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EnerCom The Oil and Gas Conference – Cabot Oil & Gas Corp

Cabot Oil & Gas Corp · Aug 14, 2017 · 28 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. EnerCom The Oil and Gas Conference – Cabot Oil & Gas Corp – slide 1
    EnerComs The Oil & Gas Conference August 14, 2017 A decade of progress and perseverance in the Marcellus Shale.
  2. EnerCom The Oil and Gas Conference – 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. EnerCom The Oil and Gas Conference – Cabot Oil & Gas Corp – slide 3
    Cabot Oil & Gas Strategy and Plans Focused 2017 2018+ Strategy Plan / Outcome Plans Disciplined capital Majority of capital allocated Increase capital allocation allocation focused on full- to one of the highest-return to our…
  4. EnerCom The Oil and Gas Conference – Cabot Oil & Gas Corp – slide 4
    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…
  5. EnerCom The Oil and Gas Conference – Cabot Oil & Gas Corp – slide 5
    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…
  6. EnerCom The Oil and Gas Conference – Cabot Oil & Gas Corp – slide 6
    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…
  7. EnerCom The Oil and Gas Conference – 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. EnerCom The Oil and Gas Conference – Cabot Oil & Gas Corp – slide 8
    Operating Highlights
  9. EnerCom The Oil and Gas Conference – Cabot Oil & Gas Corp – slide 9
    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 10
  10. EnerCom The Oil and Gas Conference – 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 Peer Average: 2.15 Bcfe /…
  11. EnerCom The Oil and Gas Conference – Cabot Oil & Gas Corp – slide 11
    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…
  12. EnerCom The Oil and Gas Conference – Cabot Oil & Gas Corp – slide 12
    Moxie Freedom Generating Station Projected In-Service Date: June 2018 13
  13. EnerCom The Oil and Gas Conference – Cabot Oil & Gas Corp – slide 13
    Lackawanna Energy Center Projected In-Service Date: June 2018 14
  14. EnerCom The Oil and Gas Conference – Cabot Oil & Gas Corp – slide 14
    Cabots Illustrative Marcellus Cash Margin Expansion Cash Margin Operating Expenses Gathering & Transportation Differential (Incl. Derivatives) NYMEX 3.10 3.00 3.00 0.35 0.75 0.50 2.46 0.70 0.70 0.78 0.70 0.08 / Mcf…
  15. EnerCom The Oil and Gas Conference – Cabot Oil & Gas Corp – slide 15
    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…
  16. EnerCom The Oil and Gas Conference – Cabot Oil & Gas Corp – slide 16
    Cabots Philosophy on its Current Exploration Projects Marcellus Case Study: A Road Map for Funding Successful New Ventures Historical Marcellus Capex / Discretionary Cash Flow and Company-Wide Proceeds from Divestitures Cabots primary…
  17. EnerCom The Oil and Gas Conference – Cabot Oil & Gas Corp – slide 17
    History of High-Grading Cabots Asset Base Divesting Non-Core Assets to Fund Higher-Return Development Divested offshore and South Louisiana assets 2006 West Virginia Divestiture Highlights Divested Canadian assets 2% of total…
  18. EnerCom The Oil and Gas Conference – Cabot Oil & Gas Corp – slide 18
    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%)…
  19. EnerCom The Oil and Gas Conference – Cabot Oil & Gas Corp – slide 19
    Targeting Improved Returns on Capital Employed Broker 1: 2018E Return on Capital Employed Broker 2: 2018E Return on Capital Employed 13% 10% 6% 4% 4% 4% 3% 3% COG Mid-Cap Small-Cap Large-Cap COG Gassy SMid- Oily…
  20. EnerCom The Oil and Gas Conference – Cabot Oil & Gas Corp – slide 20
    Appendix
  21. EnerCom The Oil and Gas Conference – Cabot Oil & Gas Corp – slide 21
    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…
  22. EnerCom The Oil and Gas Conference – Cabot Oil & Gas Corp – slide 22
    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…
  23. EnerCom The Oil and Gas Conference – Cabot Oil & Gas Corp – slide 23
    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…
  24. EnerCom The Oil and Gas Conference – Cabot Oil & Gas Corp – slide 24
    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…
  25. EnerCom The Oil and Gas Conference – Cabot Oil & Gas Corp – slide 25
    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…
  26. EnerCom The Oil and Gas Conference – Cabot Oil & Gas Corp – slide 26
    EBITDAX and Net Debt Reconciliations 27
  27. EnerCom The Oil and Gas Conference – Cabot Oil & Gas Corp – slide 27
    Net Income (Loss) Excluding Selected Items and Discretionary Cash Flow Reconciliations 28
  28. EnerCom The Oil and Gas Conference – Cabot Oil & Gas Corp – slide 28
    A decade of progress and perseverance in the Marcellus Shale.

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