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

Cabot Oil & Gas Corp · May 13, 2015 · 21 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 Global Energy & Utilities Conference – Cabot Oil & Gas Corp – slide 1
    INVESTOR PRESENTATION CITI GLOBAL ENERGY & UTILITIES CONFERENCE MAY 13, 2015
  2. Citi Global Energy & Utilities Conference – Cabot Oil & Gas Corp – slide 2
    CABOT OIL & GAS ASSET OVERVIEW 2014 Year-End Proved Reserves: 7.4 Tcfe 2014 Production: 531.8 Bcfe 2015E Production Growth: 10% - 18% 2015E Drilling Activity: 115 net wells Eagle Ford Shale Marcellus Shale 89,000 net acres 200,000…
  3. Citi Global Energy & Utilities Conference – Cabot Oil & Gas Corp – slide 3
    WELL POSITIONED TO NAVIGATE A CHALLENGING MARKET IN 2015 Best-in-class asset base provides competitive rates-of-return in the current market environment Peer-leading rates of return and EUR per lateral foot in the Marcellus Shale…
  4. Citi Global Energy & Utilities Conference – Cabot Oil & Gas Corp – slide 4
    2015 OPERATING PLAN AND CAPITAL PROGRAM DOUBLE-DIGIT PRODUCTION GROWTH DESPITE A 45% DECLINE IN CAPITAL SPENDING, HIGHLIGHTING COGS CAPITAL EFFICIENCY Net Wells Drilled 2015E Capital Program: 177 900 million (35%) 115 Land…
  5. Citi Global Energy & Utilities Conference – Cabot Oil & Gas Corp – slide 5
    PROVEN TRACK RECORD OF PRODUCTION AND RESERVE GROWTH Annual Production (Bcfe) 700 600 531.8 500 413.6 2015 Bcfe 400 Guidance: 267.7 28.6% 10% - 18% 300 Liquids 187.5 200 130.6 54.5% Gas 42.8% 100 43.5% 0 2010 2011…
  6. Citi Global Energy & Utilities Conference – Cabot Oil & Gas Corp – slide 6
    WHILE MAINTAINING A CONSERVATIVE BALANCE SHEET Net Debt to EBITDAX1 2.0x 1.6x 1.5x 1.4x 1.3x 1.2x 1.0x 0.9x 0.5x 0.0x 2010 2011 2012 2013 2014 1EBITDAX is a non-GAAP measure calculated as follows: Net income +…
  7. Citi Global Energy & Utilities Conference – Cabot Oil & Gas Corp – slide 7
    INDUSTRY-LEADING CASH COST STRUCTURE Operating Transportation Taxes O/T Income Cash G&A Financing 2.50 2.12 2.00 1.76 1.67 1.50 / Mcfe 1.28 1.27 1.00 0.80 0.50 0.00 2010 2011 2012 2013 2014 2014…
  8. Citi Global Energy & Utilities Conference – Cabot Oil & Gas Corp – slide 8
    STRONG CASH RETURNS DESPITE A LOWER COMMODITY PRICE ENVIRONMENT 2015E Cash Return on Cash Invested (CROCI) 9.5% 9.0% 6.9% 6.5% 5.6% 5.6% Cabot Oil & Gas Oil-Weighted Gas-Weighted Majors Diversified Gas-to-Liquids E&Ps…
  9. Citi Global Energy & Utilities Conference – Cabot Oil & Gas Corp – slide 9
    MARCELLUS SHALE
  10. Citi Global Energy & Utilities Conference – Cabot Oil & Gas Corp – slide 10
    CABOTS MARCELLUS SHALE SUMMARY Average Gross Daily Marcellus Production 200,000 net acres (Bcf/d) 1.7 1.8 Operated rig count: 3 1.54 2015E drilling activity: 70 net wells 2015E average gross daily production: 1.7 1.8 Bcf/d…
  11. Citi Global Energy & Utilities Conference – Cabot Oil & Gas Corp – slide 11
    HIGHLY PRODUCTIVE, LOW CAPITAL INTENSITY MARCELLUS ASSETS Average Gross Production From Horizontal Wells in Pennsylvania for January and February 2015 (Mmcfe/d) 17 of the top 20 wells (July to December 2014) 13 of the top 20 wells…
  12. Citi Global Energy & Utilities Conference – Cabot Oil & Gas Corp – slide 12
    CABOTS MARCELLUS SHALE EFFICIENCY GAINS Drilling Days Per Foot Drilling Cost Per Foot 2011 2012 2013 2014 2015E 2011 2012 2013 2014 2015E Frac Stages Per Crew Day Completion Cost Per Stage 2011 2012 2013 2014 2015E 2011…
  13. Citi Global Energy & Utilities Conference – Cabot Oil & Gas Corp – slide 13
    CABOTS EUR PER FOOT AND F&D COSTS REMAIN BEST-IN-CLASS IN THE MARCELLUS AND UTICA 4.0 1.20 3.5 1.00 EUR per 1,000 ft. of lateral (Bcfe) Implied F&D Cost (/Mcfe) 3.0 0.80 2.5 2.0 0.60 1.5 0.40 1.0 0.5 0.20…
  14. Citi Global Energy & Utilities Conference – Cabot Oil & Gas Corp – slide 14
    PEER-LEADING BREAK-EVEN PRICES IN APPALACHIA 10% BTAX Break-Even Realized Natural Gas Price (/Mmbtu) 4.00 3.76 3.50 3.07 3.07 3.11 3.00 2.70 2.84 2.67 2.42 2.51 2.50 2.28 2.31 2.34 2.00 1.79 1.50 1.00 0.50 0.00…
  15. Citi Global Energy & Utilities Conference – Cabot Oil & Gas Corp – slide 15
    POTENTIAL IMPACT OF REDUCED INDUSTRY ACTIVITY IN NORTHEAST PENNSYLVANIA NE PA Rig Count1 NE PA Active Frac Crews2 30 16 15 25 19 10 12 6 2013 2014 Q1 2015 Current 2013 2014 Q1 2015E Q2 2015E Forecasted Northeast PA…
  16. Citi Global Energy & Utilities Conference – Cabot Oil & Gas Corp – slide 16
    PIPELINE TAKEAWAY PROJECTS OUT OF NORTHEAST PENNSYLVANIA 14 12 10 8 Bcf/d 6 4 2 0 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Q1 2018 Q1 2019 Q1 2020 Trough Local Demand Tioga Co. - TGP (Q2 2012) Northeast -…
  17. Citi Global Energy & Utilities Conference – Cabot Oil & Gas Corp – slide 17
    COG LONG-TERM FIRM TRANSPORATION AND FIRM SALES PORTFOLIO Long-Term Firm Sales Firm Transport Capacity 3,000 2,500 2015 Gross Marcellus 2,000 Production Guidance: 1.7 1.8 Bcf/d Mmcf/d Remaining volumes are sold via…
  18. Citi Global Energy & Utilities Conference – Cabot Oil & Gas Corp – slide 18
    COG LONG-TERM FIRM TRANSPORATION AND FIRM SALES BY REGION Millennium Leidy/TGP Dominion TCO New England / NY Mid-Atlantic / Gulf Coast 100% 1% 7% Over 70% 90% 17% of Cabots 22% long-term 80% 28% 38% sales and 18% firm 70%…
  19. Citi Global Energy & Utilities Conference – Cabot Oil & Gas Corp – slide 19
    EAGLE FORD SHALE
  20. Citi Global Energy & Utilities Conference – Cabot Oil & Gas Corp – slide 20
    CABOTS EAGLE FORD SHALE SUMMARY 89,000 net acres COG Eagle Ford Shale Acreage Position Buckhorn Buckhorn: 78,000 net acres 78K net acres Presidio: 11,000 net acres Presidio Operated rig count: 1 11K net acres Frio…
  21. Citi Global Energy & Utilities Conference – Cabot Oil & Gas Corp – slide 21
    CABOTS EAGLE FORD SHALE EFFICIENCY GAINS Drilling Days Per Lateral Foot Drilling Cost Per Lateral Foot 2011 2012 2013 2014 2015E 2011 2012 2013 2014 2015E Proppant Per Lateral Foot Completion Cost Per Lateral Foot 2011…

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