Coterra Restarting Marcellus Drilling in Early 2Q – Return to Dimock

Coterra Energy, formed by the merger of Cabot Oil & Gas (drills for natural gas in the Marcellus) and Cimarex Energy (drills for oil in the Permian and Anadarko basins), issued its fourth quarter and full-year 2024 update yesterday. The headline news (for us) is that the company announced it will restart its Marcellus drilling program in Susquehanna County, PA, "in the coming months" of early 2Q25. Whew! That puts a big, fat smile on our face. Also of note: Coterra exited 2024 with a three-year production high in the Marcellus, although that statement is not backed up with the raw data. Coterra produced 2,042.8 MMcf/d (2.04 Bcf/d) in 4Q24, versus producing 2,304.9 MMcf/d (2.30 Bcf/d) in 4Q23---11% less than the year ago period. In the bowels of the report, we learned that the company had stopped curtailing production in December. So, must be the "production high" was the rate flowing in December.

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