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Last $30.60 USD
Change Today -0.43 / -1.39%
Volume 4.0M
COG On Other Exchanges
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As of 8:04 PM 07/6/15 All times are local (Market data is delayed by at least 15 minutes).

cabot oil & gas corp (COG) Key Developments

Cabot Oil & Gas Corporation Seeks Acquisitions

Cabot Oil & Gas Corporation (NYSE:COG) is seeking acquisitions. Dan Dinges, Chairman, President and Chief Executive Officer, said on acquisitions, "We had two bolt-ons at the end of this last year and we are comfortable with that process. We saw it as an opportunity. It was primary term acreage. We weren't paying a premium value for production, so it was -- and it fit our footprint. If we have opportunities that are nearby and we can continue the efficiency with the operation that we have on the ground right there, we are going to look at it and we would entertain a value consideration there but it's got to meet our economics. We look at full cycle economics, and if it doesn't meet that threshold then it's something that we'll just be content on the acreage we have."

Cabot Oil & Gas Corporation Presents at Citi Global Energy & Utilities Conference, May-13-2015 09:30 AM

Cabot Oil & Gas Corporation Presents at Citi Global Energy & Utilities Conference, May-13-2015 09:30 AM. Venue: The Hyatt Regency, 1 Avenue de Lafayette, Boston, MA 02111, United States. Speakers: Dan O. Dinges, Chairman, Chief Executive Officer, President and Member of Executive Committee.

Cabot Oil & Gas Corporation Announces Unaudited Consolidated Production and Earnings Results for the First Quarter Ended March 31, 2015; Provides Production Guidance for the Second Quarter and Full Year 2015 and Capital Expenditure Guidance for the Full Year 2015

Cabot Oil & Gas Corporation announced unaudited consolidated production and earnings results for the first quarter ended March 31, 2015. For the quarter, operating revenues were $464,765,000 against $509,803,000 a year ago. Income from operations was $87,295,000 against $194,487,000 a year ago. Income before income taxes was $63,729,000 against $177,930,000 a year ago. Net income was $40,255,000 against $107,031,000 a year ago. Basic earnings per share were $0.10 against $0.26 a year ago. Net cash provided by operations was $267,381,000 against $255,378,000 a year ago. Capital expenditures were $395,242,000 against $338,701,000 a year ago. Net Debt was $1,863,052,000 against $1,731,046,000 a year ago. Net income excluding select items for the quarter was $49 million or $0.12 per share and discretionary cash flow for the quarter was $240 million. Equivalent production in the first quarter of 2015 was 171.4 Bcfe, consisting of 161.8 billion cubic feet (Bcf) of natural gas and 1.6 Mmbbls of liquids. These figures represent increases of 43%, 40%, and 132%, respectively, compared to the first quarter of 2014. The company has provided second quarter net production guidance of 1,375 to 1,425 Mmcf per day and 17,500 to 18,250 Bbls per day for natural gas and liquids, respectively. Cabot's full-year production growth guidance range of 10% to 18% remains unchanged. The company expects its natural gas price realizations before the impact of hedges to average between $0.82 and $0.92 below NYMEX settlement prices for the second quarter. Cabot's 2015 capital program remains unchanged at $900 million. As a result of a higher rig count and more completion activity during the first half of 2015, the company estimates approximately 65% of its capital budget will be incurred in the first half of the year with the remaining 35% to be spent evenly between the third and fourth quarters.

Cabot Oil & Gas Corporation Omits to Approve to Adopt Proxy Access Bylaw

Cabot Oil & Gas Corporation not approved stockholder proposal to adopt a proxy access bylaw, at the AGM held on April 23, 2015.

Cabot Oil & Gas Corporation Announces Third Amendment to Amended and Restated Credit Agreement

On April 17, 2015, Cabot Oil & Gas Corporation entered into the Third Amendment to Amended and Restated Credit Agreement, which amended that certain Amended and Restated Credit Agreement, dated as of September 22, 2010, among the Company, JPMorgan Chase Bank, N.A., as Administrative Agent, Banc of America Securities LLC, as Syndication Agent, Bank of Montreal, as Documentation Agent, and the Lenders party thereto, as previously amended by the First Amendment to Amended and Restated Credit Agreement, dated as of May 4, 2012, and the Second Amendment to Amended and Restated Credit Agreement, dated as of July 18, 2012. The Credit Agreement Amendment, among other things, (i) extends the stated maturity of the credit facility from May 2017 to April 2020; (ii) changes the mechanism under which interest rate margins are determined for outstanding borrowings; (iii) changes the basis on which the applicable commitment fees is determined from time to time; (iv) increases the borrowing base from $3.1 billion to $3.4 billion; (v) provides for an increase in the commitments under the credit facility from $1.4 billion to $1.8 billion; and (vi) provides for an accordion feature, which allows the Company to increase the available credit line by up to an additional $500 million if one or more of Lenders agree to provide such increased amount. The Credit Agreement Amendment also adds and/or substitutes new Lenders as parties to the Credit Agreement.

 

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COG

Industry Average

Valuation COG Industry Range
Price/Earnings 100.0x
Price/Sales 6.8x
Price/Book 5.9x
Price/Cash Flow 8.7x
TEV/Sales 5.8x
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