HOUSTON, July 24, 2015 /PRNewswire/ -- Cabot Oil & Gas
Corporation (NYSE: COG) today reported its financial and operating
results for the second quarter of 2015. "Despite our strategic
decision to curtail Marcellus volumes in the second quarter due to
the adverse price environment, Cabot still generated production
growth and reduced unit costs year-over-year," said Dan O. Dinges, Chairman, President and Chief
Executive Officer. "Our top-tier Marcellus asset affords us the
ability to reduce our gross production volumes by approximately 500
million cubic feet (Mmcf) per day and still report positive
normalized results."
Second Quarter 2015 Financial Results
Equivalent production in the second quarter of 2015 was 138.0
billion cubic feet equivalent (Bcfe), consisting of 128.4 billion
cubic feet (Bcf) of natural gas and 1.6 million barrels (Mmbbls) of
liquids (crude oil/condensate/natural gas liquids). These figures
represent increases of 8 percent, 5 percent, and 68 percent,
respectively, compared to the second quarter of 2014.
Cash flow from operations in the second quarter of 2015 was
$171.2 million, compared to
$329.6 million in the second quarter
of 2014. Discretionary cash flow in the second quarter of 2015 was
$183.2 million, compared to
$332.3 million in the second quarter
of 2014. Net loss in the second quarter of 2015 was $27.5 million, or $0.07 per share, compared to net income of
$118.4 million, or $0.28 per share, in the second quarter of 2014.
Excluding the effect of selected items including a $36.5 million after-tax non-cash mark-to-market
loss on natural gas derivatives, net income was $14.6 million, or $0.03 per share, in the second quarter of 2015,
compared to $115.3 million, or
$0.28 per share, in the second
quarter of 2014. EBITDAX in the second quarter of 2015 was
$203.9 million, compared to
$367.1 million in the second quarter
of 2014. Significant reductions in realized prices for both natural
gas and oil were the primary drivers for the lower results in the
quarter, partially offset by higher equivalent production. See the
supplemental tables at the end of this press release for a
reconciliation of non-GAAP measures including discretionary cash
flow, net income excluding selected items, EBITDAX and net debt to
adjusted capitalization ratio.
Natural gas price realizations, including the effect of hedges,
were $2.15 per thousand cubic feet
(Mcf) in the second quarter of 2015, down 38 percent compared to
the second quarter of 2014. Excluding the impact of hedges, natural
gas price realizations for the quarter were $1.75 per Mcf, representing an $0.89 discount to NYMEX settlement prices. Oil
price realizations were $56.10 per
barrel (Bbl), down 43 percent compared to the second quarter of
2014.
Total per unit costs (including financing) decreased to
$2.52 per thousand cubic feet
equivalent (Mcfe) in the second quarter of 2015, an improvement of
3 percent from $2.59 per Mcfe in the
second quarter of 2014. "Our cash unit costs in the Marcellus
during the second quarter were approximately $0.85 per Mcf, while our Eagle Ford cash unit
costs were approximately $15.00 per
Bbl," expressed Dinges. "With the expectation of prolonged weakness
in commodity prices, we continue to focus on reducing costs and
maximizing operating efficiencies throughout the organization."
Cabot drilled or participated in a total of 37 net wells during
the second quarter of 2015 and incurred a total of $228.2 million in capital expenditures associated
with activity during the second quarter. "For a majority of the
second quarter the Company's total rig count stood at four, with
the expectation of holding this level flat through the remainder of
the year and into the first part of 2016," commented Dinges. "We do
not believe that accelerating activity and allocating incremental
capital in this commodity price environment is the appropriate
investment decision, especially in light of a more favorable
outlook for Cabot's realized natural gas prices upon in-service of
Constitution Pipeline in the second half of 2016."
Year-To-Date 2015 Financial Results
Production during the six-month period ended June 30, 2015 was 309.4 Bcfe, consisting of 290.2
Bcf of natural gas and 3.2 Mmbbls of liquids. These figures
represent increases of 25 percent, 22 percent, and 95 percent,
respectively, compared to the six-month period ended June 30, 2014.
For the six-month period ended June 30,
2015, cash flow from operations was $438.6 million, compared to $584.9 million for the six-month period ended
June 30, 2014. Discretionary cash
flow was $423.4 million for the
six-month period ended June 30, 2015,
compared to $651.8 million for the
six-month period ended June 30, 2014.
For the six-month period ended June 30,
2015, net income was $12.7
million, or $0.03 per share,
compared to $225.5 million, or
$0.54 per share, for the six-month
period ended June 30, 2014. Excluding
the effect of selected items including a $38.8 million after-tax non-cash mark-to-market
loss on natural gas derivatives, net income was $64.0 million, or $0.15 per share, compared to $225.0 million, or $0.54 per share, for the six-month period ended
June 30, 2014. EBITDAX for the
six-month period ended June 30, 2015
was $483.3 million, compared to
$719.8 million for the six-month
period ended June 30, 2014.
Natural gas price realizations, including the effect of hedges,
were $2.32 per Mcf for the six-month
period ended June 30, 2015, down 36
percent compared to the six-month period ended June 30, 2014. Oil price realizations were
$50.00 per Bbl, down 49 percent
compared to the six-month period ended June
30, 2014.
Total per unit costs (including financing) decreased to
$2.41 per Mcfe for the six-month
period ended June 30, 2015, an
improvement of 8 percent from $2.63
per Mcfe for the six-month period ended June
30, 2014.
Cabot drilled or participated in a total of 78 net wells during
the six-month period ended June 30,
2015 and incurred a total of $540.4
million in capital expenditures associated with activity
during this period. "Over 80 percent of the net wells drilled
during the first half of the year were on pad locations required to
meet our obligation for continuous development or acreage capture,"
stated Dinges. "We continue to prudently manage our capital program
with a near-term focus on holding our acreage positions in our two
core plays and improving our operating efficiencies."
Operational Highlights
Marcellus Shale
During the second quarter of 2015, the Company averaged 1,341
Mmcf per day of net Marcellus production (1,575 gross operated Mmcf
per day), an increase of 7 percent over the prior year's comparable
quarter. As previously announced, the Company curtailed a
significant amount of its production volumes in the second quarter
due to weakness in regional natural gas prices throughout
Appalachia. Cabot does not anticipate an improvement in price
realizations during the third quarter and as a result has initiated
third quarter Marcellus gross production guidance at 1,550 to 1,600
Mmcf per day, in line with its guidance for the second quarter.
Cabot is currently operating three rigs in the Marcellus Shale
and plans to remain at this level for the remainder of the
year.
Eagle Ford Shale
Cabot's net production in the Eagle Ford Shale during the second
quarter of 2015 was 17,889 barrels of oil equivalent (Boe) per day,
an increase of 74 percent over the prior year's comparable quarter.
Cabot is currently operating one rig in the Eagle Ford Shale and
plans to remain at this level for the remainder of the year.
Financial Position and Liquidity
As of June 30, 2015, the Company's
net debt to adjusted capitalization ratio was 48.0 percent,
compared to 44.7 percent at December 31,
2014 (detailed in the table below). The Company's total debt
was $1,995 million, of which
$383 million was outstanding under
the Company's $1.8 billion revolving
credit facility.
Third Quarter and Full-Year 2015 Guidance
The Company has provided third quarter net production guidance
of 1,375 to 1,425 Mmcf per day for natural gas and 15,750 to 17,000
Bbls per day for liquids. The Company expects its natural gas price
realizations before the impact of hedges to average between
$0.95 and $1.05 below NYMEX
settlement prices for the third quarter.
Cabot's full-year equivalent production growth guidance range of
10 to 18 percent remains unchanged. Cabot's 2015 capital program
also remains unchanged at $900
million. "We front-end loaded this year's investment
program, which will significantly reduce our run-rate capital
spending for the second half of the year," highlighted Dinges. For
further disclosure on Cabot's natural gas pricing exposure by index
and updated unit cost guidance, please see the current Guidance
slide in the Investor Relations section of the Company's
website.
Conference Call
A conference call is scheduled for Friday, July 24, 2015, at 9:30 a.m. Eastern Time to discuss second quarter
2015 financial and operating results. To access the live audio
webcast, please visit the Investor Relations section of the
Company's website at www.cabotog.com. A replay of the call
will also be available on the Company's website. The latest
financial guidance, including the Company's hedge positions, is
also available in the Investor Relations section of the Company's
website.
Cabot Oil & Gas Corporation, headquartered in Houston, Texas is a leading independent
natural gas producer, with its entire resource base located in the
continental United States. For
additional information, visit the Company's homepage at
www.cabotog.com.
The statements regarding future financial performance and
results and the other statements which are not historical facts
contained in this release are forward-looking statements that
involve risks and uncertainties, including, but not limited to,
market factors, the market price (including regional basis
differentials) of natural gas and oil, results of future drilling
and marketing activity, future production and costs, and other
factors detailed in the Company's Securities and Exchange
Commission filings.
FOR MORE INFORMATION CONTACT
Matt Kerin (281) 589-4642
|
OPERATING
DATA
|
|
|
Quarter
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
PRODUCED NATURAL
GAS (Bcf) & LIQUIDS (Mbbl)
|
|
|
|
|
|
|
|
|
Natural
Gas
|
|
|
|
|
|
|
|
|
Appalachia
|
125.9
|
|
|
118.4
|
|
|
285.0
|
|
|
231.2
|
|
|
Other
|
2.5
|
|
|
3.4
|
|
|
5.2
|
|
|
6.4
|
|
|
Total
|
128.4
|
|
|
121.8
|
|
|
290.2
|
|
|
237.6
|
|
|
|
|
|
|
|
|
|
|
Crude/Condensate/NGL
|
1,612
|
|
|
961
|
|
|
3,206
|
|
|
1,647
|
|
|
|
|
|
|
|
|
|
|
Equivalent Production
(Bcfe)
|
138.0
|
|
|
127.6
|
|
|
309.4
|
|
|
247.5
|
|
|
|
|
|
|
|
|
|
|
PRICES(1)
|
|
|
|
|
|
|
|
|
Average Produced Gas
Sales Price ($/Mcf)
|
|
|
|
|
|
|
|
|
Appalachia
|
$
|
2.14
|
|
|
$
|
3.44
|
|
|
$
|
2.31
|
|
|
$
|
3.57
|
|
|
Other
|
$
|
2.49
|
|
|
$
|
4.65
|
|
|
$
|
2.75
|
|
|
$
|
4.80
|
|
|
Total
|
$
|
2.15
|
|
|
$
|
3.47
|
|
|
$
|
2.32
|
|
|
$
|
3.60
|
|
|
|
|
|
|
|
|
|
|
Average
Crude/Condensate Price ($/Bbl)
|
$
|
56.10
|
|
|
$
|
98.84
|
|
|
$
|
50.00
|
|
|
$
|
98.39
|
|
|
|
|
|
|
|
|
|
|
WELLS
DRILLED
|
|
|
|
|
|
|
|
|
Gross
|
44
|
|
|
49
|
|
|
87
|
|
|
76
|
|
|
Net
|
37
|
|
|
35
|
|
|
78
|
|
|
62
|
|
|
Gross success
rate
|
100%
|
|
|
100%
|
|
|
100%
|
|
|
100%
|
|
|
|
(1) These
realized prices include the impact of derivative instrument
settlements.
|
|
|
Quarter
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Realized Impacts to
Gas Pricing
|
$
|
0.40
|
|
|
$
|
(0.30)
|
|
|
$
|
0.31
|
|
|
$
|
(0.45)
|
|
|
Realized Impacts to
Oil Pricing
|
$
|
—
|
|
|
$
|
(1.25)
|
|
|
$
|
—
|
|
|
$
|
(0.89)
|
|
|
CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
(In thousands, except
per share amounts)
|
|
|
Quarter
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
OPERATING
REVENUES
|
|
|
|
|
|
|
|
|
Natural
gas
|
$
|
224,806
|
|
|
$
|
437,761
|
|
|
$
|
584,997
|
|
|
$
|
870,571
|
|
|
Crude oil and
condensate
|
81,233
|
|
|
86,341
|
|
|
143,791
|
|
|
145,485
|
|
|
Gain (loss) on
derivative instruments
|
(6,819)
|
|
|
(2,329)
|
|
|
27,304
|
|
|
(2,329)
|
|
|
Brokered natural
gas
|
3,813
|
|
|
8,140
|
|
|
8,640
|
|
|
21,293
|
|
|
Other
|
3,264
|
|
|
3,274
|
|
|
6,330
|
|
|
7,970
|
|
|
306,297
|
|
|
533,187
|
|
|
771,062
|
|
|
1,042,990
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
Direct
operations
|
36,112
|
|
|
35,605
|
|
|
72,129
|
|
|
71,439
|
|
|
Transportation and
gathering
|
98,295
|
|
|
83,976
|
|
|
219,531
|
|
|
161,741
|
|
|
Brokered natural
gas
|
2,885
|
|
|
7,031
|
|
|
6,624
|
|
|
18,891
|
|
|
Taxes other than
income
|
11,611
|
|
|
12,816
|
|
|
22,891
|
|
|
25,860
|
|
|
Exploration
|
5,298
|
|
|
4,676
|
|
|
14,030
|
|
|
11,150
|
|
|
Depreciation,
depletion and amortization
|
152,513
|
|
|
157,563
|
|
|
328,009
|
|
|
304,981
|
|
|
General and
administrative (excluding stock-based compensation)
|
11,354
|
|
|
13,853
|
|
|
27,973
|
|
|
32,318
|
|
|
Stock-based
compensation(1)
|
8,624
|
|
|
6,274
|
|
|
14,534
|
|
|
9,445
|
|
|
326,692
|
|
|
321,794
|
|
|
705,721
|
|
|
635,825
|
|
|
Earnings (loss) on
equity method investments
|
1,512
|
|
|
756
|
|
|
2,933
|
|
|
756
|
|
|
Gain (loss) on sale
of assets
|
(79)
|
|
|
(1,496)
|
|
|
59
|
|
|
(2,781)
|
|
|
INCOME (LOSS) FROM
OPERATIONS
|
(18,962)
|
|
|
210,653
|
|
|
68,333
|
|
|
405,140
|
|
|
Interest
expense
|
24,168
|
|
|
16,334
|
|
|
47,734
|
|
|
32,891
|
|
|
Income (loss) before
income taxes
|
(43,130)
|
|
|
194,319
|
|
|
20,599
|
|
|
372,249
|
|
|
Income tax (benefit)
expense
|
(15,622)
|
|
|
75,899
|
|
|
7,852
|
|
|
146,798
|
|
|
NET INCOME
(LOSS)
|
$
|
(27,508)
|
|
|
$
|
118,420
|
|
|
$
|
12,747
|
|
|
$
|
225,451
|
|
|
Earnings (loss)
per share - Basic
|
$
|
(0.07)
|
|
|
$
|
0.28
|
|
|
$
|
0.03
|
|
|
$
|
0.54
|
|
|
Weighted-average
common shares outstanding
|
413,713
|
|
|
417,291
|
|
|
413,530
|
|
|
417,097
|
|
|
__________________________________
|
|
(1)
Includes the impact of the Company's performance share awards,
restricted stock, stock appreciation rights and expense associated
with the Supplemental Employee Incentive Plan.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEET (Unaudited)
(In
thousands)
|
|
|
June
30,
2015
|
|
December
31,
2014
|
|
Assets
|
|
|
|
|
Current
assets
|
$
|
254,993
|
|
|
$
|
413,447
|
|
|
Properties and
equipment, net (Successful efforts method)
|
5,132,655
|
|
|
4,925,711
|
|
|
Other
assets
|
117,272
|
|
|
98,558
|
|
|
Total
assets
|
$
|
5,504,920
|
|
|
$
|
5,437,716
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Current
liabilities
|
$
|
278,852
|
|
|
$
|
499,018
|
|
|
Long-term
debt
|
1,995,000
|
|
|
1,752,000
|
|
|
Deferred income
taxes
|
878,069
|
|
|
843,876
|
|
|
Other
liabilities
|
207,083
|
|
|
200,089
|
|
|
Stockholders'
equity
|
2,145,916
|
|
|
2,142,733
|
|
|
Total liabilities and
stockholders' equity
|
$
|
5,504,920
|
|
|
$
|
5,437,716
|
|
|
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
(In
thousands)
|
|
|
Quarter
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Cash Flows From
Operating Activities
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
(27,508)
|
|
|
$
|
118,420
|
|
|
$
|
12,747
|
|
|
$
|
225,451
|
|
|
Deferred income tax
expense
|
(7,921)
|
|
|
60,850
|
|
|
7,160
|
|
|
118,453
|
|
|
(Gain) loss on sale
of assets
|
79
|
|
|
1,496
|
|
|
(59)
|
|
|
2,781
|
|
|
Exploratory dry hole
cost
|
16
|
|
|
114
|
|
|
178
|
|
|
2,154
|
|
|
(Gain) loss on
derivative instruments
|
6,819
|
|
|
2,329
|
|
|
(27,304)
|
|
|
2,329
|
|
|
Net cash received
(paid) in settlement of derivative instruments
|
51,045
|
|
|
(15,262)
|
|
|
88,730
|
|
|
(15,262)
|
|
|
Income charges not
requiring cash
|
160,694
|
|
|
164,349
|
|
|
341,948
|
|
|
315,922
|
|
|
Changes in assets and
liabilities
|
(12,014)
|
|
|
(2,726)
|
|
|
15,191
|
|
|
(66,880)
|
|
|
Net cash provided by
operations
|
171,210
|
|
|
329,570
|
|
|
438,591
|
|
|
584,948
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From
Investing Activities
|
|
|
|
|
|
|
|
|
Capital
expenditures
|
(250,001)
|
|
|
(278,912)
|
|
|
(645,092)
|
|
|
(617,613)
|
|
|
Acquisitions
|
(16,149)
|
|
|
—
|
|
|
(16,300)
|
|
|
—
|
|
|
Proceeds from sale of
assets
|
(79)
|
|
|
(863)
|
|
|
3,002
|
|
|
(755)
|
|
|
Restricted
cash
|
—
|
|
|
19,712
|
|
|
—
|
|
|
28,094
|
|
|
Investment in equity
method investments
|
(5,036)
|
|
|
(16,293)
|
|
|
(10,114)
|
|
|
(22,230)
|
|
|
Net cash used in
investing
|
(271,265)
|
|
|
(276,356)
|
|
|
(668,504)
|
|
|
(612,504)
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From
Financing Activities
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in debt
|
118,000
|
|
|
(29,000)
|
|
|
243,000
|
|
|
46,000
|
|
|
Dividends
paid
|
(8,274)
|
|
|
(8,347)
|
|
|
(16,537)
|
|
|
(16,679)
|
|
|
Stock-based
compensation tax benefit
|
2,049
|
|
|
4,311
|
|
|
5,486
|
|
|
20,354
|
|
|
Capitalized debt
issuance costs
|
(7,838)
|
|
|
—
|
|
|
(7,838)
|
|
|
—
|
|
|
Other
|
(2,599)
|
|
|
1
|
|
|
79
|
|
|
91
|
|
|
Net cash provided by
(used in) financing
|
101,338
|
|
|
(33,035)
|
|
|
224,190
|
|
|
49,766
|
|
|
|
|
|
|
|
|
|
|
Net (decrease)
increase in cash and cash equivalents
|
$
|
1,283
|
|
|
$
|
20,179
|
|
|
$
|
(5,723)
|
|
|
$
|
22,210
|
|
|
Selected Item
Review and Reconciliation of Net Income and Earnings Per
Share
(In thousands, except
per share amounts)
|
|
|
Quarter
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
As reported - net
income (loss)
|
$
|
(27,508)
|
|
|
$
|
118,420
|
|
|
$
|
12,747
|
|
|
$
|
225,451
|
|
|
Reversal of selected
items, net of tax:
|
|
|
|
|
|
|
|
|
(Gain) loss on sale
of assets
|
50
|
|
|
901
|
|
|
(37)
|
|
|
1,674
|
|
|
(Gain) loss on
derivative instruments (1)
|
36,543
|
|
|
(7,786)
|
|
|
38,816
|
|
|
(7,786)
|
|
|
Drilling rig
termination fees
|
44
|
|
|
—
|
|
|
3,256
|
|
|
—
|
|
|
Stock-based
compensation expense
|
5,446
|
|
|
3,777
|
|
|
9,184
|
|
|
5,686
|
|
|
Net income (loss)
excluding selected items
|
$
|
14,575
|
|
|
$
|
115,312
|
|
|
$
|
63,966
|
|
|
$
|
225,025
|
|
|
As reported -
earnings (loss) per share
|
$
|
(0.07)
|
|
|
$
|
0.28
|
|
|
$
|
0.03
|
|
|
$
|
0.54
|
|
|
Per share impact of
reversing selected items
|
0.10
|
|
|
—
|
|
|
0.12
|
|
|
—
|
|
|
Earnings per share
including reversal of selected items
|
$
|
0.03
|
|
|
$
|
0.28
|
|
|
$
|
0.15
|
|
|
$
|
0.54
|
|
|
Weighted average
common shares outstanding
|
413,713
|
|
|
417,291
|
|
|
413,530
|
|
|
417,097
|
|
|
____________________________________
|
|
(1)
Effective April 1, 2014, the Company elected to discontinue hedge
accounting for its commodity derivatives on a prospective basis.
This amount represents the non-cash mark-to-market changes of our
commodity derivative instruments recorded in gain (loss) on
derivative instruments in the Condensed Consolidated Statement of
Operations.
|
|
Discretionary Cash
Flow Calculation and Reconciliation
(In
thousands)
|
|
|
Quarter
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
Discretionary Cash
Flow
|
|
|
|
|
|
|
|
|
As reported - net
income (loss)
|
$
|
(27,508)
|
|
|
$
|
118,420
|
|
|
$
|
12,747
|
|
|
$
|
225,451
|
|
|
Plus
(less):
|
|
|
|
|
|
|
|
|
Deferred income tax
expense
|
(7,921)
|
|
|
60,850
|
|
|
7,160
|
|
|
118,453
|
|
|
(Gain) loss on sale
of assets
|
79
|
|
|
1,496
|
|
|
(59)
|
|
|
2,781
|
|
|
Exploratory dry hole
cost
|
16
|
|
|
114
|
|
|
178
|
|
|
2,154
|
|
|
(Gain) loss on
derivative instruments
|
6,819
|
|
|
2,329
|
|
|
(27,304)
|
|
|
2,329
|
|
|
Net cash received
(paid) in settlement of derivative instruments
|
51,045
|
|
|
(15,262)
|
|
|
88,730
|
|
|
(15,262)
|
|
|
Income charges not
requiring cash
|
160,694
|
|
|
164,349
|
|
|
341,948
|
|
|
315,922
|
|
|
Discretionary Cash
Flow
|
183,224
|
|
|
332,296
|
|
|
423,400
|
|
|
651,828
|
|
|
Changes in assets and
liabilities
|
(12,014)
|
|
|
(2,726)
|
|
|
15,191
|
|
|
(66,880)
|
|
|
Net cash provided by
operations
|
$
|
171,210
|
|
|
$
|
329,570
|
|
|
$
|
438,591
|
|
|
$
|
584,948
|
|
|
|
|
EBITDAX
Calculation and Reconciliation
(in
thousands)
|
|
|
Quarter
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
|
As reported - net
income (loss)
|
$
|
(27,508)
|
|
|
$
|
118,420
|
|
|
$
|
12,747
|
|
|
$
|
225,451
|
|
|
Plus
(less):
|
|
|
|
|
|
|
|
|
Interest
expense
|
24,168
|
|
|
16,334
|
|
|
47,734
|
|
|
32,891
|
|
|
Income tax (benefit)
expense
|
(15,622)
|
|
|
75,899
|
|
|
7,852
|
|
|
146,798
|
|
|
Depreciation,
depletion and amortization
|
152,513
|
|
|
157,563
|
|
|
328,009
|
|
|
304,981
|
|
|
Exploration
|
5,298
|
|
|
4,676
|
|
|
14,030
|
|
|
11,150
|
|
|
(Gain) loss on sale
of assets
|
79
|
|
|
1,496
|
|
|
(59)
|
|
|
2,781
|
|
|
Non-cash (gain) loss
on derivative instruments
|
57,864
|
|
|
(12,933)
|
|
|
61,426
|
|
|
(12,933)
|
|
|
Stock-based
compensation and other
|
7,112
|
|
|
5,660
|
|
|
11,602
|
|
|
8,689
|
|
|
EBITDAX
|
$
|
203,904
|
|
|
$
|
367,115
|
|
|
$
|
483,341
|
|
|
$
|
719,808
|
|
|
Net Debt
Reconciliation
(In
thousands)
|
|
|
June
30,
2015
|
|
December
31,
2014
|
|
Long-term
debt
|
$
|
1,995,000
|
|
|
$
|
1,752,000
|
|
|
Stockholders'
equity
|
2,145,916
|
|
|
2,142,733
|
|
|
Total
Capitalization
|
$
|
4,140,916
|
|
|
$
|
3,894,733
|
|
|
|
|
|
|
Total debt
|
$
|
1,995,000
|
|
|
$
|
1,752,000
|
|
|
Less: Cash and cash
equivalents
|
(15,231)
|
|
|
(20,954)
|
|
|
Net
Debt
|
$
|
1,979,769
|
|
|
$
|
1,731,046
|
|
|
|
|
|
|
Net debt
|
$
|
1,979,769
|
|
|
$
|
1,731,046
|
|
|
Stockholders'
equity
|
2,145,916
|
|
|
2,142,733
|
|
|
Total Adjusted
Capitalization
|
$
|
4,125,685
|
|
|
$
|
3,873,779
|
|
|
|
|
|
|
Total debt to total
capitalization ratio
|
48.2%
|
|
|
45.0%
|
|
|
Less: Impact of cash
and cash equivalents
|
0.2%
|
|
|
0.3%
|
|
|
Net Debt to
Adjusted Capitalization Ratio
|
48.0%
|
|
|
44.7%
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cabot-oil--gas-corporation-announces-second-quarter-2015-financial-and-operating-results-300118132.html
SOURCE Cabot Oil & Gas Corporation