAP measure which our management believes is useful to investors when assessing our credit position and leverage.
| (In millions) | September 30, 2024 | December 31, 2023 | |||||||||
| Total debt | $ | 2,066 | $ | 2,161 | |||||||
| Net income | 1,240 | 1,625 | |||||||||
| Total debt to net income ratio | 1.7 | x | 1.3 | x | |||||||
| Net debt (as defined above) | $ | 1,223 | $ | 1,205 | |||||||
| Adjusted EBITDAX (Trailing twelve months) | 3,519 | 3,928 | |||||||||
| Net debt to Adjusted EBITDAX | 0.3 | x | 0.3 | x | |||||||
18
2024 Guidance
The tables below present full-year and third quarter 2024 guidance.
| Full Year Guidance | ||||||||||||||||||||||||||||||||||||||
| 2024 Guidance (August) | Updated 2024 Guidance | |||||||||||||||||||||||||||||||||||||
| Low | Mid | High | Low | Mid | High | |||||||||||||||||||||||||||||||||
| Total Equivalent Production (MBoed) | 645 | — | 660 | — | 675 | 660 | — | 668 | — | 675 | ||||||||||||||||||||||||||||
| Gas (Mmcf/day) | 2,675 | — | 2,725 | — | 2,775 | 2,735 | — | 2,755 | — | 2,775 | ||||||||||||||||||||||||||||
| Oil (MBbl/day) | 105.5 | — | 107 | — | 108.5 | 107 | — | 107.5 | — | 108 | ||||||||||||||||||||||||||||
| Net wells turned in line | ||||||||||||||||||||||||||||||||||||||
| Marcellus Shale | 37 | — | 40 | — | 43 | 40 | ||||||||||||||||||||||||||||||||
| Permian Basin | 80 | — | 85 | — | 90 | No change | ||||||||||||||||||||||||||||||||
| Anadarko Basin | 21 | — | 24 | — | 27 | No change | ||||||||||||||||||||||||||||||||
| Capital expenditures ($ in millions) | ||||||||||||||||||||||||||||||||||||||
| Total Company | $1,750 | — | $1,850 | — | $1,950 | $1,750 | — | $1,800 | — | $1,850 | ||||||||||||||||||||||||||||
| Drilling and completion | ||||||||||||||||||||||||||||||||||||||
| Marcellus Shale | $375 midpoint | $300 midpoint | ||||||||||||||||||||||||||||||||||||
| Permian Basin | $1,000 midpoint | $1,050 midpoint | ||||||||||||||||||||||||||||||||||||
| Anadarko Basin | $290 midpoint | $300 midpoint | ||||||||||||||||||||||||||||||||||||
| Midstream, saltwater disposal and infrastructure | $185 midpoint | $150 midpoint | ||||||||||||||||||||||||||||||||||||
| Commodity price assumptions: | ||||||||||||||||||||||||||||||||||||||
| WTI ($ per bbl) | $80 | $76 | ||||||||||||||||||||||||||||||||||||
| Henry Hub ($ per mmbtu) | $2.37 | $2.22 | ||||||||||||||||||||||||||||||||||||
| Cash Flow & Investment ($ in billions) | ||||||||||||||||||||||||||||||||||||||
| Discretionary Cash Flow | $3.2 | $2.9 | ||||||||||||||||||||||||||||||||||||
| Capital Expenditures | $1.75 | — | $1.85 | — | $1.95 | $1.75 | — | $1.80 | — | $1.85 | ||||||||||||||||||||||||||||
| Free Cash Flow (DCF - cash capex) | $1.3 | $1.1 | ||||||||||||||||||||||||||||||||||||
| $ per boe, unless noted: | ||||||||||||||||||||||||||||||||||||||
| Lease operating expense + workovers + region office | $2.15 | — | $2.50 | — | $2.85 | No change | ||||||||||||||||||||||||||||||||
| Gathering, processing, & transportation | $3.50 | — | $4.00 | — | $4.50 | No change | ||||||||||||||||||||||||||||||||
| Taxes other than income | $1.00 | — | $1.10 | — | $1.20 | No change | ||||||||||||||||||||||||||||||||
General & administrative (1) | $0.80 | — | $0.90 | — | $1.00 | No change | ||||||||||||||||||||||||||||||||
| Unit Operating Cost | $7.45 | — | $8.50 | — | $9.55 | No change | ||||||||||||||||||||||||||||||||
(1)Excludes stock-based compensation and severance expense
19
| Quarterly Guidance | ||||||||||||||||||||||||||||||||||||||||||||
| Third Quarter 2024 Guidance | Third Quarter 2024 Actual | Fourth Quarter 2024 Guidance | ||||||||||||||||||||||||||||||||||||||||||
| Low | Mid | High | Low | Mid | High | |||||||||||||||||||||||||||||||||||||||
| Total Equivalent Production (MBoed) | 620 | — | 635 | — | 650 | 669 | 630 | — | 645 | — | 660 | |||||||||||||||||||||||||||||||||
| Gas (Mmcf/day) | 2,500 | — | 2,565 | — | 2,630 | 2,682 | 2,530 | — | 2,595 | — | 2,660 | |||||||||||||||||||||||||||||||||
| Oil (MBbl/day) | 107.0 | — | 109.0 | — | 111.0 | 112.3 | 106.0 | — | 108.0 | — | 110.0 | |||||||||||||||||||||||||||||||||
| Net wells turned in line | ||||||||||||||||||||||||||||||||||||||||||||
| Marcellus Shale | 0 | — | 4 | — | 7 | 7 | 11 | |||||||||||||||||||||||||||||||||||||
| Permian Basin | 15 | — | 20 | — | 25 | 24 | 13 | — | 18 | — | 23 | |||||||||||||||||||||||||||||||||
| Anadarko Basin | 5 | — | 5 | — | 5 | 5 | 1 | — | 4 | — | 7 | |||||||||||||||||||||||||||||||||
| Capital expenditures ($ in millions) | ||||||||||||||||||||||||||||||||||||||||||||
| Total Company | $450 | — | $480 | — | $530 | $418 | $410 | — | $455 | — | $500 | |||||||||||||||||||||||||||||||||
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Investor Contact
Daniel Guffey - Vice President of Finance, IR & Treasury
281.589.4875
Hannah Stuckey - Investor Relations Manager
281.589.4983
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