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JP Morgan Inaugural Energy Equity Conference – Cabot Oil & Gas Corp

Cabot Oil & Gas Corp · Jun 28, 2016 · 17 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. JP Morgan Inaugural Energy Equity Conference – Cabot Oil & Gas Corp – slide 1
    J.P. Morgan Inaugural Energy Equity Conference June 27, 2016
  2. JP Morgan Inaugural Energy Equity 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. JP Morgan Inaugural Energy Equity 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. JP Morgan Inaugural Energy Equity 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 30 - 35 mm 133 of equity method investments) Land Other 5% 3% 30 FY 2015 FY 2016E Net…
  5. JP Morgan Inaugural Energy Equity 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. JP Morgan Inaugural Energy Equity Conference – Cabot Oil & Gas Corp – slide 6
    WHILE MAINTAINING A CONSERVATIVE BALANCE SHEET Net Debt to LTM EBITDAX1 1.6x 1.3x 1.2x 0.9x YE 2012 YE 2013 YE 2014 Q1 2016 1EBITDAX is a non-GAAP measure defined as net income plus interest expense, income tax expense,…
  7. JP Morgan Inaugural Energy Equity Conference – Cabot Oil & Gas Corp – slide 7
    INDUSTRY-LEADING COST STRUCTURE Operating Transportation Taxes O/T Income Cash G&A Financing Exploration 2.00 1.88 1.74 1.50 Cash Unit Costs (/Mcfe) 1.31 1.30 1.30 1.18 1.00 0.50 0.00 2011 2012 2013 2014 2015…
  8. JP Morgan Inaugural Energy Equity Conference – Cabot Oil & Gas Corp – slide 8
    EAGLE FORD SHALE
  9. JP Morgan Inaugural Energy Equity Conference – Cabot Oil & Gas Corp – slide 9
    CABOTS EAGLE FORD SHALE SUMMARY Eagle Ford Lateral Lengths (Ft.) 85,500 net acres 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…
  10. JP Morgan Inaugural Energy Equity Conference – Cabot Oil & Gas Corp – slide 10
    MARCELLUS SHALE
  11. JP Morgan Inaugural Energy Equity Conference – Cabot Oil & Gas Corp – slide 11
    CABOTS MARCELLUS SHALE SUMMARY 200,000 net acres Marcellus Planned Lateral Lengths (Ft.) 7,000 Operated rig count: 1 5,900 5,300 2015 activity: 83 net wells drilled / 58 net wells completed 2016E activity: 24 net wells…
  12. JP Morgan Inaugural Energy Equity Conference – Cabot Oil & Gas Corp – slide 12
    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…
  13. JP Morgan Inaugural Energy Equity Conference – Cabot Oil & Gas Corp – slide 13
    CABOT HAS 17 OF THE TOP 20 WELLS DRILLED IN PENNSYLVANIA SINCE 2012 Cumulative Natural Gas Production (Bcf) 17.0 14.1 13.8 13.6 12.7 12.5 12.3 11.9 11.5 10.8 10.8 10.5 10.4 10.4 10.4 10.2 10.1 10.1 10.0 10.0 Source:…
  14. JP Morgan Inaugural Energy Equity Conference – Cabot Oil & Gas Corp – slide 14
    PEER-LEADING EUR AND WELL COSTS IN THE MARCELLUS SHALE EUR / 1,000 of Lateral (Bcf) 3.8 3.0 2.4 2.3 2.2 2.1 Cabot Peer A Peer B Peer C Peer D Well Cost / 1,000 of Lateral (000s) 900 925 944 814 819 Cabot Peer A Peer…
  15. JP Morgan Inaugural Energy Equity Conference – Cabot Oil & Gas Corp – slide 15
    MARCELLUS TYPE CURVE AND WELL ECONOMICS BASED ON THE MARGINAL ECONOMICS FOR NEW WELLS PRODUCED AND SOLD DIRECTLY INTO THE LOCAL NORTHEAST PENNSYLVANIA MARKET (LEIDY LINE) 3.5 Single Well Assumptions Rate (Mmcf/d per 1,000…
  16. JP Morgan Inaugural Energy Equity Conference – Cabot Oil & Gas Corp – slide 16
    ACTIVITY LEVELS IN NORTHEAST PENNSYLVANIA ARE DECLINING RAPIDLY Northeast Pennsylvania Northeast Pennsylvania Horizontal Rig Count1 Wells Completed2 17 107 11 68 67 10 9 5 31 30 3 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1…
  17. JP Morgan Inaugural Energy Equity Conference – Cabot Oil & Gas Corp – slide 17
    CABOT HAS THE ABILITY TO DOUBLE ITS MARCELLUS PRODUCTION OVER TIME BASED ON ITS PREVIOUSLY ANNOUNCED FIRM TRANSPORT AND FIRM SALES ADDITIONS 500 Mmcf/d 150 165 Mmcf/d 135 Mmcf/d 850 Mmcf/d Mmcf/d 3.6 Bcf/d 3.1 Based on…

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