March 1-2, 2020 see the light Fourth Quarter and Full-Year 2020 Results February 23, 2021 CABOT OIL & GAS CORPORATION CABOT OIL & GAS CORPORATION
Fourth Quarter and Full-Year 2020 Highlights Fourth Quarter 2020 Q4 Q4 FY FY 2020 2019 2020 2019 Adjusted net income (non-GAAP) of 104.7 million, or 0.26 per share Equivalent Production (Mmcfe/d) 2,375 2,457 2,344 2,371 Free cash…
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 2020 ROCE of 7.6% despite the lowest…
2021 Capital Program & Outlook Net Production (Mmcfe/d) For 2021, Cabots production guidance of 2,350 Mmcfe per day is based on a 2,371 2,344 2,350 capital program of 530 - 540 million, representing a 6% reduction in capital…
Capital Return to Shareholders (mm) Minimum annual capital return target of at least 50% of free cash flow comprised of a sustainable base dividend Dividends Share Repurchases and an annual supplemental dividend Current quarterly…
Free Cash Flow (mm) Delivered positive free cash flow for the fifth consecutive year in 2020, despite the lowest average NYMEX price since 1995 Anticipate a significant expansion of free cash flow in 2021, driven by higher price…
Return on Capital Employed (ROCE) Focused on generating financial returns that exceed our cost of capital through the natural gas price cycle 22.2% Generated 8% ROCE in 2020 despite the lowest natural gas price realizations in the…
Adjusted Earnings per Share Low cost structure allows for profitability through the natural gas price cycle 1.68 1.19 0.53 0.54 2017 2018 2019 2020 Realized Natural Gas Price (/Mcf)1 2.31 2.54 2.45 1.68 Note: See…
Net Debt / EBITDAX Target leverage ratio of 1.0x through the natural gas price cycle Anticipate a significant reduction in the leverage ratio in 2021, resulting from higher anticipated realized prices and lower absolute debt…
Unit Costs (/Mcfe) Industry-leading cost structure supports profitability and financial returns even in the trough of the natural gas price cycle All-In Operating Expenses (Including Non-Cash Expenses) 2.02 1.76 1.44 1.43…
Commitment to Sustainability Environmental Social Governance Majority voting Climate Change / GHG Emissions December 2020 36-month OSHA Total Net Production: 100% onshore U.S natural gas Annual director elections Recordable…
Appendix CABOT OIL & GAS CORPORATION 13
2021 Guidance 2021 Guidance 2021E Natural Gas Price Exposure By Index 2021E production guidance: 2,350 Mmcfe per day Index Q1 2021 FY 2021 NYMEX (Q1: less 0.50 / FY: less 0.45) 27% 25% Fixed Price (Q1: 2.85 / FY: 2.65) 19% 23% Q1…
Financial Position and Risk Management Profile Debt Maturity Schedule (mm) as of 12/31/2020 Senior Notes (mm) Weighted-Average Coupon Rate 600 7.00% Repaid 500 88mm in 6.00% Jan 2021 6.25% 575 5.00% 400 4.17% 4.00% 300 4.26%…
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