HOUSTON, Oct. 23, 2015 /PRNewswire/ -- Cabot Oil
& Gas Corporation (NYSE: COG) today reported its financial and
operating results for the third quarter of 2015. "Even in the face
of persistent headwinds resulting from lower commodity prices,
Cabot continues to deliver positive operating results while
lowering our cost structure through an improvement in operating
efficiencies and a strict focus on capital discipline," said
Dan O. Dinges, Chairman, President
and Chief Executive Officer.
Third Quarter 2015 Financial Results
Equivalent production in the third quarter of 2015 was 142.1
billion cubic feet equivalent (Bcfe), consisting of 133.0 billion
cubic feet (Bcf) of natural gas and 1.5 million barrels (Mmbbls) of
liquids (crude oil/condensate/natural gas liquids). These figures
represent increases of 7 percent, 5 percent, and 57 percent,
respectively, compared to the third quarter of 2014.
Cash flow from operations in the third quarter of 2015 was
$146.4 million, compared to
$358.3 million in the third quarter
of 2014. Discretionary cash flow in the third quarter of 2015 was
$150.4 million, compared to
$296.0 million in the third quarter
of 2014. Net loss in the third quarter of 2015 was $15.5 million, or $0.04 per share, compared to net income of
$100.8 million, or $0.24 per share, in the third quarter of 2014.
Excluding the effect of selected items including a $17.6 million after-tax non-cash mark-to-market
loss on natural gas derivatives, net loss was $2.2 million, or $0.01 per share, in the third quarter of 2015,
compared to net income of $85.0
million, or $0.20 per share,
in the third quarter of 2014. EBITDAX in the third quarter of 2015
was $167.6 million, compared to
$325.9 million in the third quarter
of 2014. Significant reductions in realized prices for both natural
gas and oil were the primary drivers for the lower results in the
quarter, partially offset by higher equivalent production and lower
overall operating expenses. See the supplemental tables at the end
of this press release for a reconciliation of non-GAAP measures
including discretionary cash flow, net income excluding selected
items, EBITDAX and net debt to adjusted capitalization ratio.
Natural gas price realizations, including the effect of hedges,
were $2.02 per thousand cubic feet
(Mcf) in the third quarter of 2015, down 34 percent compared to the
third quarter of 2014. Excluding the impact of hedges, natural gas
price realizations for the quarter were $1.68 per Mcf, representing a $1.09 discount to NYMEX settlement prices. Oil
price realizations were $43.71 per
barrel (Bbl), down 54 percent compared to the third quarter of
2014.
Total per unit costs (including financing) decreased to
$2.35 per thousand cubic feet
equivalent (Mcfe) in the third quarter of 2015, an improvement of 7
percent from $2.53 per Mcfe in the
third quarter of 2014.
Cabot drilled or participated in a total of 27 net wells during
the third quarter of 2015 and incurred a total of $150.5 million in capital expenditures associated
with activity during the third quarter.
Year-To-Date 2015 Financial Results
Production during the nine-month period ended September 30, 2015 was 451.5 Bcfe, consisting of
423.2 Bcf of natural gas and 4.7 Mmbbls of liquids. These figures
represent increases of 19 percent, 16 percent, and 81 percent,
respectively, compared to the nine-month period ended September 30, 2014.
For the nine-month period ended September
30, 2015, cash flow from operations was $585.0 million, compared to $943.3 million for the nine-month period ended
September 30, 2014. Discretionary
cash flow was $573.8 million for the
nine-month period ended September 30,
2015, compared to $947.8
million for the nine-month period ended September 30, 2014. For the nine-month period
ended September 30, 2015, net loss
was $2.8 million, or $0.01 per share, compared to net income of
$326.2 million, or $0.78 per share, for the nine-month period ended
September 30, 2014. Excluding the
effect of selected items including a $57.0
million after-tax non-cash mark-to-market loss on natural
gas derivatives, net income was $62.5
million, or $0.15 per share,
compared to $310.0 million, or
$0.74 per share, for the nine-month
period ended September 30, 2014.
EBITDAX for the nine-month period ended September 30, 2015 was $651.0 million, compared to $1,045.7 million for the nine-month period ended
September 30, 2014.
Natural gas price realizations, including the effect of hedges,
were $2.23 per Mcf for the nine-month
period ended September 30, 2015, down
35 percent compared to the nine-month period ended September 30, 2014. Oil price realizations were
$48.00 per Bbl, down 51 percent
compared to the nine-month period ended September 30, 2014.
Total per unit costs (including financing) decreased to
$2.39 per Mcfe for the nine-month
period ended September 30, 2015, an
improvement of 8 percent from $2.59
per Mcfe for the nine-month period ended September 30, 2014.
Cabot drilled or participated in a total of 105 net wells during
the nine-month period ended September 30,
2015 and incurred a total of $676.9
million in capital expenditures associated with activity
during this period.
Financial Position and Liquidity
As of September 30, 2015, the
Company's net debt to adjusted capitalization ratio was 48.9
percent, compared to 44.7 percent at December 31, 2014 (detailed in the table below).
The Company's total debt was $2,037
million, of which $425 million
was outstanding under the Company's $1.8
billion revolving credit facility.
Fourth Quarter and Full-Year 2015 Guidance
The Company has provided fourth quarter net production guidance
of 1,475 to 1,600 million cubic feet (Mmcf) per day for natural
gas, as it continues to curtail a portion of its Marcellus
production, and 14,000 to 15,500 Bbls per day for liquids. The
Company expects its natural gas price realizations before the
impact of hedges to average between $0.90
and $1.00 below NYMEX settlement prices for the fourth
quarter.
Based on the fourth quarter production guidance, the Company has
adjusted its full-year 2015 equivalent production growth guidance
range to 12 to 14 percent. Additionally, Cabot is reducing its 2015
capital program guidance to $850
million. "The reduction in investment dollars for 2015 is a
result of continued improvements in operating efficiencies, further
reductions in service costs, and our decision to defer the
completion of a portion of our stages in both the Marcellus and
Eagle Ford," highlighted Dinges. "In addition, we plan to release a
rig in the Marcellus in early December, bringing the Marcellus rig
count down to two rigs by year-end." For further disclosure on
Cabot's natural gas pricing exposure by index and updated unit cost
guidance for the fourth quarter, please see the current Guidance
slide in the Investor Relations section of the Company's
website.
Preliminary 2016 Guidance
The Company has initiated its preliminary 2016 production growth
guidance range at 2 to 10 percent, for which the low-end takes into
account potential price-related production curtailments throughout
the year based on current market price expectations and the
high-end reflects an uncurtailed program predicated on an
improvement in price realizations. This production growth range is
based on a capital budget of $615
million. In addition, Cabot anticipates approximately
$150 million of contributions to its
equity method investments in the Constitution and Atlantic Sunrise
pipelines, the exact timing of which will be dependent on the
regulatory approval process and the corresponding impact on the
timing of construction activities. Drilling, completion and
facilities capital will account for approximately 93 percent of the
capital budget, with approximately 74 percent allocated to the
Marcellus Shale and 26 percent allocated to the Eagle Ford Shale.
The Company expects to drill approximately 60 net wells in 2016,
including 50 net wells in the Marcellus Shale and 10 net wells in
the Eagle Ford Shale. The Company anticipates completing
approximately 90 wells in 2016, including 65 net wells in the
Marcellus Shale and 25 net wells in the Eagle Ford Shale.
"As has been our primary focus for years, this market-responsive
plan is focused on improving our capital efficiency while
generating measured growth from a cash flow positive operating
program," stated Dinges. "Based on our budgeted price assumptions,
the only anticipated borrowing will relate to the funding of our
equity investments in the Constitution and Atlantic Sunrise
pipelines." Dinges added, "Additionally, our 2016 capital program
includes a sufficient amount of growth capital, which will allow
for an acceleration of production growth in 2017 assuming our new
takeaway projects are placed in-service in a timely manner."
Conference Call
A conference call is scheduled for Friday, October 23, 2015, at 9:30 a.m. Eastern Time to discuss third quarter
2015 financial and operating results. To access the live audio
webcast, please visit the Investor Relations section of the
Company's website at www.cabotog.com. A replay of the call
will also be available on the Company's website. The latest
financial guidance, including the Company's hedge positions, is
also available in the Investor Relations section of the Company's
website.
Cabot Oil & Gas Corporation, headquartered in Houston, Texas is a leading independent
natural gas producer, with its entire resource base located in the
continental United States. For
additional information, visit the Company's homepage at
www.cabotog.com.
The statements regarding future financial performance and
results and the other statements which are not historical facts
contained in this release are forward-looking statements that
involve risks and uncertainties, including, but not limited to,
market factors, the market price (including regional basis
differentials) of natural gas and oil, results of future drilling
and marketing activity, future production and costs, and other
factors detailed in the Company's Securities and Exchange
Commission filings.
FOR MORE INFORMATION CONTACT
Matt Kerin (281) 589-4642
OPERATING
DATA
|
|
|
Quarter Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
PRODUCED NATURAL
GAS (Bcf) & LIQUIDS (Mbbl)
|
|
|
|
|
|
|
|
Natural
Gas
|
|
|
|
|
|
|
|
Appalachia
|
130.6
|
|
|
123.4
|
|
|
415.6
|
|
|
354.6
|
|
Other
|
2.4
|
|
|
3.3
|
|
|
7.6
|
|
|
9.7
|
|
Total
|
133.0
|
|
|
126.7
|
|
|
423.2
|
|
|
364.3
|
|
|
|
|
|
|
|
|
|
Crude/Condensate/NGL
|
1,513
|
|
|
961
|
|
|
4,719
|
|
|
2,608
|
|
|
|
|
|
|
|
|
|
Equivalent Production
(Bcfe)
|
142.1
|
|
|
132.4
|
|
|
451.5
|
|
|
379.9
|
|
|
|
|
|
|
|
|
|
PRICES(1)
|
|
|
|
|
|
|
|
Average Produced Gas
Sales Price ($/Mcf)
|
|
|
|
|
|
|
|
Appalachia
|
$
|
2.00
|
|
|
$
|
3.04
|
|
|
$
|
2.22
|
|
|
$
|
3.39
|
|
Other
|
$
|
2.71
|
|
|
$
|
3.86
|
|
|
$
|
2.74
|
|
|
$
|
4.48
|
|
Total
|
$
|
2.02
|
|
|
$
|
3.06
|
|
|
$
|
2.23
|
|
|
$
|
3.41
|
|
|
|
|
|
|
|
|
|
Average
Crude/Condensate Price ($/Bbl)
|
$
|
43.71
|
|
|
$
|
94.79
|
|
|
$
|
48.00
|
|
|
$
|
97.05
|
|
|
|
|
|
|
|
|
|
WELLS
DRILLED
|
|
|
|
|
|
|
|
Gross
|
27
|
|
|
49
|
|
|
114
|
|
|
125
|
|
Net
|
27
|
|
|
46
|
|
|
105
|
|
|
108
|
|
Gross success
rate
|
100
|
%
|
|
98
|
%
|
|
100
|
%
|
|
99
|
%
|
|
(1)
These realized prices include the impact of derivative instrument
settlements.
|
|
Quarter Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Realized Impacts to
Gas Pricing
|
$
|
0.34
|
|
|
$
|
0.15
|
|
|
$
|
0.32
|
|
|
$
|
(0.24)
|
|
Realized Impacts to
Oil Pricing
|
$
|
—
|
|
|
$
|
(0.04)
|
|
|
$
|
—
|
|
|
$
|
(0.57)
|
|
CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
(In thousands, except
per share amounts)
|
|
|
Quarter Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
OPERATING
REVENUES
|
|
|
|
|
|
|
|
Natural
gas
|
$
|
222,963
|
|
|
$
|
347,970
|
|
|
$
|
807,960
|
|
|
$
|
1,218,540
|
|
Crude
oil and condensate
|
59,014
|
|
|
82,563
|
|
|
202,804
|
|
|
228,047
|
|
Gain
(loss) on derivative instruments
|
17,364
|
|
|
71,906
|
|
|
44,668
|
|
|
69,577
|
|
Brokered
natural gas
|
4,010
|
|
|
6,501
|
|
|
12,650
|
|
|
27,794
|
|
Other
|
1,945
|
|
|
3,077
|
|
|
8,277
|
|
|
11,049
|
|
|
305,296
|
|
|
512,017
|
|
|
1,076,359
|
|
|
1,555,007
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
Direct
operations
|
34,818
|
|
|
37,802
|
|
|
106,947
|
|
|
109,241
|
|
Transportation and gathering
|
102,121
|
|
|
85,966
|
|
|
321,652
|
|
|
247,707
|
|
Brokered
natural gas
|
3,020
|
|
|
5,680
|
|
|
9,643
|
|
|
24,570
|
|
Taxes
other than income
|
11,407
|
|
|
10,933
|
|
|
34,298
|
|
|
36,794
|
|
Exploration
|
4,930
|
|
|
8,812
|
|
|
18,960
|
|
|
19,963
|
|
Depreciation, depletion and amortization
|
144,326
|
|
|
154,013
|
|
|
472,335
|
|
|
458,995
|
|
General
and administrative (excluding stock-based compensation)
|
14,015
|
|
|
13,901
|
|
|
41,989
|
|
|
46,219
|
|
Stock-based compensation(1)
|
(2,913)
|
|
|
5,678
|
|
|
11,622
|
|
|
15,123
|
|
|
311,724
|
|
|
322,785
|
|
|
1,017,446
|
|
|
958,612
|
|
Earnings (loss) on
equity method investments
|
1,648
|
|
|
1,063
|
|
|
4,581
|
|
|
1,819
|
|
Gain (loss) on sale
of assets
|
3,756
|
|
|
46
|
|
|
3,814
|
|
|
(2,735)
|
|
INCOME (LOSS) FROM
OPERATIONS
|
(1,024)
|
|
|
190,341
|
|
|
67,308
|
|
|
595,479
|
|
Interest
expense
|
24,510
|
|
|
17,422
|
|
|
72,244
|
|
|
50,312
|
|
Income (loss) before
income taxes
|
(25,534)
|
|
|
172,919
|
|
|
(4,936)
|
|
|
545,167
|
|
Income tax (benefit)
expense
|
(10,020)
|
|
|
72,131
|
|
|
(2,169)
|
|
|
218,928
|
|
NET INCOME
(LOSS)
|
$
|
(15,514)
|
|
|
$
|
100,788
|
|
|
$
|
(2,767)
|
|
|
$
|
326,239
|
|
Earnings (loss)
per share - Basic
|
$
|
(0.04)
|
|
|
$
|
0.24
|
|
|
$
|
(0.01)
|
|
|
$
|
0.78
|
|
Weighted-average
common shares outstanding
|
413,846
|
|
|
416,173
|
|
|
413,636
|
|
|
416,785
|
|
|
(1)
Includes the impact of the Company's performance share awards,
restricted stock, stock appreciation rights and expense associated
with the Supplemental Employee Incentive Plan.
|
CONDENSED
CONSOLIDATED BALANCE SHEET (Unaudited)
(In
thousands)
|
|
|
September 30,
2015
|
|
December 31,
2014
|
ASSETS
|
|
|
|
Current
assets
|
$
|
215,421
|
|
|
$
|
413,447
|
|
Properties and
equipment, net (Successful efforts method)
|
5,141,404
|
|
|
4,925,711
|
|
Other
assets
|
127,847
|
|
|
98,558
|
|
Total
assets
|
$
|
5,484,672
|
|
|
$
|
5,437,716
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities
|
$
|
265,585
|
|
|
$
|
499,018
|
|
Long-term debt,
excluding current maturities
|
2,017,000
|
|
|
1,752,000
|
|
Deferred income
taxes
|
874,702
|
|
|
843,876
|
|
Other
liabilities
|
205,648
|
|
|
200,089
|
|
Stockholders'
equity
|
2,121,737
|
|
|
2,142,733
|
|
Total
liabilities and stockholders' equity
|
$
|
5,484,672
|
|
|
$
|
5,437,716
|
|
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
(In
thousands)
|
|
|
Quarter Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
(15,514)
|
|
|
$
|
100,788
|
|
|
$
|
(2,767)
|
|
|
$
|
326,239
|
|
Deferred income tax
expense
|
1,066
|
|
|
62,986
|
|
|
8,226
|
|
|
181,439
|
|
(Gain) loss on sale
of assets
|
(3,756)
|
|
|
(46)
|
|
|
(3,814)
|
|
|
2,735
|
|
Exploratory dry hole
cost
|
6
|
|
|
4,300
|
|
|
184
|
|
|
6,454
|
|
(Gain) loss on
derivative instruments
|
(17,364)
|
|
|
(71,906)
|
|
|
(44,668)
|
|
|
(69,577)
|
|
Net cash received
(paid) in settlement of derivative instruments
|
45,097
|
|
|
40,073
|
|
|
133,827
|
|
|
24,811
|
|
Income charges not
requiring cash
|
140,823
|
|
|
159,755
|
|
|
482,771
|
|
|
475,677
|
|
Changes in assets and
liabilities
|
(3,996)
|
|
|
62,352
|
|
|
11,195
|
|
|
(4,528)
|
|
Net cash
provided by operating activities
|
146,362
|
|
|
358,302
|
|
|
584,954
|
|
|
943,250
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
Capital
expenditures
|
(174,747)
|
|
|
(347,128)
|
|
|
(819,839)
|
|
|
(964,741)
|
|
Acquisitions
|
(12)
|
|
|
(15,826)
|
|
|
(16,312)
|
|
|
(15,826)
|
|
Proceeds from sale of
assets
|
4,378
|
|
|
4,668
|
|
|
7,380
|
|
|
3,913
|
|
Restricted
cash
|
—
|
|
|
—
|
|
|
—
|
|
|
28,094
|
|
Investment in equity
method investments
|
(10,684)
|
|
|
(6,554)
|
|
|
(20,798)
|
|
|
(28,784)
|
|
Net cash used
in investing activities
|
(181,065)
|
|
|
(364,840)
|
|
|
(849,569)
|
|
|
(977,344)
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
Net increase
(decrease) in debt
|
42,000
|
|
|
419,000
|
|
|
285,000
|
|
|
465,000
|
|
Treasury stock
repurchases
|
—
|
|
|
(119,767)
|
|
|
—
|
|
|
(119,767)
|
|
Dividends
paid
|
(8,275)
|
|
|
(8,339)
|
|
|
(24,812)
|
|
|
(25,018)
|
|
Stock-based
compensation tax benefit
|
(5,486)
|
|
|
(14,353)
|
|
|
—
|
|
|
6,001
|
|
Capitalized debt
issuance costs
|
—
|
|
|
(5,626)
|
|
|
(7,838)
|
|
|
(5,626)
|
|
Other
|
5
|
|
|
—
|
|
|
84
|
|
|
91
|
|
Net cash
provided by financing activities
|
28,244
|
|
|
270,915
|
|
|
252,434
|
|
|
320,681
|
|
|
|
|
|
|
|
|
|
Net (decrease)
increase in cash and cash equivalents
|
$
|
(6,459)
|
|
|
$
|
264,377
|
|
|
$
|
(12,181)
|
|
|
$
|
286,587
|
|
Selected Item
Review and Reconciliation of Net Income and Earnings Per
Share
(In thousands, except
per share amounts)
|
|
|
Quarter Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
As reported - net
income (loss)
|
$
|
(15,514)
|
|
|
$
|
100,788
|
|
|
$
|
(2,767)
|
|
|
$
|
326,239
|
|
Reversal of selected
items, net of tax:
|
|
|
|
|
|
|
|
(Gain) loss on sale
of assets
|
(2,379)
|
|
|
(28)
|
|
|
(2,437)
|
|
|
1,646
|
|
(Gain) loss on
derivative instruments (1)
|
17,563
|
|
|
(19,154)
|
|
|
56,975
|
|
|
(26,936)
|
|
Drilling rig
termination fees
|
—
|
|
|
—
|
|
|
3,256
|
|
|
—
|
|
Stock-based
compensation expense
|
(1,845)
|
|
|
3,416
|
|
|
7,427
|
|
|
9,100
|
|
Net income (loss)
excluding selected items
|
$
|
(2,175)
|
|
|
$
|
85,022
|
|
|
$
|
62,454
|
|
|
$
|
310,049
|
|
As reported -
earnings (loss) per share
|
$
|
(0.04)
|
|
|
$
|
0.24
|
|
|
$
|
(0.01)
|
|
|
$
|
0.78
|
|
Per share impact of
reversing selected items
|
0.03
|
|
|
(0.04)
|
|
|
0.16
|
|
|
(0.04)
|
|
Earnings per share
including reversal of selected items
|
$
|
(0.01)
|
|
|
$
|
0.20
|
|
|
$
|
0.15
|
|
|
$
|
0.74
|
|
Weighted average
common shares outstanding
|
413,846
|
|
|
416,173
|
|
|
413,636
|
|
|
416,785
|
|
|
(1) Effective April 1, 2014, the
Company elected to discontinue hedge accounting for its commodity
derivatives on a prospective basis. This amount represents the
non-cash mark-to-market changes of our commodity derivative
instruments recorded in gain (loss) on derivative instruments in
the Condensed Consolidated Statement of Operations.
|
Discretionary Cash
Flow Calculation and Reconciliation
(In
thousands)
|
|
|
Quarter Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Discretionary Cash
Flow
|
|
|
|
|
|
|
|
As reported - net
income (loss)
|
$
|
(15,514)
|
|
|
$
|
100,788
|
|
|
$
|
(2,767)
|
|
|
$
|
326,239
|
|
Plus
(less):
|
|
|
|
|
|
|
|
Deferred income tax expense
|
1,066
|
|
|
62,986
|
|
|
8,226
|
|
|
181,439
|
|
(Gain) loss on sale of assets
|
(3,756)
|
|
|
(46)
|
|
|
(3,814)
|
|
|
2,735
|
|
Exploratory dry hole cost
|
6
|
|
|
4,300
|
|
|
184
|
|
|
6,454
|
|
(Gain) loss on derivative instruments
|
(17,364)
|
|
|
(71,906)
|
|
|
(44,668)
|
|
|
(69,577)
|
|
Net cash received (paid) in settlement of derivative
instruments
|
45,097
|
|
|
40,073
|
|
|
133,827
|
|
|
24,811
|
|
Income charges not requiring cash
|
140,823
|
|
|
159,755
|
|
|
482,771
|
|
|
475,677
|
|
Discretionary Cash
Flow
|
150,358
|
|
|
295,950
|
|
|
573,759
|
|
|
947,778
|
|
Changes in assets and
liabilities
|
(3,996)
|
|
|
62,352
|
|
|
11,195
|
|
|
(4,528)
|
|
Net cash provided by
operating activities
|
$
|
146,362
|
|
|
$
|
358,302
|
|
|
$
|
584,954
|
|
|
$
|
943,250
|
|
|
|
|
|
EBITDAX
Calculation and Reconciliation
(in
thousands)
|
|
|
Quarter Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
As reported - net
income (loss)
|
$
|
(15,514)
|
|
|
$
|
100,788
|
|
|
$
|
(2,767)
|
|
|
$
|
326,239
|
|
Plus
(less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
24,510
|
|
|
17,422
|
|
|
72,244
|
|
|
50,312
|
|
Income tax
(benefit) expense
|
(10,020)
|
|
|
72,131
|
|
|
(2,169)
|
|
|
218,928
|
|
Depreciation,
depletion and amortization
|
144,326
|
|
|
154,013
|
|
|
472,335
|
|
|
458,995
|
|
Exploration
|
4,930
|
|
|
8,812
|
|
|
18,960
|
|
|
19,963
|
|
(Gain) loss on
sale of assets
|
(3,756)
|
|
|
(46)
|
|
|
(3,814)
|
|
|
2,735
|
|
Non-cash (gain)
loss on derivative instruments
|
27,733
|
|
|
(31,833)
|
|
|
89,159
|
|
|
(44,766)
|
|
Stock-based
compensation and other
|
(4,561)
|
|
|
4,615
|
|
|
7,041
|
|
|
13,304
|
|
EBITDAX
|
$
|
167,648
|
|
|
$
|
325,902
|
|
|
$
|
650,989
|
|
|
$
|
1,045,710
|
|
Net Debt
Reconciliation
(In
thousands)
|
|
|
September 30,
2015
|
|
December 31,
2014
|
Current portion of
long-term debt
|
$
|
20,000
|
|
|
$
|
—
|
|
Long-term
debt
|
2,017,000
|
|
|
1,752,000
|
|
Total debt
|
$
|
2,037,000
|
|
|
$
|
1,752,000
|
|
Stockholders'
equity
|
2,121,737
|
|
|
2,142,733
|
|
Total
Capitalization
|
$
|
4,158,737
|
|
|
$
|
3,894,733
|
|
|
|
|
|
Total debt
|
$
|
2,037,000
|
|
|
$
|
1,752,000
|
|
Less: Cash and cash
equivalents
|
(8,773)
|
|
|
(20,954)
|
|
Net
Debt
|
$
|
2,028,227
|
|
|
$
|
1,731,046
|
|
|
|
|
|
Net debt
|
$
|
2,028,227
|
|
|
$
|
1,731,046
|
|
Stockholders'
equity
|
2,121,737
|
|
|
2,142,733
|
|
Total Adjusted
Capitalization
|
$
|
4,149,964
|
|
|
$
|
3,873,779
|
|
|
|
|
|
Total debt to total
capitalization ratio
|
49.0
|
%
|
|
45.0
|
%
|
Less: Impact of cash
and cash equivalents
|
0.1
|
%
|
|
0.3
|
%
|
Net Debt to
Adjusted Capitalization Ratio
|
48.9
|
%
|
|
44.7
|
%
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cabot-oil--gas-corporation-announces-third-quarter-2015-financial-and-operating-results-300165217.html
SOURCE Cabot Oil & Gas Corporation