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2Q 2017 Earnings Update – Cabot Oil & Gas Corp

Cabot Oil & Gas Corp · Jul 26, 2017 · 23 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. 2Q 2017 Earnings Update – Cabot Oil & Gas Corp – slide 1
    July 2017 Investor Presentation July 28, 2017 A decade of progress and perseverance in the Marcellus Shale.
  2. 2Q 2017 Earnings Update – Cabot Oil & Gas Corp – slide 2
    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: 95 wells drilled / 90 wells completed 2017E Production Growth: 8% - 12% 2017E Total Program…
  3. 2Q 2017 Earnings Update – Cabot Oil & Gas Corp – slide 3
    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…
  4. 2Q 2017 Earnings Update – Cabot Oil & Gas Corp – slide 4
    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…
  5. 2Q 2017 Earnings Update – Cabot Oil & Gas Corp – slide 5
    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 1.12 2011 2012…
  6. 2Q 2017 Earnings Update – Cabot Oil & Gas Corp – slide 6
    Cabots Drilling Efficiencies Continue to Drive Costs Lower Across Both Operating Areas Marcellus Drilling Costs / Foot Eagle Ford Drilling Costs / Foot 2014 2015 2016 1H 2017 2014 2015 2016 1H 2017 7
  7. 2Q 2017 Earnings Update – Cabot Oil & Gas Corp – slide 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 1.1x 0.9x 2011 2012 2013 2014…
  8. 2Q 2017 Earnings Update – Cabot Oil & Gas Corp – slide 8
    Top-Tier Cash Flow Growth and Free Cash Flow Generation Consensus 2016 2018E Cash Flow Per Share CAGR 65% 60% 58% 57% 55% 51% 44% 40% 36% 34% 30% 30% 27% 26% 17% 14% 13% 9% Consensus 2017E Free Cash Flow Yield 2% 1% (0%) (1%)…
  9. 2Q 2017 Earnings Update – Cabot Oil & Gas Corp – slide 9
    Cabots Generation 4 Marcellus Wells Continue to Outperform COG Generation 4 Wells Generation 4 Type Curve (4.4 Bcf / 1,000') 350 Cumulative Production (Mmcf per 1,000 Lateral Feet) 300 250 200 150 100 50 0…
  10. 2Q 2017 Earnings Update – Cabot Oil & Gas Corp – slide 10
    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…
  11. 2Q 2017 Earnings Update – Cabot Oil & Gas Corp – slide 11
    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…
  12. 2Q 2017 Earnings Update – Cabot Oil & Gas Corp – slide 12
    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…
  13. 2Q 2017 Earnings Update – Cabot Oil & Gas Corp – slide 13
    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…
  14. 2Q 2017 Earnings Update – Cabot Oil & Gas Corp – slide 14
    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…
  15. 2Q 2017 Earnings Update – Cabot Oil & Gas Corp – slide 15
    Appendix
  16. 2Q 2017 Earnings Update – Cabot Oil & Gas Corp – slide 16
    2017 Program Overview 2017E Production Growth: 8% - 12% 2017E Oil Production Growth: 10% - 15% 2017E Total Program Spending: 845 mm Net D&C Activity (includes 70 mm of equity pipeline investments and up to 125 mm of exploratory leasing…
  17. 2Q 2017 Earnings Update – Cabot Oil & Gas Corp – slide 17
    2017 Guidance Full-year 2017 total company production growth guidance: Q3 2017 Net Production Guidance 8% - 12% Natural Gas (Mmcf/d) 1,750 - 1,800 Full-year 2017 oil production growth: 10% - 15% Oil (Bbls/d) 13,000 - 13,750 2017…
  18. 2Q 2017 Earnings Update – Cabot Oil & Gas Corp – slide 18
    Financial Position and Risk Management Profile Debt Maturity Schedule (mm) Q3 2017 Natural Gas Price Exposure by Index (Including Weighted Average Coupon Rate) Dominion Millennium East 600 3.7% 5% 4% Columbia 500 6% 400 Fixed…
  19. 2Q 2017 Earnings Update – Cabot Oil & Gas Corp – slide 19
    2017 Hedge Summary 2017 Natural Gas Swaps of Total /Mcf Pricing Index Contracts Mcf/Day Fixed Price Duration LDS NYMEX 10 97,144 3.12 Jan-17 Dec-17 TCO 5 48,572 3.46 Feb-17 Dec-17 2017 Natural Gas Collars of Total /Mcf Pricing Index…
  20. 2Q 2017 Earnings Update – Cabot Oil & Gas Corp – slide 20
    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…
  21. 2Q 2017 Earnings Update – Cabot Oil & Gas Corp – slide 21
    EBITDAX and Net Debt Reconciliations 22
  22. 2Q 2017 Earnings Update – Cabot Oil & Gas Corp – slide 22
    Net Income (Loss) Excluding Selected Items and Discretionary Cash Flow Reconciliations 23
  23. 2Q 2017 Earnings Update – Cabot Oil & Gas Corp – slide 23
    A decade of progress and perseverance in the Marcellus Shale.

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