Cabot Oil & Gas Corporation Announces Two-For-One Stock Split, Quarterly
Dividend Doubled on a Pre-Split Basis
HOUSTON, July 24, 2013
HOUSTON, July 24, 2013 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG)
today announced that its Board of Directors declared a two-for-one stock split
of the Company's common stock to be issued in the form of a stock dividend.
The additional shares will be distributed on August 14, 2013 to shareholders
of record on August 6, 2013.
"Additionally, Cabot's quarterly dividend payments will increase 100 percent
as the Board elected to approve an increase in the cash dividend on a
pre-split basis from $0.08 to $0.16 per share annually," said Dan O. Dinges,
Chairman, President and Chief Executive Officer. "The Board's decision to
double the dividend was due to the Company's long-term prospects for free cash
flow generation." Dinges added, "After the split, the Company will have
approximately 422 million shares outstanding, which over the longer term
should increase the liquidity in our stock."
The Company also announced that its Board of Directors declared a regular
quarterly cash dividend, taking into account the split, of two cents ($0.02)
per share on the Company's common stock. The dividend will be paid on August
23, 2013 to all shareholders of record as of the close of business on August
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.
FOR MORE INFORMATION CONTACT
Matt Kerin (281) 589-4642
SOURCE Cabot Oil & Gas Corporation
Press spacebar to pause and continue. Press esc to stop.