Coterra Energy Using $750M in Cash to Pay Down Notes/Debt

September 20, 2022September 20, 2022

In early August, MDN reported that Marcellus driller Coterra Energy had made $1.2 billion in profit during the second quarter of 2022 (see Coterra Makes $1.2B in 2Q, Pumps 2.8 Bcf/d NatGas, 3 Rigs in NEPA). The company cleared $1 billion in free cash flow for 2Q--an amazing number. Yesterday, Coterra announced what it would do with three-fourths of 2Q's free cash flow. Coterra is buying back and retiring notes (debt) early.

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