Shale producer Coterra Energy reports higher quarterly profit, cuts spending target
The U.S. energy sector is bracing for the potential fallout from President Donald Trump's sweeping tariffs and an intense trade war with China — factors that could reduce demand for oil and natural gas. Earlier today, Diamondback Energy also trimmed its annual capital budget and production forecasts amid macroeconomic uncertainty affecting global energy demand. "As our industry faces macroeconomic uncertainty and oil price headwinds, we believe it is prudent to reduce oil-directed activity at this time," said Coterra Chief Executive Officer Tom Jorden.
Reuters
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1 hour ago