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BAML Gloal Energy Conference – Cabot Oil & Gas Corp

Cabot Oil & Gas Corp · Nov 13, 2014 · 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. BAML Gloal Energy Conference – Cabot Oil & Gas Corp – slide 1
    INVESTOR PRESENTATION BAML Global Energy Conference November 13, 2014
  2. BAML Gloal Energy Conference – Cabot Oil & Gas Corp – slide 2
    CABOT OIL & GAS ASSET OVERVIEW 2013 Year-End Proved Reserves: 5.5 Tcfe 2014E Production Growth: 28% - 34% 2015E Production Growth: 20% - 30% 2014E Drilling Activity: 165 - 175 net wells 2015E Drilling Activity: 180 - 190 net wells…
  3. BAML Gloal Energy Conference – Cabot Oil & Gas Corp – slide 3
    WELL POSITIONED TO NAVIGATE A CHALLENGING MARKET IN 2015 Cabots best-in-class asset base provides competitive rates-of-return at downside commodity prices Marcellus: 37% IRR at 2.00/Mmbtu realized price Eagle Ford: 34% IRR at 70.00/Bbl…
  4. BAML Gloal Energy Conference – Cabot Oil & Gas Corp – slide 4
    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…
  5. BAML Gloal Energy Conference – Cabot Oil & Gas Corp – slide 5
    2015 OPERATING PLAN AND CAPITAL PROGRAM INCREASED DRILLING AND COMPLETION ACTIVITY WITH RELATIVELY FLAT CAPITAL SPENDING, HIGHLIGHTING COGS CAPITAL EFFICIENCY Net Wells Drilled 2015E Capital Program: 180 - 190 1.53 - 1.60 billion 165 -…
  6. BAML Gloal Energy Conference – Cabot Oil & Gas Corp – slide 6
    PROVEN TRACK RECORD OF PRODUCTION GROWTH 700 7% liquids in 2015, up from 5% in 2014 600 2015 500 Guidance: 20% - 30% 413.6 400 2014 Liquids Bcfe Guidance: 28% - 34% Gas 300 267.7 54.5% 187.5 200 130.6 42.8% 100 43.5% 0 2010 2011 2012…
  7. BAML Gloal Energy Conference – Cabot Oil & Gas Corp – slide 7
    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 7
  8. BAML Gloal Energy Conference – Cabot Oil & Gas Corp – slide 8
    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 Guidance Midpoint: 1.28 / Mcfe 1.25 1.00 0.75 0.50 0.00 2010 2011 2012 2013 2014E 2014E Marcellus-Only 1…
  9. BAML Gloal Energy Conference – Cabot Oil & Gas Corp – slide 9
    CABOT CONTINUES TO GENERATE TOP-TIER COMPANY WIDE RETURNS DESPITE A LOWER COMMODITY PRICE ENVIRONMENT LTM Cash Return on Cash Invested1 16% COG Peer A Peer B Peer C Peer D Peer E Peer F Peer G % Liquids2 4% 0% 64% 68% 45% 51% 9% 33% 1…
  10. BAML Gloal Energy Conference – Cabot Oil & Gas Corp – slide 10
    FOCUSED ON ENHANCING SHAREHOLDER VALUE Repurchased 4.3mm shares YTD and 9.1mm shares since Q3 2013 Added 33,000 net acres in the Eagle Ford during 2014 High-graded our asset portfolio through non-core asset sales totaling over 365mm…
  11. BAML Gloal Energy Conference – Cabot Oil & Gas Corp – slide 11
    CABOTS MARCELLUS SHALE SUMMARY 200,000 net acres Gross Marcellus Production (Bcf/d) Operated rig count: 6 (decreasing to 5 in 2015) 1.8 2.0 1.5 - 1.6 2015E drilling activity: 95 - 100 net wells 2015E gross daily production: 1.8 2.0…
  12. BAML Gloal Energy Conference – Cabot Oil & Gas Corp – slide 12
    HIGHLY PRODUCTIVE, LOW CAPITAL INTENSITY MARCELLUS ASSETS 1H 2014 Daily Gross Production From Unconventional Horizontal Wells in Pennsylvania (Mmcfe/d) 2,190 13 of the top 20 wells (January to June 2014) 17 of the top 20 wells (July to…
  13. BAML Gloal Energy Conference – Cabot Oil & Gas Corp – slide 13
    CABOT HAS ACCOUNTED FOR 14% OF PENNSYLVANIAS PRODUCTION FROM ONLY 6% OF THE TOTAL PRODUCING WELLS of COG Wells of Total Wells COG % of Wells COG % of Total Production 5,000 16% 4,500 14% 4,000 of producing horizontal wells 12% % of…
  14. BAML Gloal Energy Conference – Cabot Oil & Gas Corp – slide 14
    CABOTS EUR PER FOOT AND F&D COSTS REMAIN BEST-IN- CLASS IN THE MARCELLUS AND UTICA 4.0 1.20 3.5 EUR per 1,000 ft. of lateral (Bcfe) Implied F&D Cost (/Mcfe) 1.00 3.0 2.5 0.80 2.0 1.5 0.60 1.0 0.5 0.40 Source: Company presentations;…
  15. BAML Gloal Energy Conference – Cabot Oil & Gas Corp – slide 15
    CONTINUED IMPROVEMENT IN MARCELLUS RESULTS DRIVEN BY COMPLETION ENHANCEMENTS Proppant Per Foot (Lbs.) 1,900 2009 2010 2011 2012 2013 EUR Per 1,000 Feet of Lateral (Bcf) 3.6 2009 2010 2011 2012 2013 COG has realized a 25% increase in…
  16. BAML Gloal Energy Conference – Cabot Oil & Gas Corp – slide 16
    CABOTS MARCELLUS SHALE ECONOMICS Typical Marcellus Well IRR Sensitivity 250% 200% 206% BTAX %IRR 150% 80% rate of return at 2015 budget realized price of 2.80 150% 100% 102% 50% 65% 37% 0% 2.00 2.50 3.00 3.50 4.00 Realized Natural Gas…
  17. BAML Gloal Energy Conference – Cabot Oil & Gas Corp – slide 17
    CABOTS EAGLE FORD SHALE SUMMARY 86,000 net acres COG Eagle Ford Shale Acreage Position Buckhorn: 75,000 net acres Buckhorn 75K net acres Presidio: 11,000 net acres 11,000 net acres of additional exploratory acreage not included in…
  18. BAML Gloal Energy Conference – Cabot Oil & Gas Corp – slide 18
    CABOTS 2014 EAGLE FORD SHALE PROGRAM CONTINUES TO OUTPERFORM YTD 2014 Program (27 wells) 2013 Program (18 wells) 500 Mboe Type Curve 50,000 40,000 Cumulative Oil Production (Bbl) 30,000 20,000 10,000 0 0 30 60 90 Days on Production…
  19. BAML Gloal Energy Conference – Cabot Oil & Gas Corp – slide 19
    CABOTS EAGLE FORD SHALE EFFICIENCY GAINS Drilling Days Per Lateral Foot Drilling Cost Per Lateral Foot 2011 2012 2013 Q1-Q3 2014 2011 2012 2013 Q1-Q3 2014 Proppant Per Lateral Foot Completion Cost Per Lateral Foot 2011 2012 2013 Q1-Q3…
  20. BAML Gloal Energy Conference – Cabot Oil & Gas Corp – slide 20
    CABOTS EAGLE FORD SHALE ECONOMICS Typical Eagle Ford Well IRR Sensitivity 100% 80% 86% 45% rate of return at current BTAX %IRR 60% 2015 WTI strip of 791 66% 40% 48% 34% 20% 0% 70.00 80.00 90.00 100.00 WTI Oil Price (/Bbl) Typical Eagle…
  21. BAML Gloal Energy Conference – Cabot Oil & Gas Corp – slide 21
    UPDATE ON FUTURE TAKEAWAY / MARKETING OPPORTUNITIES Constitution Pipeline Leidy Southeast Expansion FERC issued Final Environmental Impact FERC issued Environmental Assessment (EA) Statement (EIS) on Oct. 24th on Aug. 11th EIS…

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