Coterra Energy misses third-quarter profit estimates on lower oil prices

Coterra Energy missed Wall Street estimates for third-quarter profit on Monday, as the oil and gas company struggled with lower oil prices. 

U.S. President Donald Trump's trade policies fueled uncertainty across the energy industry, as escalating trade tensions threatened to slow global economic growth and weaken energy demand.

Crude prices averaged $68.33 per barrel in the July-September quarter, down more than 13% from a year earlier, after OPEC+ accelerated output hikes and raised concerns about oversupply.

The Houston-based company reported an average oil price of $64.10 per barrel, compared with $74.04 per barrel from a year earlier, whereas production was at 166,800 barrels per day, compared with 112,300 bpd last year.

The company's adjusted profit was 41 cents per share for the three months ended September 30, compared with the analysts' average estimate of 44 cents per share, according to data compiled by LSEG.