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Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp

Cabot Oil & Gas Corp · Mar 25, 2019 · 25 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 Energy Conference – Cabot Oil & Gas Corp – slide 1
    Scotia Howard Weil Energy Conference March 25 - 26, 2019
  2. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 2
    Cabot Oil & Gas Overview Marcellus Shale 2,900 Remaining Undrilled Locations1 Year-End 2018 Net Operated Producing Horizontal Wells: 647 2018 Wells Placed on Production: 84 Net Wells 2019E Wells Placed on Production: 80 - 85 Net…
  3. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 3
    Cabot Oil & Gas Strategy Disciplined capital allocation focused on: Delivering growth per debt-adjusted share Increasing return of capital to shareholders Generating positive free cash flow Maintaining a strong balance sheet…
  4. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 4
    Proven Track Record of Debt-Adjusted per Share Growth Daily Production Per Debt-Adjusted Share1 7% free 2012 2013 2014 2015 2016 6% 2017 2018 cash flow yield1,2 5% free cash Year-End Proved Reserves Per Debt-Adjusted free…
  5. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 5
    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 7% free 2018 6% cash flow 5% free cash…
  6. Scotia Howard Weil 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 DD&A Taxes O/T Income Total G&A Financing Exploration 3.69 3.03 2.56 2.37 2.17 2.02…
  7. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 7
    Cabots 2019 Operating Plan is Expected to Deliver Continued Improvement in ROCE Return on Capital Employed (ROCE) 24% - 26% 21% - 23% 19% - 21% 15.9% 7% free 6% cash flow 5% free cash yield1,2 free cash flow yield1,2 flow…
  8. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 8
    and a Significant Expansion of Free Cash Flow Free Cash Flow (mm) 700 - 750 600 - 650 475 - 525 7% free 6% cash flow7% free 5% 6% free free cash yield1,2 cash flow 297 yield1,2 free cash cash flow yield 1,2 flow flow5%…
  9. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 9
    Cabot is Committed to Returning Capital to Shareholders Total Return of Capital to Shareholders (mm) shareholder yield 9%2 1,000 Dividends Share Repurchases 900 800 700 904 600 (Remaining share repurchase 500 authorization…
  10. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 10
    Since 2017, Cabot Has Reduced its Shares Outstanding by Nine Percent Common Shares Outstanding (in millions) 463.7 445.5 423.4 7% free 6% cash flow7% free 5% 6% free free cash yield1,2 cash flow free cash cash flow yield…
  11. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 11
    Cabots Balance Sheet Provides Financial Flexibility Through the Commodity Price Cycles Net Debt to LTM EBITDAX Target Leverage Ratio: 2.5x 1.0x 1.5x 1.8x 7% free 1.4x 1.4x 6% cash flow7% free 1.2x 5% 6% free free cash…
  12. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 12
    Cabots Differentials Continue to Improve, Driven by New Infrastructure Projects and In-Basin Demand Growth Weighted-Average Differential to NYMEX Before Hedges (/Mcf) 2014 2015 2016 2017 2018 2019E 0.00 (0.25) (0.30) 7% free…
  13. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 13
    Cabots Recycle Ratio is Unrivaled Across Both Oil and Gas Peers 5.8x 2019E All-In Total Recycle Ratio After G&A and Interest Expense 3.9x 2.4x 2.4x 2.1x 2.0x 1.8x 1.7x 1.5x 1.5x 1.5x 1.4x 1.4x 1.3x 1.2x 1.2x 1.2x 1.1x 1.0x…
  14. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 14
    Cabots 2019 Program Delivers Peer-Leading Returns 2019E 2019E Return on ROCE Capital Employed (ROCE) 23% SMID-Cap Diversified Large-Cap Diversified Large-Cap Permian SMID-Cap Appalachia Peer A Peer C Peer D Peer F 10% 10% 9%…
  15. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 15
    in addition to Top-Tier Earnings Per Share Growth and Free Cash Flow Yield 2018 2019E Earnings Per Share Growth 217% SMID-Cap Peer J Diversified Large-Cap Peer G Diversified Peer D Large-Cap Permian SMID-Cap Peer N Appalachia 64%…
  16. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 16
    Between 2.50 and 3.00 NYMEX, Cabot Delivers Financial Metrics that Meet or Exceed the Broader Market Implied 2019 NYMEX Price Based on Current Futures: 2.991 2019E Return on Capital Employed2 2018 2019E Earnings Per Share Growth2…
  17. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 17
    Appendix
  18. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 18
    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…
  19. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 19
    2019 Hedge Summary Total Swaps Basis Swaps Pricing Index Mmbtu Weighted-Average Weighted-Average Q1 2019 Transco Zone 6 NNY 2,700,000 0.41 Transco Zone 6 NNY 11,700,000 7.38 Leidy 13,500,000 (0.53) LDS NYMEX 4,500,000 4.31 LDS…
  20. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 20
    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 7% free 2019 2020 2021 2022 2023 2024 2025…
  21. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 21
    Reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings Per Share 7% free 6% cash flow7% free 5% 6% free free cash yield1,2 cash flow free cash cash flow yield 1,2 flow yield1,2 flow5% free yield 1,2…
  22. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 22
    EBITDAX Calculation and Reconciliation 7% free 6% cash flow7% free 5% 6% free free cash yield1,2 cash flow free cash cash flow yield 1,2 flow yield1,2 flow5% free yield 1,2 yield1,2 cash flow yield1,2 23
  23. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 23
    Net Debt Reconciliation 7% free 6% cash flow7% free 5% 6% free free cash yield1,2 cash flow free cash cash flow yield 1,2 flow yield1,2 flow5% free yield 1,2 yield1,2 cash flow yield1,2 24
  24. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 24
    Discretionary Cash Flow and Free Cash Flow Calculation and Reconciliation 7% free 6% cash flow7% free 5% 6% free free cash yield1,2 cash flow free cash cash flow yield 1,2 flow yield1,2 flow5% free yield 1,2 yield1,2 cash…
  25. Scotia Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 25
    Return on Capital Employed Calculation 7% free 6% cash flow7% free 5% 6% free free cash yield1,2 cash flow free cash cash flow yield 1,2 flow yield1,2 flow5% free yield 1,2 yield1,2 cash flow yield1,2 26

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