Cabot Oil Gas Corp (COG) 10-Q Quarterly Report October 2018

HOUSTON, Oct. 9, 2018 /PRNewswire/ -- Cabot Oil & Gas Corporation (NYSE: COG) ("Cabot" or the "Company") today provided an operational update on the heels of the in-service of the Atlantic Sunrise project on October 6, 2018 and announced the execution of a binding precedent agreement for new pipeline takeaway capacity on Transco’s Leidy South expansion project.

Operational Update

Due to the delay of the Atlantic Sunrise project’s in-service date from the second-half of August 2018 to October 6, 2018 and a modest change in the timing of the Company’s third-quarter pads being placed-on-production, Cabot preliminarily expects net production for the third-quarter of 2018 to be approximately 2,029 million cubic feet equivalent (Mmcfe) per day, representing a seven percent sequential increase in daily net production relative to the second-quarter of 2018 and a 19 percent increase relative to the prior-year comparable quarter on a divestiture-adjusted basis. Cabot’s current gross operated production volumes are above 2.6 billion cubic feet (Bcf) per day, representing an increase of over 400 million cubic feet (Mmcf) per day, or 19 percent, relative to the Company’s average daily gross volumes during the second-quarter of 2018. “We are excited to finally see the Atlantic Sunrise project placed in-service almost five years after the project was initially announced,” stated Dan O. Dinges, Chairman, President and Chief Executive Officer. “This project will help alleviate the infrastructure bottlenecks that we have been operating through in Northeast Pennsylvania since the summer of 2013, resulting in an improvement in basis differentials and providing a significant opportunity to deliver a combination of returns-focused growth and free cash flow generation from our Marcellus Shale assets.”

Natural gas price realizations for the third-quarter of 2018, both including and excluding the effect of hedges, are preliminarily expected to be $2.36 per thousand cubic feet (Mcf), representing a $0.54 discount to NYMEX settlement prices compared to a $0.99 discount during the third-quarter of 2017. “Our realized prices for the third-quarter came in higher than forecasted due to narrower basis differentials as fundamentals in the Northeast continued to improve,” commented Dinges. “We anticipate a further strengthening of realized

The following information was filed by Cabot Oil Gas Corp (COG) on Tuesday, October 9, 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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Inside Cabot Oil Gas Corp's 10-Q Quarterly Report:

Financial - Earnings Highlight
Three Months Ended September 30, (In thousands) 2018 2017 Cash received (paid) on settlement of derivative instruments Gain (loss) on derivative instruments $ (41 ) $ 3,906 Non-cash gain (loss) on derivative instruments Gain (loss) on derivative instruments (3,496 ) (4,742 ) $ (3,537 ) $ (836 ) Brokered Natural Gas The $11.7 million increase in brokered natural gas margin is a result of an increase in brokered activity.

Financial - Dividend Highlight
This increase was primarily due to the repayment of $237.0 million of our 6.51% weighted-average senior notes which matured in July 2018, $513.5 million of higher repurchases of our common stock in 2018 compared to 2017 and $25.5 million of higher dividend payments related to an increase in our dividend rate from $0.12 per share for the first nine months of 2017 to $0.18 per share in the first nine months of 2018.
Financial - Expense Highlight
Operating and Other Expenses Total costs and expenses from operations decreased by $33.8 million, or 3%, in the first nine months of 2018 compared to the same period of 2017.
Revenue - Product Highlight
Impact of Derivative Instruments on Operating Revenues Brokered Natural Gas Table of Contents Table of Contents The $22.9 million increase in brokered natural gas margin is a result of an increase in brokered activity.
Financial - Expense Highlight
Operating and Other Expenses Total costs and expenses from operations increased by $62.6 million, or 19%, in the third quarter of 2018 compared to the same period of 2017.
Financial - Cash Flow
We believe that we are...Read more
Financial - Income
Taxes other than income decreased...Read more
Financial - Dividend
In January 2018, the Board...Read more
Financial - Dividend
In October 2018, the Board...Read more
Revenue - Product
This increase was primarily due...Read more
Other - Other
Net cash provided by operating...Read more
Other - Other
Effective April 18, 2018, the...Read more
Financial - Expense
Continuing to optimize our drilling,...Read more
Financial - Debt
Unless commodity prices decline significantly...Read more
Revenue - Product
The increase is primarily due...Read more
Legal - Other
The decrease in the effective...Read more
Financial - Expense
See "Results of Operations" for...Read more
Financial - Expense
Other Expense (Income) Other income...Read more
Financial - Expense
Other Expense (Income) Other income...Read more
Financial - Debt
Our working capital is substantially...Read more
Other - Other
Depreciation, depletion and amortization decreased...Read more
Revenue - Product
The decrease in production was...Read more
Other - Other
There were no borrowings outstanding...Read more
Financial - Cash Flow
Cash flows used in investing...Read more
Revenue - Product
Table of Contents Table of...Read more
Revenue - Product
We account for our derivative...Read more
Other - Other
Forward-Looking Information The statements regarding...Read more
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Recently Adopted and Recently Issued...Read more
Financial - Earnings
As a result of these...Read more
Other - Other
The effective tax rates for...Read more
Other - Other
The effective tax rates for...Read more
Financial - Cash Flow
Operating cash flow fluctuations are...Read more
Other - Other
Commodity prices have remained volatile....Read more
Other - Other
We are unable to predict...Read more
Revenue - Product
The primary reasons for this...Read more
M & A - Other
In addition, either we or...Read more
Financial - Expense
Interest Expense, net Interest expense,...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Cabot Oil Gas Corp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: COG
CIK: 858470
Form Type: 10-Q Quarterly Report
Accession Number: 0000858470-18-000056
Submitted to the SEC: Fri Oct 26 2018 3:43:52 AM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Crude Petroleum And Natural Gas