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Cabot Oil & Gas Corporation (COG) CEO Dan Dinges on Q1 2020 Results - Earnings Call Transcript

May 01, 2020 2:25 PM ETCoterra Energy Inc. (CTRA)
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Cabot Oil & Gas Corporation (COG) Q1 2020 Earnings Conference Call May 1, 2020 9:30 AM ET

Company Participants

Dan Dinges - Chairman, President and CEO

Phillip Stalnaker - SVP, Operations

Jeffrey Hutton - SVP, Marketing

Conference Call Participants

Kashy Harrison - Simmons Energy

Josh Silverstein - Wolfe

Brian Singer - Goldman Sachs

Jeffrey Campbell - Tuohy Brothers

Operator

Good morning, and welcome to the Cabot Oil & Gas Corporation First Quarter 2020 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.

I'd now like to turn the conference over to Dan Dinges, Chairman, President and Chief Executive Officer. Please go ahead.

Dan Dinges

Good morning. Thank you for joining us today for Cabot first quarter 2020 earnings call. Before I get into our performance for the first quarter, I'd like to say that our thoughts are with those who have been affected by COVID-19. I want to thank those individuals on the front lines, especially the health-care workers who have been working to keep us all safe during this pandemic.

Additionally, I want to thank all of our employees for their tireless efforts to keep our operations running efficiently. While we are navigating through truly challenging times, I would never bet against the resiliency of the human spirit and I do expect us to re-emerge from this period even stronger.

As a reminder, on this morning's call, we will make forward-looking statements based on our current expectations. Additionally, some of our comments will reference non-GAAP financial measures, forward-looking statements and other disclaimers as well as reconciliations to the most directly comparable GAAP financial measures were provided in yesterday's earnings release.

During the first quarter, Cabot generated positive net income of $53.9 million or $0.14 per share and $49.8 million of positive free cash flow, despite a 49% decrease in realized prices relative

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