Coterra

Management offers a three‑year outlook targeting 0 to 5 percent BOE growth and ≥5 percent oil growth with reinvestment at or below 50 percent at recent strip, which improves planning visibility. Still, earnings and FCF remain highly sensitive to WTI and Henry Hub.

The in‑service of the Mountain Valley Pipeline may modestly improve Northeast takeaway and basis, helping Marcellus realizations. Commodity cyclicality and potential M&A keep predictability below our preferred toll‑like profiles.