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Cabot Increases 2019 Drill & Frac Plans; Production, CapEx

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   |    Monday,July 29,2019

Cabot Oil & Gas reported its most recent 2Q19 earnings report. Here are highlights from its release and call:

  • Production grow 24% year over year to 2.34 Bcfe/d and +4% sequentially
  • Revised Capex up +$10 million to $810 million
  • Revised wells online up to 85 from 82
  • Activity front-loaded, spent 47% of its capex in 1H and put online 50% of its wells planned for the year.

 

 

 




The company revised its 2019 development plan.  The new guidance calls for 90 wells to be completed and 85 wells put on production all this with capex remained unchanged.

Revised Capex, Wells Online




As you can see from the Chart below (1H19 Activity & Spending), the company's capital was first half loaded.   Expect another slowdown in the 2nd half of the year as the company continues to stay within the capital guidance. Capital expenditure was $220.4 million, which as of YTD represents 53% percent of the total planned spend.

Cabot 1H19 Activity & Spending

 

Cabot Production (2Q19 vs 2Q18 vs Q119)

 

Cabot Production vs CapEx



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