DOW JONES NEWSWIRES 
 

Cabot Oil & Gas Corp.'s (COG) second-quarter profit dropped 53% on lower natural-gas prices as well as a loss from the sale of property.

Chief Executive Dan Dinges said the quarter was the 25th profitable one in a row.

The independent natural-gas producer also announced the completion of four horizontal gas wells in three different reservoirs and said it increased its investments 5.3% to $500 million this year.

Cabot reported profit of $25.5 million, or 25 cents a share, down from $54.6 million, or 55 cents a share, a year earlier.

The latest results included a $16.6 million loss on the sale of property. Excluding items, earnings fell to 38 cents a share from 71 cents.

Revenue dropped 18% to $204.8 million.

Analysts' estimates were for per-share earnings of 33 cents on revenue of $205.2 million, according to a poll by Thomson Reuters.

Production climbed 10% to 25.6 billion of cubic feet equivalent.

Natural-gas prices fell 22% to $7.25, and oil prices declined 15% to $83.76 from a year earlier.

Cabot's shares closed at $37.12, up 5.2%, amid a broad market rally and were inactive after hours.

-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357; Kathy.Shwiff@dowjones.com