David White
Long/short equity, value, REITs, macro

Cabot Oil & Gas Is A Buy On Natural Gas And Oil Development Results And Price Growth

Cabot Oil & Gas (NYSE:COG) is a mostly natural gas E & P company. Most notably it has about 200,000 net acres in the Marcellus Shale and about 66,000 net acres in the Eagle Ford Shale. It had 2013 proved reserves of 5.5 Tcfe (up 42% year over year). It reported Q1 2014 results on April 24, 2014. These results were inline with guidance even after a much harsher than expected winter. Production was 119.9 Bcfe. This was an increase of +34% year over year. When you adjust for the Mid-Continent and the West Texas asset sales in 2013, the increase was actually +39% year over year. Discretionary cash flow was $319.5 million. This was a +36% improvement...

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