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In this photo illustration, a Coterra Energy Inc. logo is seen on a smartphone screen.

Pavlo Gonchar | SOPA Images | LightRocket | Getty Images

Coterra Energy‘s (CTRA) solid third-quarter earnings beat on Thursday, along with hefty free cash flow and a raised dividend, solidified the Club’s investment case in the oil-and-gas producer.

  • Total revenue soared by nearly 500% year-on-year, to $2.52 billion, exceeding analysts’ estimates of $2.37 billion, according to Refinitiv.
  • Adjusted earnings per share more than doubled on an annual basis, to $1.42 a share, beating analysts’ forecasts of $1.37 a share.

Note: Coterra management is set to hold its post-earnings conference call at 10 a.m. ET Friday, which we’ll monitor for any updates.

Bottom line

Coterra continued to return an outsized amount of free cash flow to shareholders: 74% in the third quarter, to be exact.

While we’ve worked to moderate our energy exposure in recent months, our two-pronged investment rationale has not changed: 1) Hedge our portfolio against inflation as oil-and-gas prices stay higher for longer and 2) get rewarded for our patience through robust dividend payouts and stock buybacks, which are made possible by those same elevated commodity prices.

Coterra hiked its fixed-plus-variable dividend payout on a sequential basis, supporting the second part of our investment thesis. The company was the only one of our three exploration-and-production holdings to do so this earnings season. Pioneer Natural Resources (PXD) and Devon Energy (DVN), by contrast, announced quarter-over-quarter declines to their payouts, due to falling oil prices in the third quarter.

But Coterra’s larger natural gas exposure — a key reason we initiated our position in April — proved advantageous in the three months ended Sept. 30. U.S. natural gas prices bottomed out in early summer, before increasing for nearly two months in a row and then falling again more recently.

U.S. natural gas futures closed at $6.33 per million British thermal units on Thursday, while West Texas Intermediate crude — the U.S. oil benchmark — settled at $88.17 a barrel. Coterra’s stock was trading down nearly 2% in afterhours trading Thursday, at roughly $30 a share, as the market digested its third-quarter report.

Cash flow

Cash flow is king for companies like Coterra. Here’s how the Houston-based company did in the third quarter.

  • Cash flow from operations expanded by more than 600% year-over-year, to $1.77 billion, roughly in line with analysts forecasts of 1.76 billion, according to FactSet.
  • Adjusted discretionary cash flow (cash flow from operations excluding changes in assets and liabilities) was $1.52 billion, below estimates of $1.62 billion.
  • Free cash flow, or money the business generates subtracting capital expenditures, was $1.06 billion, short of analysts’ forecasts of $1.16 billion.
  • Capital expenditures of $460 million came in above the $450 million predicted by analysts.

Based on recent commodity strip prices, Coterra management expects free cash flow for the full year to be $3.9 billion, compared with the FactSet estimate of $3.83 billion.

Coterra also said its full-year capital budget is projected to be $1.7 billion, matching the high end of its prior guidance range of $1.6 billion to $1.7 billion.

Dividends and buybacks

Coterra said it would pay out a fixed-plus-variable dividend of 68 cents a share, up from its prior 60 cents a share quarter-on-quarter. Based on Coterra’s Thursday closing price of $30.61, that equates to a roughly 8.9% annualized dividend yield. Half of the company’s third-quarter free cash flow is going toward the dividend, as was the case with second-quarter free cash flow.

The company spent $253 million in the third quarter to repurchase 9.3 million shares at an average price of $27.03 a share. That’s equal to about 24% of free cash flow. In the second quarter, 30% of Coterra’s free cash flow went toward stock buybacks, totaling $303 million. As of Sept. 30, the company has $510 million remaining on its $1.25 billion buyback authorization.

Production and Q4 outlook

Total production in the quarter was 641,000 barrels of oil equivalent per day, above the 610,000 to 630,000 barrel-a-day guidance the company issued in August and above analysts’ forecasts for production of 624,100 barrels a day. Coterra attributed its total production levels to “strong well performance and improving cycle times.”

Here’s the breakdown of Coterra’s production in the third quarter:

  • Oil: 87,900 barrels a day, ahead of a consensus forecast of 86,700 barrels a day.
  • Natural gas: 2.8 billion cubic feet a day, slightly exceeding analysts’ forecasts of 2.77 billion cubic feet a day.

For the fourth quarter, Coterra expects total production to be between 615,000 and 635,000 barrels of oil equivalent a day, which at the midpoint is lower than the 632,900 barrels a day forecasted by analysts. The company also forecasts oil volumes to average between 86,000- to 89,000 barrels a day, roughly in line with estimates for 87,200 barrels a day. Natural gas volumes should average between 2.72 billion- and 2.78 billion cubic feet a day, below the 2.8 billion cubic feet a day predicted by analysts.

For the full year, Coterra raised its total production guidance by 1% at the midpoint, saying it now should be between 625,000- to 640,000 barrels of oil equivalent a day. At the midpoint that exceeds estimates for 630,000 barrels a day. At the same time, the company raised its forecast for natural gas production for the full year to between 2.76 billion- to 2.85 billion cubic feet a day, also up 1% at the midpoint. That compares with analysts’ forecasts of 2.8 billion cubic feet a day.

Coterra’s realized prices, excluding commodity derivatives, in the third quarter were $93.35 per barrel of oil, better than the $92.7 per barrel analysts expected, and $6.37 per thousand cubic feet of natural gas, below the $6.50 analysts predicted.

(Jim Cramer’s Charitable Trust is long CTRA. See here for a full list of the stocks.)

As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade.

THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY, TOGETHER WITH OUR DISCLAIMER.  NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.  NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

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The cheapest Tesla ever is right around the corner – is it enough to hold back GM?

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The cheapest Tesla ever is right around the corner – is it enough to hold back GM?

On today’s budget-conscious episode of  Quick Charge, we’re building up to the reveal of a new, more affordable Tesla Model Y tomorrow that will almost definitely not be a cheap pile of misaligned plastic body parts with inconsistent panel gaps that’s utterly incapable of turning the tide on Tesla’s global decline.

Plus, we’ve got news that Tesla is in hot water with California over its alleged mishandling of its insurance business, revisit the lies told about Cybertrucks drag racing Teslas, and look at the incredible 110% increase in EV sales over at GM that’s driving Cadillac’s renaissance.

Today’s episode is brought to you by Climate XChange, a nonpartisan nonprofit working to help states pass effective, equitable climate policies. The nonprofit just kicked off its 10th annual EV raffle, where participants have multiple opportunities to win their dream model. Visit the site at CarbonRaffle.org/Electrek to learn more.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

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New episodes of Quick Charge are recorded, usually, Monday through Thursday (most weeks, anyway). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.

Got news? Let us know!
Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.


If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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GEM eX launched as fully street-legal electric UTV

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GEM eX launched as fully street-legal electric UTV

Waev Inc. has just unveiled the GEM eX, a new electric utility vehicle designed to bridge the gap between street-legal low-speed vehicles (LSVs) and true off-road work machines. The company calls it the most versatile electric work UTV yet.

Unlike most golf cart–based UTVs or high-speed recreational rigs, the GEM eX is purpose-built for commercial, industrial, and government fleets that need to move between city streets, job sites, and rough terrain, all while staying emissions-free.

The vehicle features a top speed of 25 mph (40 km/h) and is said to be DOT street-legal as an LSV on roads up to 35 mph (56 km/h), giving it a clear advantage over most off-road-only competitors.

Power is provided by a 6.5 kW motor in a rear-wheel drive setup with a limited-slip rear differential. An 8 kWh battery provides enough juice for a claimed maximum range of 85 miles (137 km).

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The eX comes with several fleet-focused safety and utility upgrades, including 3-point seat belts, roof crush protection, backup camera, mirrors, pedestrian noise emitter, and a robust bumper system. It rolls on street, winter, or all-terrain tires, and the chassis features 9.5 inches (24 cm) of ground clearance, 6.5 inches (16.5 cm) of suspension travel, and a 50-degree approach angle for climbing curbs or crossing uneven work terrain.

Hill-hold assist and single-pedal descent control make it easy to handle on slopes, while a limited-slip differential helps maintain traction without chewing up turf.

In the back, a 1,250 lb (567 kg) composite dump box can fit a full-sized pallet and comes with gas-assist or electric lift options, while towing capacity matches that at 1,250 lb (567 kg). Optional hard doors, roll-down windows, and HVAC with heat and A/C turn it into a true all-weather workhorse.

The lithium iron phosphate battery pack is said to provide a long lifespan for extra durability in extreme climates from –20°F to 140°F (–29°C to 60°C). Charging is flexible via 120V, 240V, or J1772 public stations, and Waev backs the battery with a 7-year warranty – on par with many passenger EVs.

“We field-tested the GEM eX everywhere from Arizona deserts to Minnesota winters,” said Sven Etzelsberger, Waev’s Director of Engineering. “Every piece of customer feedback went back into this vehicle. The result is a work UTV that’s refined, reliable, and ready to go.”

The GEM platform has expanded significantly over the years, from its humble beginnings as a simple people mover to more recent adaptations into everything from ambulances and emergency vehicles to the new GEM eX electric UTV.

Priced at $24,955, the higher purchase price may be one of the few downsides to the quieter, cleaner, and easier to maintain alternative to traditional gasoline-powered UTVs.

Electrek’s Take

Waev’s new GEM eX seems to hit a sweet spot that’s been missing – a street-legal, electric work UTV tough enough for real jobs yet affordable and easy to maintain. For fleet managers juggling both paved and off-road environments, this could be a serious game-changer.

While the price is high, it comes in at significantly less than other well-known models like Polaris’ Zero-powered electric RANGER UTV.

At the same time, there are still more affordable options like those from KANDI that offer more power for a lower price. However, without GEM’s storied brand legacy and increased national support, cheaper options may not have the staying power to compete.

So sure, it’s expensive, but at least I’m glad to see more options coming to the market, especially from brands that have been around for years. Here’s to hoping for more affordable options in the future.

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In a first, renewables generate more power than coal globally

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In a first, renewables generate more power than coal globally

Solar and wind power aren’t just keeping up with global electricity demand anymore – they’re pulling ahead. According to a new analysis from energy think tank Ember, solar and wind combined outpaced global electricity demand growth in the first half of 2025. That shift led to a drop in both coal and gas generation compared to the same period last year. For the first time ever, renewables generated more power than coal globally.

“We’re seeing the first signs of a crucial turning point,” said Małgorzata Wiatros-Motyka, senior electricity analyst at Ember. “Solar and wind are now growing fast enough to meet the world’s growing appetite for electricity. This marks the beginning of a shift where clean power is keeping pace with demand growth.”

Solar leads the charge

Global electricity demand rose 2.6% in the first half of 2025 – an additional 369 terawatt-hours (TWh) year-over-year. Solar met a stunning 83% of that increase, growing by 306 TWh, or 31% year-over-year. Combined with steady wind expansion, renewables were able to meet rising demand and start displacing fossil fuels.

Coal generation fell 0.6% (-31 TWh), gas dropped 0.2% (-6 TWh), and overall fossil generation declined 0.3% (-27 TWh). As a result, global power sector emissions fell by 0.2%.

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Renewables supplied 5,072 TWh of electricity in the first half of 2025 – up from 4,709 TWh a year earlier. Coal, by comparison, generated 4,896 TWh, down 31 TWh year-over-year. It’s the first time on record that clean energy has overtaken coal.

A global turning point

Ember’s analysis shows this is more than a blip. Solar and wind are now growing fast enough to meet new demand and begin cutting into fossil generation. As deployment accelerates, Ember expects clean power to outstrip demand growth for longer stretches, pushing fossil fuels into permanent decline.

But progress isn’t uniform across the globe. Among the world’s four biggest power markets – China, India, the US, and the EU – two saw fossil generation fall, while two saw it rise.

China remains the global clean energy powerhouse, adding more solar and wind capacity than the rest of the world combined. Its fossil generation fell 2% (-58.7 TWh) in the first half of 2025.

In India, clean power growth outpaced demand threefold. With electricity demand rising just 1.3% (+12 TWh) – far below the 9% surge seen last year – fossil generation dropped sharply: coal fell 3.1% (-22 TWh) and gas plunged 34% (-7.1 TWh).

In contrast, fossil generation rose in the US and EU. In the US, demand grew faster than renewables could keep up, leading to higher fossil fuel output. In the EU, weaker wind and hydro performance meant more gas and coal were needed to fill the gap.

What comes next

With half the world already past the peak of fossil fuel generation, Ember says the trend is clear: Clean power can keep up with rising electricity demand. But to lock in progress, deployment of solar, wind, and batteries needs to accelerate.

“Solar and wind are no longer marginal technologies – they’re driving the global power system forward,” said Sonia Dunlop, CEO of the Global Solar Council. “The fact that renewables have overtaken coal for the first time marks a historic shift. But to secure it, governments and industry must step up investment in clean energy and storage so affordable, reliable power reaches everyone.”

Ember’s Wiatros-Motyka added, “With technology costs continuing to fall, now is the perfect moment to embrace the economic, social, and health benefits that come with increased solar, wind, and batteries.”

Read more: FERC: Solar + wind made up 90% of new US power generating capacity to July 2025


The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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