where we stand where we are going Second Quarter 2018 Earnings Call July 27, 2018
Q2 2018 Highlights Daily equivalent production of 1,895 Mmcfe per day Q2 Q1 Q2 2018 2018 2017 Net income of 42.4 million (or 0.09 per share); adjusted net income (non-GAAP) Equivalent Production (Mmcfe/d) 1,895 1,884 1,902 of 57.9…
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 Cash Operating Expenses (/Mcfe) Operating Transportation Taxes O/T Income Cash G&A Financing Exploration4 1.88 1.74 1.31 1.30 1.30 1.16 1.13 1.06 0.99 2011 2012…
Cabots Balance Sheet is Well-Positioned to Provide Financial Flexibility Through the Commodity Price Cycle Net Debt to LTM EBITDAX Target Leverage Ratio: 2.5x 1.0x 1.5x 1.8x 1.4x 1.4x 1.2x 1.0x 0.9x 0.8x 0.5x…
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% - 12% 2018E Total Program Spending: 960 mm Net Marcellus Wells Placed on Production (includes 70 mm of equity pipeline investments) Due to larger pad sizes in Q1…
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 Remaining capacity 150 associated with Mmcf/d 1.05 Bcf/d Trains 2 & 3 160 165 Mmcf/d Mmcf/d 3.75 3.6 Bcf/d 350 Mmcf/d (COG transport capacity): 20 years 2.22 500 Mmcf/d (COG transport…
Cabot Offers a Compelling Combination of Top-Tier Yield, Free Cash Flow and Growth Current Dividend Yield Peer Median: 0.2% 3.1% 1.2% 1.0% 1.0% 0.7% 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…
Cabot is Committed to Returning Capital to Shareholders Return of Capital to Shareholders (mm) 700 Dividends Share Repurchases Remaining share repurchase authorization of 30mm shares1 600 500 481 400 Year-to- Date (as of 300…
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%…
2018 Guidance Full-year 2018 total company daily production growth guidance: 10% - 12% Q3 2018E Natural Gas Price Exposure By Index Fixed Price (2.65 per Mcf) 25% 2018 exit-to-exit divestiture-adjusted (Marcellus-only) NYMEX (minus…
Financial Position and Risk Management Profile Debt Maturity Schedule (mm) as of 6/30/2018 (Including Weighted Average Coupon Rate) 600 500 237mm 400 repaid in July 2018 300 575 200 304 312 100 188 87 62 0 2018 2019 2020 2021…
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 to Adjusted Net Income 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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