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Howard Weil Energy Conference – Cabot Oil & Gas Corp

Cabot Oil & Gas Corp · Mar 25, 2014 · 18 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. Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 1
    INVESTOR PRESENTATION Howard Weil Conference March 24 25, 2014
  2. Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 2
    CURRENT THEMES Pricing Cost Structure / Rates of Return Strategic Plans 2
  3. Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 3
    Pricing 3
  4. Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 4
    ILLUSTRATIVE Q2 Q4 2014 TOTAL COMPANY NATURAL GAS PRICE REALIZATIONS (INCLUDING THE IMPACT OF HEDGES) 4.25 Strip 4.50 Strip 4.75 Strip 4.00 3.85 3.75 3.75 Q2 Q4 2014 COG Total Company Natural Gas Realizations 3.65 3.65 3.55…
  5. Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 5
    Q2 Q4 2014 TOTAL COMPANY NATURAL GAS PRODUCTION EXPOSURE BY INDEX NYMEX 4% 1% 4% Leidy Line 9% 26% Average discount of 0.10 to NYMEX Tennessee Zone 4 - 300 Leg Millennium 13% Dominion Columbia 23% 20% TETCO M3…
  6. Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 6
    TOTAL COMPANY FIRM TRANSPORTATION AND FIRM SALES CONTRACTS Long-Term Firm Sales Firm Transportation Capacity 2,000 Short-Term Sales on COG Firm Capacity Short-Term Firm Sales 1,800 1,600 1,400 1,200 Mmbtu/d 1,000 800 600…
  7. Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 7
    Highlights 7
  8. Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 8
    INDUSTRY-LEADING CASH COST STRUCTURE Operating Transportation Taxes O/T Income G&A Financing 2.50 2.12 2.00 1.76 1.67 1.50 Guidance 1.28 Midpoint: / Mcfe 1.25 1.00 0.75 0.50 0.00 2010 2011 2012 2013…
  9. Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 9
    CAPITAL EFFICIENT ASSETS CONTINUE TO RESULT IN SUPERIOR FINDING COSTS Total Company All-Sources F&D Marcellus-Only All-Sources F&D 1.25 1.21 1.05 1.00 0.87 0.75 / Mcfe 0.63 0.65 0.55 0.49 0.50 0.40 0.25…
  10. Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 10
    PROVEN TRACK RECORD OF PRODUCTION GROWTH 600 519 - 598 500 413.6 400 2014 Guidance: 25% - 45% Liquids (Net) Bcfe 300 267.7 (30% - 50% proforma Gas (Net) 54.5% for 2013 200 187.5 asset 42.8% sales) 130.6 100…
  11. Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 11
    AND RESERVE GROWTH 9.0 8.0 7.0 6.0 5.5 5.0 Liquids (Net) Tcfe 4.0 3.8 Gas (Net) 41.9% 3.0 3.0 2.7 26.7% 12.3% 2.0 1.0 0.0 2010 2011 2012 2013 2014E 2015E 11
  12. Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 12
    Marcellus 12
  13. Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 13
    COG HAD THE TOP 13 WELLS AND 17 OF THE TOP 20 WELLS IN PENNSYLVANIA DURING THE SECOND HALF OF 2013 Top 20 Pennsylvania Marcellus Wells (July to December 2013) 17 of the top 20 (July to December 2013) 15 of the top 20 (January to…
  14. Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 14
    CABOTS EUR PER FOOT REMAINS BEST-IN-CLASS IN THE MARCELLUS 4.0 EUR / 1,000 of Lateral (Bcfe) 3.5 3.0 2.5 2.0 1.5 1.0 Source: Company presentations; peers include Antero Resources, EQT Corporation, Noble Energy,…
  15. Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 15
    CABOTS MARCELLUS ECONOMICS Typical Well IRR Sensitivity 250% 200% 206% BTAX %IRR 150% 150% 100% 102% 50% 3.00 3.50 4.00 COGs expected 2014 Marcellus realized natural gas price Typical Well Parameters (Based on 2013…
  16. Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 16
    Eagle Ford 16
  17. Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 17
    EAGLE FORD SHALE SUMMARY 62,000 net acres Pad A Current operated rig count: 2 Four-well pad Average IP rate of 885 Operated wells producing: 62 Boe/d per well (90% oil) Operated wells currently drilling : 2 Average 30-day rate…
  18. Howard Weil Energy Conference – Cabot Oil & Gas Corp – slide 18
    STRONG BALANCE SHEET PROVIDES FLEXIBILITY FOR STRATEGIC OPPORTUNITIES Share Eagle Ford Repurchases Acceleration Liquids-Focused Opportunities 18

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