Coterra Energy to hold Permian rig count steady as oil market fears ease
June 24 (Reuters) - U.S. oil and gas producer Coterra Energy (CTRA.N), opens new tab will hold its rig count steady at nine in the Permian Basin, CEO Tom Jorden said Tuesday, reversing earlier plans to scale back activity as the company grows more confident in the outlook for oil prices.
"I've seen these periods of my career where when oil markets wobble, they don't glide gently down to their low, they kind of wobble for a while, and then they suddenly collapse," Jorden said at the J.P. Morgan Energy, Power & Renewables Conference.
"We were looking at the possibility of a collapse. We're feeling a little better about that now."
Oil prices had been under pressure earlier this year due to concerns about slowing global demand, high inventories, and uncertainty around OPEC+ supply cuts.
Jorden said the company had previously planned to cut to seven rigs in the second half of 2025, bracing for a potential collapse in prices.
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Daily Mail
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