Fri, Jul. 24, 12:42 PM
- Cabot Oil & Gas (COG -4.2%) trades sharply lower after Q2 earnings and revenue missed expectations, as production rose from a year ago but not enough to offset weak prices for oil and natural gas.
- COG, which operated four rigs for most of Q2, does not plan to ramp up activity in H2 or early next year, as "we do not believe that accelerating activity and allocating incremental capital in this commodity price environment is the appropriate investment decision."
- Although COG previously announced plans to significantly cut production volumes in the Marcellus Shale because of weak natural gas prices across Appalachia, output from the play still rose 7% Y/Y; Eagle Ford Shale production jumped 74% Y/Y.
- COG says its full-year equivalent production growth guidance range of 10%-18% remains unchanged, and its 2015 capex program also is unchanged at $900M.
- Saying "better days are ahead" Chairman/CEO Dan Dinges said in today's earnings call that a new pipeline in the works should help the company more easily move its gas to market and fetch better prices.
Fri, Jul. 24, 7:32 AM
Thu, Jul. 23, 5:30 PM
Fri, Apr. 24, 2:47 PM
- Cabot Oil and Gas (COG +0.1%) inches higher following Q1 earnings and revenues that topped expectations, but earnings nevertheless fell 54% Y/Y and revenue slipped 9% to $465M even as production volume rose 43% to 171.4B cfe.
- The falling price of gas meant COG fetched a price of $2.46/MMcf for its gas in Q1, nearly a third less than last year; COG expects its Q2 natural gas price realizations before the impact of hedges to average $0.82-$0.92 below Nymex settlement prices.
- COG provides Q2 net production guidance of 1,375MM-1,425MM cf/day of natural gas and 17.5K-18.25K bbl/day for liquids, and forecasts full-year production growth of 10%-18% vs. an earlier estimate of 20%-30% growth.
- COG says it will drop one rig in the Eagle Ford Shale, reducing its portfolio to a single rig in the play; it operates three rigs in the Marcellus Shale, which it plans to continue to run but plans to slow its production there to drop output by 50M cf/day.
Fri, Apr. 24, 7:32 AM
Thu, Apr. 23, 5:30 PM
Fri, Feb. 20, 8:49 AM
- Cabot Oil & Gas (NYSE:COG) -0.7% premarket despite reporting slightly better than expected Q4 earnings and revenues, as it cuts its capital budget and production plans for 2015.
- COG says it is slashing its 2015 capital budget to $900M from the $1.53B-$1.6B it said it expected to spend in October, with 80% focused on drilling and completion activities.
- As a result of the decreased level of spending, COG trims its expected production growth for 2015 to 10%-18% from previous guidance of 20%-30% growth.
- COG is currently operating five rigs in the Marcellus Shale, with plans to decrease to three rigs by the end of Q2; COG is operating three rigs in the Eagle Ford Shale, with plans to decrease to one rig by the end of Q2.
- Q4 results included a $771M writedown of some oil and gas properties, primarily in east Texas; COG says it will not pursue further activity in the areas in light of the current price environment.
- COG’s natural gas price realizations, including the effect of hedges, were $2.96/Mcf during Q4, down 14% Y/Y; oil price realizations, including the effect of hedges, were $72.35/bbl, down 24% Y/Y.
- Q4 production volume rose to 151.9B cfe, up 25% Y/Y.
Fri, Feb. 20, 7:37 AM
Thu, Feb. 19, 5:30 PM
Oct. 24, 2014, 7:32 AM
Oct. 23, 2014, 5:30 PM
Jul. 24, 2014, 7:36 AM
Jul. 23, 2014, 5:30 PM
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Apr. 24, 2014, 2:29 PM
- Cabot Oil & Gas (COG +5.2%) trades sharply higher, overcoming Q1 results that trailed analyst expectations, as earnings doubled and revenues rose 36% Y/Y to $510M.
- Q1 total production grew 34% Y/Y to 119.9B cfe, driven by higher realized natural gas prices.
- Total per unit costs fell 19% Y/Y to $2.66/Mcfe from $3.29/Mcfe; all operating expense categories fell on a per unit basis except for exploration expense, which was flat, and transportation and gathering, which rose due to slightly higher transportation rates and new transportation agreements in the Marcellus.
- Tightened 2014 production guidance range to 530B-585B cfe from 519B-598B cfe, and 20%-30% output growth in 2015; raises its capital budget to $1.375B-$1.475B amid an increase in rig count and higher activity in the Eagle Ford.
Apr. 24, 2014, 7:38 AM
Apr. 24, 2014, 12:05 AM
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