where we stand where we are going First Quarter 2018 Earnings Call April 27, 2018
Q1 2018 Highlights Net income of 117.2 million (or 0.26 per share); adjusted net income (non-GAAP) of Q1 Q4 Q1 128.5 million (or 0.28 per share) 2018 2017 2017 Equivalent Production (Mmcfe/d) 1,884 1,876 1,890 Net cash provided by…
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…
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:…
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 &…
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 2.02…
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 0.5x 2011…
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…
2018 Capital Budget and Operating Plan 2018E Production Growth: 10% - 15% (18% - 23% on a divestiture-adjusted basis) 2018E Total Program Spending: 950 mm Net Marcellus Wells Placed on Production (includes 60 mm of equity pipeline…
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 /…
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…
Cabot Offers a Compelling Combination of Top-Tier Yield, Free Cash Flow and Growth Current Dividend Yield 3.2% Peer Median: 0.3% 1.3% 1.1% 1.0% 0.9% 0.6% 0.6% 0.5% 0.3% 0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Peer A Peer B Peer…
Cabot is Committed to Returning Capital to Shareholders Return of Capital to Shareholders (mm) Remaining share 400 Dividends Share Repurchases repurchase authorization of 20mm shares 350 300 245 Year-to- 250 Date (as of 200…
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…
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…
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%…
Appendix 18
2018 Guidance Full-year 2018 total company daily production growth guidance: 2018E Differential Guidance (Before the Impact of Derivatives)1 10% - 15% (18% - 23% on a divestiture-adjusted basis to reflect Q2 2018 FY 2018 the impact…
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…
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…
Reconciliation of Net Income (Loss) to Adjusted Net Income (Loss) and Adjusted Earnings Per Share 23
EBITDAX Calculation and Reconciliation 24
Net Debt Reconciliation 25
Discretionary Cash Flow and Free Cash Flow Calculation and Reconciliation 26
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