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Q4 2019 and Full Year 2019 Results – Cabot Oil & Gas Corp

Cabot Oil & Gas Corp · Feb 20, 2020 · 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. Q4 2019 and Full Year 2019 Results – Cabot Oil & Gas Corp – slide 1
    Fourth Quarter and Full-Year 2019 Results February 20, 2020
  2. Q4 2019 and Full Year 2019 Results – Cabot Oil & Gas Corp – slide 2
    2019 Highlights Generated financial returns that exceeded our cost of capital by focusing on disciplined capital investment and maintaining a low cost structure Focus on Financial Returns Increased ROCE from 15.9% in 2018 to 22.2% in…
  3. Q4 2019 and Full Year 2019 Results – Cabot Oil & Gas Corp – slide 3
    Adjusted Earnings per Share 1.68 1.19 7% free 6% cash flow 0.53 5% free cash yield1,2 free cash flow yield1,2 flow yield1,2 2017 2018 2019 Realized Natural Gas 2.31 2.54 2.45 Price1 Note: See supplemental tables…
  4. Q4 2019 and Full Year 2019 Results – Cabot Oil & Gas Corp – slide 4
    Free Cash Flow (mm) 563 297 7% free 6% cash flow 5% yield1,2 155 free cash free cash flow yield1,2 flow yield1,2 2017 2018 2019 Realized Natural Gas 2.31 2.54 2.45 Price1 Note: See supplemental tables at the end…
  5. Q4 2019 and Full Year 2019 Results – Cabot Oil & Gas Corp – slide 5
    Return on Capital Employed (ROCE) 22.2% 15.9% 7% free 6% cash flow 7.3% 5% free cash yield1,2 free cash flow yield1,2 flow yield1,2 2017 2018 2019 Realized Natural Gas 2.31 2.54 2.45 Price1 Note: See supplemental…
  6. Q4 2019 and Full Year 2019 Results – Cabot Oil & Gas Corp – slide 6
    Net Debt / EBITDAX 1.0x 1.0x 0.7x 7% free 6% cash flow 5% free cash yield1,2 free cash flow yield1,2 flow yield1,2 2017 2018 2019 Realized Natural Gas 2.31 2.54 2.45 Price1 Note: See supplemental tables at the end…
  7. Q4 2019 and Full Year 2019 Results – Cabot Oil & Gas Corp – slide 7
    Unit Costs (/Mcfe) All-In Operating Expenses (Including Non-Cash Expenses) 2.02 1.76 1.44 7% free 2017 2018 6% 2019 cash flow 5% free cash yield1,2 Cash Operating Expenses1 free cash flow yield1,2 flow yield1,2 1.13…
  8. Q4 2019 and Full Year 2019 Results – Cabot Oil & Gas Corp – slide 8
    Drill-Bit Finding & Development Costs (/Mcfe) 0.53 0.39 0.37 7% free 6% cash flow 5% free cash yield1,2 free cash flow yield1,2 flow yield1,2 2017 2018 2019 Note: See supplemental tables at the end of the…
  9. Q4 2019 and Full Year 2019 Results – Cabot Oil & Gas Corp – slide 9
    Return of Capital to Shareholders (mm) Dividends Share Repurchases 873 7% free 6% cash flow 5% free cash 520 yield1,2 free cash flow yield1,2 flow yield1,2 124 111 146 79 2017 2018 2019 % of Free 131% 332% 118% Cash…
  10. Q4 2019 and Full Year 2019 Results – Cabot Oil & Gas Corp – slide 10
    Common Shares Outstanding (mm) 463.7 445.5 415.5 398.6 7% free 6% cash flow 5% free cash yield1,2 free cash flow yield1,2 flow yield1,2 2017 2018 2019 Current Weighted-Average Weighted-Average Weighted-Average (As of…
  11. Q4 2019 and Full Year 2019 Results – Cabot Oil & Gas Corp – slide 11
    Daily Production (Mmcfe/d) 2,371 2,014 1,878 7% free 6% cash flow 5% free cash yield1,2 free cash flow yield1,2 flow yield1,2 2017 2018 2019 12
  12. Q4 2019 and Full Year 2019 Results – Cabot Oil & Gas Corp – slide 12
    Proved Reserves (Tcfe) 12.9 11.6 9.7 7% free 6% cash flow 5% free cash yield1,2 free cash flow yield1,2 flow yield1,2 2017 2018 2019 % Proved 64% 64% 62% Developed 13
  13. Q4 2019 and Full Year 2019 Results – Cabot Oil & Gas Corp – slide 13
    2020 Capital Program & Outlook 2020 Capital Program: 575 million Cabots 2020 maintenance capital program of 575 million is expected to deliver an average net production rate of Drilling / Completions / Facilities 2,400 Mmcfe per day…
  14. Q4 2019 and Full Year 2019 Results – Cabot Oil & Gas Corp – slide 14
    Appendix
  15. Q4 2019 and Full Year 2019 Results – Cabot Oil & Gas Corp – slide 15
    2020 Guidance 2020 Guidance Q1 2020E Natural Gas Price Exposure By Index 2020E production guidance: 2,400 Mmcfe per day NYMEX (less 0.38) 31% Transco Z6 NNY (less 0.65) 17% Q1 2020E production guidance: 2,350 2,400 Mmcfe per day…
  16. Q4 2019 and Full Year 2019 Results – Cabot Oil & Gas Corp – slide 16
    Financial Position and Risk Management Profile Debt Maturity Schedule (mm) as of 12/31/2019 Senior Notes (mm) Weighted-Average Coupon Rate 600 7.00% 500 6.54% 6.00% 6.25% 575 5.00% 400 4.17% 4.00% 300 4.26% 3.67% 3.00% 200 312…
  17. Q4 2019 and Full Year 2019 Results – Cabot Oil & Gas Corp – slide 17
    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…
  18. Q4 2019 and Full Year 2019 Results – Cabot Oil & Gas Corp – slide 18
    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 19
  19. Q4 2019 and Full Year 2019 Results – Cabot Oil & Gas Corp – slide 19
    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 20
  20. Q4 2019 and Full Year 2019 Results – Cabot Oil & Gas Corp – slide 20
    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 21
  21. Q4 2019 and Full Year 2019 Results – Cabot Oil & Gas Corp – slide 21
    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 22
  22. Q4 2019 and Full Year 2019 Results – Cabot Oil & Gas Corp – slide 22
    Finding and Development Costs Calculations 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 23

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