HOUSTON, July 29, 2016 /PRNewswire/ -- Cabot Oil
& Gas Corporation (NYSE: COG) ("Cabot" or the "Company") today reported
financial and operating results for the second quarter of 2016.
"Cabot's 2016 operating plan
was designed to provide modest production growth while generating
positive free cash flow despite a lower commodity price
environment," said Dan O. Dinges,
Chairman, President and Chief Executive Officer. "Our second
quarter results delivered on this plan as the Company grew
equivalent production 10 percent relative to the second quarter of
last year while generating operating cash flow that exceeded our
capital expenditures, pipeline investments, and dividends." Dinges
added, "We anticipate significantly more positive free cash flow
generation in the second half of the year based on the current
commodity price outlook."
Second Quarter 2016 Financial Results
Equivalent production in the second quarter of 2016 was 151.8
billion cubic feet equivalent (Bcfe), consisting of 144.3 billion
cubic feet (Bcf) of natural gas, 1.1 million barrels (Mmbbls) of
crude oil and condensate, and 113,000 barrels (Bbls) of natural gas
liquids (NGLs). The Company estimates that unscheduled downtime
related to infrastructure maintenance negatively impacted natural
gas production for the quarter by approximately 3.3 Bcf, or 36
million cubic feet (Mmcf) per day. "While our daily equivalent
production for the quarter was in line with the mid-point of our
guidance, the Company would have surpassed the high-end of our
guidance range had we not experienced this unexpected downtime
during the quarter," stated Dinges.
Cash flow from operating activities in the second quarter of
2016 was $85.2 million, compared to
$171.2 million in the second quarter
of 2015. Discretionary cash flow in the second quarter of 2016 was
$97.6 million, compared to
$183.2 million in the second quarter
of 2015. Net loss in the second quarter of 2016 was $62.9 million, or $0.14 per share, compared to net loss of
$27.5 million, or $0.07 per share, in the second quarter of 2015.
Excluding the effect of selected items (detailed in the table
below), net loss in the second quarter of 2016 was $30.2 million, or $0.07 per share, compared to net income of
$14.6 million, or $0.03 per share, in the second quarter of 2015.
EBITDAX in the second quarter of 2016 was $127.3 million, compared to $203.9 million in the second quarter of 2015. See
the supplemental tables at the end of this press release for a
reconciliation of non-GAAP measures including discretionary cash
flow, net income (loss) excluding selected items, EBITDAX and net
debt to adjusted capitalization ratio.
Natural gas price realizations, including the impact of
derivatives, were $1.63 per thousand
cubic feet (Mcf) in the second quarter of 2016, down 24 percent
compared to the second quarter of 2015. Excluding the impact of
derivatives, natural gas price realizations for the quarter implied
a $0.40 discount to NYMEX settlement
prices compared to a $0.89 discount
to NYMEX settlement prices in the second quarter of 2015. Oil price
realizations, including the impact of derivatives, were
$40.30 per Bbl, down 28 percent
compared to the second quarter of 2015. NGL price realizations were
$12.43 per Bbl, down 29 percent
compared to the second quarter of 2015.
Operating expenses (including financing) decreased to
$2.22 per thousand cubic feet
equivalent (Mcfe) in the second quarter of 2016, a 12 percent
improvement compared to $2.52 per
Mcfe in the second quarter of 2015. Cash operating expenses
(excluding depreciation, depletion and amortization; stock-based
compensation; exploratory dry hole cost; and amortization of debt
issuance costs) decreased to $1.19
per Mcfe in the second quarter of 2016, a 12 percent improvement
compared to $1.35 per Mcfe in the
second quarter of 2015.
Cabot drilled seven net wells
and completed 11 net wells during the second quarter of 2016,
incurring a total of $70.9 million in
capital expenditures associated with activity during this
period.
Year-To-Date 2016 Financial Results
Equivalent production for the six-month period ended
June 30, 2016 was 312.1 Bcfe,
consisting of 297.4 Bcf of natural gas, 2.2 Mmbbls of crude oil and
condensate, and 205,000 Bbls of NGLs.
For the six-month period ended June 30,
2016, cash flow from operating activities was $147.2 million, compared to $438.6 million for the six-month period ended
June 30, 2015. Discretionary cash
flow was $168.8 million for the
six-month period ended June 30, 2016,
compared to $423.4 million for the
six-month period ended June 30, 2015.
For the six-month period ended June 30,
2016, net loss was $114.1
million, or $0.25 per share,
compared to net income of $12.7
million, or $0.03 per share,
for the six-month period ended June 30,
2015. Excluding the effect of selected items, net loss was
$85.6 million, or $0.19 per share, compared to net income of
$64.0 million, or $0.15 per share, for the six-month period ended
June 30, 2015. EBITDAX for the
six-month period ended June 30, 2016
was $228.3 million, compared to
$483.3 million for the six-month
period ended June 30, 2015.
Natural gas price realizations, including the impact of
derivatives, were $1.55 per Mcf for
the six-month period ended June 30,
2016, down 33 percent compared to the six-month period ended
June 30, 2015. Oil price
realizations, including the impact of derivatives, were
$34.06 per Bbl, down 32 percent
compared to the six-month period ended June
30, 2015. NGL price realizations were $10.09 per Bbl, down 29 percent compared to the
six-month period ended June 30,
2015.
Operating expenses (including financing) decreased to
$2.24 per Mcfe for the six-month
period ended June 30, 2016, a seven
percent improvement compared to $2.41
per Mcfe for the six-month period ended June
30, 2015. Cash operating expenses (excluding depreciation,
depletion and amortization; stock-based compensation; exploratory
dry hole cost; and amortization of debt issuance costs) decreased
to $1.18 per Mcfe for the six-month
period ended June 30, 2016, a nine
percent improvement compared to $1.30
per Mcfe in the six-month period ended June
30, 2015.
Cabot drilled 17 net wells and
completed 32 net wells during the six-month period ended
June 30, 2016, incurring a total of
$162.5 million in capital
expenditures associated with activity during this period.
Operational Highlights
Marcellus Shale
During the second quarter of 2016, the Company averaged 1,535
Mmcf per day of net Marcellus production (1,798 gross operated Mmcf
per day), an increase of 14 percent compared to the second quarter
of 2015. During the second quarter, the Company drilled seven net
wells, completed eight net wells and placed 12 net wells on
production including a four-well pad that was placed on production
10 days prior to the quarter-end and had minimal impact on second
quarter production as the wells were still cleaning up in line.
Cabot is currently operating
one rig and recently added a second completion crew in the
Marcellus Shale. "Based on continued efficiency gains, lower
service costs and our improved outlook for natural gas price
realizations, we are increasing our activity levels in our
high-return Marcellus asset beginning with the addition of a second
completion crew." Dinges added, "Cabot is the lowest cost producer in
Northeast Pennsylvania and
generates rates of return over 100 percent under current price
expectations so we plan to opportunistically increase our market
share during 2017 as we await the in-service of our new
infrastructure projects beginning in late-2017."
Eagle Ford Shale
Cabot's net production in the
Eagle Ford Shale during the second quarter of 2016 was 14,312
barrels of oil equivalent (Boe) per day, an increase of 10 percent
sequentially compared to the first quarter of 2016. Net oil
production during the quarter was 12,360 Bbls per day, an increase
of four percent sequentially compared to the first quarter of 2016.
During the second quarter, the Company did not drill any wells;
however, Cabot completed and
placed on production three net wells.
Cabot plans to drill two Eagle
Ford wells during the third quarter and will not complete or place
on production an additional Eagle Ford well until the fourth
quarter.
Financial Position and Liquidity
As of June 30, 2016, Cabot had total debt of $1.5 billion and cash on hand of $517.5 million. The Company's net debt to
adjusted capitalization ratio and net debt to trailing twelve
months EBITDAX ratio were 26.2 percent and 1.8x, respectively,
compared to 50.1 percent and 2.5x as of December 31, 2015.
Total commitments under the Company's revolving credit facility
remain unchanged at $1.8 billion,
with approximately $1.7 billion
currently available to the Company. The Company currently has no
debt outstanding under the credit facility, resulting in
approximately $2.2 billion of
liquidity.
Third Quarter and Full-Year 2016 Guidance
Cabot has provided third
quarter net production guidance of 1,575 to 1,600 Mmcf per day for
natural gas; 10,000 to 10,500 Bbls per day for crude oil and
condensate; and 1,200 to 1,250 Bbls per day for NGLs. The Company
expects its natural gas price realizations (before the impact of
derivatives) to average between $0.80 and
$0.90 below NYMEX settlement prices for the third quarter
based on the assumption of an average NYMEX settlement price of
approximately $2.80. "Despite a
widening of basis in the third quarter due to higher NYMEX prices,
our natural gas price realizations before the impact of derivatives
are forecasted to be over 25 percent higher than our second quarter
realizations based on the mid-point of our differential guidance,''
commented Dinges.
Cabot has increased its 2016
capital budget from $325 million to
$345 million to reflect the
incremental capital for the completion of an additional 15 to 20
net wells during the second half of the year, partially offset by
efficiency gains and cost savings realized throughout the year.
Since the production impact from these additional wells will not be
realized until early 2017, the Company's 2016 production growth
guidance range of two to seven percent remains unchanged. For
further disclosure on Cabot's
natural gas pricing exposure by index and updated unit cost
guidance for the third quarter, please see the current Guidance
slide in the Investor Relations section of the Company's
website.
Conference Call
A conference call is scheduled for Friday, July 29, 2016, at 9:30 a.m. Eastern Time to discuss second quarter
2016 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 derivative 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 website 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
June 30,
|
|
Six Months
Ended
June 30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
PRODUCTION
VOLUMES
|
|
|
|
|
|
|
|
Natural gas
(Bcf)
|
144.3
|
|
|
128.4
|
|
|
297.4
|
|
|
290.2
|
|
Crude oil and
condensate (Mbbl)
|
1,139.3
|
|
|
1,447.9
|
|
|
2,248.9
|
|
|
2,875.5
|
|
Natural gas liquids
(NGLs) (Mbbl)
|
112.9
|
|
|
164.2
|
|
|
205.0
|
|
|
330.1
|
|
Equivalent production
(Bcfe)
|
151.8
|
|
|
138.0
|
|
|
312.1
|
|
|
309.4
|
|
|
|
|
|
|
|
|
|
AVERAGE SALES
PRICE
|
|
|
|
|
|
|
|
Natural gas,
including hedges ($/Mcf)
|
$
|
1.63
|
|
|
$
|
2.15
|
|
|
$
|
1.55
|
|
|
$
|
2.32
|
|
Natural gas,
excluding hedges ($/Mcf)
|
$
|
1.55
|
|
|
$
|
1.75
|
|
|
$
|
1.52
|
|
|
$
|
2.02
|
|
Crude oil and
condensate, including hedges ($/Bbl)
|
$
|
40.30
|
|
|
$
|
56.10
|
|
|
$
|
34.06
|
|
|
$
|
50.00
|
|
Crude oil and
condensate, excluding hedges ($/Bbl)
|
$
|
40.51
|
|
|
$
|
56.10
|
|
|
$
|
34.16
|
|
|
$
|
50.00
|
|
NGL
($/Bbl)
|
$
|
12.43
|
|
|
$
|
17.44
|
|
|
$
|
10.09
|
|
|
$
|
14.23
|
|
|
|
|
|
|
|
|
|
AVERAGE UNIT COSTS
($/Mcfe)
|
|
|
|
|
|
|
|
Direct
operations
|
$
|
0.17
|
|
|
$
|
0.26
|
|
|
$
|
0.17
|
|
|
$
|
0.23
|
|
Transportation and
gathering
|
|
0.71
|
|
|
|
0.71
|
|
|
0.70
|
|
|
0.71
|
|
Taxes other than
income
|
|
0.06
|
|
|
|
0.08
|
|
|
0.05
|
|
|
0.07
|
|
Exploration
|
|
0.02
|
|
|
|
0.04
|
|
|
0.03
|
|
|
0.05
|
|
Depreciation,
depletion and amortization
|
|
0.97
|
|
|
|
1.10
|
|
|
0.99
|
|
|
1.06
|
|
General and
administrative (excluding stock-based compensation)
|
|
0.09
|
|
|
|
0.08
|
|
|
0.10
|
|
|
0.09
|
|
Stock-based
compensation
|
|
0.05
|
|
|
|
0.06
|
|
|
0.06
|
|
|
0.05
|
|
Interest
expense
|
|
0.14
|
|
|
|
0.18
|
|
|
0.15
|
|
|
0.15
|
|
|
$
|
2.22
|
|
|
$
|
2.52
|
|
|
$
|
2.24
|
|
|
$
|
2.41
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WELLS
DRILLED
|
|
|
|
|
|
|
|
Gross
|
7
|
|
|
44
|
|
|
17
|
|
|
87
|
|
Net
|
7
|
|
|
37
|
|
|
17
|
|
|
78
|
|
Gross success
rate
|
100%
|
|
|
100%
|
|
|
100%
|
|
|
100%
|
|
|
|
|
|
|
|
|
|
WELLS
COMPLETED
|
|
|
|
|
|
|
|
Gross
|
11
|
|
|
36
|
|
|
32
|
|
|
75
|
|
Net
|
11
|
|
|
33
|
|
|
32
|
|
|
72
|
|
CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
|
(In thousands, except
per share amounts)
|
|
|
Quarter Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
OPERATING
REVENUES
|
|
|
|
|
|
|
|
Natural
gas
|
$
|
223,232
|
|
|
$
|
224,806
|
|
|
$
|
450,811
|
|
|
$
|
584,997
|
|
Crude
oil and condensate
|
46,156
|
|
|
81,233
|
|
|
76,833
|
|
|
143,791
|
|
Gain
(loss) on derivative instruments
|
(27,184)
|
|
|
(6,819)
|
|
|
(8,190)
|
|
|
27,304
|
|
Brokered
natural gas
|
2,596
|
|
|
3,813
|
|
|
5,776
|
|
|
8,640
|
|
Other
|
2,016
|
|
|
3,264
|
|
|
3,527
|
|
|
6,330
|
|
|
246,816
|
|
|
306,297
|
|
|
528,757
|
|
|
771,062
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
Direct
operations
|
26,477
|
|
|
36,112
|
|
|
52,513
|
|
|
72,129
|
|
Transportation and
gathering
|
107,560
|
|
|
98,295
|
|
|
217,213
|
|
|
219,531
|
|
Brokered natural
gas
|
2,021
|
|
|
2,885
|
|
|
4,587
|
|
|
6,624
|
|
Taxes other than
income
|
8,973
|
|
|
11,611
|
|
|
14,967
|
|
|
22,891
|
|
Exploration
|
3,738
|
|
|
5,298
|
|
|
10,121
|
|
|
14,030
|
|
Depreciation,
depletion and amortization
|
147,533
|
|
|
152,513
|
|
|
309,420
|
|
|
328,009
|
|
General and
administrative (excluding stock-based compensation)
|
12,946
|
|
|
11,354
|
|
|
30,715
|
|
|
27,972
|
|
Stock-based
compensation(1)
|
7,301
|
|
|
8,624
|
|
|
17,906
|
|
|
14,535
|
|
|
316,549
|
|
|
326,692
|
|
|
657,442
|
|
|
705,721
|
|
Earnings (loss) on
equity method investments
|
(73)
|
|
|
1,512
|
|
|
1,935
|
|
|
2,933
|
|
Gain (loss) on sale
of assets
|
(878)
|
|
|
(79)
|
|
|
477
|
|
|
59
|
|
INCOME (LOSS) FROM
OPERATIONS
|
(70,684)
|
|
|
(18,962)
|
|
|
(126,273)
|
|
|
68,333
|
|
Loss on debt
extinguishment
|
4,709
|
|
|
—
|
|
|
4,709
|
|
|
—
|
|
Interest
expense
|
21,963
|
|
|
24,168
|
|
|
46,338
|
|
|
47,734
|
|
Income (loss) before
income taxes
|
(97,356)
|
|
|
(43,130)
|
|
|
(177,320)
|
|
|
20,599
|
|
Income tax expense
(benefit)
|
(34,446)
|
|
|
(15,622)
|
|
|
(63,216)
|
|
|
7,852
|
|
NET INCOME
(LOSS)
|
$
|
(62,910)
|
|
|
$
|
(27,508)
|
|
|
$
|
(114,104)
|
|
|
$
|
12,747
|
|
Earnings (loss) per
share - Basic
|
$
|
(0.14)
|
|
|
$
|
(0.07)
|
|
|
$
|
(0.25)
|
|
|
$
|
0.03
|
|
Weighted-average
common shares outstanding
|
465,068
|
|
|
413,713
|
|
|
448,455
|
|
|
413,530
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
June 30,
2016
|
|
December 31,
2015
|
ASSETS
|
|
|
|
Current
assets
|
$
|
659,238
|
|
|
$
|
144,786
|
|
Properties and
equipment, net (Successful efforts method)
|
4,762,680
|
|
|
4,976,879
|
|
Other
assets
|
148,552
|
|
|
131,373
|
|
|
$
|
5,570,470
|
|
|
$
|
5,253,038
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities
|
$
|
228,490
|
|
|
$
|
235,552
|
|
Long-term debt, net
(excluding current maturities)
|
1,519,849
|
|
|
1,996,139
|
|
Deferred income
taxes
|
745,085
|
|
|
807,236
|
|
Other
liabilities
|
199,447
|
|
|
204,923
|
|
Stockholders'
equity
|
2,877,599
|
|
|
2,009,188
|
|
|
$
|
5,570,470
|
|
|
$
|
5,253,038
|
|
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
|
(In
thousands)
|
|
|
Quarter Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
(62,910)
|
|
|
$
|
(27,508)
|
|
|
$
|
(114,104)
|
|
|
$
|
12,747
|
|
Deferred income tax
expense (benefit)
|
(35,322)
|
|
|
(7,921)
|
|
|
(64,294)
|
|
|
7,160
|
|
(Gain) loss on sale
of assets
|
878
|
|
|
79
|
|
|
(477)
|
|
|
(59)
|
|
Exploratory dry hole
cost
|
18
|
|
|
16
|
|
|
18
|
|
|
178
|
|
(Gain) loss on
derivative instruments
|
27,184
|
|
|
6,819
|
|
|
8,190
|
|
|
(27,304)
|
|
Net cash received
(paid) in settlement of derivative instruments
|
11,305
|
|
|
51,045
|
|
|
11,305
|
|
|
88,730
|
|
Income charges not
requiring cash
|
156,465
|
|
|
160,694
|
|
|
328,140
|
|
|
341,948
|
|
Changes in assets and
liabilities
|
(12,464)
|
|
|
(12,014)
|
|
|
(21,534)
|
|
|
15,191
|
|
Net cash provided
by operating activities
|
85,154
|
|
|
171,210
|
|
|
147,244
|
|
|
438,591
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
Capital
expenditures
|
(67,162)
|
|
|
(250,001)
|
|
|
(159,399)
|
|
|
(645,092)
|
|
Acquisitions
|
—
|
|
|
(16,149)
|
|
|
—
|
|
|
(16,300)
|
|
Proceeds from sale of
assets
|
—
|
|
|
(79)
|
|
|
49,828
|
|
|
3,002
|
|
Investment in equity
method investments
|
(6,519)
|
|
|
(5,036)
|
|
|
(18,171)
|
|
|
(10,114)
|
|
Net cash used in
investing activities
|
(73,681)
|
|
|
(271,265)
|
|
|
(127,742)
|
|
|
(668,504)
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
Net increase
(decrease) in debt
|
(64,000)
|
|
|
118,000
|
|
|
(477,000)
|
|
|
243,000
|
|
Sale of common stock,
net
|
1
|
|
|
—
|
|
|
995,279
|
|
|
—
|
|
Dividends
paid
|
(9,300)
|
|
|
(8,274)
|
|
|
(17,582)
|
|
|
(16,537)
|
|
Stock-based
compensation tax benefit
|
—
|
|
|
2,049
|
|
|
—
|
|
|
5,486
|
|
Capitalized debt
issuance costs
|
—
|
|
|
(7,838)
|
|
|
(3,223)
|
|
|
(7,838)
|
|
Other
|
—
|
|
|
(2,599)
|
|
|
—
|
|
|
79
|
|
Net cash provided by
(used in) financing activities
|
(73,299)
|
|
|
101,338
|
|
|
497,474
|
|
|
224,190
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
$
|
(61,826)
|
|
|
$
|
1,283
|
|
|
$
|
516,976
|
|
|
$
|
(5,723)
|
|
Selected Item
Review and Reconciliation of Net Income and Earnings Per
Share
|
(In thousands, except
per share amounts)
|
|
|
Quarter Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
As reported - net
income (loss)
|
$
|
(62,910)
|
|
|
$
|
(27,508)
|
|
|
$
|
(114,104)
|
|
|
$
|
12,747
|
|
Reversal of selected
items:
|
|
|
|
|
|
|
|
(Gain) loss on sale
of assets
|
878
|
|
|
79
|
|
|
(477)
|
|
|
(59)
|
|
(Gain) loss on
derivative instruments (1)
|
38,489
|
|
|
57,864
|
|
|
19,495
|
|
|
61,426
|
|
Loss on debt
extinguishment
|
4,709
|
|
|
—
|
|
|
4,709
|
|
|
—
|
|
Drilling rig
termination fees
|
—
|
|
|
69
|
|
|
3,188
|
|
|
5,153
|
|
Stock-based
compensation expense
|
7,301
|
|
|
8,624
|
|
|
17,906
|
|
|
14,535
|
|
Tax effect on
selected items
|
|
(18,647)
|
|
|
(24,553)
|
|
|
|
(16,268)
|
|
|
|
(29,836)
|
|
Net income (loss)
excluding selected items
|
$
|
(30,180)
|
|
|
$
|
14,575
|
|
|
$
|
(85,551)
|
|
|
$
|
63,966
|
|
As reported -
earnings (loss) per share
|
$
|
(0.14)
|
|
|
$
|
(0.07)
|
|
|
$
|
(0.25)
|
|
|
$
|
0.03
|
|
Per share impact of
reversing selected items
|
0.07
|
|
|
0.10
|
|
|
0.06
|
|
|
0.12
|
|
Earnings
(loss) per share including reversal of selected
items
|
$
|
(0.07)
|
|
|
$
|
0.03
|
|
|
$
|
(0.19)
|
|
|
$
|
0.15
|
|
Weighted average
common shares outstanding
|
465,068
|
|
|
413,713
|
|
|
448,455
|
|
|
413,530
|
|
|
|
|
|
|
|
|
|
(1)
|
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
June 30,
|
|
Six Months
Ended
June 30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
As reported - net
income (loss)
|
$
|
(62,910)
|
|
|
$
|
(27,508)
|
|
|
$
|
(114,104)
|
|
|
$
|
12,747
|
|
Plus
(less):
|
|
|
|
|
|
|
|
Deferred income tax
expense (benefit)
|
(35,322)
|
|
|
(7,921)
|
|
|
(64,294)
|
|
|
7,160
|
|
(Gain) loss on sale
of assets
|
878
|
|
|
79
|
|
|
(477)
|
|
|
(59)
|
|
Exploratory dry hole
cost
|
18
|
|
|
16
|
|
|
18
|
|
|
178
|
|
(Gain) loss on
derivative instruments
|
27,184
|
|
|
6,819
|
|
|
8,190
|
|
|
(27,304)
|
|
Net cash received
(paid) in settlement of derivative instruments
|
11,305
|
|
|
51,045
|
|
|
11,305
|
|
|
88,730
|
|
Income charges not
requiring cash
|
156,465
|
|
|
160,694
|
|
|
328,140
|
|
|
341,948
|
|
Discretionary cash
flow
|
97,618
|
|
|
183,224
|
|
|
168,778
|
|
|
423,400
|
|
Changes in assets and
liabilities
|
(12,464)
|
|
|
(12,014)
|
|
|
(21,534)
|
|
|
15,191
|
|
Net cash provided by
operations
|
$
|
85,154
|
|
|
$
|
171,210
|
|
|
$
|
147,244
|
|
|
$
|
438,591
|
|
EBITDAX
Calculation and Reconciliation
|
(In
thousands)
|
|
|
Quarter Ended
June 30,
|
|
Six Months
Ended
June 30,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
As reported - net
income (loss)
|
$
|
(62,910)
|
|
|
$
|
(27,508)
|
|
|
$
|
(114,104)
|
|
|
$
|
12,747
|
|
Plus
(less):
|
|
|
|
|
|
|
|
Loss on debt
extinguishment
|
4,709
|
|
|
—
|
|
|
4,709
|
|
|
—
|
|
Interest
expense
|
21,963
|
|
|
24,168
|
|
|
46,338
|
|
|
47,734
|
|
Income tax expense
(benefit)
|
(34,446)
|
|
|
(15,622)
|
|
|
(63,216)
|
|
|
7,852
|
|
Depreciation,
depletion and amortization
|
147,533
|
|
|
152,513
|
|
|
309,420
|
|
|
328,009
|
|
Exploration
|
3,738
|
|
|
5,298
|
|
|
10,121
|
|
|
14,030
|
|
(Gain) loss on sale
of assets
|
878
|
|
|
79
|
|
|
(477)
|
|
|
(59)
|
|
Non-cash (gain) loss
on derivative instruments
|
38,489
|
|
|
57,864
|
|
|
19,495
|
|
|
61,426
|
|
(Earnings) loss on
equity method investments
|
73
|
|
|
(1,512)
|
|
|
(1,935)
|
|
|
(2,933)
|
|
Stock-based
compensation
|
7,301
|
|
|
8,624
|
|
|
17,906
|
|
|
14,535
|
|
EBITDAX
|
$
|
127,328
|
|
|
$
|
203,904
|
|
|
$
|
228,257
|
|
|
$
|
483,341
|
|
Net Debt
Reconciliation
|
(In
thousands)
|
|
|
June 30,
2016
|
|
December 31,
2015
|
Current portion of
long-term debt
|
$
|
20,000
|
|
|
$
|
20,000
|
|
Long-term debt,
net
|
1,519,849
|
|
|
1,996,139
|
|
Total debt
|
$
|
1,539,849
|
|
|
$
|
2,016,139
|
|
Stockholders'
equity
|
2,877,599
|
|
|
2,009,188
|
|
Total
capitalization
|
$
|
4,417,448
|
|
|
$
|
4,025,327
|
|
|
|
|
|
Total debt
|
$
|
1,539,849
|
|
|
$
|
2,016,139
|
|
Less: Cash and cash
equivalents
|
(517,490)
|
|
|
(514)
|
|
Net debt
|
$
|
1,022,359
|
|
|
$
|
2,015,625
|
|
|
|
|
|
Net debt
|
$
|
1,022,359
|
|
|
$
|
2,015,625
|
|
Stockholders'
equity
|
2,877,599
|
|
|
2,009,188
|
|
Total adjusted
capitalization
|
$
|
3,899,958
|
|
|
$
|
4,024,813
|
|
|
|
|
|
Total debt to total
capitalization ratio
|
34.9%
|
|
|
50.1%
|
|
Less: Impact of cash
and cash equivalents
|
8.7%
|
|
|
—%
|
|
Net debt to adjusted
capitalization ratio
|
26.2%
|
|
|
50.1%
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cabot-oil--gas-corporation-announces-second-quarter-2016-financial-and-operating-results-300306080.html
SOURCE Cabot Oil & Gas Corporation