Cabot Oil & Gas Corporation Announces Second-Quarter 2018 Results,
Expands Share Repurchase Program Authorization
HOUSTON, July 27, 2018/PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) (“Cabot” or the “Company”) today reported financial and operating results for the second-quarter of 2018 and provided an update on its share repurchase program and its exploration program.
Second-Quarter 2018 Highlights
Daily equivalent production of 1,895 million cubic feet equivalent (Mmcfe) per day
Net income of $42.4 million (or $0.09 per share); adjusted net income (non-GAAP) of $57.9 million (or $0.13 per share)
Net cash provided by operating activities of $273.9 million; discretionary cash flow (non-GAAP) of $196.5 million
Returned $239.6 million of capital to shareholders through dividends and share repurchases
Improved operating expenses per unit by eight percent relative to the prior-year comparable quarter
See the supplemental tables at the end of this press release for a reconciliation of non-GAAP measures including adjusted net income, EBITDAX, discretionary cash flow, free cash flow, and net debt to adjusted capitalization ratio.
"We continued to demonstrate our commitment to returning capital to shareholders by actively repurchasing shares throughout the quarter, highlighting our belief that Cabot’s current share price is below our intrinsic value,” stated Dan O. Dinges, Chairman, President and Chief Executive Officer. “We generated modest sequential production growth during the quarter driven by the in-service of new infrastructure projects in June; however, we are excited about delivering significant returns-focused production growth during the second-half of the year coinciding with the anticipated in-service of the Atlantic Sunrise pipeline project in the second-half of August. Despite generating a free cash flow deficit in the second-quarter due to lower price realizations and the funding of the majority of the remaining capital associated with
The following information was filed by Cabot Oil Gas Corp (COG) on Friday, July 27, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed, and by Cabot Oil Gas Corp.
Ticker: COG CIK: 858470 Form Type:10-Q Quarterly Report Accession Number: 0000858470-18-000043 Submitted to the SEC: Fri Jul 27 2018 11:18:54 AM EST Accepted by the SEC: Fri Jul 27 2018 Period: Saturday, June 30, 2018 Industry: Crude Petroleum And Natural Gas