where we stand where we are going Third-Quarter 2018 Earnings Call October 26, 2018
Q3 2018 Highlights Daily equivalent production of 2,029 Mmcfe per day Q3 Q2 Q3 2018 2018 2017 Net income of 122.3 million (or 0.28 per share); adjusted net income (non-GAAP) of Equivalent Production (Mmcfe/d) 2,029 1,895 1,843…
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: 7% - 8% (12% - 13% on a debt-adjusted per share…
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…
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 0.98 2011…
Cabots 2019 Operating Plan is Expected to Deliver Continued Improvement in ROCE Return on Capital Employed (ROCE) 20% 10.8% 5.7% TTM Q3 2017 TTM Q3 2018 2019E Note: See supplemental tables at the end of the…
and a Significant Expansion of Free Cash Flow Free Cash Flow ( mm) 650 - 700 7% free cash flow yield2 250 155 2017 2018E 2019E Note: See supplemental tables at the end of the presentation for a reconciliation of…
Cabot is Committed to Returning Capital to Shareholders Return of Capital to Shareholders (mm) 1,000 Dividends Share Repurchases Remaining share repurchase 900 authorization of 20mm shares1 800 700 600 710 Year-to- 500 Date…
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 0.9x 2011 2012…
Thickest Marcellus Section Across the Trend With Two Distinct, Incremental Reservoirs Separated by the Purcell Limestone Cabot is positioned in the thickest producing Marcellus interval in the basin N 290 470 feet of Marcellus…
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 associated with Trains 2 & 3 250 150 Mmcf/d 160 Mmcf/d 1.05 Bcf/d Mmcf/d 4.0 3.6 3.8 Bcf/d 350 Mmcf/d (COG transport capacity):3.5 20 years 2.4 500 Mmcf/d (COG 2.4…
Appendix 16
2018 and Preliminary 2019 Capital Budget and Operating Plan 2018E Production Growth: 7% - 8% (12% - 13% on a debt-adjusted per share basis) 2018E Total Program Spending: 940 mm Net Marcellus Wells Placed on Production (includes 70…
2018 and Preliminary 2019 Guidance 2018 Guidance Q4 2018E Natural Gas Price Exposure By Index Full-year 2018 daily production growth guidance: 7% - 8% NYMEX less (0.35) 28% (12% - 13% on a debt-adjusted per share basis) Fixed Price…
Financial Position and Risk Management Profile Debt Maturity Schedule (mm) as of 9/30/2018 (Including Weighted Average Coupon Rate) 600 500 400 300 575 237mm 200 repaid in 312 July 2018 100 188 67 87 62 0 Q4 2018 2019 2020…
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 Total…
Reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings Per Share 21
EBITDAX Calculation and Reconciliation 22
Net Debt Reconciliation 23
Discretionary Cash Flow and Free Cash Flow Calculation and Reconciliation 24
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