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4Q 2018 Earnings Presentation – Cabot Oil & Gas Corp

Cabot Oil & Gas Corp · Feb 22, 2019 · 22 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. 4Q 2018 Earnings Presentation – Cabot Oil & Gas Corp – slide 1
    where we stand where we are going Fourth-Quarter and Full-Year 2018 Earnings Call February 22, 2019
  2. 4Q 2018 Earnings Presentation – Cabot Oil & Gas Corp – slide 2
    2018 Highlights Net income of 557.0 million (or 1.25 per share); adjusted net income (non-GAAP) of 531.2 million (or 1.19 per share) Q4 Q4 FY FY 2018 2017 2018 2017 Net cash provided by operating activities of 1,104.9 million;…
  3. 4Q 2018 Earnings Presentation – Cabot Oil & Gas Corp – slide 3
    Cabot Oil & Gas Overview 2018 Year-End Proved Reserves: 11.6 Tcfe (19% growth year-over-year, 25% per debt-adjusted share1) 2018 Production: 2,014 Mmcfe/d (7% growth year-over-year, 12% per debt-adjusted share1) 2019E Production…
  4. 4Q 2018 Earnings Presentation – Cabot Oil & Gas Corp – slide 4
    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…
  5. 4Q 2018 Earnings Presentation – Cabot Oil & Gas Corp – slide 5
    Proven Track Record of Debt-Adjusted per Share Growth Daily Production Per Debt-Adjusted Share1 2012 2013 2014 2015 2016 2017 2018 Year-End Proved Reserves Per Debt-Adjusted Share1 2012 2013 2014 2015 2016 2017 2018…
  6. 4Q 2018 Earnings Presentation – Cabot Oil & Gas Corp – slide 6
    Industry-Leading Cost Structure Continues to Improve Total Company All-Sources Finding & Development Costs (/Mcfe) 0.87 0.71 0.55 0.57 0.37 0.35 0.30 2012 2013 2014 2015 2016 2017 2018 Marcellus All-Sources Finding &…
  7. 4Q 2018 Earnings Presentation – Cabot Oil & Gas Corp – slide 7
    Resulting in a Continued Reduction in Breakeven Prices All-In Operating Expenses (Including Non-Cash Expenses) (/Mcfe) Operating Transportation DD&A Taxes O/T Income Total G&A Financing Exploration 3.69 3.03 2.56 2.37 2.17 2.02…
  8. 4Q 2018 Earnings Presentation – Cabot Oil & Gas Corp – slide 8
    Cabots 2019 Operating Plan is Expected to Deliver Continued Improvement in ROCE Return on Capital Employed (ROCE) 24% - 26% 21% - 23% 19% - 21% Current 2019 NYMEX 15.9% futures2: 2.90 7.3% 2017 2018 2019E - 2.50…
  9. 4Q 2018 Earnings Presentation – Cabot Oil & Gas Corp – slide 9
    and a Significant Expansion of Free Cash Flow Free Cash Flow ( mm) 700 - 750 600 - 650 Current 475 - 525 2019 NYMEX futures3: 2.90 7% free 6% free cash flow cash flow yield1,2 297 5% free cash flow yield1,2 yield1,2…
  10. 4Q 2018 Earnings Presentation – Cabot Oil & Gas Corp – slide 10
    Cabot is Committed to Returning Capital to Shareholders Return of Capital to Shareholders (mm) 1,000 Dividends Share Repurchases 900 800 700 904 (Remaining 600 share repurchase 500 authorization of 11.6mm 400 shares1)…
  11. 4Q 2018 Earnings Presentation – Cabot Oil & Gas Corp – slide 11
    Cabots Share Repurchase Program Has Resulted in a Nine Percent Reduction in Shares Outstanding Common Shares Outstanding (in millions) 463.7 445.5 423.4 2017 Weighted-Average 2018 Weighted-Average Current (As of…
  12. 4Q 2018 Earnings Presentation – Cabot Oil & Gas Corp – slide 12
    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 1.0x 0.9x 2011 2012…
  13. 4Q 2018 Earnings Presentation – Cabot Oil & Gas Corp – slide 13
    Cabots Differentials Continue to Improve Driven by New Infrastructure Projects and Increased In-Basin Demand Weighted-Average Differential to NYMEX Before Hedges ( per Mcf) 2014 2015 2016 2017 2018 2019E 0.00 (0.25) (0.30)…
  14. 4Q 2018 Earnings Presentation – Cabot Oil & Gas Corp – slide 14
    Appendix 15
  15. 4Q 2018 Earnings Presentation – Cabot Oil & Gas Corp – slide 15
    2019 Guidance 2019 Guidance Q1 and FY 2019E Natural Gas Price Exposure By Index Full-year 2019E daily production growth guidance: 20% Q1 2019E FY 2019E (27% per debt-adjusted share1) NYMEX (less 0.30 / 0.30) 31% 26% Transco Z6 NNY…
  16. 4Q 2018 Earnings Presentation – Cabot Oil & Gas Corp – slide 16
    2019 Hedge Summary Total Swaps Basis Swaps Pricing Index Mmbtu Weighted-Average Weighted-Average Duration Q1 2019 Transco Zone 6 NNY 2,700,000 0.41 Jan-19 Dec-19 Transco Zone 6 NNY 11,700,000 7.38 Jan-19 Mar-19 Leidy 13,500,000…
  17. 4Q 2018 Earnings Presentation – Cabot Oil & Gas Corp – slide 17
    Financial Position and Risk Management Profile Debt Maturity Schedule (mm) as of 12/31/2018 Senior Notes Revolving Credit Facility 600 500 400 300 575 200 312 100 188 94 62 0 2019 2020 2021 2022 2023 2024 2025 2026…
  18. 4Q 2018 Earnings Presentation – Cabot Oil & Gas Corp – slide 18
    Reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings Per Share 19
  19. 4Q 2018 Earnings Presentation – Cabot Oil & Gas Corp – slide 19
    EBITDAX Calculation and Reconciliation 20
  20. 4Q 2018 Earnings Presentation – Cabot Oil & Gas Corp – slide 20
    Net Debt Reconciliation 21
  21. 4Q 2018 Earnings Presentation – Cabot Oil & Gas Corp – slide 21
    Discretionary Cash Flow and Free Cash Flow Calculation and Reconciliation 22
  22. 4Q 2018 Earnings Presentation – Cabot Oil & Gas Corp – slide 22
    Return on Capital Employed Calculation 23

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