HOUSTON, Nov. 18, 2019 /PRNewswire/ -- Cabot Oil & Gas
Corporation (NYSE: COG) ("Cabot" or the "Company") announced today
it has completed the previously announced divestiture of its 20
percent ownership interest in Meade Pipeline Co LLC ("Meade") and
provided an update on its share repurchase program.
Completion of Meade Divestiture
On November 13, 2019, Cabot
completed the divestiture of its 20 percent ownership interest in
Meade for $256 million, excluding
customary closing adjustments. "Proceeds from this divestiture will
allow Cabot to continue to enhance shareholder value through an
ongoing opportunistic share repurchase program, while also
providing the Company with increased financial strength in a
challenging natural gas price environment," highlighted
Dan O. Dinges, Chairman, President
and Chief Executive Officer.
Share Repurchase Program Update
"Subsequent to our third quarter earnings release, we were
active in our share repurchase program in anticipation of the
proceeds from the Meade divestiture," stated Dinges. Cabot has
repurchased 5.0 million shares at a weighted-average share price of
$17.84 during the fourth quarter of
2019. Since reactivating the share repurchase program in the second
quarter of 2017, Cabot has reduced its shares outstanding by over
13 percent to 402.9 million shares. The Company currently has 16.0
million remaining shares authorized under its share repurchase
program (or approximately four percent of its current shares
outstanding). Dinges added, "Year-to-date, we have returned over
$580 million of capital to
shareholders through dividends and share repurchases, representing
over 110 percent of the midpoint of our free cash flow guidance for
the year and far exceeding our target of returning at least 50
percent of annual free cash flow to shareholders. We plan to remain
active with our opportunistic share repurchases, which are
supported by our expectation for continued free cash flow
generation, even in the lows of the natural gas price cycle."
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, returns to shareholders, 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,
pipeline projects, 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
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SOURCE Cabot Oil & Gas Corporation