HOUSTON, April 27, 2018 /PRNewswire/ -- Cabot Oil &
Gas Corporation (NYSE: COG) ("Cabot" or the "Company") today
reported financial and operating results for the first-quarter of
2018.
First-Quarter 2018 Highlights
- Daily equivalent production of 1,884 million cubic feet
equivalent (Mmcfe) per day, exceeding the high-end of the Company's
guidance range
- Net income of $117.2 million (or
$0.26 per share); adjusted net income
(non-GAAP) of $128.5 million (or
$0.28 per share)
- Net cash provided by operating activities of $272.8 million; discretionary cash flow
(non-GAAP) of $280.3 million
- Free cash flow (non-GAAP) of $88.6
million, marking the eighth consecutive quarter of positive
free cash flow
- Returned $234.8 million of
capital to shareholders through dividends and share
repurchases
- Improved operating expenses per unit by 21 percent relative to
the prior-year comparable quarter
- Completed the previously announced divestiture of the Company's
Eagle Ford Shale assets
See the supplemental tables at the end of this press release for
a reconciliation of non-GAAP measures including adjusted net income
(loss), EBITDAX, discretionary cash flow, free cash flow, and net
debt to adjusted capitalization ratio.
"Our free cash flow generation and return of capital to
shareholders during the quarter highlights Cabot's commitment to
executing on our differentiated corporate strategy," stated
Dan O. Dinges, Chairman, President
and Chief Executive Officer. "With the majority of construction
work already completed on our new infrastructure projects that are
slated to be placed in-service beginning in the second quarter, we
are excited about delivering on our combination of top-tier growth,
returns and free cash flow over the coming years."
First-Quarter 2018 Financial Results
First-quarter 2018 equivalent production was 169.6 billion cubic
feet equivalent (Bcfe), consisting of 164.6 billion cubic feet
(Bcf) of natural gas, 754.0 thousand barrels (Mbbls) of crude oil
and condensate, and 75.1 Mbbls of natural gas liquids (NGLs).
Production for all three product categories exceeded the high-end
of the Company's guidance for the quarter.
First-quarter 2018 net income was $117.2
million, or $0.26 per share,
compared to net income of $105.7
million, or $0.23 per share,
in the prior-year period. First-quarter 2018 adjusted net income
(non-GAAP) was $128.5 million, or
$0.28 per share, compared to adjusted
net income of $89.1 million, or
$0.19 per share, in the prior-year
period. First-quarter 2018 EBITDAX (non-GAAP) was $278.6 million, compared to $306.3 million in the prior-year period.
First-quarter 2018 net cash provided by operating activities was
$272.8 million, compared to
$269.4 million in the prior-year
period. First-quarter 2018 discretionary cash flow (non-GAAP) was
$280.3 million, compared to
$273.0 million in the prior-year
period. First-quarter 2018 free cash flow (non-GAAP) was
$88.6 million, compared to
$56.9 million in the prior-year
period.
First-quarter 2018 natural gas price realizations, including the
impact of derivatives, were $2.44 per
thousand cubic feet (Mcf), a decrease of eight percent compared to
the prior-year period. Excluding the impact of derivatives,
first-quarter 2018 natural gas price realizations were $2.50 per Mcf, representing a $0.50 discount to NYMEX settlement prices
compared to a $0.67 discount in the
prior-year comparable quarter. First-quarter 2018 oil price
realizations, including the impact of derivatives, were
$63.61 per barrel (Bbl), an increase
of 36 percent compared to the prior-year period. NGL price
realizations were $23.75 per Bbl, an
increase of 15 percent compared to the prior-year period.
First-quarter 2018 operating expenses (including financing)
decreased to $1.58 per thousand cubic
feet equivalent (Mcfe), a 21 percent improvement compared to the
prior-year period.
Cabot incurred a total of $167.3
million of capital expenditures in the first-quarter of 2018
including $158.2 million of drilling
and facilities capital; $7.4 million
of leasehold acquisition capital; and $1.7
million of other capital. Additionally, the Company
contributed $35.4 million to its
equity pipeline investments in the first-quarter of 2018. See the
supplemental table at the end of this press release reconciling the
capital expenditures during the first-quarter of 2018.
Marcellus Shale Operational Highlights
During the first-quarter of 2018, the Company averaged 1,822
million cubic feet (Mmcf) per day of net Marcellus production, an
increase of three percent sequentially compared to the
fourth-quarter of 2017 despite the Company not placing any wells on
production during the quarter. During the second-quarter of 2018,
the Company plans to place 20.0 net wells on production, of which
16.0 net wells have already been turned to sales. Cabot expects to
place an additional 60.0 net wells on production during the second
half of the year to allow for the anticipated increase in
production volumes associated with the in-service of new
infrastructure projects beginning in June.
Cabot is currently operating three rigs and two completion crews
in the Marcellus Shale.
Financial Position and Liquidity
As of March 31, 2018, Cabot had
total debt of $1.5 billion and cash
on hand of $964.9 million. The
Company's net debt to adjusted capitalization ratio and net debt to
trailing twelve months EBITDAX ratio were 18.8 percent and 0.5x,
respectively, compared to 29.2 percent and 1.0x as of December 31, 2017.
Effective April 18, 2018, Cabot's
borrowing base was unanimously reaffirmed by its 20 lenders at
$3.2 billion. Total commitments under
the Company's credit facility remain unchanged at $1.8 billion, with approximately $1.7 billion currently available to Cabot. The
Company currently has no debt outstanding under the credit
facility, resulting in approximately $2.6
billion of liquidity. Cabot's next annual borrowing base
redetermination is scheduled for April
2019.
Share Repurchase Program Update
During the first-quarter of 2018, Cabot repurchased 8.3 million
shares at a weighted-average share price of $24.85. Subsequent to the end of the
first-quarter, the Company repurchased an additional 1.6 million
shares at a weighted-average share price of $23.40 under a Rule 10b5-1 plan, resulting in
year-to-date repurchases of approximately 10.0 million shares at a
weighted-average share price of $24.61. The Company has 20.1 million shares
remaining under its current share repurchase program authorization.
"Since we reactivated our share repurchase program in the
second-quarter of 2017, Cabot has allocated approximately
$370 million of capital to
repurchasing approximately 15.0 million shares, further reinforcing
the Company's commitment to increasing our return of capital to
shareholders," commented Dinges.
Second-Quarter and Full-Year 2018 Guidance Update
Cabot has provided second-quarter 2018 net production guidance
of 1,850 to 1,900 Mmcfe per day. The Company has also reaffirmed
its total 2018 daily production growth guidance of 10 to 15 percent
(18 to 23 percent on a divestiture-adjusted basis) and its
full-year capital budget of $950
million.
As a result of the divestiture of Cabot's Eagle Ford Shale
assets in the first-quarter, the Company has updated its operating
expense guidance for the remaining nine months of 2018 to the
following:
• Direct
operations:
|
|
|
$0.08 - $0.10 per
Mcfe
|
• Transportation and
gathering:
|
|
|
$0.66 - $0.68 per
Mcfe
|
• Taxes other than
income:
|
|
|
$0.02 - $0.03 per
Mcfe
|
• Depreciation,
depletion and amortization:
|
|
|
$0.48 - $0.53 per
Mcfe
|
• Interest
expense:
|
|
|
$0.09 - $0.11 per
Mcfe
|
• Cash general and
administrative (ex. stock-based compensation):
|
|
|
$40 - $42
million
|
•
Exploration:
|
|
|
$30 - $32
million
|
"Our 2018 plan remains on track to deliver double-digit
corporate returns, double-digit growth in production per
debt-adjusted share, and over $180
million of positive free cash flow at current prices," noted
Dinges. "Additionally, we remain confident in our three-year plan
that can generate between $1.6 and
$2.5 billion of after-tax cumulative
free cash flow based on a range of NYMEX prices of $2.75 to $3.25 per
Mmbtu."
Conference Call Webcast
A conference call is scheduled for Friday, April 27, 2018, at 9:30 a.m. Eastern Time to discuss first quarter
2018 financial and operating results. To access the live audio
webcast, please visit the Investor Relations section of the
Company's website. A replay of the call will also be available on
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.
This press release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. The statements regarding future financial and operating
performance and results, strategic pursuits and goals, market
prices, future hedging and risk management activities, and other
statements that are not historical facts contained in this report
are forward-looking statements. The words "expect", "project",
"estimate", "believe", "anticipate", "intend", "budget", "plan",
"forecast", "outlook", "predict", "may", "should", "could", "will"
and similar expressions are also intended to identify
forward-looking statements. Such statements involve risks and
uncertainties, including, but not limited to, market factors,
market prices (including geographic basis differentials) of natural
gas and crude oil, results of future drilling and marketing
activity, future production and costs, legislative and regulatory
initiatives, electronic, cyber or physical security breaches and
other factors detailed herein and in our other Securities and
Exchange Commission (SEC) filings. See "Risk Factors" in Item 1A of
the Form 10-K and subsequent public filings for additional
information about these risks and uncertainties. Should one or more
of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual outcomes may vary materially
from those indicated. Any forward-looking statement speaks
only as of the date on which such statement is made, and the
Company does not undertake any obligation to correct or update any
forward-looking statement, whether as the result of new
information, future events or otherwise, except as required by
applicable law.
FOR MORE INFORMATION CONTACT
Matt Kerin (281) 589-4642
OPERATING
DATA
|
|
|
Three Months
Ended
March 31,
|
|
2018
|
|
2017
|
PRODUCTION
VOLUMES
|
|
|
|
Natural gas
(Bcf)
|
164.6
|
|
|
163.8
|
|
Crude oil and
condensate (Mbbl)
|
754.0
|
|
|
921.0
|
|
Natural gas liquids
(NGLs) (Mbbl)
|
75.1
|
|
|
123.5
|
|
Equivalent production
(Bcfe)
|
169.6
|
|
|
170.1
|
|
|
|
|
|
AVERAGE SALES
PRICE
|
|
|
|
Natural gas,
including hedges ($/Mcf)
|
$
|
2.44
|
|
|
$
|
2.64
|
|
Natural gas,
excluding hedges ($/Mcf)
|
$
|
2.50
|
|
|
$
|
2.65
|
|
Crude oil and
condensate, including hedges ($/Bbl)
|
$
|
63.61
|
|
|
$
|
46.73
|
|
Crude oil and
condensate, excluding hedges ($/Bbl)
|
$
|
64.61
|
|
|
$
|
46.68
|
|
NGL
($/Bbl)
|
$
|
23.75
|
|
|
$
|
20.71
|
|
|
|
|
|
AVERAGE UNIT COSTS
($/Mcfe)
|
|
|
|
Direct
operations
|
$
|
0.12
|
|
|
$
|
0.14
|
|
Transportation and
gathering
|
0.66
|
|
|
0.73
|
|
Taxes other than
income
|
0.04
|
|
|
0.05
|
|
Exploration
|
0.02
|
|
|
0.04
|
|
Depreciation,
depletion and amortization
|
0.48
|
|
|
0.79
|
|
General and
administrative (excluding stock-based compensation)
|
0.11
|
|
|
0.09
|
|
Stock-based
compensation
|
0.03
|
|
|
0.05
|
|
Interest
expense
|
0.12
|
|
|
0.12
|
|
|
$
|
1.58
|
|
|
$
|
2.01
|
|
|
|
|
|
|
|
|
|
WELLS DRILLED
(1)
|
|
|
|
Gross
|
15
|
|
|
21
|
|
Net
|
15.0
|
|
|
21.0
|
|
|
|
|
|
WELLS COMPLETED
(1)
|
|
|
|
Gross
|
11
|
|
|
25
|
|
Net
|
11.0
|
|
|
24.0
|
|
|
|
|
|
|
|
(1)
|
Wells drilled
represents wells drilled to total depth during the period. Wells
completed includes wells completed during the period, regardless of
when they were drilled.
|
CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
|
|
|
Three Months
Ended
March 31,
|
(In thousands,
except per share amounts)
|
2018
|
|
2017
|
OPERATING
REVENUES
|
|
|
|
Natural
gas
|
$
|
412,108
|
|
|
$
|
433,442
|
|
Crude oil and
condensate
|
48,722
|
|
|
42,990
|
|
Gain on derivative
instruments
|
5,577
|
|
|
33,384
|
|
Brokered natural
gas
|
4,950
|
|
|
4,695
|
|
Other
|
1,870
|
|
|
3,332
|
|
|
473,227
|
|
|
517,843
|
|
OPERATING
EXPENSES
|
|
|
|
Direct
operations
|
20,070
|
|
|
24,641
|
|
Transportation and
gathering
|
112,125
|
|
|
123,474
|
|
Brokered natural
gas
|
4,950
|
|
|
4,046
|
|
Taxes other than
income
|
7,190
|
|
|
9,058
|
|
Exploration
|
3,617
|
|
|
6,198
|
|
Depreciation,
depletion and amortization
|
82,128
|
|
|
135,100
|
|
General and
administrative (excluding stock-based compensation)
|
18,613
|
|
|
15,447
|
|
Stock-based
compensation(1)
|
5,447
|
|
|
8,253
|
|
|
254,140
|
|
|
326,217
|
|
Loss on equity method
investments
|
(994)
|
|
|
(1,283)
|
|
Loss on sale of
assets
|
(41,049)
|
|
|
(223)
|
|
INCOME FROM
OPERATIONS
|
177,044
|
|
|
190,120
|
|
Interest expense,
net
|
20,058
|
|
|
20,771
|
|
Other
expense
|
114
|
|
|
424
|
|
Income before income
taxes
|
156,872
|
|
|
168,925
|
|
Income tax
expense
|
39,641
|
|
|
63,205
|
|
NET
INCOME
|
$
|
117,231
|
|
|
$
|
105,720
|
|
Earnings per share -
Basic
|
$
|
0.26
|
|
|
$
|
0.23
|
|
Weighted-average
common shares outstanding
|
459,715
|
|
|
465,348
|
|
|
|
|
|
|
|
(1)
|
Includes the impact
of the Company's performance share awards and restricted
stock.
|
CONDENSED
CONSOLIDATED BALANCE SHEET (Unaudited)
|
|
(In
thousands)
|
March 31,
2018
|
|
December 31,
2017
|
ASSETS
|
|
|
|
Current
assets
|
$
|
1,236,118
|
|
|
$
|
764,957
|
|
Properties and
equipment, net (Successful efforts method)
|
3,146,252
|
|
|
3,072,204
|
|
Assets held for
sale
|
6,807
|
|
|
778,855
|
|
Other
assets
|
149,224
|
|
|
111,328
|
|
|
$
|
4,538,401
|
|
|
$
|
4,727,344
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities
|
$
|
510,491
|
|
|
$
|
630,050
|
|
Long-term debt, net
(excluding current maturities)
|
1,218,231
|
|
|
1,217,891
|
|
Deferred income
taxes
|
291,280
|
|
|
227,030
|
|
Liabilities held for
sale
|
1,867
|
|
|
15,748
|
|
Other
liabilities
|
110,016
|
|
|
112,720
|
|
Stockholders'
equity
|
2,406,516
|
|
|
2,523,905
|
|
|
$
|
4,538,401
|
|
|
$
|
4,727,344
|
|
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
|
|
|
Three Months
Ended
March 31,
|
(In
thousands)
|
2018
|
|
2017
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Net
income
|
$
|
117,231
|
|
|
$
|
105,720
|
|
Deferred income tax
expense
|
64,287
|
|
|
53,289
|
|
Loss on sale of
assets
|
41,049
|
|
|
223
|
|
Exploratory dry hole
cost
|
(60)
|
|
|
2,842
|
|
Gain on derivative
instruments
|
(5,577)
|
|
|
(33,384)
|
|
Net cash paid in
settlement of derivative instruments
|
(26,131)
|
|
|
(1,524)
|
|
Income charges not
requiring cash
|
89,501
|
|
|
145,855
|
|
Changes in assets and
liabilities
|
(7,540)
|
|
|
(3,643)
|
|
Net cash provided by operating activities
|
272,760
|
|
|
269,378
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
Capital
expenditures
|
(156,257)
|
|
|
(208,384)
|
|
Proceeds from sale of
assets
|
646,545
|
|
|
374
|
|
Investment in equity
method investments
|
(35,418)
|
|
|
(7,742)
|
|
Net cash provided by (used in) investing activities
|
454,870
|
|
|
(215,752)
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
Treasury stock
repurchases
|
(207,134)
|
|
|
—
|
|
Dividends
paid
|
(27,647)
|
|
|
(9,306)
|
|
Tax withholdings on
vesting of stock awards
|
(7,968)
|
|
|
(5,414)
|
|
Other
|
—
|
|
|
37
|
|
Net cash used in financing activities
|
(242,749)
|
|
|
(14,683)
|
|
|
|
|
|
Net increase in cash
and cash equivalents
|
$
|
484,881
|
|
|
$
|
38,943
|
|
Explanation and Reconciliation of Non-GAAP
Financial Measures
We report our financial results in accordance with accounting
principles generally accepted in the
United States (GAAP). However, we believe certain non-GAAP
performance measures may provide financial statement users with
additional meaningful comparisons between current results, the
results of our peers and of prior periods. In addition, we believe
these measures are used by analysts and others in the valuation,
rating and investment recommendations of companies within the oil
and natural gas exploration and production industry. See the
reconciliations throughout this release of GAAP financial measures
to non-GAAP financial measures for the periods indicated.
We have also included herein certain forward-looking non-GAAP
financial measures. Due to the forward-looking nature of these
non-GAAP financial measures, we cannot reliably predict certain of
the necessary components of the most directly comparable
forward-looking GAAP measures, such as future impairments and
future changes in capital. Accordingly, we are unable to present a
quantitative reconciliation of such forward-looking non-GAAP
financial measures to their most directly comparable
forward-looking GAAP financial measures. Reconciling items in
future periods could be significant.
Reconciliation of Net Income to Adjusted Net
Income and Adjusted Earnings Per Share
Adjusted Net Income and Adjusted Earnings per Share are
presented based on our belief that these non-GAAP measures enable a
user of the financial information to understand the impact of these
items on reported results. Additionally, this presentation provides
a beneficial comparison to similarly adjusted measurements of prior
periods. Adjusted Net Income and Adjusted Earnings per Share
are not measures of financial performance under GAAP and should not
be considered as alternatives to net income and earnings per share,
as defined by GAAP.
|
Three Months
Ended
March 31,
|
(In thousands,
except per share amounts)
|
2018
|
|
2017
|
As reported - net
income
|
$
|
117,231
|
|
|
$
|
105,720
|
|
Reversal of selected
items:
|
|
|
|
Loss on sale of
assets
|
41,049
|
|
|
223
|
|
Gain on derivative
instruments(1)
|
(31,708)
|
|
|
(34,908)
|
|
Stock-based
compensation expense
|
5,447
|
|
|
8,253
|
|
Tax effect on
selected items
|
(3,481)
|
|
|
9,767
|
|
Adjusted net
income
|
$
|
128,538
|
|
|
$
|
89,055
|
|
As reported -
earnings per share
|
$
|
0.26
|
|
|
$
|
0.23
|
|
Per share impact of
selected items
|
0.02
|
|
|
(0.04)
|
|
Adjusted earnings per
share
|
$
|
0.28
|
|
|
$
|
0.19
|
|
Weighted-average
common shares outstanding
|
459,715
|
|
|
465,348
|
|
|
|
|
|
|
|
(1)
|
This amount
represents the non-cash mark-to-market changes of our commodity
derivative instruments recorded in gain on derivative instruments
in the Condensed Consolidated Statement of Operations.
|
Discretionary Cash Flow and Free Cash Flow
Calculation and Reconciliation
Discretionary Cash Flow is defined as net cash provided by
operating activities excluding changes in assets and
liabilities. Discretionary Cash Flow is widely accepted as a
financial indicator of an oil and gas company's ability to generate
cash which is used to internally fund exploration and development
activities, pay dividends and service debt. Discretionary Cash
Flow is presented based on our belief that this non-GAAP measure is
useful information to investors when comparing our cash flows with
the cash flows of other companies that use the full cost method of
accounting for oil and gas producing activities or have different
financing and capital structures or tax rates. Discretionary
Cash Flow is not a measure of financial performance under GAAP and
should not be considered as an alternative to cash flows from
operating activities, as defined by GAAP, or as a measure of
liquidity, or an alternative to net income.
Free Cash Flow is defined as Discretionary Cash Flow (defined
above) less capital expenditures and investment in equity method
investments. Free Cash Flow is an indicator of a company's ability
to generate cash flow after spending the money required to maintain
or expand its asset base. Free Cash Flow is presented based on our
belief that this non-GAAP measure is useful information to
investors when comparing our cash flows with the cash flows of
other companies. Free Cash Flow is not a measure of financial
performance under GAAP and should not be considered as an
alternative to cash flows from operating activities, as defined by
GAAP, or as a measure of liquidity, or an alternative to net
income.
|
|
Three Months
Ended
March 31,
|
(In
thousands)
|
|
2018
|
|
2017
|
Net cash provided by
operating activities
|
|
$
|
272,760
|
|
|
$
|
269,378
|
|
Changes in assets and
liabilities
|
|
7,540
|
|
|
3,643
|
|
Discretionary cash
flow
|
|
280,300
|
|
|
273,021
|
|
Capital
expenditures
|
|
(156,257)
|
|
|
(208,384)
|
|
Investment in equity
method investments
|
|
(35,418)
|
|
|
(7,742)
|
|
Free cash
flow
|
|
$
|
88,625
|
|
|
$
|
56,895
|
|
EBITDAX Calculation and Reconciliation
EBITDAX is defined as net income plus loss on debt
extinguishment, interest expense, other expense, income tax
expense, depreciation, depletion and amortization (including
impairments), exploration expense, gain and loss on sale of assets,
non-cash gain and loss on derivative instruments, loss on equity
method investments and stock-based compensation expense. EBITDAX is
presented based on our belief that this non-GAAP measure is useful
information to investors when evaluating our ability to internally
fund exploration and development activities and to service or incur
debt without regard to financial or capital structure. EBITDAX is
not a measure of financial performance under GAAP and should not be
considered as alternative to cash flows from operating activities
or net income, as defined by GAAP, or as a measure of
liquidity.
|
Three Months
Ended
March 31,
|
(In
thousands)
|
2018
|
|
2017
|
Net income
|
$
|
117,231
|
|
|
$
|
105,720
|
|
Plus
(less):
|
|
|
|
Interest expense,
net
|
20,058
|
|
|
20,771
|
|
Other
expense
|
114
|
|
|
424
|
|
Income tax
expense
|
39,641
|
|
|
63,205
|
|
Depreciation,
depletion and amortization
|
82,128
|
|
|
135,100
|
|
Exploration
|
3,617
|
|
|
6,198
|
|
Loss on sale of
assets
|
41,049
|
|
|
223
|
|
Non-cash gain on
derivative instruments
|
(31,708)
|
|
|
(34,908)
|
|
Loss on equity method
investments
|
994
|
|
|
1,283
|
|
Stock-based
compensation
|
5,447
|
|
|
8,253
|
|
EBITDAX
|
$
|
278,571
|
|
|
$
|
306,269
|
|
Net Debt Reconciliation
The total debt to total capitalization ratio is calculated by
dividing total debt by the sum of total debt and total
stockholders' equity. This ratio is a measurement which is
presented in our annual and interim filings and we believe this
ratio is useful to investors in determining our leverage. Net Debt
is calculated by subtracting cash and cash equivalents from total
debt. Net Debt and the Net Debt to Total Capitalization ratio
are non-GAAP measures which we believe are also useful to investors
since we have the ability to and may decide to use a portion of our
cash and cash equivalents to retire debt. Additionally, as we may
incur additional expenditures without increasing debt, it is
appropriate to apply cash and cash equivalents to debt in
calculating the Net Debt to Total Capitalization ratio.
(In
thousands)
|
March 31,
2018
|
|
December 31,
2017
|
Current portion of
long-term debt
|
$
|
304,000
|
|
|
$
|
304,000
|
|
Long-term debt,
net
|
1,218,231
|
|
|
1,217,891
|
|
Total debt
|
$
|
1,522,231
|
|
|
$
|
1,521,891
|
|
Stockholders'
equity
|
2,406,516
|
|
|
2,523,905
|
|
Total
capitalization
|
$
|
3,928,747
|
|
|
$
|
4,045,796
|
|
|
|
|
|
Total debt
|
$
|
1,522,231
|
|
|
$
|
1,521,891
|
|
Less: Cash and cash
equivalents
|
(964,928)
|
|
|
(480,047)
|
|
Net
debt
|
$
|
557,303
|
|
|
$
|
1,041,844
|
|
|
|
|
|
Net debt
|
$
|
557,303
|
|
|
$
|
1,041,844
|
|
Stockholders'
equity
|
2,406,516
|
|
|
2,523,905
|
|
Total
adjusted capitalization
|
$
|
2,963,819
|
|
|
$
|
3,565,749
|
|
|
|
|
|
Total debt to total
capitalization ratio
|
38.7
|
%
|
|
37.6
|
%
|
Less: Impact of cash
and cash equivalents
|
19.9
|
%
|
|
8.4
|
%
|
Net debt
to adjusted capitalization ratio
|
18.8
|
%
|
|
29.2
|
%
|
Capital
Expenditures
|
|
|
|
Three Months
Ended
March 31,
|
(In
thousands)
|
|
2018
|
|
2017
|
Cash paid for capital
expenditures
|
|
$
|
156,257
|
|
|
$
|
208,384
|
|
Change in accrued
capital costs
|
|
11,032
|
|
|
6,695
|
|
Exploratory dry hole
cost
|
|
60
|
|
|
(2,842)
|
|
Capital
expenditures
|
|
$
|
167,349
|
|
|
$
|
212,237
|
|
View original
content:http://www.prnewswire.com/news-releases/cabot-oil--gas-corporation-announces-first-quarter-2018-results-300637761.html
SOURCE Cabot Oil & Gas Corporation