Skip to main content Johnson Rice & Company Energy Conference – Cabot Oil & Gas Corp Investor Presentation | Shale Experts
Loading...
Pm

Johnson Rice & Company Energy Conference – Cabot Oil & Gas Corp

Cabot Oil & Gas Corp · Oct 2, 2013 · 24 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Johnson Rice & Company Energy Conference – Cabot Oil & Gas Corp – slide 1
    Investor Presentation Johnson Rice & Company 2013 Energy Conference Hotel Monteleone, New Orleans October 2, 2013
  2. Johnson Rice & Company Energy Conference – Cabot Oil & Gas Corp – slide 2
    KEY INVESTMENT HIGHLIGHTS Over 3,000 identified drilling locations in the sweet spot of the Marcellus Shale with Extensive Inventory of rates of return that rival or exceed all of the top U.S. liquids plays at current Low-Risk,…
  3. Johnson Rice & Company Energy Conference – Cabot Oil & Gas Corp – slide 3
    ASSET OVERVIEW 2012 Year-End Proved Reserves: 3.8 Tcfe Q2 2013 Production: 1.046 Bcfe per day 2013E Drilling Activity: 155 165 net wells Marcellus Shale 200,000 net acres Current Rig Count: 6 (as of August 21, 2013) 2013E Drilling…
  4. Johnson Rice & Company Energy Conference – Cabot Oil & Gas Corp – slide 4
    PROVEN TRACK RECORD OF PRODUCTION GROWTH 600 550 500 450 400 2014 Bcfe 350 Guidance: 30% - 50% 300 267.7 Liquids (Net) 250 2013 Gas (Net) Guidance: 200 187.5 44% - 54% 42.8% (increased 150 130.6 from 35%- 43.5%…
  5. Johnson Rice & Company Energy Conference – Cabot Oil & Gas Corp – slide 5
    AND RESERVE GROWTH 4.5 4.0 3.8 3.5 3.0 3.0 2.7 26.7% 2.5 12.3% Tcfe 2.1 Liquids (Net) 2.0 31.1% Gas (Net) 1.5 1.0 0.5 0.0 2009 2010 2011 2012 2013E
  6. Johnson Rice & Company Energy Conference – Cabot Oil & Gas Corp – slide 6
    SUPERIOR RESERVE REPLACEMENT AND FINDING COSTS Reserve Replacement Ratio 700% 603% 600% 500% 417% 390% 400% 300% 255% 200% 100% 0% 2009 2010 2011 2012 All-Sources F&D Costs 3.00 2.26 2.00 /Mcfe 1.21 1.05 1.00…
  7. Johnson Rice & Company Energy Conference – Cabot Oil & Gas Corp – slide 7
    PEER LEADING PRODUCTION AND RESERVE GROWTH Production Per Debt-Adjusted Share CAGR (2010 2012) 42% 30% 26% 24% 22% 17% 16% 15% Peer median: 11% 8% 8% 2% (0%) (2%) (3%) (9%) COG Peer A Peer B Peer C Peer D Peer E Peer F Peer G…
  8. Johnson Rice & Company Energy Conference – Cabot Oil & Gas Corp – slide 8
    DISCIPLINED CAPITAL SPENDING FOCUSED ON THE DRILL-BIT 2012 Capital Program: 979 million 2013 Capital Program: (809 million net of JV and asset sales) 1.1 billion - 1.2 billion Other Other 10% 5% Eagle Ford / Eagle Ford / Marmaton…
  9. Johnson Rice & Company Energy Conference – Cabot Oil & Gas Corp – slide 9
    INDUSTRY LEADING COST STRUCTURE Operating Transportation Taxes O/T Income G&A Financing 2.47 2.50 0.57 2.12 2.00 0.52 1.76 1.67 0.42 0.38 0.26 1.50 1.20 - 1.60 / Mcfe 0.40 0.15 0.43 0.25 0.20 0.27 0.15 0.29…
  10. Johnson Rice & Company Energy Conference – Cabot Oil & Gas Corp – slide 10
    USE OF PROCEEDS FOR POTENTIAL FREE CASH FLOW IN 2014 75mm 34mm Broker Implied Estimate Broker Free Cash Range: Estimate Flow: 1,477mm Range: 278mm 1,190mm 1,981mm 1,548mm Average: Average: 1,729mm 1,342mm 2014E Capital…
  11. Johnson Rice & Company Energy Conference – Cabot Oil & Gas Corp – slide 11
    MARCELLUS SHALE
  12. Johnson Rice & Company Energy Conference – Cabot Oil & Gas Corp – slide 12
    CABOT MARCELLUS SUMMARY Rig Count: 6 (as of August 21, 2013) Wells Producing: 226 H, 39 V WOPL: 10 wells (245 Stages) Completing: 14 wells (266 Stages) WOC: 15 wells (347 Stages) 2 wells (27 stages) 2 wells (37 stages) IP…
  13. Johnson Rice & Company Energy Conference – Cabot Oil & Gas Corp – slide 13
    EVOLUTION OF CABOTS MARCELLUS PROGRAM 2013 and 2010 2011 2012 beyond 13% HBP 29% HBP 43% HBP Expected to be 60% HBP Reduced stage spacing from Drilling days reduced Implemented 200 ft. stage by year-end 2013 300 ft. to 250 ft.…
  14. Johnson Rice & Company Energy Conference – Cabot Oil & Gas Corp – slide 14
    CONTINUED PERFORMANCE IMPROVEMENTS IN THE MARCELLUS Horizontal Length Average IP and 30-Day Rate 4.5 4.1 20.0 3.8 16.8 17.4 4.0 3.4 15.1 14.5 3.5 15.0 14.0 Thousand Ft. 3.0 2.7 11.9 Mmcfpd 2.5 2.1 8.7 10.0 2.0 7.4 7.2…
  15. Johnson Rice & Company Energy Conference – Cabot Oil & Gas Corp – slide 15
    MARCELLUS OPERATING EFFICIENCIES Drilling Days to TD 30 26 20 20 16 Days 14 10 Record of 8 days 0 2010 2011 2012 2013 YTD Completion Cost Per Stage1 200 165 150 000s Per Stage 150 105…
  16. Johnson Rice & Company Energy Conference – Cabot Oil & Gas Corp – slide 16
    CABOT MARCELLUS ECONOMICS Typical Well IRR Sensitivity 6.5 million D&C 6.0 million D&C 195% 200% 175% 150% BTAX %IRR 170% 150% 125% 115% 130% 100% 80% 100% 75% 70% 50% 3.00 3.50 4.00 4.50 Henry Hub ( / Mmbtu)…
  17. Johnson Rice & Company Energy Conference – Cabot Oil & Gas Corp – slide 17
    COG MARCELLUS MARKETING STRATEGY Diversifying on Multiple Pipelines to Multiple Geographic Locations Firm Transportation Arrangements Long-Term Sales Agreements (Firm Sales) Investing in New Pipeline Projects Opportunistic…
  18. Johnson Rice & Company Energy Conference – Cabot Oil & Gas Corp – slide 18
    INTERSTATE PIPELINE MARKETS Canada VT NH Iroquois NY TGP 200 Line Boston Constitution MA Laser RI Millennium CT TGP 300 Line Hartford Susquehanna Springville County Long Island Transco PA New York City NJ Current…
  19. Johnson Rice & Company Energy Conference – Cabot Oil & Gas Corp – slide 19
    INFRASTRUCTURE UPDATE Maximum Interstate Delivery Capacity Compression, Dehydration & Measurement Capacity Year-end 2013 2.2 Bcf per day Year-end 2014 3.4 Bcf per day Year-end 2015 3.7 Bcf per day Note: Capacity volumes above are…
  20. Johnson Rice & Company Energy Conference – Cabot Oil & Gas Corp – slide 20
    FIRM TRANSPORTATION AND LONG-TERM SALES CONTRACTS Firm Transportation Contracts 2013 (current) 455 Mmcf per day 2014 (current / target) 455 Mmcf per day / 500 Mmcf per day 2015 (current / target)*** 1.05 Bcf per day / 1.2 Bcf per…
  21. Johnson Rice & Company Energy Conference – Cabot Oil & Gas Corp – slide 21
    2013 MARCELLUS SALES BY INDEX AND UNHEDGED REALIZED PRICING COG 2013 Marcellus Sales By Index % of COG 2013 Index Marcellus Sales NYMEX 65% Dominion Transmission*** 19% Columbia Gas Transmission 11% Other 5% ***Approximately 70% of…
  22. Johnson Rice & Company Energy Conference – Cabot Oil & Gas Corp – slide 22
    EAGLE FORD SHALE
  23. Johnson Rice & Company Energy Conference – Cabot Oil & Gas Corp – slide 23
    EAGLE FORD SHALE SUMMARY 62,000 net acres Peak 24-Hour Rate and 30-Day Rate Current operated rig count: 2 1,000 900 Added a second rig in late July that will 750 650 focus solely on multi-well pad development 570 Boepd (3 6…
  24. Johnson Rice & Company Energy Conference – Cabot Oil & Gas Corp – slide 24
    SIMPLE GROWTH STORY 3,000+ Locations in the Sweet Spot of the Marcellus Shale Implying 25+ Years of Inventory at Current Drilling Levels Currently Producing 1.2 Bcf/d of Gross Marcellus Production From Only 8% of Our Identified…

From the store

Browse maps, data & reports in the Shale Experts store