Coterra Energy CEO Tom Jorden Says Increase in Shale Spending Unlikely

Tom Jorden, CEO and president of Coterra Energy, is bullish on oil and natural gas prices, but said his company would concentrate on shareholder returns, including an ordinary and variable dividend.

Liz Hampton, Reuters

Publicly traded U.S. oil and gas companies are unlikely to increase spending or output significantly in 2022, as they keep a promise to focus on shareholder returns, Coterra Energy CEO Tom Jorden said on Jan. 6.

Jorden said he was bullish on oil and natural gas prices, but his company would concentrate on shareholder returns, including an ordinary and variable dividend. He said Coterra is also looking closely at share buybacks.

U.S. oil prices were close to $80/bbl on Jan. 6, up about 58% compared with last year as demand picks up in response to the economic recovery from the pandemic.

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