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Citi 2014 Global Energy and Utilities Conference – Cabot Oil & Gas Corp

Cabot Oil & Gas Corp · May 13, 2014 · 19 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. Citi 2014 Global Energy and Utilities Conference – Cabot Oil & Gas Corp – slide 1
    INVESTOR PRESENTATION Citi 2014 Global Energy and Utilities Conference May 12 - 13, 2014
  2. Citi 2014 Global Energy and Utilities Conference – Cabot Oil & Gas Corp – slide 2
    KEY INVESTMENT HIGHLIGHTS Over 3,000 locations in the sweet spot of the Marcellus Shale, implying 25+ years Extensive Inventory of of inventory at current drilling levels Low-Risk, High-Return Peer-leading rates of return and EUR per…
  3. Citi 2014 Global Energy and Utilities Conference – Cabot Oil & Gas Corp – slide 3
    ASSET OVERVIEW 2013 Year-End Proved Reserves: 5.5 Tcfe 2013 Production: 413.6 Bcfe 2014E Production: 530 585 Bcfe 2014E Drilling Activity: 150 170 net wells Marcellus Shale 200,000 net acres Current Rig Count: 6 2014E Drilling…
  4. Citi 2014 Global Energy and Utilities Conference – Cabot Oil & Gas Corp – slide 4
    PROVEN TRACK RECORD OF PRODUCTION GROWTH 700 600 2015 500 Guidance: 20% - 30% 413.6 400 2014 Liquids Bcfe Guidance: 28% - 41% Gas 300 267.7 54.5% 187.5 200 130.6 42.8% 100 43.5% 0 2010 2011 2012 2013 2014E…
  5. Citi 2014 Global Energy and Utilities Conference – Cabot Oil & Gas Corp – slide 5
    AND RESERVE GROWTH 9.0 8.0 7.0 6.0 5.5 5.0 Liquids Tcfe Gas 4.0 3.8 41.9% 3.0 3.0 2.7 26.7% 12.3% 2.0 1.0 0.0 2010 2011 2012 2013 2014E 2015E 5
  6. Citi 2014 Global Energy and Utilities Conference – Cabot Oil & Gas Corp – slide 6
    INDUSTRY-LEADING CASH COST STRUCTURE Operating Transportation Taxes O/T Income G&A Financing 2.50 2.12 2.00 1.76 1.67 1.50 Guidance 1.28 Midpoint: / Mcfe 1.25 1.00 0.75 0.50 0.00 2010 2011 2012 2013 2014E…
  7. Citi 2014 Global Energy and Utilities Conference – Cabot Oil & Gas Corp – slide 7
    CAPITAL EFFICIENT ASSETS CONTINUE TO RESULT IN SUPERIOR FINDING COSTS Total Company All-Sources F&D Marcellus-Only All-Sources F&D 1.25 1.21 1.05 1.00 0.87 0.75 / Mcfe 0.63 0.65 0.55 0.49 0.50 0.40 0.25…
  8. Citi 2014 Global Energy and Utilities Conference – Cabot Oil & Gas Corp – slide 8
    2014 CAPITAL PROGRAM 2014E Capital Program: 1.375 - 1.475 billion Other Exploration 2% Land 2% Eagle Production 6% Ford 30% Equipment / Other 8% Marcellus Drilling 68% 84% 8
  9. Citi 2014 Global Energy and Utilities Conference – Cabot Oil & Gas Corp – slide 9
    Marcellus 9
  10. Citi 2014 Global Energy and Utilities Conference – Cabot Oil & Gas Corp – slide 10
    COG HAD THE TOP 13 WELLS AND 17 OF THE TOP 20 WELLS IN PENNSYLVANIA DURING THE SECOND HALF OF 2013 Top 20 Pennsylvania Marcellus Wells (July to December 2013) 17 of the top 20 (July to December 2013) 15 of the top 20 (January to…
  11. Citi 2014 Global Energy and Utilities Conference – Cabot Oil & Gas Corp – slide 11
    CABOTS EUR PER FOOT IN THE MARCELLUS REMAINS BEST-IN-CLASS 4.0 EUR / 1,000 of Lateral (Bcfe) 3.5 3.0 2.5 2.0 1.5 1.0 Source: Company presentations; peers include Antero Resources, EQT Corporation, Noble Energy,…
  12. Citi 2014 Global Energy and Utilities Conference – Cabot Oil & Gas Corp – slide 12
    CABOTS MARCELLUS ECONOMICS Typical Marcellus Well IRR Sensitivity 250% 200% 206% BTAX %IRR 150% 150% 100% 102% 50% 3.00 3.50 4.00 COGs expected 2014 Marcellus realized natural gas price Typical Marcellus Well…
  13. Citi 2014 Global Energy and Utilities Conference – Cabot Oil & Gas Corp – slide 13
    ILLUSTRATIVE Q2 Q4 2014 TOTAL COMPANY NATURAL GAS PRICE REALIZATIONS (INCLUDING THE IMPACT OF HEDGES) 4.25 Strip 4.50 Strip 4.75 Strip 4.00 3.85 3.75 3.75 Q2 Q4 2014 COG Total Company Natural Gas Realizations 3.65 3.65 3.55…
  14. Citi 2014 Global Energy and Utilities Conference – Cabot Oil & Gas Corp – slide 14
    Q2 Q4 2014 TOTAL COMPANY NATURAL GAS PRODUCTION EXPOSURE BY INDEX NYMEX 4% 1% 4% Leidy Line 9% 26% Average discount of 0.10 to NYMEX Tennessee Zone 4 - 300 Leg Millennium 13% Dominion Columbia 23% 20% TETCO M3…
  15. Citi 2014 Global Energy and Utilities Conference – Cabot Oil & Gas Corp – slide 15
    ROAD MAP TO 2014 / 2015 PRODUCTION GROWTH Current Gross Marcellus Production Additional Firm Capacity on Millennium 3,000 New Capacity on LDC System Q4 2015 Firm Capacity / Firm Sales Additions 2,500 2,000 Mmbtu/d 1,500…
  16. Citi 2014 Global Energy and Utilities Conference – Cabot Oil & Gas Corp – slide 16
    Eagle Ford 16
  17. Citi 2014 Global Energy and Utilities Conference – Cabot Oil & Gas Corp – slide 17
    EAGLE FORD SHALE SUMMARY 66,000 net acres (recently added 4,000 net Pad A acres) 4-well pad Average IP rate of 885 Boe/d per well (90% Current operated rig count: 2 (increasing to 3 oil) beginning in Q3 2014) Average 30-day rate of 582…
  18. Citi 2014 Global Energy and Utilities Conference – Cabot Oil & Gas Corp – slide 18
    EAGLE FORD DRILLING AND COMPLETION EFFICIENCIES Stage Spacing Average Lateral Length 2011 2012 2013 Q1 2014 2011 2012 2013 Q1 2014 Proppant Per Stage Drilling Days Per 1,000 of Lateral 2011 2012 2013 Q1 2014 2011 2012 2013…
  19. Citi 2014 Global Energy and Utilities Conference – Cabot Oil & Gas Corp – slide 19
    CABOTS EAGLE FORD ECONOMICS Typical Eagle Ford Well IRR Sensitivity 90% 80% 86% BTAX %IRR 70% 60% 66% 50% 48% 40% 80.00 90.00 100.00 WTI Oil Price (/Bbl) Typical Eagle Ford Well Parameters EUR: 500 MBoe Number of…

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