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Barclay's 2014 CEO Energy Power Conference – Cabot Oil & Gas Corp

Cabot Oil & Gas Corp · Sep 3, 2014 · 22 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. Barclay's 2014 CEO Energy Power Conference – Cabot Oil & Gas Corp – slide 1
    INVESTOR PRESENTATION Barclays 2014 CEO Energy-Power Conference September 2-3, 2014
  2. Barclay's 2014 CEO Energy Power 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 Extensive Inventory of of inventory at current drilling levels Low-Risk, High-Return Peer-leading rates of return and EUR per…
  3. Barclay's 2014 CEO Energy Power Conference – Cabot Oil & Gas Corp – slide 3
    ASSET OVERVIEW 2013 Year-End Proved Reserves: 5.5 Tcfe 2013 Production: 413.6 Bcfe 2014E Production: 530 585 Bcfe 2014E Drilling Activity: 150 170 net wells Marcellus Shale 200,000 net acres Current Rig Count: 6 2014E Drilling…
  4. Barclay's 2014 CEO Energy Power Conference – Cabot Oil & Gas Corp – slide 4
    PROVEN TRACK RECORD OF PRODUCTION GROWTH 700 600 2015 500 Guidance: 20% - 30% 413.6 400 2014 Liquids Bcfe Guidance: 28% - 41% Gas 300 267.7 54.5% 187.5 200 130.6 42.8% 100 43.5% 0 2010 2011 2012 2013 2014E…
  5. Barclay's 2014 CEO Energy Power Conference – Cabot Oil & Gas Corp – slide 5
    AND RESERVE GROWTH 9.0 8.0 7.0 6.0 5.5 5.0 Liquids Tcfe Gas 4.0 3.8 41.9% 3.0 3.0 2.7 26.7% 12.3% 2.0 1.0 0.0 2010 2011 2012 2013 2014E 2015E 5
  6. Barclay's 2014 CEO Energy Power Conference – Cabot Oil & Gas Corp – slide 6
    INDUSTRY-LEADING CASH COST STRUCTURE Operating Transportation Taxes O/T Income Cash 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…
  7. Barclay's 2014 CEO Energy Power Conference – Cabot Oil & Gas Corp – slide 7
    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…
  8. Barclay's 2014 CEO Energy Power Conference – Cabot Oil & Gas Corp – slide 8
    RESULTING IN PEER LEADING GROWTH WITHOUT STRESSING THE BALANCE SHEET LTM Discretionary Cash Flow Growth (%) 31% 30% 29% 29% 27% 26% 19% 14% COG Peer A Peer B Peer C Peer D Peer E Peer F Peer G 45% LTM Production Growth (%)…
  9. Barclay's 2014 CEO Energy Power Conference – Cabot Oil & Gas Corp – slide 9
    WHILE PROVIDING TOP-TIER COMPANY WIDE RETURNS LTM Cash Return on Cash Invested1 15.4% 15.1% 14.8% 13.8% 13.6% 11.7% 10.9% 10.5% COG Peer A Peer B Peer C Peer D Peer E Peer F Peer G % Liquids2 4% 64% 0% 66% 46% 8% 52%…
  10. Barclay's 2014 CEO Energy Power Conference – Cabot Oil & Gas Corp – slide 10
    HIGHLY PRODUCTIVE, LOW CAPITAL INTENSITY MARCELLUS ASSETS 2H 2013 Cumulative Gross Production From Unconventional Horizontal Wells in Pennsylvania (Bcfe) 373 229 149 123 106 98 91 61 59 56 Peer A COG Peer B Peer C…
  11. Barclay's 2014 CEO Energy Power Conference – Cabot Oil & Gas Corp – slide 11
    CABOTS EUR PER FOOT AND F&D COSTS REMAIN BEST-IN- CLASS IN THE MARCELLUS AND UTICA 4.0 1.20 3.5 EUR per 1,000 ft. of lateral (Bcfe) Implied F&D Cost (/Mcfe) 1.00 3.0 2.5 0.80 2.0 1.5 0.60 1.0 0.5 0.40…
  12. Barclay's 2014 CEO Energy Power Conference – Cabot Oil & Gas Corp – slide 12
    CONTINUED IMPROVEMENT IN MARCELLUS RESULTS DRIVEN BY COMPLETION ENHANCEMENTS Proppant Per Foot (Lbs.) 1,900 2009 2010 2011 2012 2013 EUR Per 1,000 Feet of Lateral (Bcf) 3.6 2009 2010 2011 2012 2013 COG has realized a…
  13. Barclay's 2014 CEO Energy Power Conference – Cabot Oil & Gas Corp – slide 13
    CABOTS MARCELLUS ECONOMICS Typical Marcellus 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 Marcellus Well…
  14. Barclay's 2014 CEO Energy Power Conference – Cabot Oil & Gas Corp – slide 14
    EAGLE FORD PERFORMANCE IMPROVEMENTS Lateral Length (Ft.) Proppant Per Lateral Foot (Lbs.) 6,872 1,831 5,813 1,546 2013 2014 YTD 2013 2014 YTD Cumulative Oil Production Per Lateral Foot (Bo/Ft.) 7.7 5.8 5.8 4.0 3.4 2013…
  15. Barclay's 2014 CEO Energy Power Conference – Cabot Oil & Gas Corp – slide 15
    CABOTS EAGLE FORD ECONOMICS Typical Eagle Ford Well IRR Sensitivity 90% 80% 86% BTAX %IRR 70% 60% 66% 50% 48% 40% 80.00 90.00 100.00 WTI Oil Price (/Bbl) Typical Eagle Ford Well Parameters EUR: 500 MBoe Number of…
  16. Barclay's 2014 CEO Energy Power Conference – Cabot Oil & Gas Corp – slide 16
    ONGOING INITIATIVES TO ENHANCE SHAREHOLDER VALUE North Region South Region 500 Marcellus downspacing 300 Eagle Ford downspacing pilots pilots 150 Marcellus frac stage 200 Eagle Ford frac stage spacing pilots spacing pilots Wood…
  17. Barclay's 2014 CEO Energy Power Conference – Cabot Oil & Gas Corp – slide 17
    Pricing 17
  18. Barclay's 2014 CEO Energy Power Conference – Cabot Oil & Gas Corp – slide 18
    2H 2014 TOTAL COMPANY NATURAL GAS PRODUCTION EXPOSURE BY INDEX 1% NYMEX 2% 6% Leidy Line 9% 26% Average discount of 0.30 to NYMEX Millennium Tennessee Zone 4 - 300 Leg 18% Dominion Columbia 20% TETCO M3 18%…
  19. Barclay's 2014 CEO Energy Power Conference – Cabot Oil & Gas Corp – slide 19
    ILLUSTRATIVE 2H 2014 TOTAL COMPANY NATURAL GAS PRICE REALIZATIONS (INCLUDING THE IMPACT OF HEDGES) 3.75 NYMEX (Sept. - Dec.) 4.00 NYMEX (Sept. - Dec.) 4.25 NYMEX (Sept. - Dec.) 3.50 3.31 2H 2014 COG Total Company Natural Gas…
  20. Barclay's 2014 CEO Energy Power Conference – Cabot Oil & Gas Corp – slide 20
    DIVERSITY OF TAKEAWAY OPTIONS OUT OF THE MARCELLUS Canada VT NH Iroquois NY TGP 200 Line Boston Constitution MA Laser RI Millennium CT TGP 300 Line Hartford Susquehanna County Current Markets Springville Tennessee Gas…
  21. Barclay's 2014 CEO Energy Power Conference – Cabot Oil & Gas Corp – slide 21
    Current Focus 21
  22. Barclay's 2014 CEO Energy Power Conference – Cabot Oil & Gas Corp – slide 22
    CABOTS STRONG BALANCE SHEET AND FREE CASH FLOW OUTLOOK PROVIDE OPPORTUNITIES TO ACCELERATE VALUE Acceleration Eagle Ford Share of Organic Acceleration Repurchases Exploration Opportunities 22

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