Southwestern Energy
While Southwestern didn’t provide any guidance forecast for 2024 the company did state that they intend to maintain a consistent production profile throughout 2024 at current strip prices. Southwestern was producing about 3.57 Bcf/d on average for the first quarter of 2024. Extrapolating out 3.57 Bcf/d for the rest of 2024 would imply a 9.7% YOY drop for their production on average in 2024.
EOG Resources
EOG Resources is another outlier producer that is expanding production at a very fast pace in 2024. Their wells in the Utica basin are especially outperforming relative to expectations. Operating costs for the company continue to be below expectations. EOG Resources will continue to develop and expand their production in the Utica basin.
Coterra Energy
Coterra is focusing much more on their oil and natural gas liquids portfolio and decreasing their natural gas activities. Compared to the prior reporting quarter, the company increased full year 2024 oil production guidance while maintaining their full year 2024 natural gas production guidance. The company continues to experience significant efficiency gains from shorter drilling times and more completion stages per day.
ConocoPhillips
Like the other super major producers, ConocoPhillips also kept their full year 2024 production guidance unchanged compared to the previous reporting quarter. Production continues to remain on track according to the company’s plans.
