HOUSTON, Feb. 20, 2012 /PRNewswire/ -- Cabot Oil & Gas
Corporation (NYSE: COG) today announced its 2011 financial results,
including net income of $122.4
million, or $0.59 per share,
taking into account the recent 2-for-1 stock split. Cash flow
from operations for the full year 2011 was $501.8 million and discretionary cash flow was
$549.2 million. These results
compare to 2010 net income of $103.4
million, or $0.50 per share,
cash flow from operations of $484.9
million and discretionary cash flow of $471.9 million. The full year selected
items, detailed in an attached table, increase net income to
$139.2 million, or $0.67 per share, compared to $102.4 million, or $0.49 per share, as adjusted for 2010.
"In 2011, we continued our focused effort primarily in two
basins with outstanding results that were not only recognized in
our operating performance, but also in our total shareholder
return," said Dan O. Dinges,
Chairman, President and Chief Executive Officer. "We exceeded 3.0
Tcfe of total proved reserves, grew production 44 percent and
reduced overall leverage at the same time."
For 2011, equivalent production reached a record 187.5 Bcfe,
establishing a new benchmark for both absolute production and for
year-over-year growth of 43.5 percent. The price received for
natural gas was $4.46 per Mcf in 2011
versus $5.69 per Mcf in 2010, while
oil was $90.49 per barrel in 2011
versus $97.91 per barrel in 2010.
Gains associated with the hedge portfolio once again added to
price realizations and improved overall revenues in 2011 by
$86.3 million. "In spite of our
hedge book, we still experienced just over a 20 percent decline in
gas prices and about an eight percent decline in realized oil
prices year-over-year. Fortunately, our significant
production growth more than offset the softness in commodity
pricing to generate increased net income," commented Dinges.
"Also contributing, our total operating expense per unit fell
27 percent year-over-year. We also reduced leverage
year-over-year, even with a significant investment program,
lowering our net adjusted capitalization ratio to 30.4
percent."
Fourth Quarter
The reported 2011 fourth quarter figures include net income of
$26.4 million, or $0.13 per share, $126.5
million for cash flow from operations and $121.0 million for discretionary cash flow.
These compare to 2010 fourth quarter net income of
$49.1 million, or $0.24 per share, cash flow from operations of
$117.4 million and discretionary cash
flow of $89.8 million. Removing the
selected items, which are highlighted in the following table, net
income would be $40.3 million, or
$0.20 per share, for the 2011 fourth
quarter versus $20.0 million, or
$0.10 per share in the comparable
2010 period. Higher production, partially offset by lower
realized commodity prices, and flat expenses drove the doubling of
net income, excluding selected items.
Conference Call
Listen in live to Cabot Oil & Gas Corporation's 2011
year-end and fourth quarter financial and operating results
discussion with financial analysts on Tuesday, February 21, 2012 at 9:30 a.m. EST (8:30 a.m.
CST) at www.cabotog.com. A teleconference replay will
also be available at (877) 344-7529, (U.S.) or (412) 317-0088
(International), pass code 10009373. The replay will be
available through Thursday, February 23,
2012. The latest financial guidance, including the
Company's hedge positions, along with a replay of the web cast,
which will be archived for one year, are available in the investor
relations section of the Company's website at www.cabotog.com.
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 Internet
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
Scott Schroeder (281)
589-4993
OPERATING
DATA
|
|
|
|
|
Quarter
Ended
|
|
Twelve
Months Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
PRODUCED NATURAL GAS (Bcf) &
OIL (MBbl)
|
|
|
|
|
|
|
|
|
Natural Gas
|
|
|
|
|
|
|
|
|
|
|
|
Appalachia
|
|
44.3
|
|
23.1
|
|
138.0
|
|
69.8
|
|
Other
|
|
7.3
|
|
13.2
|
|
40.8
|
|
55.7
|
|
Total
|
|
51.6
|
|
36.3
|
|
178.8
|
|
125.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude/Condensate/NGL
|
|
523
|
|
198
|
|
1,443
|
|
859
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equivalent Production
(Bcfe)
|
|
54.8
|
|
37.5
|
|
187.5
|
|
130.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRICES (1)
|
|
|
|
|
|
|
|
|
|
|
|
Average Produced Gas Sales Price
($/Mcf)
|
|
|
|
|
|
|
|
|
|
Appalachia
|
$
|
3.89
|
$
|
4.39
|
$
|
4.32
|
$
|
4.87
|
|
Other
|
$
|
4.79
|
$
|
6.54
|
$
|
4.93
|
$
|
6.72
|
|
Total
|
|
$
|
4.02
|
$
|
5.17
|
$
|
4.46
|
$
|
5.69
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Crude/Condensate Price
($/Bbl)
|
$
|
91.90
|
$
|
99.53
|
$
|
90.49
|
$
|
97.91
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WELLS DRILLED
|
|
|
|
|
|
|
|
|
|
|
Gross
|
|
76
|
|
30
|
|
161
|
|
113
|
|
Net
|
|
29
|
|
20
|
|
96
|
|
87
|
|
Gross Success
Rate
|
|
100%
|
|
100%
|
|
99%
|
|
98%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
These realized prices include the realized impact of derivative instrument settlements.
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Twelve
Months Ended
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
Realized Impacts
to Gas Pricing
|
|
$ 0.71
|
|
$ 1.25
|
|
$ 0.47
|
|
$ 1.23
|
|
Realized Impacts
to Oil Pricing
|
|
$ 1.67
|
|
$ 18.66
|
|
$ 1.01
|
|
$ 22.31
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
|
|
(In
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Twelve
Months Ended
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
Operating
Revenues
|
|
|
|
|
|
|
|
|
|
|
Natural Gas
|
|
$ 207,541
|
|
$ 187,222
|
|
$ 796,517
|
|
$ 713,646
|
|
Brokered Natural
Gas
|
|
12,243
|
|
15,385
|
|
51,190
|
|
65,281
|
|
Crude Oil and
Condensate
|
|
46,180
|
|
18,664
|
|
125,972
|
|
79,091
|
|
Other
|
|
2,061
|
|
1,185
|
|
6,185
|
|
5,086
|
|
|
|
|
|
268,025
|
|
222,456
|
|
979,864
|
|
863,104
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
|
Brokered Natural Gas
Cost
|
|
10,472
|
|
13,124
|
|
43,834
|
|
56,466
|
|
Direct
Operations
|
|
30,531
|
|
25,846
|
|
107,409
|
|
99,642
|
|
Transportation and
Gathering
|
|
24,612
|
|
5,581
|
|
73,322
|
|
19,069
|
|
Taxes Other Than
Income
|
|
6,506
|
|
6,759
|
|
27,576
|
|
37,894
|
|
Exploration
|
|
5,357
|
|
14,401
|
|
36,447
|
|
42,725
|
|
Depreciation, Depletion
and Amortization
|
|
92,499
|
|
91,504
|
|
343,141
|
|
327,083
|
|
Impairment of Oil &
Gas Properties
|
|
-
|
|
5,114
|
|
-
|
|
40,903
|
|
General and Administrative
(excluding Stock-Based Compensation)
|
|
16,232
|
|
24,018
|
|
65,138
|
|
64,767
|
|
Stock-Based Compensation
(1)
|
|
10,181
|
|
5,484
|
|
39,529
|
|
14,410
|
|
|
|
|
|
196,390
|
|
191,831
|
|
736,396
|
|
702,959
|
|
Gain (Loss) on Sale of Assets
(2)
|
|
26,974
|
|
100,883
|
|
63,382
|
|
106,294
|
|
Income from
Operations
|
|
98,609
|
|
131,508
|
|
306,850
|
|
266,439
|
|
Interest Expense and
Other
|
|
17,735
|
|
20,502
|
|
71,663
|
|
67,941
|
|
Income Before Income
Taxes
|
|
80,874
|
|
111,006
|
|
235,187
|
|
198,498
|
|
Income Tax Expense
(3)
|
|
54,511
|
|
61,897
|
|
112,779
|
|
95,112
|
|
Net Income
|
|
$ 26,363
|
|
$ 49,109
|
|
$ 122,408
|
|
$ 103,386
|
|
Earnings Per Share - Basic
(4)
|
|
$
0.13
|
|
$
0.24
|
|
$
0.59
|
|
$
0.50
|
|
Weighted Average Common Shares
Outstanding (4)
|
|
208,601
|
|
207,958
|
|
208,498
|
|
207,823
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Includes the impact of the
Company's performance share awards and restricted stock
amortization as well as expense related to stock options and
stock appreciation rights. Also
includes expense for the Supplemental Employee Incentive
Plan.
|
|
(2)
|
Gain on Sale of Assets in 2011
includes $34.2 million gain from the sale of certain Haynesville
and Bossier Shale oil and gas properties and an aggregate gain of
$29.2 million from the sale of various other properties during the
year. Gain on Sale of Assets in 2010 includes $40.7 million from
the sale of the Company's investment in Tourmaline, $49.3 million
from the sale of the Company's Pennsylvania gathering
infrastructure and an aggregate gain of $16.3 million from the sale
of various other properties during the year.
|
|
(3)
|
Income tax expense for the
quarter and year ended December 31, 2011 and 2010 includes an
unfavorable charge to income tax expense to reflect an increase in
state tax rates used in establishing deferred income taxes mainly
due to a shift in the Company's state apportionment factors to
higher rate states, primarily in Pennsylvania, as a result of the
Company's continued focus on development of the Marcellus shale
properties.
|
|
(4)
|
All Earnings Per Share and
Weighted Average Common Share figures have been retroactively
adjusted for the 2-for-1 split of the Company's common stock
effective January 25, 2012.
|
|
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEET (Unaudited)
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Assets
|
$
345,800
|
|
$
203,008
|
|
|
|
|
|
|
Properties and Equipment,
Net
|
3,934,584
|
|
3,762,760
|
|
|
|
|
|
|
Other Assets
|
51,109
|
|
39,263
|
|
|
|
|
|
|
Total Assets
|
$ 4,331,493
|
|
$ 4,005,031
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders'
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities
|
$
343,344
|
|
$
303,835
|
|
|
|
|
|
|
Long-Term Debt, excluding
Current Maturities
|
950,000
|
|
975,000
|
|
|
|
|
|
|
Deferred Income Taxes
|
802,592
|
|
714,953
|
|
|
|
|
|
|
Other Liabilities
|
130,789
|
|
138,543
|
|
|
|
|
|
|
Stockholders' Equity
|
2,104,768
|
|
1,872,700
|
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity
|
$ 4,331,493
|
|
$ 4,005,031
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited)
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
Ended
|
|
Twelve
Months Ended
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
Cash Flows From Operating
Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
$
26,363
|
|
$
49,109
|
|
$ 122,408
|
|
$ 103,386
|
|
|
Impairment of Oil & Gas
Properties
|
-
|
|
5,114
|
|
-
|
|
40,903
|
|
|
Deferred Income Tax
Expense
|
17,363
|
|
31,344
|
|
74,744
|
|
61,809
|
|
|
Loss (Gain) on Sale of
Assets
|
(26,974)
|
|
(100,883)
|
|
(63,382)
|
|
(106,294)
|
|
|
Exploration Expense
|
126
|
|
1,184
|
|
13,977
|
|
11,657
|
|
|
Unrealized (Gain) Loss on
Derivatives
|
15
|
|
388
|
|
965
|
|
226
|
|
|
Income Charges Not Requiring
Cash
|
104,071
|
|
103,495
|
|
400,462
|
|
360,258
|
|
|
Changes in Assets and
Liabilities
|
5,509
|
|
27,668
|
|
(47,335)
|
|
12,966
|
|
|
Net Cash Provided by
Operations
|
126,473
|
|
117,419
|
|
501,839
|
|
484,911
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Investing
Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Expenditures
|
(222,290)
|
|
(199,128)
|
|
(891,277)
|
|
(857,251)
|
|
|
Proceeds from Sale of
Assets
|
321,548
|
|
222,477
|
|
403,657
|
|
243,510
|
|
|
Net Cash Used in
Investing
|
99,258
|
|
23,349
|
|
(487,620)
|
|
(613,741)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Financing
Activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase (Decrease) in
Debt
|
(255,000)
|
|
(120,000)
|
|
(25,000)
|
|
170,000
|
|
|
Capitalized Debt Issuance
Costs
|
-
|
|
(125)
|
|
(1,025)
|
|
(13,821)
|
|
|
Dividends Paid
|
(3,129)
|
|
(3,119)
|
|
(12,508)
|
|
(12,467)
|
|
|
Other
|
(619)
|
|
837
|
|
(1,724)
|
|
909
|
|
|
Net Cash Provided by
Financing
|
(258,748)
|
|
(122,407)
|
|
(40,257)
|
|
144,621
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Increase / (Decrease) in
Cash and Cash Equivalents
|
$
(33,017)
|
|
$
18,361
|
|
$ (26,038)
|
|
$ 15,791
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected
Item Review and Reconciliation of Net Income and Earnings Per
Share
|
|
(In
thousands, except per share amounts)
|
|
|
|
|
Quarter
Ended
|
|
Twelve
Months Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
|
As Reported - Net
Income
|
$
26,363
|
|
$
49,109
|
|
$ 122,408
|
|
$ 103,386
|
|
|
Reversal of Selected
Items, Net of Tax:
|
|
|
|
|
|
|
|
|
|
|
Impairment of Oil & Gas
Properties
|
-
|
|
3,171
|
|
-
|
|
25,360
|
|
|
|
(Gain) Loss on Sale of Assets
(1)
|
(16,217)
|
|
(62,547)
|
|
(38,790)
|
|
(65,902)
|
|
|
|
Stock-Based Compensation
Expense
|
5,996
|
|
3,400
|
|
24,192
|
|
8,934
|
|
|
|
Pension Expense(2)
|
2,161
|
|
4,245
|
|
8,869
|
|
8,083
|
|
|
|
PaDEP Settlement and Related
Legal Fees (3)
|
-
|
|
3,409
|
|
-
|
|
3,409
|
|
|
|
Unrealized Loss (Gain) on
Derivatives (4)
|
2
|
|
241
|
|
591
|
|
140
|
|
|
|
Income Tax Expense
(5)
|
21,961
|
|
18,973
|
|
21,961
|
|
18,973
|
|
|
Net Income Excluding
Selected Items .
|
$
40,266
|
|
$
20,001
|
|
$ 139,231
|
|
$ 102,383
|
|
|
As Reported - Earnings
Per Share (6)
|
$
0.13
|
|
$
0.24
|
|
$
0.59
|
|
$
0.50
|
|
|
Per Share Impact of
Reversing Selected Items(6)
|
0.07
|
|
(0.14)
|
|
0.08
|
|
(0.01)
|
|
|
Earnings Per Share
Including Reversal
|
|
|
|
|
|
|
|
|
|
|
of Selected Items (6)
|
$
0.20
|
|
$
0.10
|
|
$
0.67
|
|
$
0.49
|
|
|
Weighted Average Common
Shares Outstanding (6)
|
208,601
|
|
207,958
|
|
208,498
|
|
207,823
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Gain on Sale of Assets in 2011
includes $34.2 million gain from the sale of certain Haynesville
and Bossier Shale oil and gas properties and an aggregate gain of
$29.2 million from the sale of various other properties during the
year. Gain on Sale of Assets in 2010 includes $40.7 million from
the sale of the Company's investment in Tourmaline, $49.3 million
from the sale of the Company's Pennsylvania gathering
infrastructure and an aggregate gain of $16.3 million from the sale
of various other properties during the year.
|
|
(2)
|
On July 28, 2010, the Company
notified its employees of its plan to terminate its qualified and
non-qualified pension plans, effective September 30, 2010. The
quarter and twelve months ended December 31, 2011 and 2010 amounts
represent pension expenses related to the plan terminations and
expenses related to the acceleration of amortization of prior
service costs and actuarial losses over the expected amortization
period until final distribution of assets from each plan. Pension
expense is included in General and Administrative expense in the
Consolidated Statement of Operations
|
|
(3)
|
Represents costs associated with
the December 2010 Consent Order and Settlement Agreement and with
the PaDEP and associated legal fees.
|
|
(4)
|
This unrealized loss (gain) is
included in Natural Gas revenues in the Consolidated Statement of
Operations and represents the mark to market change related to
derivatives not designated as hedging instruments.
|
|
(5)
|
Represents an unfavorable charge
to income tax expense to reflect an increase in state tax rates
used in establishing deferred income taxes mainly due to a shift in
the Company's state apportionment factors to higher rate states,
primarily in Pennsylvania, as a result of the Company's continued
focus on development of its Marcellus shale properties.
|
|
(6)
|
All Earnings Per Share and
Weighted Average Common Share figures have been retroactively
adjusted for the 2-for-1 split of the Company's common stock
effective January 25, 2012.
|
|
|
|
Discretionary Cash Flow
Calculation and Reconciliation
|
|
(In
thousands)
|
|
|
Quarter
Ended
|
|
Twelve
Months Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
Discretionary Cash
Flow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported
- Net Income
|
$
26,363
|
|
$
49,109
|
|
$ 122,408
|
|
$ 103,386
|
|
Plus / (Less):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of Oil &
Gas Properties
|
-
|
|
5,114
|
|
-
|
|
40,903
|
|
Deferred Income Tax
Expense
|
17,363
|
|
31,344
|
|
74,744
|
|
61,809
|
|
Loss (Gain) on Sale of
Assets
|
(26,974)
|
|
(100,883)
|
|
(63,382)
|
|
(106,294)
|
|
Exploration
Expense
|
126
|
|
1,184
|
|
13,977
|
|
11,657
|
|
Unrealized Loss (Gain) on
Derivatives
|
15
|
|
388
|
|
965
|
|
226
|
|
Income Charges Not
Requiring Cash
|
104,071
|
|
103,495
|
|
400,462
|
|
360,258
|
|
Discretionary Cash
Flow
|
120,964
|
|
89,751
|
|
549,174
|
|
471,945
|
|
Changes in Assets and
Liabilities
|
5,509
|
|
27,668
|
|
(47,335)
|
|
12,966
|
|
Net Cash Provided by
Operations
|
$
126,473
|
|
$
117,419
|
|
$ 501,839
|
|
$ 484,911
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Debt
Reconciliation
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
|
|
|
2011
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Debt
|
$
950,000
|
|
$
975,000
|
|
|
|
|
|
Stockholders'
Equity
|
2,104,768
|
|
1,872,700
|
|
|
|
|
|
Total
Capitalization
|
$
3,054,768
|
|
$
2,847,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt
|
$
950,000
|
|
$
975,000
|
|
|
|
|
|
Less: Cash and Cash
Equivalents
|
(29,911)
|
|
(55,949)
|
|
|
|
|
|
Net
Debt
|
$
920,089
|
|
$
919,051
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Debt
|
$
920,089
|
|
$
919,051
|
|
|
|
|
|
Stockholders'
Equity
|
2,104,768
|
|
1,872,700
|
|
|
|
|
|
Total
Adjusted Capitalization
|
$
3,024,857
|
|
$
2,791,751
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt to Total
Capitalization Ratio
|
31.1%
|
|
34.2%
|
|
|
|
|
|
Less: Impact of
Cash and Cash Equivalents
|
0.7%
|
|
1.3%
|
|
|
|
|
|
Net
Debt to Adjusted Capitalization Ratio
|
30.4%
|
|
32.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Cabot Oil & Gas Corporation