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Scotia Howard Weil 2018 Energy Conference – Cabot Oil & Gas Corp

Cabot Oil & Gas Corp · Mar 26, 2018 · 27 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 2018 Energy Conference – Cabot Oil & Gas Corp – slide 1
    Scotia Howard Weil Energy Conference March 26 - 27, 2018 A decade of progress and perseverance in the Marcellus Shale.
  2. Scotia Howard Weil 2018 Energy Conference – Cabot Oil & Gas Corp – slide 2
    Cabot Oil & Gas Overview 2017 Year-End Proved Reserves: 9.7 Tcfe (13% year-over-year increase) 2017 Production: 1,878 Mmcfe/d (10% year-over-year increase) 2018E Production Growth: 10% - 15% (18% - 23% on a divestiture-adjusted…
  3. Scotia Howard Weil 2018 Energy Conference – Cabot Oil & Gas Corp – slide 3
    2017 Highlights Net income of 100.4 million (or 0.22 per 2016 2017 Daily 1,713 1,878 share); adjusted net income (non-GAAP) of Production 244.5 million (or 0.53 per share) (Mmcfe/d) Total company all-sources finding and…
  4. Scotia Howard Weil 2018 Energy Conference – Cabot Oil & Gas Corp – slide 4
    Proven Track Record of Debt-Adjusted per Share Growth Daily Production Per Debt-Adjusted Share 2011 2012 2013 2014 2015 2016 2017 Year-End Proved Reserves Per Debt-Adjusted Share 2011 2012 2013 2014 2015 2016 2017 Note:…
  5. Scotia Howard Weil 2018 Energy 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 0.35 2011 2012 2013 2014 2015 2016 2017 Marcellus All-Sources Finding &…
  6. Scotia Howard Weil 2018 Energy Conference – Cabot Oil & Gas Corp – slide 6
    Resulting in a Continued Reduction in Breakeven Prices All-In Operating Expenses (Including Non-Cash Expenses) (/Mcfe) Operating Transportation Taxes O/T Income G&A Financing Exploration DD&A 4.08 3.69 3.03 2.56 2.37 2.17…
  7. Scotia Howard Weil 2018 Energy Conference – Cabot Oil & Gas Corp – slide 7
    Cabots Balance Sheet is Well-Positioned to Provide Financial Flexibility Through the Commodity Price Cycle Net Debt to LTM EBITDAX Target Leverage Ratio: 1.0x 1.5x 2.5x 1.8x 1.4x 1.4x 1.2x 1.0x 0.9x 2011 2012 2013…
  8. Scotia Howard Weil 2018 Energy Conference – Cabot Oil & Gas Corp – slide 8
    Cabot Oil & Gas Strategy Disciplined capital allocation focused on delivering debt-adjusted per share growth, generating positive free cash flow, improving corporate returns on capital employed, increasing return of capital to…
  9. Scotia Howard Weil 2018 Energy Conference – Cabot Oil & Gas Corp – slide 9
    2018 Capital Budget and Operating Plan 2018E Production Growth: 10% - 15% (18% - 23% on a divestiture-adjusted basis) 2018E Total Program Spending: 950 mm Marcellus Net D&C Activity by Quarter (includes 60 mm of equity pipeline…
  10. Scotia Howard Weil 2018 Energy 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 Based on 4.4 Based on older Gen 1 / 2 / 3 completion designs Appalachian Gas Play Gen 4…
  11. Scotia Howard Weil 2018 Energy Conference – Cabot Oil & Gas Corp – slide 11
    2018 is an Inflection Year for Cabot 150 Mmcf/d 1.05 Bcf/d 240 165 Mmcf/d Mmcf/d 3.75 3.6 Bcf/d 350 Mmcf/d (COG transport capacity): 20 years 500 Mmcf/d (COG transport 2.6 capacity): 15 years 2.15 2.3 2.2 150 Mmcf/d (3…
  12. Scotia Howard Weil 2018 Energy Conference – Cabot Oil & Gas Corp – slide 12
    Cabot Offers a Compelling Combination of Top-Tier Yield, Free Cash Flow and Growth Current Dividend Yield 3.9% Peer Median: 0.2% 1.3% 1.3% 1.0% 1.0% 0.7% 0.5% 0.5% 0.2% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Peer A Peer B…
  13. Scotia Howard Weil 2018 Energy Conference – Cabot Oil & Gas Corp – slide 13
    Cabot is Committed to Returning Capital to Shareholders Return of Capital to Shareholders (mm) 225 Dividends Share Repurchases 200 Recently 175 increased share repurchase 150 authorization 124 to 30mm shares 125 (720mm1) 165…
  14. Scotia Howard Weil 2018 Energy Conference – Cabot Oil & Gas Corp – slide 14
    Three-Year Cabot Oil & Gas Outlook Three-Year Production CAGR: 17% - 21% (20% - 24% on a divestiture-adjusted basis) Adjusted Net Income (mm)1 Discretionary Cash Flow (mm)1 2.75 NYMEX 3.00 NYMEX 3.25 NYMEX 2.75 NYMEX 3.00 NYMEX 3.25…
  15. Scotia Howard Weil 2018 Energy Conference – Cabot Oil & Gas Corp – slide 15
    Best-in-Class Marcellus Capital Efficiency Cabots expects to reach 3.7 Bcf/d of gross production in 2020 Cabot management expects to grow volumes above this illustrative 3.7 Bcf/d level by securing incremental firm transport capacity /…
  16. Scotia Howard Weil 2018 Energy Conference – Cabot Oil & Gas Corp – slide 16
    Cabots Anticipated Corporate Returns And Growth Are Competitive Across the Broader S&P 500 Index COGs ROCE and EPS Growth Outlook vs. Median Estimates By Sector1 25% 70% ROCE 2018E - 2019E EPS Growth Consensus 2018E 2019E 60%…
  17. Scotia Howard Weil 2018 Energy Conference – Cabot Oil & Gas Corp – slide 17
    Appendix
  18. Scotia Howard Weil 2018 Energy Conference – Cabot Oil & Gas Corp – slide 18
    2018 Guidance Full-year 2018 total company daily production growth 2018E Differential Guidance (Before the Impact of Derivatives) guidance: 10% - 15% (18% - 23% on a divestiture-adjusted Q1 2018 FY 2018 basis to reflect the impact of…
  19. Scotia Howard Weil 2018 Energy Conference – Cabot Oil & Gas Corp – slide 19
    Financial Position and Risk Management Profile Debt Maturity Schedule (mm) (Including Weighted Average Coupon Rate) 600 3.7% 500 400 7.2% 4.2% 300 575 4.3% 200 304 6.5% 312 100 188 6.2% 87 62 0 2018 2019 2020 2021 2022 2023 2024…
  20. Scotia Howard Weil 2018 Energy Conference – Cabot Oil & Gas Corp – slide 20
    2018 2019 Hedge Summary 2018 Natural Gas Swaps of Total /Mcf Pricing Index Contracts Mcf/Day Fixed Price Duration LDS NYMEX 26 252,574 2.93 Feb-18 Dec-18 LDS NYMEX 5 48,572 3.10 Feb-18 Oct-18 2018 Natural Gas Basis Swaps of…
  21. Scotia Howard Weil 2018 Energy Conference – Cabot Oil & Gas Corp – slide 21
    Three-Year Outlook Assumptions Three-Year Outlook Assumptions (Slide 15) (0.50) per Mcf weighted-average basis differential in 2018 and (0.35) per Mcf weighted-average basis differential in 2019 and 2020 850 million of annual total…
  22. Scotia Howard Weil 2018 Energy Conference – Cabot Oil & Gas Corp – slide 22
    Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) and Adjusted Earnings Per Share 23
  23. Scotia Howard Weil 2018 Energy Conference – Cabot Oil & Gas Corp – slide 23
    EBITDAX Calculation and Reconciliation 24
  24. Scotia Howard Weil 2018 Energy Conference – Cabot Oil & Gas Corp – slide 24
    Net Debt Reconciliation 25
  25. Scotia Howard Weil 2018 Energy Conference – Cabot Oil & Gas Corp – slide 25
    Discretionary Cash Flow and Free Cash Flow Calculation and Reconciliation 26
  26. Scotia Howard Weil 2018 Energy Conference – Cabot Oil & Gas Corp – slide 26
    Return on Capital Employed (ROCE) Calculation and Reconciliation 27
  27. Scotia Howard Weil 2018 Energy Conference – Cabot Oil & Gas Corp – slide 27
    A decade of progress and perseverance in the Marcellus Shale.

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