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Credit Suisse 25th Annual Energy Summit – Cabot Oil & Gas Corp

Cabot Oil & Gas Corp · Mar 1, 2020 · 29 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. Credit Suisse 25th Annual Energy Summit – Cabot Oil & Gas Corp – slide 1
    Credit Suisse 25th Annual Energy Summit March 1-2, 2020
  2. Credit Suisse 25th Annual Energy Summit – 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. Credit Suisse 25th Annual Energy Summit – 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. Credit Suisse 25th Annual Energy Summit – 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. Credit Suisse 25th Annual Energy Summit – 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. Credit Suisse 25th Annual Energy Summit – 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. Credit Suisse 25th Annual Energy Summit – 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. Credit Suisse 25th Annual Energy Summit – 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. Credit Suisse 25th Annual Energy Summit – 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. Credit Suisse 25th Annual Energy Summit – 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. Credit Suisse 25th Annual Energy Summit – 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. Credit Suisse 25th Annual Energy Summit – 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. Credit Suisse 25th Annual Energy Summit – 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. Credit Suisse 25th Annual Energy Summit – Cabot Oil & Gas Corp – slide 14
    Natural Gas Rig Count Has Decreased Significantly Since Early 2019 U.S. Gas Rig Count (2019 Current) U.S. gas-directed rig count is down 46% 225 from recent peak levels in early 2019 200 Appalachia (Marcellus / Utica) and 175…
  15. Credit Suisse 25th Annual Energy Summit – Cabot Oil & Gas Corp – slide 15
    Could 2016 Be a Roadmap for the Natural Gas Markets in 2020 U.S. Gas Rig Count vs. U.S. Dry Gas Production U.S. gas-directed rig count decreased by 70% from peak 2015 levels to early Gas Rig Count U.S. Dry Gas Production (Bcf/d) 76…
  16. Credit Suisse 25th Annual Energy Summit – Cabot Oil & Gas Corp – slide 16
    Current Natural Gas Storage is Below 2016 Levels Weekly Lower 48 States Natural Gas Working Underground Storage (Tcf) 4.5 4.0 3.5 Current lower 48 working gas in underground storage is 2.2 Tcf, 15% 3.0 below storage levels for the…
  17. Credit Suisse 25th Annual Energy Summit – Cabot Oil & Gas Corp – slide 17
    While DUC Inventory is Much Lower and Productivity Has Plateaued Drilled but Uncompleted (DUC) Well Inventory Appalachia Haynesville 1,400 1,200 Combined DUC inventory across the 1,000 Appalachia and Haynesville regions is 800 43%…
  18. Credit Suisse 25th Annual Energy Summit – Cabot Oil & Gas Corp – slide 18
    Associated Gas Production is Expected to Be Flat in 2020 Associated Dry Gas Production (Bcf/d) Permian Oklahoma Eagle Ford Powder River / DJ Williston 35 Dec. 2019 Exit Dec. 2020E Exit Rate: 31.2 Bcf/d Rate: 31.3 Bcf/d Dec. 2018…
  19. Credit Suisse 25th Annual Energy Summit – Cabot Oil & Gas Corp – slide 19
    While U.S. Natural Gas Demand is Expected to Increase by 2.5 Bcf/d in 2020 U.S. Natural Gas Demand (Bcf/d) Electric Power Industrial Residential and Commercial Net Exports Other 100 90 80 70 60 50 40 30 20 10 0…
  20. Credit Suisse 25th Annual Energy Summit – Cabot Oil & Gas Corp – slide 20
    Commitment to Sustainability Environmental Social Governance No venting and flaring of methane 1.5 million pledged to end hunger in 25% of independent Northeastern Pennsylvania directors are female 100% of the water recovered…
  21. Credit Suisse 25th Annual Energy Summit – Cabot Oil & Gas Corp – slide 21
    Appendix
  22. Credit Suisse 25th Annual Energy Summit – Cabot Oil & Gas Corp – slide 22
    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…
  23. Credit Suisse 25th Annual Energy Summit – Cabot Oil & Gas Corp – slide 23
    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…
  24. Credit Suisse 25th Annual Energy Summit – Cabot Oil & Gas Corp – slide 24
    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…
  25. Credit Suisse 25th Annual Energy Summit – Cabot Oil & Gas Corp – slide 25
    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 26
  26. Credit Suisse 25th Annual Energy Summit – Cabot Oil & Gas Corp – slide 26
    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 27
  27. Credit Suisse 25th Annual Energy Summit – Cabot Oil & Gas Corp – slide 27
    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 28
  28. Credit Suisse 25th Annual Energy Summit – Cabot Oil & Gas Corp – slide 28
    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 29
  29. Credit Suisse 25th Annual Energy Summit – Cabot Oil & Gas Corp – slide 29
    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 30

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