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Cabot Oil & Gas Corporation Announces Third Quarter 2015 Financial And Operating Results

The following excerpt is from the company's SEC filing.

HOUSTON, October 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 fe et 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...


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