see the light Second Quarter 2020 Results July 30, 2020 CABOT OIL & GAS CORPORATION CABOT OIL & GAS CORPORATION
Second Quarter 2020 Highlights Q2 Q1 Q2 2020 2020 2019 Daily production of 2,229 Mmcfe per day, exceeding the high- Equivalent Production (Mmcfe/d) 2,229 2,363 2,349 end of the Companys guidance range Realized Gas Price (Incl.…
Cabot Oil & Gas Strategy Focus on Financial Returns Generate financial returns that exceed our cost of capital by focusing on disciplined capital investment and maintaining a low cost structure TTM Q2 2020 ROCE of 10.3% Demonstrate…
2020 Capital Program & Outlook Cabots 2020 maintenance capital program of 575 million is expected to deliver an average net production rate of 2,350 2,375 Mmcfe per day (flat production 2020 CAPITAL PROGRAM year-over-year) 575…
Free Cash Flow (mm) Generated positive free cash flow in 15 of the last 17 quarters Expect to deliver positive free cash flow for the fifth consecutive year in 2020, despite the lowest expected NYMEX prices since1995 563 Anticipate…
Return on Capital Employed (ROCE) Focused on generating financial returns that exceed our cost of capitalthrough the commodity price cycle 22.2% Targeting a 19% - 20% ROCE in 2021 assuming 2.75NYMEX 15.9% 7.3% (1.0%)…
Net Debt / EBITDAX Target leverage ratio of 1.0x through the commodity pricecycle Anticipate a significant reduction in our leverage ratio in 2021, resultingfrom higher anticipated realized prices and lower absolute debt levels…
Unit Costs (/Mcfe) Industry-leading cost structure supports profitability and financial returns evenin the trough of the commodity pricecycle All-In Operating Expenses (Including Non-CashExpenses) 2.17 2.02 1.76 1.44 2016…
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…
Resulting in the Expectation for a Significant Reduction in Natural Gas Supply, While Demand is Increasing Winter Withdrawal Season Summer Injection Period 120 100 80 60 40 20 0 2019 / 2020 / 2019 / 2020 /…
Appendix CABOT OIL & GAS CORPORATION 1 2
2020 Guidance 2020 Guidance Q3 2020E Natural Gas Price Exposure By Index 2020E production guidance: 2,350 - 2,375 Mmcfe per day Fixed Price (2.30) 30% NYMEX (less 0.48) 22% The midpoint of the production guidance range implies flat…
Financial Position and Risk Management Profile Debt Maturity Schedule (mm) as of 6/30/2020 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 Repaid…
2020 Hedge Summary Natural Gas (NYMEX) Swaps Total Volume (Mmbtu) Weighted-Average Price Duration (/Mmbtu) 36,900,000 2.25 July 2020 October 2020 Natural Gas (NYMEX) Collars Total Volume (Mmbtu) Weighted-Average…
Reconciliation of Net Income to Adjusted Net Incomeand Adjusted Earnings Per Share CABOT OIL & GAS CORPORATION 16
EBITDAX Calculation and Reconciliation CABOT OIL & GAS CORPORATION 17
Net Debt Reconciliation CABOT OIL & GAS CORPORATION 18
Discretionary Cash Flow and Free Cash Flow Calculation and Reconciliation CABOT OIL & GAS CORPORATION 19
Return on Capital Employed Calculation CABOT OIL & GAS CORPORATION 20
Finding and Development Costs Calculations CABOT OIL & GAS CORPORATION 21
We believe natural gas provides opportunity for a bright future, one filled with innovation and prosperity. CABOT OIL & GAS CORPORATION 2 2
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