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Coterra Energy was formed one year ago (October 2021) when Cabot Oil & Gas merged with Cimarex Energy. Coterra issued its third quarter update yesterday. The company made $1.2 billion in profit last quarter, versus making just $64 million a year ago. Natural gas production in the Marcellus was 2.21 Bcf/d, down just a tick from 2.36 Bcf/d produced in 3Q21. The company generated over $1 billion in free cash flowing during 3Q. Coterra uses its free cash flow to issue dividends, buy back shares, and retire debt sooner. Even with all the good news, a little bit of "bad" news spooked the stock market. Coterra said its Marcellus reserves (gas in place that can be economically extracted) went down by 32-36%. Coterra's stock tumbled as much as 8% during trading on Friday. The stock price has begun to recover.
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