US shale producer Coterra Energy said Tuesday that it has increased its 2023 oil and natural gas production guidance due to wellproductivity that has “exceeded our expectations.” The Houston-based EP said it produced 2.9 billion cubic feet per day of gas and 95,800 barrels per day of oil in the second quarter,beating its top-end guidance of 2.85 Bcf/d and 91,500 b/d. The April-June “beat was driven by many factors, including optimization of completion design, spacing, landing zone selection andbetter-than-expected performance from a project of three-mile laterals,” CEO Tom Jorden told investors during the company’s second-quarter earnings call on Tuesday. “Our go-forward well productivity should closely approximate current trends in the coming years.”
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