Its adjusted net income of $0.80 per share for the first quarter was in line with estimates.

Coterra Energy (CTRA) stock fell 1.5% in extended trading on Monday after the oil and gas producer missed first-quarter revenue expectations.

The company reported revenue of $1.90 billion for the three months ended March 31, while analysts expected it to post $2.03 billion in revenue, according to Koyfin data.

Its adjusted net income of $0.80 per share for the first quarter was in line with estimates.

Due to its acquisition of new assets, Coterra’s total first-quarter production rose to 746,800 barrels of oil equivalent per day (boepd), compared to 686,100 boepd a year earlier.

However, the company said it would lower its 2025 capital budget to the range of $2.0 to $2.3 billion, as it expects to reduce Permian Basin activity to seven rigs from its original plan of 10 rigs.

"As our industry faces macroeconomic uncertainty and oil price headwinds, we believe it is prudent to reduce oil-directed activity at this time,” CEO Tom Jorden said.

Benchmark Brent crude oil prices fell below $60 per barrel in April for the first time since 2021 amid concerns over oversupply from OPEC+ and lower demand. A price below $65 per barrel makes it difficult for many oil producers to invest in new projects sustainably.

The company expects to generate $2.1 billion in free cash flow in 2025, which it expects to use to fund its dividend, reduce debt, and execute share buybacks.

Retail sentiment on Stocktwits was in the ‘bullish’ (73/100) territory, while retail chatter was ‘high.’

CTRA’s Sentiment Meter and Message Volume as of 02:49 p.m. ET on May 6, 2025 | Source: Stocktwits

Peer Diamondback also scaled back oil production amid the weak price environment.

Coterra stock has fallen 2.8% year to date (YTD).

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