Cabot Oil & Gas +2.3% AH as Q4 earnings, production jump

Cabot Oil & Gas (COG) +2.3% AH after Q4 earnings jumped 91% on sharply higher production, offsetting some pricing declines for natural gas and other commodities.

Q4 natural gas production rose 56% Y/Y while realized average prices, which include hedging effects, fell 12%; output of oil, condensate and natural gas liquids - which are a smaller part of production - rose 34% though average prices declined 9.3%.

Maintains its Marcellus rig count at six rigs for 2014, which COG says will reduce its 2014 capital budget to $1.3B-$1.4B from $1.375B-$1.475B without affecting the previously announced 2014 production guidance of 519B-598B cfe.

Says 2013 year-end proved reserves were 5.5T cfe, up 42% over year-end 2012.

Enters into a long-term gas sale and pipeline takeaway capacity agreement with WGL Holdings (WGL).

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