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Simmons Energy Conference – Cabot Oil & Gas Corp

Cabot Oil & Gas Corp · Feb 27, 2014 · 20 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. Simmons Energy Conference – Cabot Oil & Gas Corp – slide 1
    Investor Presentation Simmons Energy Conference February 27, 2014
  2. Simmons Energy Conference – Cabot Oil & Gas Corp – slide 2
    KEY INVESTMENT HIGHLIGHTS Over 3,000 locations in the sweet spot of the Marcellus Shale, implying 25+ years of inventory Extensive Inventory of at current drilling levels Low-Risk, High-Return Peer-leading rates of return and EUR per…
  3. Simmons Energy Conference – Cabot Oil & Gas Corp – slide 3
    2014 OBJECTIVES Continue to Provide Peer-Leading Production and Reserve Growth (on an Absolute and Debt-Adjusted Per Share Basis) Continue to Provide Peer-Leading Rates of Return by Maximizing Operating Efficiencies Further…
  4. Simmons Energy Conference – Cabot Oil & Gas Corp – slide 4
    ASSET OVERVIEW 2013 Year-End Proved Reserves: 5.5 Tcfe 2013 Production: 413.6 Bcfe 2014E Production: 519 598 Bcfe 2014E Drilling Activity: 150 170 net wells Marcellus Shale 200,000 net acres Current Rig Count: 6 2014E Drilling…
  5. Simmons Energy Conference – Cabot Oil & Gas Corp – slide 5
    PROVEN TRACK RECORD OF PRODUCTION GROWTH 600 519 - 598 550 500 450 413.6 400 2014 Bcfe 350 Guidance: 25% - 45% 300 267.7 (30% - 50% Liquids (Net) 250 proforma Gas (Net) 54.5% for 2013 200 187.5 asset sales) 130.6…
  6. Simmons Energy Conference – Cabot Oil & Gas Corp – slide 6
    AND RESERVE GROWTH 5.5 5.5 5.0 4.5 4.0 3.8 41.9% 3.5 3.0 3.0 2.7 26.7% Tcfe Liquids (Net) 2.5 12.3% Gas (Net) 2.0 1.5 1.0 0.5 0.0 2010 2011 2012 2013
  7. Simmons Energy Conference – Cabot Oil & Gas Corp – slide 7
    CAPITAL EFFICIENT MARCELLUS 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…
  8. Simmons Energy Conference – Cabot Oil & Gas Corp – slide 8
    INDUSTRY-LEADING COST STRUCTURE Operating Transportation Taxes O/T Income G&A Financing 2.50 2.12 2.00 1.76 1.67 1.50 Guidance Midpoint: / Mcfe 1.28 1.25 1.00 0.75 0.50 0.00 2010 2011 2012 2013 2014E…
  9. Simmons Energy Conference – Cabot Oil & Gas Corp – slide 9
    TRANSFORMATION TO A MARCELLUS AND EAGLE FORD FOCUSED STORY IN 2014 2014E Capital Program: 1.3 billion - 1.4 billion Other Exploration Production Land 3% 2% Equipment / 6% Other Eagle Ford 7% 25% Marcellus Drilling 73%…
  10. Simmons Energy Conference – Cabot Oil & Gas Corp – slide 10
    MARCELLUS SHALE
  11. Simmons Energy Conference – Cabot Oil & Gas Corp – slide 11
    CABOT MARCELLUS SUMMARY Rig Count: 6 Horizontal Wells Producing: 264 WOPL: 11 wells (321 Stages) Completing: 9 wells (211 Stages) WOC: 19 wells (496 Stages) Cumulative Production 9+ BCF 8-9 BCF 7-8 BCF 6-7 BCF 5-6…
  12. Simmons Energy Conference – Cabot Oil & Gas Corp – slide 12
    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) Cumulative Production From July to…
  13. Simmons Energy Conference – Cabot Oil & Gas Corp – slide 13
    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,…
  14. Simmons Energy Conference – Cabot Oil & Gas Corp – slide 14
    CABOTS MARCELLUS ECONOMICS Typical Well IRR Sensitivity 300% 250% 278% BTAX %IRR 200% 206% 150% 150% 100% 102% 50% 3.00 3.50 4.00 4.50 COGs expected 2014 Marcellus realized natural gas price Typical Well Parameters…
  15. Simmons Energy Conference – Cabot Oil & Gas Corp – slide 15
    NEW MARCELLUS MARKETING INITIATIVES Pacific Summit Energy (Cove Point) 350,000 MMBtu/d 20-year term effective 2H 2017 NYMEX-related pricing WGL (Central Penn Line) 500,000 MMBtu/d 15-year term effective 2H 2017 Market Area…
  16. Simmons Energy Conference – Cabot Oil & Gas Corp – slide 16
    COGS FIRM TRANSPORTATION AND FIRM SALES CONTRACTS Long-Term Firm Sales Available Firm Transportation Capacity Short-Term Sales on COG Firm Capacity Short-Term Firm Sales 2,000 1,800 1,600 1,400 Mmbtu/d 1,200 1,000 800 600…
  17. Simmons Energy Conference – Cabot Oil & Gas Corp – slide 17
    CABOTS INTERSTATE PIPELINE MARKET AREA Canada VT NH Iroquois NY TGP 200 Line Boston Constitution MA Laser RI Millennium CT TGP 300 Line Hartford Susquehanna County Springville Long Current Markets Island Tennessee…
  18. Simmons Energy Conference – Cabot Oil & Gas Corp – slide 18
    EAGLE FORD SHALE
  19. Simmons Energy Conference – Cabot Oil & Gas Corp – slide 19
    EAGLE FORD SHALE SUMMARY 62,000 net acres Pad A Current operated rig count: 2 Four-well pad Average IP rate of Operated wells producing: 62 885 Boe/d per well (90% oil) Operated wells currently drilling : 2 Average 30-day rate of…
  20. Simmons Energy Conference – Cabot Oil & Gas Corp – slide 20
    SIMPLE GROWTH STORY 3,000+ Locations in the Sweet Spot of the Marcellus Shale Implying 25+ Years of Inventory at Current Drilling Levels Current Marcellus Production From Only 8% of Our Identified Locations Peer-Leading Rates of…

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