J.P. Morgan Energy Equity Investor Conference June 26 - 27, 2017 A decade of progress and perseverance in the Marcellus Shale.
Cabot Oil & Gas Overview 2016 Production: 627 Bcfe (4% growth) 2016 Year-End Proved Reserves: 8.6 Tcfe (5% growth) 2017E Net D&C Activity: 90 wells drilled / 90 wells completed 2017E Production Growth: 8% - 12% 2017E Total Program…
Proven Track Record of Production and Reserve Growth Annual Production (Bcfe) 602.5 627.1 531.8 2017 Guidance: 413.6 8% - 12% 2013 2014 2015 2016 2017E Year-End Proved Reserves (Tcfe) 8.2 8.6 7.4 Proved Undeveloped…
Industry-Leading Cost Structure Continues to Improve Total Company All-Sources Finding & Development Costs (/Mcfe) 1.21 0.87 0.71 0.55 0.57 0.37 2011 2012 2013 2014 2015 2016 Marcellus All-Sources Finding & Development Costs…
Allowing Cabot to Successfully Navigate through All Commodity Prices Cash Operating Expenses (/Mcfe) Operating Transportation Taxes O/T Income Cash G&A Financing Exploration 1.88 1.74 1.31 1.30 1.30 1.16 1.15 2011 2012 2013…
Cabots Drilling Efficiencies Continue to Drive Costs Lower Across Both Operating Areas Marcellus Drilling Costs / Foot Eagle Ford Drilling Costs / Foot 2014 2015 2016 Q1 2017 2014 2015 2016 Q1 2017 7
Current Leverage Metrics Have Improved to Pre- Downcycle Levels Net Debt to LTM EBITDAX 2.5x 1.8x Average net debt / EBITDAX ratio 1.4x 1.4x prior to the recent downcycle: 1.2x 1.3x 1.2x 0.9x 2011 2012 2013 2014 2015…
Cabots Eagle Ford Efficiencies and Cost Savings Drilling Cost vs. Total Measured Depth Eagle Ford Gross Lifting Costs (/Bbl) 2013 2014 2015 2016 0 9.49 Total Measured Depth (Ft.) 5,000 7.29 5.77 10,000…
Recent Enhancements to Cabots Eagle Ford Completion Design Are Resulting in Outperformance 3.5 Early 2016 Completion Design Current Completion Design (Last Four Wells With 30 Days of Production) 3.0 +30% Cumulative Oil Production…
Cabots Marcellus Wells Placed on Production During Q1 2017 are Outperforming the Generation 4 Type Curve Q1 2017 Generation 4 Wells (20 Wells) Generation 4 Type Curve (4.4 Bcf / 1,000') 90 Cumulative Production (Mmcf per 1,000 Lateral…
Cabots Marcellus Position is the Most Prolific U.S. Onshore Natural Gas Resource Play Estimated Ultimate Recovery (EUR) Bcfe/1,000 Lateral Feet 4.4 Appalachian Gas Play Non-Appalachian Gas Play Source: Current investor…
Cabots Marcellus Drilling Efficiencies Drilling Days vs. Depth - Spud to Rig Release Drilling Cost Per Foot Drilled Days 324 0 5 10 15 20 0 2012 259 Total Measured Depth (Ft.) 2013 233 4,000 2014 200 2015 153…
2018 is an Inflection Year for Cabot: Cabot Has the Ability to Double Its Marcellus Production Based on Its Future Firm Transport / Firm Sales Additions 350 Mmcf/d (COG transport capacity): 20 years 500 Mmcf/d (COG transport…
Best-in-Class Marcellus Capital Efficiency Estimated Drilling, Completion and Facility Capital to Hold 3.7 Bcf/d of Gross Marcellus Production Flat (mm) Average Annual Maintenance Capital: 500mm 600 500 400 300 200 100 0 Average…
Significant Positive Free Cash Flow is on the Horizon, Providing Cabot With Options to Create Shareholder Value Potential Uses of Positive Free Cash Flow Accelerate Production and Cash Flow Growth Evaluate New Platforms for Future…
Appendix
2017 Program Overview 2017E Production Growth: Increased from 5% - 10% to 8% - 12% 2017E Oil Production Growth: 15% 2017E Total Program Spending: 845 mm Net D&C Activity (includes 70 mm of equity pipeline investments and up to 125 mm…
2017 Guidance Full-year 2017 total company production growth guidance Q2 2017 Net Production Guidance increased from 5% - 10% to 8% - 12% Natural Gas (Mmcf/d) 1,780 - 1,820 Increase driven by higher anticipated Marcellus volumes…
Financial Position and Risk Management Profile Debt Maturity Schedule (mm) Q2 2017 Natural Gas Price Exposure by Index (Including Weighted Average Coupon Rate) Millennium East Dominion 600 3.7% 4% 4% Columbia 500 7% 400 Fixed…
Cabots Marcellus Infrastructure Update Atlantic Sunrise Other Projects Construction on the mainline portion of PennEast Pipeline the project began in March 2017 Received final EIS on April 7, 2017 Construction could take as little as…
EBITDAX and Net Debt Reconciliations 25
Net Income (Loss) Excluding Selected Items and Discretionary Cash Flow Reconciliations 26
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