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Tuohy Brothers 2019 Drill Fill and Chill Conference – Cabot Oil & Gas Corp

Cabot Oil & Gas Corp · Aug 8, 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. Tuohy Brothers 2019 Drill Fill and Chill Conference – Cabot Oil & Gas Corp – slide 1
    Tuohy Brothers 2019 Drill, Fill, & Chill Conference August 8, 2019
  2. Tuohy Brothers 2019 Drill Fill and Chill 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 Drilled and Completed: 90 Net…
  3. Tuohy Brothers 2019 Drill Fill and Chill Conference – Cabot Oil & Gas Corp – slide 3
    2020 Preliminary Capital Budget and Operating Plan 2020E Production Growth: 5% (7% - 8% per debt-adjusted share1) Preliminary 2020 Marcellus Stages Turned-In-Line (TIL) by Quarter 2020E Total Program Spending: 700 - 725 mm 75% of…
  4. Tuohy Brothers 2019 Drill Fill and Chill 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. Tuohy Brothers 2019 Drill Fill and Chill 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. Tuohy Brothers 2019 Drill Fill and Chill 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. Tuohy Brothers 2019 Drill Fill and Chill 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. Tuohy Brothers 2019 Drill Fill and Chill Conference – Cabot Oil & Gas Corp – slide 8
    Cabots 2019 Operating Plan is Expected to Deliver Continued Improvement in ROCE Return on Capital Employed (ROCE) 23.5% 22% - 24% 21% - 23% 20% - 22% 7% free 6% cash flow 5% free cash yield1,2 free cash flow yield1,2 8.5%…
  9. Tuohy Brothers 2019 Drill Fill and Chill Conference – Cabot Oil & Gas Corp – slide 9
    and a Significant Expansion of Free Cash Flow Free Cash Flow (mm) Pre-Hedge Free Cash Flow Impact of Hedges 600 - 625 (8.5% free 550 - 575 cash flow 500 - 525 (7.8% free yield1) cash flow (7.1% free yield1) cash flow 90 525 -…
  10. Tuohy Brothers 2019 Drill Fill and Chill 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 900 800 700 600 904 500 400 300 6% 7% free 5% 6% free 125 Year-to- cash flow 200 Commodity…
  11. Tuohy Brothers 2019 Drill Fill and Chill Conference – Cabot Oil & Gas Corp – slide 11
    Since 2017, Cabot Has Reduced its Shares Outstanding by Ten Percent Common Shares Outstanding (in millions) 463.7 445.5 418.4 7% free 6% cash flow7% free 5% 6% free free cash yield1,2 cash flow free cash cash flow yield…
  12. Tuohy Brothers 2019 Drill Fill and Chill 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. Tuohy Brothers 2019 Drill Fill and Chill 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. Tuohy Brothers 2019 Drill Fill and Chill 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. Tuohy Brothers 2019 Drill Fill and Chill Conference – Cabot Oil & Gas Corp – slide 15
    Cabots 2019 Program Delivers Peer-Leading Returns 2019E 2019E Return on ROCE Capital Employed (ROCE) 22% SMID-Cap Peer A Appalachia Large-Cap Peer B Permian Large-Cap Peer D Diversified SMID-Cap Peer E Diversified 15% 10% 10%…
  16. Tuohy Brothers 2019 Drill Fill and Chill 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 296% SMID-Cap Peer J Diversified Large-Cap Peer B Permian Peer F Large-Cap Diversified SMID-Cap Peer G Appalachia 49%…
  17. Tuohy Brothers 2019 Drill Fill and Chill Conference – Cabot Oil & Gas Corp – slide 17
    Between 2.60 and 2.80 NYMEX, Cabot Delivers Financial Metrics that Meet or Exceed the Broader Market 2019E Return on Capital Employed1 2018 2019E Earnings Per Share Growth1 22.0% 23.0% 54.0% 21.0% 18.7% 47.0% 40.0% 14.8% 14.2%…
  18. Tuohy Brothers 2019 Drill Fill and Chill Conference – Cabot Oil & Gas Corp – slide 18
    Appendix
  19. Tuohy Brothers 2019 Drill Fill and Chill Conference – Cabot Oil & Gas Corp – slide 19
    2019 and Preliminary 2020 Guidance 2019 Guidance Q3 2019E Natural Gas Price Exposure By Index Full-year 2019E daily production growth guidance: 16% - 18% NYMEX (less 0.30) 28% (24% - 26% per debt-adjusted share1) Fixed Price (2.80)…
  20. Tuohy Brothers 2019 Drill Fill and Chill Conference – Cabot Oil & Gas Corp – slide 20
    2019 Hedge Summary Swaps Basis Swaps Total Weighted-Average Weighted-Average Pricing Index Mmbtu (/Mmbtu) (/Mmbtu) Q3 2019 Transco Zone 6 NNY 2,760,000 0.41 Transco Zone 6 NNY 13,800,000 2.61 Leidy 13,800,000 7% (0.53) free 6%…
  21. Tuohy Brothers 2019 Drill Fill and Chill Conference – Cabot Oil & Gas Corp – slide 21
    Financial Position and Risk Management Profile Debt Maturity Schedule (mm) as of 6/30/2019 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. Tuohy Brothers 2019 Drill Fill and Chill Conference – Cabot Oil & Gas Corp – slide 22
    Reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings Per Share 7% free 6% cash flow 5% 6% free free cash yield1,2 free cash cash flow yield 1,2 flow flow5% free yield 1,2 yield1,2 cash flow yield1,2…
  23. Tuohy Brothers 2019 Drill Fill and Chill 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. Tuohy Brothers 2019 Drill Fill and Chill Conference – Cabot Oil & Gas Corp – slide 24
    Net Debt Reconciliation 6% 5% 6% free free cash free cash cash flow yield 1,2 flow flow5% free yield 1,2 yield1,2 cash flow yield1,2 25
  25. Tuohy Brothers 2019 Drill Fill and Chill Conference – Cabot Oil & Gas Corp – slide 25
    Discretionary Cash Flow and Free Cash Flow Calculation and Reconciliation 7% free 6% cash flow 5% 6% free free cash yield1,2 free cash cash flow yield 1,2 flow flow5% free yield 1,2 yield1,2 cash flow yield1,2 26
  26. Tuohy Brothers 2019 Drill Fill and Chill Conference – Cabot Oil & Gas Corp – slide 26
    Return on Capital Employed Calculation 6% 5% 6% free free cash free cash cash flow yield 1,2 flow flow5% free yield 1,2 yield1,2 cash flow yield1,2 27

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