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Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp

Cabot Oil & Gas Corp · Mar 21, 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. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 1
    Scotia Howard Weil Energy Conference March 21, 2016
  2. Scotia Howard Weil Energy Conference – 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. Scotia Howard Weil Energy Conference – 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. Scotia Howard Weil Energy Conference – 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. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 5
    PROVEN TRACK RECORD OF PRODUCTION AND RESERVE GROWTH Annual Production (Bcfe) 700 602.5 600 531.8 2016 500 413.6 13.3% Guidance: Bcfe 400 2% - 7% 28.6% 300 Liquids 200 Gas 100 0 2013 2014 2015 2016E Year-End Proved…
  6. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 6
    WHILE MAINTAINING A CONSERVATIVE BALANCE SHEET Net Debt to LTM EBITDAX1 1.3x 1.3x 1.2x 0.9x YE 2012 YE 2013 YE 2014 YE 2015 (Pro forma for recent equity offering) 1EBITDAX is a non-GAAP measure defined as net income…
  7. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 7
    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…
  8. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 8
    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 /…
  9. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 9
    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…
  10. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 10
    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…
  11. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 11
    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 &…
  12. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 12
    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…
  13. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 13
    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…
  14. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 14
    ACTIVITY LEVELS IN NORTHEAST PENNSYLVANIA ARE DECLINING RAPIDLY Northeast Pennsylvania Northeast Pennsylvania Horizontal Rig Count1 Wells Completed2 17 107 11 68 67 10 9 31 4 11 Q1 2015 Q2 2015 Q3 2015 Q4 2015…
  15. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 15
    WHILE DEMAND GROWTH IS ON THE HORIZON 8 Cabot's Incremental Firm Transport / Firm Sales Additions Project Name Mmcf/d Constitution Pipeline 500 7 Atlantic Sunrise 850 PennEast 150 6 TGP Orion Project 135 Caithness Moxie Freedom…
  16. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 16
    CABOTS CASH MARGINS IN THE MARCELLUS ARE EXPECTED TO IMPROVE SIGNIFICANTLY WITH THE ADDITION OF NEW TAKEAWAY CAPACITY TO FAVORABLY PRICED MARKETS Gulf Coast/Mid-Atlantic NY/New England/Canada Illustrative Improvement in Pre-Hedge Cash…
  17. Scotia Howard Weil Energy Conference – 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. Scotia Howard Weil Energy Conference – 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. Scotia Howard Weil Energy Conference – 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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