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Evercore ISI E&P Corporate Access – Cabot Oil & Gas Corp

Cabot Oil & Gas Corp · Mar 8, 2016 · 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. Evercore ISI E&P Corporate Access – Cabot Oil & Gas Corp – slide 1
    Evercore ISI E&P Corporate Access Day March 8th, 2016
  2. Evercore ISI E&P Corporate Access – Cabot Oil & Gas Corp – slide 2
    CABOT OIL & GAS OVERVIEW 2015 Production: 602.5 Bcfe (13% growth) 2015 Year-End Proved Reserves: 8.2 Tcfe (11% growth) 2016E Drilling Activity: 30 net wells 2016E Production Growth: 2% - 7% Eagle Ford Shale Marcellus Shale 85,500…
  3. Evercore ISI E&P Corporate Access – Cabot Oil & Gas Corp – slide 3
    KEY INVESTMENT HIGHLIGHTS Peer-leading EUR per lateral foot in the Marcellus Shale Extensive Inventory of Recently increased Marcellus EUR per 1,000 feet guidance from 3.6 Bcf to 3.8 Bcf Low-Risk, High-Quality Drilling…
  4. Evercore ISI E&P Corporate Access – Cabot Oil & Gas Corp – slide 4
    2016 CAPITAL BUDGET AND OPERATING PLAN CONTINUED FOCUS ON CAPITAL EFFICIENCY 2016E Capital Program: Net Wells Drilled 325 mm (excludes 80 - 150 mm 133 of equity method investments) Land Other 5% 3% 30 FY 2015 FY 2016E Net…
  5. Evercore ISI E&P Corporate Access – Cabot Oil & Gas Corp – slide 5
    INDUSTRY-LEADING COST STRUCTURE Operating Transportation Taxes O/T Income Cash G&A Financing 2.00 1.76 1.67 1.50 Cash Unit Costs (/Mcfe) 1.28 1.27 1.27 1.25 1.00 0.50 0.00 2011 2012 2013 2014 2015 2016E…
  6. Evercore ISI E&P Corporate Access – Cabot Oil & Gas Corp – slide 6
    MARCELLUS SHALE
  7. Evercore ISI E&P Corporate Access – Cabot Oil & Gas Corp – slide 7
    CABOTS MARCELLUS SHALE SUMMARY 200,000 net acres Marcellus Planned Lateral Lengths (Ft.) Operated rig count: 1 7,000 5,900 2015 activity: 83 net wells drilled / 58 net wells completed 5,300 2016E activity: 25 net wells drilled /…
  8. Evercore ISI E&P Corporate Access – Cabot Oil & Gas Corp – slide 8
    SUCCESSFUL RESULTS FROM CABOTS DOWNSPACING TESTS HAVE RESULTED IN A 15% INCREASE IN MARCELLUS LOCATIONS Comparison of Cabots 700- to 800-foot spaced wells vs. 1,000-foot spaced type curve 1,000 Cabots 1,000-foot spaced Lower…
  9. Evercore ISI E&P Corporate Access – Cabot Oil & Gas Corp – slide 9
    CABOT OIL & GAS CONTINUES TO DRILL THE MOST PROLIFIC WELLS IN THE MARCELLUS SHALE Top 100 Marcellus Wells By Operator1 Percentage of Operators Total Wells in Top 100 Peer G Peer H Cabot 21% Peer F 1 1 Peer E 3 Peer I 3 Peer E…
  10. Evercore ISI E&P Corporate Access – Cabot Oil & Gas Corp – slide 10
    CABOT HAS 18 OF THE TOP 20 WELLS DRILLED IN PENNSYLVANIA SINCE 2012 Cumulative Natural Gas Production (Bcf) 16.3 13.2 13.0 12.9 11.8 11.7 11.4 11.4 10.7 10.1 9.9 9.7 9.7 9.6 9.6 9.6 9.6 9.6 9.4 9.3 Source: PA DEP Oil &…
  11. Evercore ISI E&P Corporate Access – Cabot Oil & Gas Corp – slide 11
    CABOTS MARCELLUS DRILLING AND COMPLETION COST SAVINGS Marcellus AFE Well Costs By Component Marcellus Well Cost Savings By Category % Reduction Due to Efficiency Gains % Reduction Due to Pricing Tangibles 6% Completion…
  12. Evercore ISI E&P Corporate Access – Cabot Oil & Gas Corp – slide 12
    CABOTS MARCELLUS DRILLING EFFICIENCIES Marcellus Drilling Days (Spud to TD)1 16.9 14.3 13.6 12.8 12.4 10.5 9.4 9.4 6.0 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Record 1 Normalized to a 5,000…
  13. Evercore ISI E&P Corporate Access – Cabot Oil & Gas Corp – slide 13
    SUPPLY GROWTH IS WANING DECREASED ACTIVITY AND FLATTENING PRODUCTION IN THE MARCELLUS Marcellus Region Natural Gas Production (Bcf/d)1 18 16 Bcf/d 14 12 10 Marcellus Horizontal Rig Count2 NE PA SW / Central PA WV…
  14. Evercore ISI E&P Corporate Access – Cabot Oil & Gas Corp – slide 14
    WHILE DEMAND GROWTH IS ON THE HORIZON APPROXIMATELY 8 BCF PER DAY OF POTENTIAL NEW TAKEAWAY CAPACITY FROM CABOTS NORTHEAST PENNSYLVANIA SUPPLY AREA 8 7 6 5 Bcf/d 4 3 2 1 0 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18…
  15. Evercore ISI E&P Corporate Access – Cabot Oil & Gas Corp – slide 15
    CABOTS ESTIMATED 2016 PRICE EXPOSURE BY INDEX CABOTS DIFFERENTIALS ARE ESTIMATED TO IMPROVE YEAR-OVER-YEAR BY 0.15 PER MCF1 Other 3% TCO 6% MPL 7% Leidy 31% DTI 8% Fixed Price 12% TGP NYMEX 17% 16% 1 Based on…
  16. Evercore ISI E&P Corporate Access – Cabot Oil & Gas Corp – slide 16
    EAGLE FORD SHALE
  17. Evercore ISI E&P Corporate Access – Cabot Oil & Gas Corp – slide 17
    CABOTS EAGLE FORD SHALE SUMMARY 85,500 net acres Eagle Ford Lateral Lengths (Ft.) 9,500 Buckhorn: 75,000 net acres 7,300 7,400 Presidio: 10,500 net acres No rigs currently operating 2015 activity: 49 net wells drilled / 44…
  18. Evercore ISI E&P Corporate Access – Cabot Oil & Gas Corp – slide 18
    CABOTS EAGLE FORD DRILLING AND COMPLETION COST SAVINGS Eagle Ford AFE Well Costs By Component Eagle Ford Well Cost Savings By Category % Reduction Due to Efficiency Gains % Reduction Due to Pricing Drilling Rig 7% Frac…
  19. Evercore ISI E&P Corporate Access – Cabot Oil & Gas Corp – slide 19
    CABOTS EAGLE FORD DRILLING EFFICIENCIES Eagle Ford Drilling Days (Spud to TD)1 15.0 12.5 11.4 8.8 8.7 8.8 8.2 8.0 6.2 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Record Eagle Ford Drilling Costs ( /…

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