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JP Morgan Energy Conference – Cabot Oil & Gas Corp

Cabot Oil & Gas Corp · Jun 18, 2019 · 26 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. JP Morgan Energy Conference – Cabot Oil & Gas Corp – slide 1
    J.P. Morgan 2019 Energy Conference June 18, 2019
  2. JP Morgan Energy Conference – Cabot Oil & Gas Corp – slide 2
    First-Quarter 2019 Highlights Q1 Q4 Q1 Net income of 262.8 million (or 0.62 per share); adjusted net 2019 2018 2018 income (non-GAAP) of 307.8 million (or 0.73 per share) Equivalent Production (Mmcfe/d) 2,276 2,243 1,884 Net cash…
  3. JP Morgan Energy Conference – Cabot Oil & Gas Corp – slide 3
    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…
  4. JP Morgan Energy Conference – Cabot Oil & Gas Corp – slide 4
    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…
  5. JP Morgan Energy Conference – Cabot Oil & Gas Corp – slide 5
    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…
  6. JP Morgan Energy Conference – 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 7% free 2018 6% cash flow 5% free cash…
  7. JP Morgan Energy Conference – 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. JP Morgan Energy Conference – Cabot Oil & Gas Corp – slide 8
    Cabots 2019 Operating Plan is Expected to Deliver Continued Improvement in ROCE Return on Capital Employed (ROCE) 24% - 25% 22% - 23% 20.4% 20% - 21% 7% free 6% cash flow 5% free cash yield1,2 free cash flow yield1,2 8.3%…
  9. JP Morgan Energy Conference – Cabot Oil & Gas Corp – slide 9
    and a Significant Expansion of Free Cash Flow Free Cash Flow (mm) 700 - 750 600 - 650 500 - 550 7% free 6% cash flow 7% free 308 5% free cash 6% free yield1,2 cash flow 297 yield1,2 free cash flow yield1,2cash flow flow…
  10. JP Morgan Energy Conference – 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 Based on minimum 600 904 (Remaining share return of 50% repurchase of estimated 500…
  11. JP Morgan Energy Conference – Cabot Oil & Gas Corp – slide 11
    Since 2017, Cabot Has Reduced its Shares Outstanding by Nine Percent Common Shares Outstanding (in millions) 463.7 445.5 423.3 7% free 6% cash flow7% free 5% 6% free free cash yield1,2 cash flow free cash cash flow yield…
  12. JP Morgan Energy Conference – Cabot Oil & Gas Corp – slide 12
    Cabots Balance Sheet Provides Financial Flexibility Through the Commodity Price Cycle Net Debt to LTM EBITDAX Target Leverage Ratio: 2.5x 1.0x Through the Commodity Price Cycle 1.8x 7% free 1.4x 1.4x 6% cash flow7% free 1.2x…
  13. JP Morgan Energy Conference – Cabot Oil & Gas Corp – slide 13
    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) - (0.35)…
  14. JP Morgan Energy Conference – Cabot Oil & Gas Corp – slide 14
    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…
  15. JP Morgan Energy Conference – Cabot Oil & Gas Corp – slide 15
    Cabots 2019 Program Delivers Peer-Leading Returns 2019E 2019E Return on ROCE Capital Employed (ROCE) 23% SMID-Cap Diversified Large-Cap Diversified SMID-Cap Appalachia Peer A Peer C Large-Cap Permian Peer D Peer F 11% 11% 9%…
  16. JP Morgan Energy Conference – Cabot Oil & Gas Corp – slide 16
    in addition to Top-Tier Earnings Per Share Growth and Free Cash Flow Yield 2018 2019E Earnings Per Share Growth 312% SMID-Cap Peer K Diversified Large-Cap Peer G Diversified Peer C Large-Cap Permian SMID-Cap Peer A Appalachia 64%…
  17. JP Morgan Energy Conference – Cabot Oil & Gas Corp – slide 17
    Between 2.50 and 3.00 NYMEX, Cabot Delivers Financial Metrics that Meet or Exceed the Broader Market 2019E Return on Capital Employed1 2018 2019E Earnings Per Share Growth1 24.5% 22.5% 70.0% 20.5% 18.9% 16.3% 50.0% 14.8% 13.6%…
  18. JP Morgan Energy Conference – Cabot Oil & Gas Corp – slide 18
    Appendix
  19. JP Morgan Energy Conference – Cabot Oil & Gas Corp – slide 19
    2019 Guidance 2019 Guidance Q2 2019E Natural Gas Price Exposure By Index NYMEX (less 0.30) 27% Full-year 2019E daily production growth guidance: 20% (27% per debt-adjusted share1) Fixed Price (2.90) 19% Transco Z6 NNY (less 0.65)…
  20. JP Morgan Energy Conference – Cabot Oil & Gas Corp – slide 20
    2019 Hedge Summary Total Swaps Basis Swaps Pricing Index Mmbtu Weighted-Average Weighted-Average Q2 2019 Transco Zone 6 NNY 2,730,000 0.41 Transco Zone 6 NNY 13,650,000 2.61 Leidy 13,650,000 (0.53) LDS NYMEX 31,850,000 2.85 LDS…
  21. JP Morgan Energy Conference – Cabot Oil & Gas Corp – slide 21
    Financial Position and Risk Management Profile Debt Maturity Schedule (mm) as of 3/31/2019 Senior Notes 600 500 400 300 575 200 312 100 188 87 62 0 7% free 2019 2020 2021 2022 2023 2024 2025 2026 6% cash flow7% free 5%…
  22. JP Morgan Energy Conference – Cabot Oil & Gas Corp – slide 22
    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…
  23. JP Morgan Energy Conference – Cabot Oil & Gas Corp – slide 23
    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 24
  24. JP Morgan Energy Conference – Cabot Oil & Gas Corp – slide 24
    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 25
  25. JP Morgan Energy Conference – Cabot Oil & Gas Corp – slide 25
    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…
  26. JP Morgan Energy Conference – Cabot Oil & Gas Corp – slide 26
    Return on Capital Employed Calculation 6% 7% free 5% 6% free free cash cash flow free cash cash flow yield 1,2 flow yield1,2 flow5% free yield 1,2 yield1,2 cash flow yield1,2 27

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