Boston, MA 04/25/2014 (wallstreetpr) – Cabot Oil & Gas Corporation (NYSE:COG) announced its operating and financial results for the three month ended March 31, 2014 yesterday.
Results and Highlights
Cabot Oil & Gas Corporation (NYSE:COG) reported production of 119.9 billion cubic feet equivalent in the first quarter. This accounts for an increase of 34% as compared to the same quarter results in the prior year. Of the total production, 115.8 Bcf of natural gas was produced while crude oil, natural and condensate gas liquids produced was 686,000 barrels.
Cabot Oil & Gas Corporation (NYSE:COG) recorded a rise of almost 36% of discretionary cash flow, amounting to $319.5 million, when compared to 1Q2013. Operational cash flow was $255.4 million in the quarter, whereas, in the comparable last year quarter, it was $212.7 million. Net income, excluding some items, was $109.7 million, a rise of 102% from previous year’s $54.2 million. The figures indicated are equivalent to $0.26 per share and $0.13 per share of the respective quarters. Total unit expenses amounted to $2.66 a thousand cubic feet equivalent, which shows a 19% decrease from the prior year’s same quarter results, when they were as high as $3.29 per Mcfe.
The company’s operational highlights include an increase of 44% in its total Marcellus production, which recorded an average of 1,209 million cubic feet a day this quarter. Apart from this, its net production in the Eagle Ford Shale also recorded an increase of 42% to 7,271 barrels of oil equivalent a day.
Outlook
Seeing the increased momentum in its Eagle Ford program, which accounts for a rise in rig figure from 2 to 3 in the third quarter, Cabot has enhanced its capital budget guidance for 2014. As per the new guidance, Cabot Oil & Gas Corporation (NYSE:COG) forecasts a range from $1.375 to $1.475 billion in 2014. It has further increased its production guidance to range between 530 and 585 Bcfe, which was initially set at 519 to 598 Bcfe. Cabot has initiated production rise guidance for 2015 by 20% to 30%.
