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Coterra Energy says higher oil prices won’t mean spending spree


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These translations are done via Google Translate

Jan 6 (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 Chief Executive Officer Tom Jorden said on Thursday.

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 a barrel on Thursday, up about 58% compared with last year as demand picks up in response to the economic recovery from the pandemic.

“I think the market is bullish on energy,” Jorden told a Goldman Sachs energy conference.



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