Shale producer Coterra Energy reports higher quarterly profit, cuts spending target

May 5 (Reuters) - U.S. shale producer Coterra Energy CTRA.N reported a rise in first-quarter profit on Monday, but said it would lower its annual capital expenditure plan in response to the macroeconomic uncertainty.

The Houston, Texas-based company said its net income rose to $516 million, or 68 cents per share, for the three months ended March 31, compared with $352 million, or 47 cents per share, a year ago.