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1Q 2020 Earnings Results – Cabot Oil & Gas Corp

Cabot Oil & Gas Corp · Apr 30, 2020 · 17 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. 1Q 2020 Earnings Results – Cabot Oil & Gas Corp – slide 1
    First Quarter 2020 Results April 30, 2020
  2. 1Q 2020 Earnings Results – Cabot Oil & Gas Corp – slide 2
    First Quarter 2020 Highlights Q1 Q4 Q1 2020 2019 2019 Net income of 53.9 million (or 0.14 per share); Equivalent Production (Mmcfe/d) 2,363 2,457 2,276 adjusted net income (non-GAAP) of 54.0 million (or 0.14 per share) Realized…
  3. 1Q 2020 Earnings Results – Cabot Oil & Gas Corp – slide 3
    Cabot Oil & Gas Strategy Generate financial returns that exceed our cost of capital by focusing on disciplined capital investment and maintaining a low cost structure Focus on Financial Returns TTM Q1 2020 ROCE of 14.1% Low cost…
  4. 1Q 2020 Earnings Results – Cabot Oil & Gas Corp – slide 4
    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 2,350 - 2,375 Mmcfe…
  5. 1Q 2020 Earnings Results – Cabot Oil & Gas Corp – slide 5
    The Outlook for Natural Gas Markets Has Improved Significantly, Driven By Large Reductions in Operating Activity Across Both Gas-Focused and Liquids-Focused Basins Horizontal Rig Count Peak 2019 Rig Count Current Rig Count 70 450…
  6. 1Q 2020 Earnings Results – Cabot Oil & Gas Corp – slide 6
    Resulting in the Expectation for Material Declines in U.S. Dry Gas Production in 2020 and 2021 U.S. Dry Gas Production (Bcf/d) 96.0 Dec. 2019: 94.3 Bcf/d 94.0 92.0 90.0 Dec. 2018: 88.0 Bcf/d Dec. 2020E: 88.0 86.5 Bcf/d…
  7. 1Q 2020 Earnings Results – Cabot Oil & Gas Corp – slide 7
    and Higher Natural Gas Prices Due to a Healthier Natural Gas Supply and Demand Balance 2021 NYMEX Futures Daily Settlements (/Mmbtu) 2.80 Current: 2.75 2.70 2.60 2.50 2.40 2.30 2.20 Source: J.P. Morgan Commodities as…
  8. 1Q 2020 Earnings Results – Cabot Oil & Gas Corp – slide 8
    Appendix
  9. 1Q 2020 Earnings Results – Cabot Oil & Gas Corp – slide 9
    2020 Guidance 2020 Guidance Q2 2020E Natural Gas Price Exposure By Index 2020E production guidance: 2,350 - 2,375 Mmcfe per day NYMEX (less 0.43) 27% The midpoint of the production guidance range implies flat production levels year-…
  10. 1Q 2020 Earnings Results – Cabot Oil & Gas Corp – slide 10
    Financial Position and Risk Management Profile Debt Maturity Schedule (mm) as of 3/31/2020 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 2.00%…
  11. 1Q 2020 Earnings Results – Cabot Oil & Gas Corp – slide 11
    2020 Hedge Summary Natural Gas (NYMEX) Swaps Total Volume (Mmbtu) Weighted-Average Price Duration 21,400,000 2.27 April 2020 October 2020 18,400,000 2.10 May 2020 October 2020 Natural Gas (NYMEX) Collars Total Volume (Mmbtu)…
  12. 1Q 2020 Earnings Results – Cabot Oil & Gas Corp – slide 12
    Reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings Per Share 13
  13. 1Q 2020 Earnings Results – Cabot Oil & Gas Corp – slide 13
    EBITDAX Calculation and Reconciliation 14
  14. 1Q 2020 Earnings Results – Cabot Oil & Gas Corp – slide 14
    Net Debt Reconciliation 15
  15. 1Q 2020 Earnings Results – Cabot Oil & Gas Corp – slide 15
    Discretionary Cash Flow and Free Cash Flow Calculation and Reconciliation 16
  16. 1Q 2020 Earnings Results – Cabot Oil & Gas Corp – slide 16
    Return on Capital Employed Calculation 17
  17. 1Q 2020 Earnings Results – Cabot Oil & Gas Corp – slide 17
    Finding and Development Costs Calculations 18

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